Dallas more information Delivery of Certs
It would cost around twenty dollars to request your certs from your broker.
You can request all of them in one Cert. This applies for regular and Restricred Shares.
You do not have to wait till they are in your account, you can start the process right now.
This would from what I understand take all the Paivis Shares out of the Market and prevent shorting.
The Restricted Shares you request would have the date on them stateing when they become tradeable from what I have understood.
IMO requesting the Certs is a plus for us shareholders and should be done now.
The Transfer Agent should have all shareholders names to distribute the shares that are owed us.
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By: dallas66tx
20 Jun 2006, 12:28 PM EDT Msg. 7001 of 7005
(Msg. is a reply to by None.)
Delivery of restricted shares:
It appears there is a "glitch in the system" between the Transfer Agent and the DTC concerning the verifiable count of shares/shareholders involving JPHC. This information is gathered from brokers to verify the accuracy of shareholder positions and an accounting of a securities O/S and float. The information is matched to what the company says is out there on the market, and held by insiders, so the accounting process can be verified as accurate.
One has to expect that Ameritrade will do nothing to help the shareholder in this fiasco, and the added pain of the SEC being notorious for taking their time to investigate/resolve issues will only result in this giving ATD more time to figure a way out, or at the very least allow them to minimize cost and damage to their reputation.
We as shareholders have very little recourse outside what some of us have already done. We filed complaints with the SEC, NASD, DTC, and ATD. That almost exhausts our limited abilities to bring an effective argument to the table and have it heard by someone WILLING to listen and act.
We do have another tool that is to our benefit to use. Requesting your Certs for your PAIV shares. Since PAIV is covered under the regulation SHO guidelines (rule 203), by law, undeliverable shares must be reported. This should in effect bring another front to defend by ATD and any other brokers dealing with shorted positions. By requesting certs, it forces the broker to act. It forces the broker to PROVE they are in posession of the shares.
This will create yet another avenue for investigations to determine which brokers were/are handling shorted or NSS PAIV securites that have not complied with SEC reg SHO.
ATD will be forced to cover all restricted securities they allowed to be sold. The problem is, what is that timeframe. From what I've been able to learn in the past few weeks, ATD was given a timeframe of approx. 8 weeks....that is to RESPOND to the complaints...NOT to fix the problem.
I have been unable to verify any specific timeframe for the completion of this cleanup by ATD, as they refuse to disclose any information. The SEC says it's a confidential investigation and will be monitoring. It is quite possible that requesting certs will put yet another thorn in ATD's side, and force them to react a little quicker. We as individuals have very little impact, such as one mosquito against an elephant...one or two...slight irritation possibly....but when you have several hundred or thousand attacking....you get the picture. all IMO.
AI
