Thanks ex, you're right, that clause is fairly clear.
How would that work if the stock were purchased from a cash account, where no margin were being used?
Also, I'd understood that at Charles Schwab, which is where I have my account, shares can't be borrowed that are in a margin account unless you are using margin. That is, at least, what their representatives had insisted to me. Still... because I didn't trust that they knew what they were talking about, I'd moved my shares from my margin account to a cash account with them. I didn't buy any WEYL (I don't know much of anything about them), but have been following the story with some interest.
You know, I had called Charles Schwab back in December of last year to ask about the possibility of obtaining copies of the physical certificates. I had asked this about the shares in one of my accounts. The representative, who was at the trading desk, said he would look into it and then get back to me. Well, he didn't get back to me. Instead, what he, or someone at CS did, was transfer those shares to Computershare... this was done without me requesting it. So about a week later, I was looking at my accounts, and all the NWBO shares in that account were gone. I called to ask about it, but it was New Year's day and the reps working just could not figure out what had happened. They didn't know where the shares were. It was rather unbelievable.
It took them a week to figure out where the shares had been put... and by then, I'd received a statement from computershare for the same amount of shares. CS asked if I wanted to return them, and I said I would, but I wanted to wait and see what the ASM was going to bring in terms of a vote. They said to just let them know, and that they would transfer them back to CS when I wanted them put there. I think that was pretty bad, on their part, to have done that, but there wasn't much I could do so I let it go. Plus they gave me a $100 for the inconvenience. Which I used to buy... NWBO shares.
So I actually ended up waiting until after the special share holders meeting - because I wanted to make sure my vote was counted as I wanted to cast it - then I went back to CS to ask that they transfer the shares back. At first they were like "sure". Then I receive an email indicating that they weren't going to as they were a penny stock, and that they can't accept those shares in like that. I have to buy them through CS. So of course I called them and told them I had bought them through CS. After about 3 weeks, they were still dawdling around, and I'd been told that they had to run this through some sort of vice president with CS - the reps in the transfer department that I was talking to found this all very unusual. I finally threatened that I would perhaps have to get a lawyer, and that I would contact the company (NWBO) to as I thought they would probably think it interesting what was happening with my shares. So then they transferred them back into my account the next day, lol. And gave me $500 more for the inconvenience. Which I used to buy... NWBO shares.
I thought that whole event was rather weird. I've written about it on i-hub before, and have decided to do so again, for the sheer fun of it. :)
