Realwhiz, as mretgnol mentioned, the DTC legal issue is the counterfeit 328,257,120 shares, so-called the "pre-lock" shares into the market by clearing them.
I do know the SEC halted trading.
The SEC suspended trading beginning on August 31, 2005
at 9:30 a.m.
Regardless of the DTC global lock (Aug. 11) and the DTC memo (Aug. 16), brokers continued "normal trading" until August 29, 2005.
August 11, 2005: 0.0068 × 0.0071 at around 4 pm
August 29, 2005: over 0.05 between 9:30 am and 10 am
Ameritrade stopped all trading for BCIT at 10 am.
Scottrade stopped at around 4 pm, closed at 0.039.
On the morning of August 30, 2005
Scottrade claimed that the SEC asked the firm to stop trading BCIT.
August 30, 2005 at 9:15 am (post #17822)
0.038 x 1 NITE 0.039 × 1 SCHB
still buying going on 0.036, dshade wrote. Thanks for L2 :)
On the morning of August 31, 2005
PPS 0.011 x 0.015
I wanted to make sure of the date for the pre-lock trade
bases on the last trade pps, 5 cents.
Most importantly, the DTC has a liability for the counterfeit 328 million shares of BCIT. The shares are called the pre-lock shares.
The rest is history. Time will tell.
