Thai Airways Intl (TAWNF)

[moores2009]

So in a nutshell, from what I understand, tawnf shares are an adr of the Thai.bk shares. Bank of New York Mellon issued them in 2011, It became and unsuscribed ADR, so Thai air doesn't have any real input into tawnf. The bank bought some Thai shares, set up these tawnf shares and sold them or sent them to a broker. The shares are supposed to represent Thai.bk shares, but Thai.bk is suspended, so our shares are technically not worth squat, because you can only exchange them through the sponsor (Bank of New York Mellon), for real shares of Thai.bk. Bank of New York Mellon also got in trouble for front loading ADR's before they had the existing shares of the companies they represent, but they paid a fine, resolved it with the SEC. https://www.sec.gov/litigation/admin/2018/33-10586.pdf, I'm just a knucklehead in Alaska, I never heard of an ADR until 3 days ago, but this looks like what we own here. Bank of New York Mellon also got in trouble for shorting shares of companies and then getting adr shares to cover their shorts, page 8 on that pdf. I'm sure I am not saying all of this perfectly but in a nutshell its pretty much what tawnf is. There is enough hype about a major Thai airline coming out of bk or reorganization to make this run, and you can make a good profit, imo, but don't think this is rock solid either.