United Western Bancorp Inc (fka UWBKQ)

[imawswami]

Did problem begin w/merger of Schwab & TD Ameritrade?

https://www.investmentnews.com/schwab-on-track-to-begin-td-account-transitions-in-2022-213048

jmoneyfighter,

Below is just friendly advice. I am not a lawyer or tax adviser, so the info offered here is just for laughs and not much more.

You have given the board little specific info outside of "my UWBKQ shares were removed for a loss". It's very possible you got caught-up in the non-transferable share removal program, but did not act in time, thus the missing shares. The only way to know is ask specifically if your shares were removed under PREM or to find documentation.

Bob and Fred, might have experienced something similar, but they responded in a timely fashion with a cease-and-desist letter after Schwab/TD A. notified them of pending share removal (under the DTC non-transferable share destruction program or PREM).

This email notification might read similar to the one i received from Etrade, when they attempted to remove UWBKQ shares from the account. Check your emails...

"You have been identified as the holder of the below-referenced security that has been classified as non-transferable by the Depository Trust Company (DTC). DTC deems securities for which transfer agent services are not available and have not been available for six years or longer, and which are often inactive or insolvent, subject to DTC's position removal program (PREM). The issuer of the security below has not had a transfer agent for six years or more.
Account: XXXX- xxxx
Security: UNITED WESTERN BANCORP INC
Quantity: xxxxxx
The security will be removed from your account at no cost 30 days after the date of this notice, and the transaction will be listed under your Transaction History in your May 2020 account statement as "PREM Removal".

As an alternative, you may remove this security from your account and relinquish it to E*TRADE by initiating a worthless securities liquidation request at etrade.com/worthless security within 30 days of this notice. Customer-initiated worthless security transactions carry a $5.00 processing fee.

Please note: Because there is no transfer agent for this security, we are unable to register the shares in your name or send you a physical stock certificate. In the unlikely event the issuer retains a transfer agent in the future, we will make every reasonable effort to return the shares to your account. If your account is closed, we will attempt to contact you at your last known address.

E*TRADE makes no recommendation as to whether you should proceed with removing this position from your account. We encourage you to consult a tax or legal advisor regarding any tax consequences."

If this is what occurred, you certainly can request to have the shares returned, but i suspect you are too late. Thus, you are relying on the good graces of the DTC and Schwab. As has been mentioned on this board, share purchase records with your broker do go back quite a ways, so that is evidence....

Hopefully, this matter with our BK closes out soon and some funds dispersed to the shareholders, which could very well firm up your position with the broker.
Best to you jmoneyfighter