Exactly. Value to the brokerage is key
Subuclayton, the brokerage is held to a duty of care, though not to the level of fiduciary -at least for the cheap seats of retail investing. Our goal is threefold: show E*Trade that we legally understand the brokerage is failing us in that duty (as expressed in a legal letter to the brokerage), and show value in this otherwise unlisted obscure security. Lastly, we must offer the remedy that corrects the defect in the business model of nontransferable securities used by E*Trade.
Failure to express these three points (to the broker) would represent a weakness in a legal argument. I would strongly urge you to resubmit such documentation, either by adapting the letter you've seen or creating a similar document.
Even by doing everything correctly, the FDIC gains if we lose our shares, so E*Trade may have been incentivized to follow the path they are currently on.
Also the letter you have seen posted was toned down some versus what was submitted to E*Trade. The evidence is overwelling that the FDIC violated their own resolution policies to accommodate paying UWBKI. They took depositors money away from them to compensate a BK7 holding company. Why pay?
This obviously represents an agreement between FDIC & UWBKI. And because this Agreement is not defined in the BK7 ......it is a Confidential one, thus making it all the more difficult for E*Trade to keep it in our account. Remember, Etrade will put it back into an account if we are getting something?.. Having Value is everything! Thus the current problem we have with our Cusip is it has no value, not that it is nontransferable...lol.
Hilarious, no? Show value and they will keep it in the account. This again illustrates
the obvious flaw in E*Trade's argument. If UWBKI was worth a fractional cent, it would stay in our account irrespective of is transferable status.
If you are up for it, I would resubmit something like what you have read but punch it up a bit. We may be facing off with these guys for years (legally) so what we say now will only be proved out by future events, so don't be afraid....we are going to get a boatload if we can just keep our shares.
Peace
Ps. Chaleco thanks for the kind works and for whatever you write. Best to you man.
Newtogame, thanks for everything and will write to you in a few days. Peace man.
AI
