Thursday, May 03, 2007 10:19:15 AM
Also remember that most of the shares are held in "street name", i.e., as entries in brokerage house computers. Because there is a "due bill" attached, that means if I sold (all hypothetical, mind you) 1000 of my shares held in ScotTrade to GEO who bought them in his AmeriTrade account and then flipped them to you in your Bear, Stearns account, the TA would notify ScotTrade that I was entitled to 1000 shares. Scot would put them in my account, notice the due bill and transfer them electronically to AmeriTrade. AmeriTrade would do the same thing and send them on to their rightful owner, dh_200, at Bear.
Okay? Nobody lied. They just described the elephant from their point of view.
Restricted shares are just that. They can't be traded without written permission from the company. I'd almost guarantee none have been traded. Therefore, the TA issues certs to those people with the big red "restricted" stamp on them.
Dino
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