bobbybdb, the problem is that the brokers don't have any 106 certs. That's why they can't exchange them for the 205's. They sold air-shares with nothing, no certs, to back them up. They never purchased the shares/certs from the company. The 205 certs are sitting with the TA. The brokers just don't have any right to them because they don't have any 106's.