Zion Oil & Gas Inc (ZNOG)

[bdahl385]

Rights offering brokerage rip-off...

just before the October record date cutoff, I purchased 100 shares of ZN in a Fidelity account in hopes of adding to this share total in the $5 share rights offering. My 23 potential shares from the rights offering are showing in my Fidelity account now. I called them up to exercise these into actual shares. All was going well until I inquired about the "fee's or commissions". I had assumed I would either pay nothing or the normal $10.95 fee I usually do for online trading.

Turns out the fee is actually $39.00. This is ridiculous for someone like me with only 23 shares to apply for. I also understand I am not even guaranteed to get the full 23 shares if an over allocation has occurred.

My other account I actively trade with is TD Ameritrade and was given about the same $39 fee recently on another stock I had a rights offering with.

What's everyone's experience with the rights offering fees charged by their brokers?