the green pool says a lot, huh? and it's twisted irony. i love it.
you made me go search for this. you know this only means ONE guy with ONE account is or was in a short position vs. MLCO. doesn't mean they all are, or were 1) short 2) short vs. MLCO
Posted by: gogospeedracer
Date: Tuesday, January 26, 2010 6:05:11 AM
for those interested here is where Merryl Lynch entered the equation:
Mr. XXXXXX,
Thank you for taking the time to express your concerns regarding a dividend payment from Syndication Inc (SYNJ). Your inquiry was forwarded to our office for review and resolution. I attempted to reach you by phone but was unsuccessful. I left a message but have not heard back.
The delay on the dividend payment of restricted shares from SYNJ has been a result of failures to deliver from a contra brokerage firm. Essentially, shares of SYNJ that our clients had purchased were not delivered from the contra firm, upon the settlement of the trades. Therefore the delivering firm was considered the shareholder of record when the stock went ex-dividend, thus they received the payment of restricted shares.
Since that series of events, the fails have been cleared up, and the common stock has been delivered. However, as a firm we are still waiting to receive the restricted shares that were paid to the delivering firm; at which time you will be paid the shares you are owed. We have been working with the contra firm and have been receiving their cooperation with our requests for delivery. Please understand this process takes time, and in this particular case may require extended time to process, as our electronic depository, Depository Trust Company (DTC), does not allow this particular security to participate in electronic registration through them.
As a policy, TD AMERITRADE does not pay a dividend until we receive the payment in its entirety, and are able to pay all of our clients at the same time. This policy is in the interest of fairness.
I apologize for the frustration this has caused you. Hopefully this information has provided you a better understanding of the situation.
Best regards,
Daniel Pilmaier
Senior Research Analyst
Office of the President
TD AMERITRADE Holding Corporation
follow on email question:
I am following up on this matter and would like to know the status. I would also like to know who this contra brokerage firm is since it deals directly with my acccount.
answer:
Mr. XXXXXXX,
I understand your frustration regarding this situation. The contra firm involved in this matter is Merrill Lynch. Unfortunately, at this time I have no other updated information to provide you. As a firm, we are still waiting to receive payment of the restricted shares of Syndication Corp. for the shareholders of record on 10/19/2009.
Your issue was escalated to the highest escalation point within TD AMERITRADE and I have provided you all relevant information we have pertaining to your issue. If you are looking to pursue this matter further, you may certainly do so outside of TD AMERITRADE.
I appreciate your understanding and patience in this matter.
Best regards,
Daniel Pilmaier
Senior Research Analyst
Office of the President
TD AMERITRADE Holding Corporation
SO as of this email SYNJ did what they were supposed to, perhaps ML was the short one, who knows
