Pacific Capital Bancorp (PCBC)

[Big_R]

Yea, I owned 2500 shares on AUG. 25 @ about 1.50 a share. Stock plummeted next day and I sold for about 1.03. Today...I spoke to IB they explained that they put a unrealized credit of 3,300 on Oct 26th because of the rights offer, since it was not exercised, they took it away today. I have never been in this situation, is that how it works? Then they told me I could have bought 38,000 shares for .20 cents. Errr. I not sure if I lost the money or not. I did notice the dedection, but not the credit. Could be me.

Did anyone else in here own shares end of Aug. Do they normally credit and deduct money in your account? Should I switch out of IB?
Confused

Appreciate any input on this.
Mike