Worthless Securities DTCC Non-Transferable list

[jmbar2]

Apparently they are not required to say why. I did a bunch of research on it on Monday and here are the best resources:

From a conference of DTCC personnel (see page 6)

GLOBAL LOCK ISSUES
When an issue is designated as global
lock at DTCC it is not eligible for
delivery, transfer or withdrawal. There
is a variety of reasons for global lock
designation but the incidents of greatest
impact and hardest cases to resolve
involve allegations of fraud at an
issuer or agent or some other type of
irregularity that makes the validity of
deposited certificates suspect. While
these restrictions on position movement
are understandable given the underlying
problems with the issuer, a set of
other problems spring forth that the
committee addressed to DTCC.

...continued...

http://www.sifmasos.org/attachments/contentmanagers/72/SOD_NewsView%20spring%202007.pdf


http://www.dtcc.com/downloads/products/learning/Deposits.pdf


http://www.let-bcit-trade.com/

http://www.cato.org/pubs/regulation/regv31n1/v31n1-7.pdf

Good luck and let me know if you learn anything else.