I know emails are only worth so much, but I emailed Mr. Veve about the TDA issue (as one of my accounts is with them). Below is his response (received within a few hours)...
XXXXX,
Thank you for being a share holder. Thank you for brining this to my attention. We have in no way made any of the decisions that TD Ameritrade has stated below. I will personally see to this matter first thing in the morning. Thank you again for bringing this to our attention.
WIlliam
On Jun 30, 2011, at 1:13 PM, XXXXX wrote:
Hi Mr. Veve,
I have a brokerage account with TD Ameritrade and am no longer able to purchase VMGI stock (since the R/S). The explanation they provided is below…
“VMGI has made the decision to only allow its stock to be traded via physical certificate instead of the modern electronic book-entry system. When companies convert to physical certificates only, it becomes extremely difficult and, in some cases, impossible for brokerage firms like Ameritrade to obtain shares for their clients. Converting to physical delivery also increases the costs associated with transferring ownership of common stock between buyers and sellers. To reduce the risks that transactions cannot be settled timely and the added expenses associated with physical delivery of shares, Ameritrade has made a business decision to no longer accept orders for stocks that only trade via physical certificate. However, you may still sell the shares that you currently own. I appreciate your understanding in this matter.”
Are you aware of this and is there a plan to address this issue? Is so, what is the time-table? It seems that locking out the ability to buy VMGI stock at some of the major brokerages can’t be good for the share price.
