900# Gorilla (TD Ameritrade)'s weighed in re:CRGC-->PGLC shares spin-off via official speak/internal communications to affected shareholders (which would be longs for those who doubt I am and have been long since Feb 2012, this particular story.) This communique was received these past few days when I was out of town.
Edited only to protect my private information, here is the communique, verbatim. Blanket letter hearsay posted by goldmukwah courtesy of his Fidelity contacts is not evidenced in the following direct quote/copy paste. It is an individual process, to be engaged in either in partial amounts of my chosing, or the entire long position: MY CHOICE.
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Restricted Stock Notice
Dear (my client name was inserted here)
Thank you for choosing TD Ameritrade as your investment firm.
We are currently holding your xxx,xxx shares of Pershing Gold Corp in our safekeeping due to additional requirements.
TD Ameritrade received shares of PGLC which were issued with a restriction.
The information provided to us is PGLC is clearing the restriction according to a prospectus on file with the SEC. A prospectus restriction is cleared by first selling the shares.
PGLC is requiring a Seller's Representation Letter (attached) be completed by each client seeking to clear the restriction. Please research PGLC to determine if removal of the restriction will be beneficial to you. If you decide to move forward with removal of the restriction you will need to complete the letter and return it to TD Ameritrade before we are able to accept any orders to sell the shares. You may list all of the shares to be cleared in one letter. An original signature is required on the letter; please return it to the address listed below.
TD Ameritrade has made a business decision to request the transfer agent to breakdown the single bulk certificate covering all shareholders into individual certificates for each shareholder. TD Ameritrade is covering the cost of this action.
Individual certificates will benefit you as the shareholder by removing processing delays in clearing the restriction when only a bulk certificate is available. Each individual certificate will need the endorsement of the shareholder. The Stock Power form can be completed in lieu of signing the physical certificate.
Please sign the attached stock power form, placing your account number on the form, and return it with the seller letter. The documents must have original signatures.
You can return them to a TD Ameritrade branch or mail them to:
TD Ameritrade
Attn: Cage
P.O. Box 2760
Omaha, NE 68103-2760
or for express delivery
TD Ameritrade, Inc.
Attn: Cage
200 South 108th Ave
Omaha, NE 68154-2631.
All Requirements:
-- Company's Sellers Rep Letter
-- Irrevocable Stock or Bond Power
-- Margin/Options Upgrade Form
-- Minimum Account Requirements ($2,000 in available funds)
Once a sale of PGLC is executed, we will forward your Seller's letter and a letter from TD Ameritrade stating we have fulfilled our function so a legal opinion can be written. The opinion will be issued by an attorney retained by PGLC. Pershing Gold has informed TD Ameritrade there will be no fee for the legal opinion.
Legal issues and special handling to remove this form of restriction incur a $250 processing expense from TD Ameritrade each time we request the transfer agent to clear and deliver the sold shares.
You will need a minimum of $2,000 available in the account in cash (or marginable equity if margin approved) to cover our processing expense, the charge from the transfer agent to issue an unrestricted certificate for delivery to the buyer, and to provide a cushion in the unlikely event the transfer agent declines to remove the restriction and you are forced to repurchase the shares.
Taxable account, not currently approved for margin, may apply on-line (Home, My Profile, then Enable on the Margin line). Some accounts are not eligible on-line margin applications, please download the application by going to Client Services, Forms & agreements, All forms from the box Frequently used documents box, and then scrolling down the page.
Individual Retirement Accounts (IRAs) are permitted to make a cash deposit to cover fees involved in clearing the restriction. A check for the amount of the fees can be deposited but it must include a note on the memo line this is for restriction removal fees. This will allow the deposit to be accepted without being counted as an IRA contribution.
If all of the shares covered by the prospectus are not sold at one time, you will have a limited period of no more than three business days, from the time of the first sale execution, to sell all the shares or request delivery to the buyer for any shares sold during the period. TD Ameritrade will clear and deliver sold shares after:
1. All shares are sold.
2. You request we clear and deliver on shares sold to-date.
3. On the third business day after the first sale execution, we will clear and deliver all shares sold to that point. The certificate will be broken down for the sold shares and the balance returned still under the prospectus restriction. A new stock power form (attached) will be needed for the returned certificate before you will be able to resume selling shares of the security. You may be prohibited from selling additional shares of the security during the time it takes to clear and deliver sold shares.
If you have a large number of shares requiring a sale prior to clearing the restriction, you may consider requesting the transfer agent break up the returning certificate from the first clear and deliver into smaller units. You could file stock power forms for each lot allowing you to continue selling while sold shares are being cleared. You may incur a fee from the transfer agent for each additional certificate issued but it would prevent you from being unable to sell for several weeks, while the sold shares are being cleared by the transfer agent, if only a single certificate represents your restricted position.
The proceeds from any prospectus sale are not available for withdrawal or trading until the shares are cleared and delivered. There is a 130% margin requirement until the shares are delivered to the buyer. Your account is subject to repurchase if the shares are determined by the Transfer Agent to be undeliverable.
PGLC has provided the name and e-mail address of an individual to speak on their behalf concerning this restriction. His name is Mohit Bhansali and he can be reached at 917-259-6747 or via e-mail at mbhansali@gmail.com. Mr. Bhansali is not a TD Ameritrade employee.
You can enter the sell request through a Restricted Stock Specialist by calling 888-723-8504, Option 7 weekdays between 9:00 AM and 5:30 PM Eastern time, excluding market holidays.
Please do not hesitate to send an e-mail reply or call the number above if you have questions on this issue. Thank you for allowing TD Ameritrade to serve your investing needs.
Sincerely,
Travis Benne
Restricted Stock & Safekeeping Department
TD Ameritrade, Inc.
(KMMxxxxxxxxxVxxxxxL0KM)
3 Attachments
| TDA - IRREVOCABLE STOCK OR BOND POWER -095 0512.pdf (100k)
| TDA - MARGIN_OPTIONS UPGRADE - 2334 0313.pdf (312k)
| Pershing Gold Sellers Letter.pdf (15k)
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Besides there not being a "blanket letter on file" (go back and re-read the section on the SEC Prospectus Filing statement above) there is STILL
massive DOWN DRAFTS/sell-offs on volume VOLATILITY DIRECTLY AHEAD in this stock everytime it pokes its head up, people.
There are a lot of multi-thousand share shareholders caught in this restricted issue which will cause multiple repeats of the wholesale unloading of PGLC shares which drove this stock from $0.43 to 38c
in a matter of 3 trading days.
Much pencil pushing is being required to see just how much profit is left after parsing out sells to not drive done the price on one's self by selling a huge lot.
Go back if one needs to refresh their memory and see just how many people are hung in this stock in the millions and hundreds of thousands of shares when the March 1 SEC filing was posted on this forum.
