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Replies to post #41524 on NSAV Holding Inc (NSAV)
The Rainmaker
11/08/14 8:57 PM
#41527 RE: PayDirt! #41524
We are aware of no restrictions on the transfer of our securities. It is our understanding that the Depository Trust & Clearing Corporation does not hold custody of BCND common shares. We have been in contact with the DTCC to resolve this situation. However, the DTCC advises that there is no regulatory “chill” placed on our shares and that they would be eligible for deposit if a member firm applied for the same. The DTCC stated that the stock is not eligible for deposit because it did not receive an attorney opinion letter after our reverse split. Our position is that the DTCC failed to formerly request such a letter and that we are willing to provide one. However, DTCC stated that they must have a member firm apply. It is our position that the DTCC improperly removed our shares from custody and failed to provide us with due process in contravention of decisions of the Securities and Exchange Commission. Therefore, we hope to resolve the situation by: (1) Further negotiation with the DTCC; (2) Having a member firm reapply for custody services with the DTCC; or (3) Initiating and prevailing on regulatory proceedings filed against the DTCC.