That's the same answer I got from Scottrade
during a long phone conversation with them this afternoon. It appears that the blame lies squarely on our bumbling, fumbling, stumbling Executive. If they left it up to our corporate secretary to get this handled, I am not surprised it is currently FUBAR.
Hey, suppose you threw a reverse split and nobody came? Wheeee!
Of course it is obvious that a few "influential" traders are able to artificially inflate the new share price with minuscule buys at the top end of an absurd 20 cent spread, and they apparently have no difficulty placing trades.
How and why this small coterie of traders are able to trade in this manner while the majority of common shareholders are locked out of control their their own investment calls for regulatory intervention.
The only equitable fast solution I see to this is to halt trading of the new shares until the company can certify that the new shares have been completely delivered to all those holding shares either in house accounts or individually.
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