Replies to post #60599 on Pilgrim Petroleum Corp. (PGPM)

[Icy_CT]

I'm wondering the same myself.

This is just according to a conversation I had with one particular fellow at etrade.

[420investor209]

I got the same reply from E*TRADE

[alabama96]

I don't know. I am just relaying what E*TRADE told me. I'll post the reply when I get to a computer.

[alabama96]

Thank you for your message regarding your restricted security status.

U.S. National Telecom, Inc. (USNL) had its trading suspension lifted by the SEC yesterday, July 10. However, the Depository Trust Company (DTC) has suspended settlement on USNL trades because they cannot guarantee delivery of shares being purchased or sold. As a result, USNL will remain restricted until the DTC removes the settlement restriction. Unfortunately, we do not know if or when that will happen. You may be able to find additional information about the SEC litigation on the SEC website (https://www.sec.gov).

If you have additional questions, feel free to call or live chat with us. You can contact our Customer Service team at 1-800-387-2331 ([phone]). Our representatives are available 24 hours a day, seven days a week. You can also speak with us via live chat at the following link:

[alabama96]

Deposit Chills and Global Locks will now be imposed if there are imminent consequences either to the DTC or its participants. If FINRA or the SEC suspends trading for a security, the DTC will automatically impose a Global Lock. In addition, the DTC will automatically impose a Global Lock if ordered to do so by a court of law. The combination of suspended trading and global locks could stop bad actors from still obtaining the proceeds of fraudulent activity after the trade has been suspended. However, if the DTC determines that there is not reasonable cause for a suspension in trade by either the SEC or FINRA they will not impose a Global Lock.

Because restrictions will now only be imposed if there is an imminent threat, the DTC does not anticipate imposing restrictions regularly. Although it is not possible to determine every situation that may arise, restrictions will be imposed less frequently.

Release of Deposit Chills and Global Locks
Pursuant to the new regulations, if the DTC determines they have made a clerical mistake in imposing a restriction, it will be immediately removed. In addition, if FINRA or the SEC lifts their trading restrictions, the Global Lock will also be lifted.

https://www.colonialstock.com/zblog/DTC-rule-change-chills.htm

Maybe it is already lifted, but ETRADE has yet to lift it themselves. I dont know.

[janice shell]

I've never heard of a DTC "suspension".

DTC doesn't suspend stocks. But it does suspend DTC services when the SEC suspends a stock. You can see the two DTC actions--suspension and resumption of services--here:

http://www.dtcc.com/search?q=pilgrim%20petroleum