Replies to post #158670 on Bancorp International Group Inc (fka BCIT)

[realwhiz1]

[Even a fiduciary responsibility to their customers!
Bottom-line, all participating parties in the trading system, bare some form of responsibility, culpability in the trading quagmire, t/quote]


You are so correct and what you say has been proven to be true. I’m thinking if they bear anything they’re going to expect you to kiss it!

[realwhiz1]

If you continue to go after your brokers - may you receive everything you have coming too you!

If your broker has an issue with the 3rd party clearing house, that's between them!!!!... not us! Again, your Broker received, accepted,legal tender. Verified and validated your stock entitlement property and place the entailment purchase as evidentiary fact, in your account!.

Yes the entailment ends at your account - this course was followed because J. Femia said they could!

Your grievance has been proven to be true - even your broker is claiming victim status!

The question you should be asking your broker is why are they not - on your behalf - clearing up this mess the DTCC created/controls?

THAT DARNED LOCK:



http://www.sacarbitration.com/blog/court-erodes-award-avoid-ordering-illegal-act-haviland-v-td-ameritrade-inc/


The Court’s Decision

Haviland moves to confirm the Award. The Court declines to grant relief to the extent that the Award requires transfer of the X205 shares. Section 5 of the Securities Act of 1933 makes it unlawful to “offer to sell or offer to buy ... any security unless a registration statement has been filed as to such security” and prohibits selling, or delivering after sale, any unregistered security. Because the X205 shares are not registered with the SEC, and because TD Ameritrade does not have any of those shares in its possession, acquiring X205 shares to transfer to Haviland would require TD Ameritrade to “offer to buy,” and then to deliver, a security for which no registration statement has been filed, an illegal act that the Court may not compel.


The Court also notes TD Ameritrade has no power to force DTC to transfer a certificate reflecting the X106 shares to Haviland, and the courts cannot order a condition with which it is impossible to comply. Nevertheless, the Court confirms the Award to the limited extent of requiring it to continue to make good faith efforts to effect the transfer of the X106 and, if and when the global lock is lifted, to request the transfer of Haviland's X106 shares by DTC.

(P. Dubow)

(SLC Ref. No. 2015-26-02)

NOTICE: The court decision synopsis published above represents an abbreviated description of the actual decision and is re-printed here for its educational value. The author's effort is to report concisely the substance of the decision or a selected portion of the decision; commentary or analysis is generally reserved for the italicized section at the bottom of the summary. Subscribers to SAC's Online Litigation Alert (SOLA), from which this synopsis is excerpted, have immediate access to the full decision, in addition to the synopsis.