Replies to post #77002 on Bancorp International Group Inc (fka BCIT)

[dawg245]

Your hypothesis is extremely flawed. We are not dealing with anything stolen. We are dealing with shares we bought on the open market from a licensed broker. The Judge will eventually hold these Defendants blameless and order that Bancorp pay all fees and court costs. We also hope the Judge will make Bancorp pay all the Defendants costs related to the frivilous lawsuit.

[kodiak149]

but they didn't have the T plus 3 rule and the DTC clear (guarentee) the trade.

[glaszman]

yes, Janice, this is true, but the insurance companies still paid off didn't they?

That's not as clear a point of law as you may think. I'm familiar with cases in which people have bought stolen art at second or third hand, from a dealer who didn't know it was stolen or illegally exported. The people in question were allowed to keep the objects.


don't be too sure the insurance company for the Reputable Art Dealer that resold the goods isn't paying something to the insurance company that already paid the original claim as well...