Replies to post #89465 on Bancorp International Group Inc (fka BCIT)

[ohbull2000]

Afternoon... There's another conclusion bobby...

The Brokers HAVE NO LEGALLY ISSUED CERTS... jumbo or not! Hell I bet most of 'em don't have any kind of certs at all, just air share created IOU's.

From the email (Thx. imsoweary):

there is no bar with the transfer agent. If they send the old certificate in and it has been properly issued they will get a new one in your name. Ameritrade has never sent the old certificate to the transfer agent with a transfer request. This process can occur without the stock actually trading, all Ameritrade has to do is send in the old certificate and the transfer agent will issue a new one. It may be that the shares held for you are in the dtc depositary in which case it is up to the broker to get the shares from dtc and send them unto the transfer agent.

Also it would seem, no decoder ring necessary, that the T/A and/or the DTC have some 205's available:

all Ameritrade has to do is send in the old certificate and the transfer agent will issue a new one. It may be that the shares held for you are in the dtc depositary in which case it is up to the broker to get the shares from dtc and send them unto the transfer agent.

Sooooooooooo... WTF? let's GET GOIN'!

[coinsguy]

bobbybdb, the problem is that the brokers don't have any 106 certs. That's why they can't exchange them for the 205's. They sold air-shares with nothing, no certs, to back them up. They never purchased the shares/certs from the company. The 205 certs are sitting with the TA. The brokers just don't have any right to them because they don't have any 106's.