Replies to post #102503 on Bancorp International Group Inc (fka BCIT)

[glaszman]

here's where it gets real instersting:

let's say (for arguments sake) that the trades have to be unwound to satisfy the law, how do they unwind all the old trades? they can't. and? at least 300 million and possibly a half billion or more are "naked shorts"... how do they unwind that?

this will be interesting.

[clarity789]

No - only the TA can authenticate certificates - thats their job.

Thats the loophole - the DTC relies on either the company itself, or the TA to authenticate certificates.

This is a lot tougher than it appears. And that usually means we don't have all - or at least enough - information.

Maybe its early, but I'm already disappointed that BCIT has not appeared on the daily list. The longer this goes without that happening, the more likely it is that the TA was not the issue.

[TEX]

And this could be one of the rare instances E&O insurance would apply. As you know, it doesn't apply if the "insured" is party to the shenanigans...