BLOG from Oct 03:
Thank you, DTC.
Uncategorized
by Eric Lehner
Good progress with the DTC today in identifying the issues associated with partial chills, full blocks,etc and how all of this pertains to WNBD. It’s not just a matter of “picking up the phone”. It’s a matter of finding the responsible people with sufficient overview and authority who are in a position to discuss policy as well as WNBD specifics. This has been something that I have been researching for some time now, as you know.
Lifting of any restrictions, partial “chill” etc, ie return of full eligibility for WNBD, was discussed in practical terms today. The DTC processes such an enormous volume of transactions, that a partial chill is sometimes nothing more than a precaution, subject to a confirmation of some information, or clarification, or verification of something.
In our case, it should be possible to satisfy the organization by providing evidence as to the proper issuance procedure for our shares, verified and/or warranted by a member with whom a deposit(s) were made.
A fair characterization of the situation would be that the partial chill was nothing more than a random audit prompted by higher than historical deposit activity. Since this is accounted for by the combination of a lower share price and the conversion of debt to equity, it is easy to provide substantiation. The partial chill did not arise from any finding or specific transactional concern – only a desire to be satisfied that our shares are validly issued, and can be accepted for deposit.
Next steps are clear, and we are now dealing with the responsible person who can lift any restriction, and would like to do so, upon being given the satisfaction requested. Naturally, the company will respond promptly, now that it is known what specific remedy is required.
The TD Ameritrade and other recently affected brokerages that have been transacting WNBD will switch back to normal operation with WNBD when DTC restores full eligibility.
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