same53
Serious Contributor
Posts: 599
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Post by same53 on Jun 21, 2006 18:28:15 GMT -5
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Post by DrDiamond on Jun 24, 2006 14:55:55 GMT -5
I am going to post this here as well as on the other thread. If anyone has any other info to add to this, please let me know.
TIA
Dr.D
Those that sold PAIV shares that were supposed to be restricted:
Ameritrade's statement, which I have recorded and in email is that it was PAIV's fault. They stated that PAIV released the shares unrestricted to DTC and then turned around and recalled them. Ameritrade, being some how informed that the distribution had initially been made by PAIVIS, credited their clients shares with the unrestricted PAIV shares, thus the cluster...
The resolution to Ameritrade's dilemna unfolded first with a direct conversation to the clients from TD Ameritrade reorg dept. to find out if the client knew the PAIV were restricted or were supposed to be restricted before they sold them. Any unsuspecting client that admitted knowledge to selling restricted shares were treated differently than the ones that were clueless and sold the shares.
I am not at liberty to share the information about the clients that knowingly sold the PAIV shares, but the clueless shareholders that sold were treated very well initially by Ameritrade. In this instance Ameritrade bought back the shares and replaced them into the clients accounts and billed them for the replacement. Example:
If you sold 10 million shares of PAIV restricted at .002 then the 10 million were initially placed back in your account and your account was billed the $20,000 you gained from the sell. Afterward the PAIV shares were converted back into JPHC restricted shares and held non transferable until the PAIV distribution is made to DTC.
It would not be beyond reason to suspect that those that traded knowingly restricted shares were required to buy them back at market. JMHO
At this time the JPHC remain unconverted and I can gain no further information from the company on the steps being taken to resolve this. I do believe this is also being used as an excuse as to why the PAIV is showing up on the Reg Sho list for over 13 consecutive days.
These are just my opinions and I do ask that you treat them as such.
Dr.D
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same53
Serious Contributor
Posts: 599
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Post by same53 on Jun 25, 2006 10:13:41 GMT -5
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Post by DrDiamond on Jun 27, 2006 13:40:36 GMT -5
I agree that it isn't Paivis' fault.
The DTC statement was that they had never received the Paivis shares, meaning that Ameritrade lied about the supposed mix up or the DTC lied about it. In either case Paivis is not to blame. If they did send a certificate to the DTC without the restricted legend then it could be Paivis' fault, but we may never know.
Regardless, the JPHC shares are still not converted to PAIV shares in the shareholders accounts.
I will check again to be sure, and then call PAIV again.
Dr.D
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bg317
Serious Contributor
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Post by bg317 on Jun 27, 2006 13:55:38 GMT -5
thank you Dr D  |
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same53
Serious Contributor
Posts: 599
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Post by same53 on Jun 27, 2006 19:00:10 GMT -5
Thanks Dr D let us know
Your findings.
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I agree that it isn't Paivis' fault.
The DTC statement was that they had never received the Paivis shares, meaning that Ameritrade lied about the supposed mix up or the DTC lied about it. In either case Paivis is not to blame. If they did send a certificate to the DTC without the restricted legend then it could be Paivis' fault, but we may never know.
Regardless, the JPHC shares are still not converted to PAIV shares in the shareholders accounts.
I will check again to be sure, and then call PAIV again.
Dr.D
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Post by mara1129 on Jun 17, 2008 22:30:07 GMT -5
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