Zorax
9 months ago
Thanks Renee. A couple reasons I asked is some old time mentions that even I haven't checked on. One, It's been bantered about that a revoked ticker can be traded in a private sale, or a broker can look for another broker for a fee? I'm going to assume this is probably from the big boards that trickled down to otcm pumpers here. Two, FKA stocks can still be traded?
I've had two years ago during a broker buying other brokers spree, 5 or 6 of my penny junk be deemed worthless and they started to remove my stocks from my account. Not revoked or delisted. In the same notification letter they stated in small print, should any buy/sale action happen with the removed stocks, the broker is not responsible to pay any compensation.
Thought that was very strange and sent them a couple of letters that I would sue them if they didn't cease and desist taking my paid for stock. They actually stopped removing the listed stocks and returned a couple with the fees they were charging. I didn't even send them lawyer letters, just that I had a personal lawyer looking at it. This was scottrade, which sold to someone who schwab bought out.
Renee
9 months ago
Hi back atcha, Zorax. The only time that shareholders lose their shares is when a Judge, typically a Bankruptcy Judge, cancels the equity/shares. Those shareholders would have a nominal record of the shares they once owned so that they can record the losses on their tax returns.....but those shares no longer exist in any capacity whatsoever.
In all other instances when the SEC revokes an SEC registered company's stock registration FINRA deletes the symbol/ticker, but the shares still exist without a symbol/ticker. The same applies to Alternate reporting OTC stocks (ie., not registered with the SEC) where FINRA can delete the symbol/ticker for trading inactivity. Those shares also continue to exist but do not have a symbol/ticker. That means that although the shares exist the shares cannot trade on any public market.
The only options available for shareholders of shares that exist but do not have a symbol/ticker is to sell those shares to that shareholder's Broker.......usually the entire holdings for one cent to remove those shares from one's portfolio. In the old days shareholders could ask for their shares in paper certificates and could either sell them privately or as the old joke would say, use those paper certificates as wallpaper. In extremely rare instances a company may reregister with the SEC or a formerly Alternate reporting OTC issuer may get reinstated by FINRA where a symbol/ticker would be reassigned to those companies......so those companies' stocks may be traded again IF the company finds a Market Maker to sponsor the stock for trading by filing a FORM 211 to FINRA.
Zorax
9 months ago
Hi Renee. Just a question. I read your SEC board all the time, but it's premium so I'm asking here.
With wofa, as others on your list, appears to have been halted in the recent past, if one owns a million shares, they now still own the shares but as a private issue, correct.
In what way is the stock tradable now?
Given that 95% of the stock you list are scams and most certainly are not going to buy your shares back, what can a owner of now private shares do?
I own no stock in this example, but have been there in the past.
Thanks for all you do.
Value_Investor
3 years ago
Thanks, I see! Right now as I known there is nobody (except MM) who could buy a "Caveat Emptor" stock (such as "Grey-Sheet" WOFA and its "Pink-Sheet" peer IFLM) through E-Trade, TD-Ameritrade, Scott-Trade, Charles-Schwab, and Fidelity! I'm not sure if any other firm(s) allow their clients to buy a "CE" stock? Please let me know if you know any firm, thanks in advance!
Anyway both WOFA (787M shares OS) and IFLM (585M shares OS) are Dirt Cheap now --- at the Bottom 0.0001! Should the individual investors be able to buy them again sometime in the future their price will explode immediately based on their Tiny OS and float counts...