RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Has anyone received the documentation Only 20K shares old legacy brokerage account (not-online - have to call in trades)
They
always sent proxy stuff by mail and on-line reliably until this one.
The advisor attached to the account would even call me by phone
to remind me that a corporate action was taking place.
Not this time.
Was simply given an e-mail with a table statig the 3 settlement options.
Was asked to choose one and call a trader to let them kow which one.
Cover letter to e-mail contaied the following statement -
If we do not receive instructions by the deadline indicated, we will consider that you
do not wish to accept the offer.
i.e. - I would be relying on them to register a NO.
Brokers try to make money in any then can off the securities in thier custody which they
view as thier "inventory".
They can decide to act as market makers for a given stock for a while, take a short position,
or lend out yours shares for a while ...
These decisions are based on how much "inventory" they have
on hand and who is the beneficial holder.
Thier means of making money also includes offeiring "advice" to corporate clients.
We do kow that Peters&Co are not the only advisors to this deal.
It was required of them to state this on the original new release
outling the deal - and they did indeed state that there were other actors
offering financial advice.
Industry insiders inform me of all this early in my investing days
and you have to be pretty niave to think you broker is not going to try to
make money off you whatever way they can without being noticed or caught.
T