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Gold/Mining/Energy : Starpoint Gold
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To: Bohdan who wrote (1272)4/19/1997 1:01:00 PM
From: Charles Kalb   of 2378
 
Bohdan, thanks for your following reply to my question of what happens to a shorter's position if the company he shorts is delisted before he covers:

"As long as the shorter can obtain title to xxx shares, he gets to keep the money. Shares do not have to be traded on an exchange."

This brings up interesting questions of how would a shorter obtain title to those xxx shares, would a deal have to be brokered off the exchange between the shorter and someone who still had shares in his account, but a more direct follow up question is what happens to the money in the shorter's account if he is not successful in obtaining title? Surely his brokerage house doesn't get to keep it?
Anyone?

Charles
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