Alvin,
It is most confusing re: stock splits. I have spent the better part of an hour today at Charles Schwab trying to sort out why I am not entitled to split shares in a stock I sold after the record date in November for split shares to be received by January 9, 1996 in Bally Ent. What was explained to me today is that the exdividend date for the stock split is January(this date seems incredible to me). Given that the day I sold the stock in November, I made sure that I would be entitled to the split stock to be delivered January 9, 1996, by checking with the telephone trader at Charles Schwab, they are now telling me that this was in error and that the exdividend date is sometime in January. What really distressed me...no, make that verb infuriated me was that the clerk I spoke to today, was intent on proving me wrong.
Because I notified Charles Schwab about the telephone conversation in February when I inquired as to why the split shares had not appeared in my account, the head office checked their tapes and decided that this error had occurred, which is why the Boston office proposed a small settlement. It is not a sufficient amount. The Boston clerk went so far as to claim that the tapes are destroyed within three months of the case. When I pointed out to him that my complaint was within the three months and that the reason the Boston office had this case was that the head office agreed with me, there was no genuine response. So, I shall have to go to the head office and complain again and then go to arbitration if I need to do so. I asked for and was issued a check for the cash in the account today. Just a bit dramatic but what the hxxx, I had an audience!
So Alvin, I'm sorry that I can't clear up your question, but if my experience serves as an example to you to make sure you get the facts before taking action, it will have served its purpose. By the way, I have traded before based on stock splits and never encountered such confusion.
Peg |
