To All: I'm posting a letter I wrote to my discount broker, who I believe, participated in the crash of this stock along with Bresea and Minorca.
P.S. I've removed the name of the discount broker, but it is a one of the largest in Canada. They really upset me for their actions!!! Did anyone else get the same call?
P.S. Great post Mikesloan!
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Dear <discount broker>,
I was really frustrated/upset on the way your organization handled the
Bre-x/Bresea/Minorca Halt trading order. On the day of March 26th, after the conflicting news releases were published and the above mentioned stocks were still halted, your organzation called everyone who had the above stocks on margin and told everyone, "You need to cover your margin, your stock is WORTHLESS". I tought the the role of a discount broker was not to give an opinion about a stock! I understand your organization calling the margin back, but I do not understand why your brokers contacted your clients (us) and mentioned "Your Stock is WORTHLESS!!!!". In my opinion, your organization contributed to the crash of these stocks! The following day when the stock opened at 3:00 p.m. in the afternoon, you may have caused investors who were not totally informed of the situation to sell in a panick. At least get some money for it, they told me my stock was worthless!
Furthermore, are you aware that Minorca Resources, one of the stocks you said was worthless, has approximately $1.40 per share in the bank!
Therefore, how did your organization deem this stock to be worthless?
Totally irresponsible. I could go on and on and on....
Today, I recieved a letter stating you have valued the above shares at
$0.00 for our March Statement!!!! What happened to that previous closing price?
Sal Pugliese
One of your clients who holds the above mentioned stocks in his portfolio |
