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To: EL KABONG!!! who wrote (12570)7/4/2000 6:56:40 PM
From: Bill Ulrich  Read Replies (1) of 32873
 
Not NDB. It's more amusing than horrible. This stock I was in spun off a dividend to us, as shares in another company which they were going to take public.

So, the ex-div date passes, and my account gets credited. But the IPO never happens. The 'new' stock never trades. No shares go from the TA to the brokerage's street account&#151well heck, the stock doesn't even exist. Not on this planet, at least. Borker comes back to me and says that ultimately, it's my responsibility to get the shares to them somehow. So, I have this "-24 shares" in my account; my alleged 'oversold' position. Of course, it's impossible.

I've tried explaining this to them for 1 1/2 years now, but I still get notes about my 'net short' position. On my last office visit, I saw an internal 'audit report' about my account...all these little scribbled notes from various internals,

"Client doesn't have a margin account. Why does he have a short position?"
"Tried to buy shares to balance account, can't find shares of XXXX in market."
"What the heck is going on here....?"

A simple reversal entry in the accounting is all that's needed here, but they won't do that. I figure another 1 1/2 years will probably clear up the matter.
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