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Non-Tech : Any info about Iomega (IOM)?
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To: Iceberg who wrote (23716)5/30/1997 3:27:00 PM
From: Ben Antanaitis   of 58324
 
Jimmy Rodgers, on CNBC this morning, was answering a viewer question about having shorted stock called in. He said it has happened to him and that it occurs when the brokerage has a sell order from an account holder who has his stock in 'street name' and those shares were 'lent' to a shorter and the broker has no more real certificates to cover the real sale or request for the physical certificates. Each brokerage has it's own way of determining who gets the call. But Rodgers said it is just tough nuggets when you get the call... deliver the shares or the cash to buy the required number of shares back in the open market. Sorry.. but you could ask your broker what their policy is.
It is kind of like who's shares get 'called' when a call option is exercised... the order just gets assigned, supposedly at random, and if it is you, you must stand and deliver. Sometimes the bullet misses you and hets the next guy, sometimes it doesn't.
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