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Technology Stocks : Zitel-ZITL What's Happening
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To: Blue On Black who wrote (12251)10/30/1997 7:27:00 PM
From: Arthur Radley  Read Replies (1) of 18263
 
Lee,
Your question about suspending trading is a good one. And concerning the earlier poster saying by the company going broke you won't have to pay taxes.

I've had experience with this issue and it is one of those good news bad news stories. A couple of years ago I was short Arakis Energy and when it was suspended at about $12.00 I already had a nice profit built in at that price. The problem is that you can't get your money until you close your position. I deal with Schwab 500 and when I asked for my money locally they said ..no can do. It was an issue that eventually dropped on their home office(this is no complaint against Schwab because I've had no problems trading with them this week and did they ever help me just before the close today). The point we finally agreed on was that we didn't know what the stock would actually start trading at when it finally opened. We all agreed that I was in the "cat bird seat" but I had to wait. Needless to say it was several weeks before the stock opened again for trading. As we say here in Texas, "I was happier than a pig in slop", when it finally opened for trading. The point is that you have to close out your position to get your money.

Hope this helps(:>).
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