FRANKLIN TELECOM (FTEL) Message Board

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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL)

FTEL 3.255

-2.0%

11:57 AM EST

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To: mad dog who wrote (28962)	2/27/1998 11:27:00 AM
From: Daine Newman	Read Replies (2) of 41046

More dead horse information. Talked to the Proxy specialist at Charles Schwab. This is as close to a direct quote as I can manage. For mailing proxies, they use ADP (which is used by all brokers except Dean Witter). At record date, ADP requests the proxy information for the number of shares held on that date from the company's (read Franklin) chosen proxy tabulator (which is usually their transfer agent). The Proxy info, shareholder packets etc. are then sent to ADP from whoever prepares them. This could be prepared by the company (Franklin) or more likely some company chosen by them who specializes in the process. In this case, ADP didn't receive the information until 2/9. This was characterized as' rather late.' ADP mailed on the 11th or 12th . (Their SLA with brokers is within 5 days). But since Franklin paid for 3rd class, the quoted delivery time is 7-10 BUSINESS days. Realistically, says my source, it is often longer. 10 business days from the 12th is today. (MLK was in there.) I forgot to ask where ADP mailing center is. I think NY.

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