Apologies...never got around to call Pershing yesterday, its on my list for this am... :)
Yet that to me, top of my head, doesnt smell right either, that the person hypothecating shares loses right to vote. You could put the stock in the margin account, not even use it for loan value, and do you lose your right to vote? doesnt seem right. Imagine the huge players in stocks who have millions of shares of their company, use it to margin against to buy other stock and have cash available...i dont think they would give up right to vote..
and from experience, how many of us have stock in margin accounts, might even be borrowing against it, and still receive proxy...so I would say from experience, not even exact knowledge of the rule, that it sounds off.
-Steve@yamner.com |
