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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis
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To: drakes353 who wrote (1533)7/30/1998 5:44:00 PM
From: Q.  Read Replies (1) of 2506
 
re. <<I'm under the impression that it's a judgement call on Nasdaq's part. >>

That's right.

Here's the process, as best as I can remember it (it has been about 2 years since I looked into this by phoning the NASD and asking). When the co. is delinquent it gets the E suffix. The analysts in NASD's research dept. are the ones who handle this. A week or so later they get a letter from the NASD telling them they will be delisted, and it tells them that they can petition. A few companies (PAMC was one) actually disclose this but most keep it quiet, and just send in the petition. The NASD itself announces nothing whatever to anybody. A specific NASD analyst is assigned to the co. Once or twice a week on a certain day (this is one of the things I've forgotten) they have a committee meeting where they decide whether to delist or not. This is the part where they are making the judgment call. Which week they will get the axe seems to vary quite a lot. When they finally do decide to delist, they act swiftly. They tell the co., which can then announce it or not as they please (SWSH for example said nothing). Before trading starts the next day, the NASD informs all the market makers etc. that the stock will not trade (I think this is part of what they call their daily list, although this again is one of those details I'm fuzzy on after so much time has passed).]

What I wonder about is whether Berlin would continue to trade the shares if they don't trade on the Naz.
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