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Technology Stocks : Avtel Communication (AVCO)

AVCO 2.120

+2.4%

Oct 31 3:59 PM EST

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To: Charlie Smith who wrote (399)	11/16/1998 6:15:00 PM
From: Wowzer	Read Replies (1) of 461

Almost the exact opposite happened to me. About a year ago I placed a limit order for LUV at 26 1/8 about an hour or so passed and was notified that my order filled. That same day LUV climbed back up to 27 1/8 so I sold. Well later that day I was checking on my orders and my buy at 26 1/8 was gone. The broker stated the MM's made a mistake and my order was never filled as the bid never got below 3/16. I was livid to say the least but that wasn't the worst part. LUV was now trading at 27 1/2 and was now technically short and had to immediately cover and take the loss since this was in a IRA account. I said no way in hell was I going to take a loss on this trade I still wanted my $1,000 gain. They offered to waive the commission (a whopping $24.00 bucks round trip) I finally ended up with a branch manager who was very adamant that even though Waterhouse or the MM falsely reported the buy that is was my problem and I had to cover the short since shorts are not allowed in the IRA. He kept saying a trade was a trade and I sold LUV shares to someone blah blah and you can't reverse a trade once it occurrs Therefore I had to buy back the shares to make the account whole. I finally said go ahead and buy to cover but you take the loss since it was your false report that made me sell in the first place. This was not an easy concept for him to understand, but he finally agreed after threatening to talk to their new york office. The way it showed on my statement was a sell at 27 1/8 and buy at 27 1/2 no commissions and an extra $375 deposited in my account as some type of accounting adjustment. EGRP is playing games, stick it to em... Rory

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