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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: Bill Brogan who wrote (13161)12/30/1998 6:41:00 PM
From: Colin Cody  Read Replies (1) of 19331
 
Bill, if they mail me the certificates then the value of those certificates is removed from the account. So how could I "sell" my DCTC (if I needed to) if I don't have anything in the account?
That depends on which broker you use to sell them at. Various brokerage have different rules. At Merrill Lynch or other legitimate broker with a relationship with you, they'd likely be happy to sell on your verbal statement that you will get them the certificate within three days after the sale. At Ameitrade or other new-wave no frills brokerage you will likely be told to deliver the certificate to them first, then they will sell it. With Federal Express anyone can get certificates in the hands of their broker within a few hours.

My earlier questions on this topic were answered with folks saying you could put an order in with your broker to sell the stock then just get the certificates mailed to them within 3 days. But my broker said as soon as they mail the certificates they have no value or relationship to my account anymore.
They certainly have VALUE. And they do not have any relationship with your old account any longer. ie. you are free to sell the certificates ANYWHERE YOU'D LIKE. Having the certificates delivered give you MORE FLEXIBILITY. You can sell them at any broker you choose. You might shop for cheap rates, for example.

Can somebody explain how I could retain the flexibility to sell DCTC at a moment's notice if I'm holding the certificates? Thanks.
As stated above. Also discuss with your other broker(s) NOW. Tell him I have 5,000 shares of an OTC-BB stock to sell. Will you sell them? If you have AG Edwards they will likely say "of course" If you have E-Trade they will likely say Fed Ex them in first.

In that case, you Fed Ex them at 5pm on Tuesday and your broker has them by 10am Wednesday.

All my regular brokers give me three days plus extensions to sell stocks. My newer "internet" brokers all want the certificates first. These new internet brokers do not honor the T+3 rule for cash or certificates.

P.S. The unfriendly broker asked me why I wanted the certificates and I explained how we wanted to prevent the MMs from manipulating the price and possibly create a short squeeze and he became even more unfriendly!
Sounds like you have either got a call calling young turk or you have a huge volume internet discounter for a broker. Try another of your broker accounts for their opinion on selling certificates held at home.

Good Luck, Colin
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