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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (4115)1/23/1999 5:39:00 PM
From: Gersh Avery  Read Replies (1) of 4969
 
Steve ..

Saw your invite over on Anthonys thread and thought I might ask you a couple of questions.

Background :

Have a small account with Waterhouse.

On 1/6 bought some QNET.
Placed the order on the phone .. while waiting for the confirmation, I mentioned that I was expecting wonderful things to happen because of the dividend that they were about to pay out.
The dividend was slightly odd .. three shares of stock for every one owned on 1/6 at close. These shares have restrictions on them (144 stuff).
My thought was to collect the dividend shares then sell the ones that I'd bought, keeping the dividend shares for the long term.

Three days later they finally tell me that I was not the shareholder of record and I do not get the dividends.

I paid the extra fee to talk to them directly and mentioned the dividend ..

Questions:

In your opinion:

Didn't they have a responsibility to tell me no dividend at the time of the sale?

Do they owe me the shares?

TIA

Gersh
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