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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?
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To: Larry Panik who wrote (302)3/12/1999 2:35:00 AM
From: Joana Tides  Read Replies (1) of 323
 
Larry good luck and may one of these avenues lead you to the right person for a solution in your favor. Once it starts to go from talk into writing, things do change! IMHO the broker is central: they sold you the shares and then they charged you extra for a faulty certificate registry. It could be compared to buying a stereo with an extra 3 year warranty if when it breaks the store refuses to fix it because the warranty card was missing a stamp. You, being the buyer of record, paid for property (only difference is tangible and intangible property) and also for a piece of paper guaranteeing the property and the listing of you as owner of record. You had no way to evaluate whether the warranty card (stock certificate) was properly executed and why should you care because you have the receipt! The ACCEPTANCE of your payment preceded delivery of goods. You placed RELIANCE on them to INSPECT. They took your money, says so right there on the statement, they have no excuse to try to get you to own the problem. If the certificate which they gave you to register the property they sold to you formerly is now "Undeliverable" to them, then it was "Undeliverable" when they sold it to you at first - but the shares they sold you were and are validly trading so the property itself is viable. The certificate registration is seperate from your purchase and ownership of the shares themselves; your ownership doesn't stop because there's something wrong with the certificate.
The stock couldn't trade without an address or a transfer agent (unless the company is now transfer agent).
So, the Brokerage
should give you the $20 or whatever that you paid to have the shares registered in an undeliverable (their very words) certificate and place the shares back in your account.
And it should be your choice of whether you want to hold 'em, accept a refund of what you originally paid for the shares, get your price at the sale which was voided when they rejected the certificate, or sell at the share price on the day the matter is corrected - whichever is most profitable for you. It's Only Right that you should get the deal of your choice, as small compensation. The registration problem is their professional obligation to make correct for the client.
And Larry, you're welcome and glad to oblige. "Been There", What goes around comes around. When I had a similar problem it was finally solved once I found the folks with the power of approval. Hoping you will, too.
Joana
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