Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : ATPX: Lunn Industries and Technical Products Group merge. -- Ignore unavailable to you. Want to Upgrade?

To: Hans who wrote (597)	11/4/1997 5:55:00 PM
From: sandytoes	Respond to of 1923

hans- Your broker said you were not short -- that it technically correct. On your balance sheet you were short 1800 shares of a company trading at $18, 1800 shares you never owned. You owned 1800 shares of a stock that closed yesterday @ 1 3/4. If your broker reflected the 10:1 conversion before the start of trading (and converted your sell order from selling 2000 to selling 200) you would not have been short at all; your 200 shares would've sold in the normal manner. Your account was not used for any MM games; your broker, like everyone else's, hadn't yet converted the reverse split. It is their error, but it's up to your broker to decide how to settle. I did the same thing, selling 1000 shares at the open (but in reality I only had 100). My balance reflected the sale of 1000 shares @ $18. When I called it to the attention of Datek, the only thing they could do was credit my account with the sale of 100 shares, and leave me short atpx 900 shares at $18. I quickly covered @ 15, and Datek says they are through with the matter. So, in this instance, my broker paid for the mistake. They just wanted to have the situation over. Any deal you try to cut will be dictated by how your broker wants to settle the issue. It depends on if they want to take the fall for the error. I doubt you can command payment for any shares short. sandy