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To: Michael Ohlendorf who wrote (3083)3/16/1998 4:53:00 PM
From: Rosemary  Read Replies (2) | Respond to of 6317
 
Michael,

That will be hard to prove. You would have to have the time it filled and at what price. I just changed brokers for closing a covered call I had, (not JBIL). I was trying to get another covered call, not close the one I had, my word, their word. They won, and now my account is somewhere else.

You can put a complaint in, to the SEC, but now you know that you must tape the conversations and tell them that you're doing so. Is there much difference between the cost of the calls now?

On line trading isn't much different. It was written that I bought puts at a price, all was well then the confirmation come in and the price was higher. I didn't print the tentative confirmation, my word, their word. T ROWE Price.

So, you can ask the CBOE for a print-out of trades, see if they give it to you. But I don't know if it will help you much.



To: Michael Ohlendorf who wrote (3083)3/16/1998 9:40:00 PM
From: Muhney  Read Replies (1) | Respond to of 6317
 
Michael...maybe this will help.
I would be interested to find out why your broker doesn't work at Paine Weber anymore. But as far as your option order. He could of very well put the order in at 6 3/8 watched a fill of 2 calls and assumed that you got filled. He certainly should not of said anything until he had a confirmation of a fill from his wire operator.
Regardless, I do not think this is an arbitration matter. I would talk to the "branch manager" and nobody else...tell them the story and tell him/her to make it right. On that kind of order, and considering the abrubtness of your brokers departure..(for whatever reason) I would guess they will make it right. But contact them right away...and get a new broker...I know a good one thats available. <bg>
I might suggest next time that you put in a market order. Again, if you have a good broker he/she will get you the best fill available. Sometimes you miss a lot trying to squeeze that 1/16th out of a trade on a limit order.
Good luck...
Muhney



To: Michael Ohlendorf who wrote (3083)3/16/1998 10:27:00 PM
From: WTMHouston  Read Replies (2) | Respond to of 6317
 
Actually, having looked at the prices, it seems that even as of now you are out, at most, only around $200 assuming that you would have filled at 6 3/8....given the relatively small sum involved, I agree that it is not an arbitration matter - just not enough at stake -- but that doesn't mean, IMO, that it won't help you to drop the "A" word here and there - perhaps my "threaten" suggestion was a bit strong though - maybe just ask them who you should contact about an arbitration. It's not worth it to them either for a couple hundred bucks.

In the same context, IMO, threatening to leave them for another firm will make them less likely to desire to make it right. My guess is that at PW the $200 could easily represent only 2-4 commissions, which they may waive if they think they will keep you as a customer....in any event, if you don't make the trade soon, your loss becomes more and more speculative...you now know about the mistake: if you want the chance for future gains, you should still buy the calls...you can't expect to get the gain without also exposing yourself to the risk of loss...

Troy



To: Michael Ohlendorf who wrote (3083)3/17/1998 12:08:00 PM
From: Joe Griffin  Respond to of 6317
 
Michael,

Call the Office Manager and speak to him. If they want to keep you as a customer they will make it right with you. I've had this happen a few times at Smith Barney, but they have been able to accomodate me... and naturally I stay with them. Just let the Office Manager know that you are unhappy with their service and the people the employ. Thy DO want your business! Good Luck!