To: dave brown who wrote (17890 ) 5/18/1998 9:01:00 AM From: Pugs Read Replies (3) | Respond to of 27968
Dave, With all respect , you're quite wrong. When most investors buy long, their shares remain in their brokers account , supposedly in Street Name in a big, mysterious vault somewhere. The brokerage uses this to their advantage, because they can also lend out the shares to be shorted against. Brokers will try to persuade investors not to take their shares in Name form because it removes the shares from their accounts. Brokers will use several reasons why shareholders should not take their shares in Name. I , for one, would check to see if your brokerage firm is a MM for the stock you have a long position in, I would see who the clearinghouse is, and most of all, I would look at anyone with great scrutiny who posted what you did Dave, because demanding your shares in Name form insures your investment against illegal naked undeclared shorting, if, as a group, you can get the float in Name form. MM's, brokerages, Dave perhaps, have oversold the stock, sometimes to the tunes of millions of shares with the sole purpose of bringing the price of the stock down, to create panic selling to get shares, certificated shares, to cover their naked short positions. Once the float is in Name form, and the excess shares sold are demanded to be turned into Name form, the TA will demand the MM's/shortsellers , buy their shares in the open Market to cover their shorts....this is when shareholders can put in GTC's for their price!! This is how shareholders can get back at the criminals legally!! Make sure your GTC orders to sell BEGIN at $50/share....hopefully this sends a message to the criminals illegally shorting our investments. Pugs