Re: OUCH! No Tenor-Crystallex Support for Committee
in response to
by
posted on
Jan 12, 2016 05:12PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Still concerned that the committee, which purports to represent all shareholders, did not inform shareholders when the motion of the Moving Parties was adjorned last year. Out of nine, at least one should have thought to keep shareholders informed with a notification on the Gowlings site, ya think?
Anyway,...
Your copy/paste information scratches only the surface of what actually happens in a trade. It takes quite a bit more to settle a securities trade. Might be news to you, but a trade typically takes several days to actually settle.
Yes, transfer agents do have access to a stock's master shareholder list which is held and kept up-to-date by FINRA/DTCC. Even though it shows up instantly on the trader's computer, a trade actually takes several working days (T+3) for validation and verification for settlement. When KRY voluntarily revoked common shares, the shareholder list immediately became off-limits to transfer agents, while several days worth of trades still needed to be settled.
So, yes, the TA can access a revoked stock shareholder list, but the list the TA can see lacks several days of settled trades. FINRA/DTCC holds the actual official shareholder list, with all up-to-date settlements. Unfortunately, FINRA/DTCC will not release a revoked stock's shareholder list.
Why the glee with the exclamation point, "...incorrect!" I understand this information goes against the Crystallex rumor mill kool aid. Probably some still believe they can privately trade Crystallex stock today, even though revoked shares do not fall under the definition of restricted (aka unregistered and privately tradeable) securities.
Regardless, good luck.