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American Capital Agency Corp. Message Board

cwn600 189 posts  |  Last Activity: Oct 16, 2014 6:36 PM Member since: Dec 28, 1999
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  • Reply to


    by bajared Oct 16, 2014 1:40 PM
    cwn600 cwn600 Oct 16, 2014 6:36 PM Flag

    "if you own the stock through the EX-DATE (ie, 10/29) you can then sell and still get the dividend, right?"

    Right. But you don't have to own it THROUGH the ex-date. You can sell it any time ON the ex-date and still get the dividend.

    "the 'on record' date is basically your last chance to own it into the close on the 31st, right?"

    No, the day before the ex-date is the last chance to become a shareholder of record as of the record date of the 31st. You are not a shareholder of record until your buy trade is settled, and it takes three days to settle a trade. So if you buy it the day before the ex-date, your trade settles on the record date and you become the shareholder of record on the 31st.

    If you sell on the ex-date, you are still the shareholder of record until the trade settles, and a trade made on the ex-date doesn't settle until November 3rd.

  • Reply to

    Trading 10/16/2014

    by ayscuew Oct 16, 2014 10:02 AM
    cwn600 cwn600 Oct 16, 2014 6:30 PM Flag

    "What's your reason for the big move up with all coal stocks?"

    Christmas coming up. Lots of stockings to fill.

  • Reply to


    by sub3111 Oct 16, 2014 4:49 PM
    cwn600 cwn600 Oct 16, 2014 6:27 PM Flag

    "Expensive lesson learned"

    Doesn't really sound like he learned anything.

  • Reply to


    by sub3111 Oct 16, 2014 4:49 PM
    cwn600 cwn600 Oct 16, 2014 6:25 PM Flag

    "There was a 100 to 1 reverse split."

    No, there wasn't. A bankruptcy restructuring is not a reverse split.

    "they showed this am that we had three thousand shares. What they should have shown was 30 shares. ... My point is as I had become used to being a day trader"

    Your point is pointless. So what if you have become used to being a day trader? How does that in any way whatsoever absolve you of doing your own due diligence? That you have become used to not paying attention says you're the one who screwed up, not your broker. Credit for dividends, stock splits or restructured securities are commonly not updated in accounts of many brokers until during or after the trading session on the effective date. Nothing unusual about it.

    I haven't watched EGLE since I traded it a few times several years ago. I didn't even know it had gone bankrupt. This morning, when someone pointed out to me the price increase of, as you called it, "a ridiculous percentage," it took me all of two minutes to find out what had happened and that yesterday's shareholders now have less than 1% of the new shares that started trading this morning. Your greed is so overpowering that you couldn't spend two minutes to find out what was going on?

    "our approx. $19,000.00 loss turned into a 24 or $25.000 loss"

    Expensive tuition. Doesn't sound like you learned anything from it, either.

  • Reply to


    by sub3111 Oct 16, 2014 4:49 PM
    cwn600 cwn600 Oct 16, 2014 6:13 PM Flag

    "Can anyone help us? ... I called them and they said it was my problem, and that I should read the news."

    It's not the broker's responsibility to make sure their clients exercise due diligence. The broker's responsibility is to execute trades accurately and timely. You said yourself, "I saw that EGLE was up a ridiculous percentage." Instead of hitting the sell button, doesn't simple common sense suggest you ought to find out WHY the stock is up "a ridiculous percentage"?

    The public announcement of the restructuring was released at 5:35 pm Eastern time yesterday. You had all night and all morning before pre-market today to read it, so it wasn't a last minute announcement this morning. Do you honestly expect that Tradestation should've called you on the phone last night to tell you?

  • cwn600 cwn600 Oct 16, 2014 1:30 PM Flag

    "iF you had 60,000 shares, you would now only have 3000 shares"

    No, you'd now have 646 shares. Read the restructuring FAQ where it says, "Subject to the terms of the Plan of Reorganization, (i) new common stock will be distributed at a ratio of approximately 0.01076 shares for each existing share of common stock of the Company"

    And why 646 instead of 645? "Whenever any distribution of a fraction of a share of new common stock or a fractional warrant would otherwise be required under the Plan of Reorganization, the actual distribution made shall reflect a rounding of such fraction to the nearest whole share or warrant (up or down)"

  • cwn600 cwn600 Oct 16, 2014 1:24 PM Flag

    "If you had 1000 shares yesterday you now have 10.76 shares in the new

    That's exactly right.

    Ain't it entertaining to see how may people don't understand what they own?

  • cwn600 cwn600 Oct 14, 2014 11:51 PM Flag

    In just one example given in IRS Publication 514 for a non-married taxpayer, it says " The allowable foreign tax credit is $7,037"

    Hmm... if I'm not mistaken, $7,037 is more than $300. And probably even more than $600.

  • cwn600 cwn600 Oct 14, 2014 11:38 PM Flag

    "US tax credits for foreign taxes are limited to $300 for the single filing status and $600 for the married filing status."

    Absolutely wrong. The $300/$600 limit is simply the amount you can claim without filing Form 1116.

    Read IRS Publication 514 and get back to us.

  • cwn600 cwn600 Oct 14, 2014 11:16 PM Flag

    "And that 15% Canadian tax on dividends will be on top of the 15% US tax that will be imposed."

    Not universally. The U.S. gives a tax credit for the 15% Canadian withholding, varying from zero to 100%, depending on the individual's specific income and tax situation. The majority of U.S. taxpayers get at least a partial credit.

    "And I wouldn't be surprised if Canada didn't also have a 'special capital gains tax' for US shareholders"

    No, it doesn't.

    "be careful what you wish for in a CP buyout of CSX"

    And you should be careful of spouting baloney when you don't know what you're talking about.

  • cwn600 cwn600 Oct 14, 2014 11:13 PM Flag

    "the Government of Canada will tax any dividends paid to USA shareholders, at a 15% rate, it's Canadian law"

    That law doesn't apply to U.S. tax-advantaged accounts such as IRAs. In such accounts, there is no Canadian withholding.

  • Reply to

    upcoming ex-div date

    by jackmaster20 Oct 14, 2014 3:43 PM
    cwn600 cwn600 Oct 14, 2014 6:35 PM Flag

    "Friday October 17th is the ex-div date for TOO"

    No, that's the record date. Tomorrow, the 15th, is the ex-date.

    "Maybe later this week TOO will go higher, in the run-up to the ex-div"

    The runup to the ex-date ended with today's close.

  • Reply to

    Price Action

    by sheetwise Oct 10, 2014 7:10 PM
    cwn600 cwn600 Oct 14, 2014 3:27 PM Flag


  • Reply to

    Chinese iron ore imports

    by audiophul Oct 13, 2014 5:12 PM
    cwn600 cwn600 Oct 13, 2014 5:52 PM Flag

    Haven't looked in ages, so just did. The Sacramento Tour herd is 1100 miles out of Saragosa. More than enough time for George to rustle the whole herd before it gets there. If Deutsche Bank knew that, they wouldn't have issued the downgraded. With their giant financing brains, you'd think at least one of them would've had the smarts to check the REAL BDI.

  • Reply to

    Chinese iron ore imports

    by audiophul Oct 13, 2014 5:12 PM
    cwn600 cwn600 Oct 13, 2014 5:36 PM Flag

    Saw today's closing price and had to look into it. I say George pulls multiple rabbits out of multiple hats and get the refinancing done. At someone else's expense, of course.

    Ahh, those wonderful days back in 2007 ...

  • Reply to

    Selling ???

    by rzipper1 Oct 6, 2014 12:25 PM
    cwn600 cwn600 Oct 10, 2014 10:00 PM Flag

    "Why in the world would anyone be selling today? Especially in the 6.20s ... Am I missing something ?"

    Yes, you're missing the fact that on the ex-date a stock almost always adjusts down to account for the dividend no longer being available to the buyer.

    Which would you rather do, buy in the 6.20s and get a 67 cent dividend, or buy as low #$%$32, like it reached today, and not get a 67 cent dividend?

  • Reply to

    Great Sale today

    by topline1 Oct 10, 2014 12:27 PM
    cwn600 cwn600 Oct 10, 2014 9:52 PM Flag

    "Great Sale Today"

    No, it wasn't a sale; today is the ex-date.

    "Picked up some more today to lower my average cost. - Will still get the special dividend."

    Not on the shares you bought today.

  • Reply to

    Great Sale today

    by topline1 Oct 10, 2014 12:27 PM
    cwn600 cwn600 Oct 10, 2014 9:49 PM Flag

    "some news sites say the x-Dividend date is today, Oct. 10; while others, and especially the original Jiayuan official news announcement said x-Dividend date is Oct. 13"

    The ex-date was indeed today (Oct 10). The confusion comes from Monday, the 13th, being Columbus Day. Even though the market will be open, Columbus Day is a bank holiday, and bank holidays do not count when determining ex-dividend dates. So while a record date of the 15th would normally result in an ex-date of the 13th, in this case the ex-date is the 10th. That means you won't get the dividend on the shares you bought today.

  • Reply to

    Was yesterdays secondary Legal?

    by marionpolk2000 Oct 8, 2014 1:35 PM
    cwn600 cwn600 Oct 9, 2014 2:17 PM Flag

    "Are the markets closed Monday for Columbus day?"

    No, but it's a bank holiday, and days that are bank holidays are not counted as one of the three days to settle stock trades, so today is indeed the ex-date.

  • Reply to

    oh boy , a right to buy

    by spirallocks Oct 7, 2014 12:18 PM
    cwn600 cwn600 Oct 8, 2014 12:20 PM Flag

    "also ex -date on SCC has been moved up to 16th , instead of 20th "

    No, that's the record date, not the ex-date. Because the rights offering is conditional upon the rights being listed for trading, the offering will have a deferred ex-date, meaning it will be sometime after the record date instead of two days before it, as with normal dividends. The ex-date can't be established until the rights are listed and trading.

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