The class action guy isnt going to bother. Your talking about a $150.
He would only stand to make 35-40%. Not worth fooling with.
There has to be a pro-ration factor and of course its not the lottery.
I think its something more innocent like say the brokerage in total had say 1500 shares in aggregate. And lets use 12%. If they went thru every customer and tried to give them 12%, they might have rounded up a few times and when they get to the end, they are 1 share short and you just happened to be on the short end of the stick. Its not fair but its not a conspiracy and I really doubt the company or the transfer agent had the task of allocating between each individual brokerage firm.
I mean, when you combine both my accounts, 8+4=12, my proration factor was 8.333%. But I dont see it as a conspiracy, I just assume that everyone with less than 7-8 basic rights was not awarded any oversubscription shares.
And my 2nd account had just 4 rights.
On May 13, 2013, Tecumseh held a conference call regarding our strategic initiatives plan. In the plan, we announced that we planned to identify and liquidate global non-core assets which included the Brazilian foundry. We commenced a process to market the foundry. The process has not resulted in the interest or value that we anticipated; therefore, we have decided not to sell the foundry at this time.
DXM took over 4 months I believe. And everything has not been corrected yet.
When you say you "fully subscribed and fully oversubscribed" and had enough cash to cover both, what exactly do you mean ?
I fully subscribed & oversubscribed to the maximum which means Fidelity took enough cash out of my account & sent it in as if I were to get 100% oversubscription. If you only sent in less, maybe it went off how much extra you asked & paid for ?
Also, the proxy or prospectus lists a phone #. If I were you, Id call because you're going to need an exact proation figure if you're going to get your broker to make it right. They might not call you back but Id say a better chance than an email response.
I cant remember how it went with the WEST offering but it just seems like they should have to disclose the proration factor.
Yeah, from all indications, you should have gotten 6 shares... unless you hadnt owned your entire 250 shares from the get-go. (Like Sardars most recent open market buy was ex-rights so he didnt get rights on those shares)
And assuming you didnt trade the rights. I think I read or someone said that rights bought in the open market were not entitled to oversubscribe.
I wonder if the brokers aggregate for each client and then back office people divide it manually ?
At the very least, Id get an explanation or $155 worth of free trades if they messed up.
I didnt read much into the small % variances of the insiders,just assumed it was rounding differences.
I didnt do the lion funds manually either. Just Sardars individually.
I thought for sure that BD would have been some of the volume.
Or possibly a new 13d filer. But it was none.
13G filers dont have to file on a timely basis so we wont know for awhile.
I did notice that TUES proxy was filing on 9/25. And what I presume was a paper annual letter. Cant read it on edgar.
And I havent tried their website.
Sep 20, 2013 14.60 15.25 14.59 14.98 3,109,900 14.98
If enough of us complain, maybe they will fix it ?
If you have an email address, please leave it and I will email them too.
The insiders own a lot of stock.
And sometimes the short term pain of a secondary is worth if if more shares end up in strong hands.
$3.25-3.35 would have been easier to swallow though.
Thats exactly what I was thinking. The underwriters were negotiating with them and it leaked so they ran the price up so they could short it knowing they could cover.
$3.00 is too low though. But, initially the market didnt like the Speed merger either. So Im giving them the benfit of the doubt.
I wonder, is it possible for one of us to buy in a secondary without an account at the underwriter ?
I might replace the shares I sold at $3.49 if I could get $3 shares.
Biglaris stake was worth less back then, and it would be worth it to get rid of the thorn in their side.
I knew they would reject it but thought they would offer up $5 or $10 instead. And it was nice of them to put it on the proxy rather than doing as they have in the past, just rack up more legal expenses.
If you had 10-11 rights, you would only get 1 oversubscription and maybe the same for 12-13.
But, if you had a much larger position, it should be in the 12-12.5% range.
Fidelity is showing my cost basis on my 8 regular rights shares is $258.375 rather than $265. And Im not clear on how much I was charged exactly. I paid either $265 or $258.375 and Im not clear on which.
So if Fidelity could screw my cost basis up and/or undercharge me, Its possible you didn't get as many rights shares as you were entitled to.
Would have expected an 8k by now giving the pro-rata details. And the exact cut off.
I know I didn't get an oversubscriion for 4 rights but did for 8. Would I have for 5.6 or 7 ?
Let me know what you find out.
I would expect the price to inch back up toward $19 by then. Hopefully even higher.
Rocky Brands, Inc. Announces Second Quarter 2013 ResultsBusiness Wire(Tue, Jul 23)
$3.50 will probably be the best case, possibly $3.25. Unless they have great news tommorow.
But, secondaries arent the end of the world and sometimes the stock gets some sponsership from those who buy in them.
So I guess my 12.5% for one account and 0 for 4 in the other is fair.
I expected BD to have sold more. I guess that volume could have been all outsiders.
And if BD didnt sell more on the run above $15. isnt that positive given that they could have ?
$15.16 as i type with a new 6 and a half year high of $15.43 today.
TUES hasnt been this high since March of 2007.
15 year chart suggests the shares could go back to $30-35 over time.