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ANSWERS! page 1 page 2 page 3 page 4 page 5 From: AssetConnect Tuesday, August 19, 2003 1:03 PM
Question
for
Dr-Stock
I discovered and subsequently assisted with the recovery of some stock for a person who forgot they had invested in it years ago. They offered me a 5% finders fee. How do we go about tendering the stock? You say you discovered it. I assume you mean you found the actual ceritificates. Now you must open a brokerage account and deposit them, once the certs have settled you will be able to see what the value is. There is a chance that over the years there may have been stock splits so there may be more shares then what you see..... Monday,
August
18,
2003
02:55
PM That company has to buy the remaining shares and establish a closing price that shareholders will receive.
From:
kluckm
Monday,
August
18,
2003
08:20
AM If
you
have
a
stock
brokerage
account
you
can
deposit
them.
Once
the
Monday,
August
11,
2003
11:58
PM You cannot short penny stocks. But if you shorted a stock that was $10 and it went down to pennies then that is a score. From: VerasinThursday, August 07, 2003 10:35 AM
Subject:
Question
for
Dr-Stock:
WORLDCOM/
MCI
When worldcom (or mci) will emerge from banckruptcy, it going to get a new symbol and value. the old symbol traded in pink sheet (wcoeq. pk) going worthlees. Do you know of any company emerging from banckruptcy whom old symbol has get trading later? that old symbols(wcoeq. pk) don't get deleting from the market? what company support that old stock? because this new company going to get a new symbol too. My question is because I don't know if sell now and take the loss or wait until wcoeq.pk get delisted, ask my broker for a "worthlees letter" to tax reduction at end of year and wait to see if there is any move up in the future for that symbol. thanks jose The best way is as you stated....ask your broker for the worthless stock certificate form...You can write it off and if ever starts to trade again and you sell you will then have a capital gain. I don't forsee this happening as Worldcom will try to start upa new company or issue other stock like KMart did. From: judshel Tuesday, August 05, 2003 2:00 PM
I
resigned
from
sears
in
1989
and
put
my
allstate
,morgan
Stanley
and
sears
stock
certificates
with
Charles
Schwab.I
received
these
stock
through
sears
profit
sharing
and
when
I
tried
to
sell
them
Schwab
said
I
need
the
price
I
paid
for
them.An
amount
of
money
was
taken
from
my
pay
check
every
week
for
about
7
years
and
the
Co.
also
matched
that
amount.The
question
is
how
do
I
find
out
what
I
paid
-sears
has
given
me
so
many
phone
#s
and
they
have
no
idea
what
I'm
talking
about.Is
there
one
phone
#
where
I
can
get
answers?
You should try to find out who the clearing agent or transfer agent is. They should have a record of what prices the stock was purchased at. If not contact your accountant for some basic math.....By this i mean let him go back over your W 9 tax forms that SEARS provided at the end of the year. In that form it should list your contribution to the 401 k plan each year. Take that total amount and divide it by the amount of shares you have. That should give them a cost average. Tuesday,
August
05,
2003
10:45
AM You have to decide what your risk / reward level is. If you have a decent gain you could sell enough shares to at least cover your initial investment and play with Wall Streets money for a change. From:
sir
1
ser
Monday,
August
04,
2003
10:41
PM It generally means it is bankrupt. You can ask your broker for a worthless stock certificate form and have your accountant write it off. You are not actually selling the stock but declaring a loss. If the stock should emerge from bankruptcy and start trading and you do sell then you would have a capital gain. From: dolores salgado Monday, August 04, 2003 10:49 AM I would like to know why Kmart stocks which are now worth $13.64 & up from 3 cents & that all stockholders have lost all their stock, if the company is in such trouble why is the stock so high considering it's low,I don't understand this at all , when I purchased the stock I new that their is always a risk but why is the stock back at this price & why have the stockholders been abandoned, is this legal
Thanking
you
D
Salgado
It is legal. The govenment protects "scumbags" (pardon my language) and does leave the shareholders holding the empty bag. I guess we need to see more of the biggest companies in the world ie: Enron get away with whatever they can including raping their own employees life savings before the the SEC gets involved or better yet maybe when President Bush or Alan Greenspan shows us their portfolios and they go down 40% on so called "safe & conservitive" investments maybe something will be done. But you have a vice-president who sat on the board of Haliburton (oil) and is getting away with a ton of cash and their accountant practices are a joke From:
paradisodark
Thursday,
July
31,
2003
08:59
AM If
you
shorted
the
stock
at
$10
and
wanted
to
buy
to
cover
the
short,
if
From:
From:
playboy604
Sunday,
July
20,
2003
06:25
PM The 52 week high is under 2 cents. On Yahoo finance there is a misprint which listed $75,000. From:
wharris
Saturday,
July
19,
2003
05:29
PM If the company gets bought out then your stock will reflect it. Does the new company trade publicly? If they do trade then you may get a certain amount of their shares for every " x " amount you own. From: Steven and Marie Saturday, July 12, 2003 4:47 AM
Question
for
Dr-Stock
We
currently
have
86
shares
of
Enron
stock.
Now
they
have
claimed
chapter
11
what
will
happen
to
my
86
shares
and
will
it
be
lost
like
my
k-mart
shares
were
lost?
They
are
reorganizing
so
what
does
it
mean
for
us? Thank
you
I feel it will go the way of K-Mart. If this is the case then ask your broker for a "worthless stock certificate" form. You can write it off. From:
Southerngrace
72Friday,
July
11,
2003
11:06
AM If you had the original K_MART shares that were trading on the pink sheets then it has been deemd as worthless. Since there is no value have your brokerage firm issu you a "worthless stock certificate" form and have your accountant write it off. From:
Playboy604
Thursday,
July
10,
2003
09:09
PM Since you use a discount brokerage firm there is nothing you can do.
Answer
to
question
From:Playboy604
Wed,
July
09,
2003
07:14
AM From: Dennis Wednesday, July 02, 2003 1:17 PM
Question
for
Dr-Stock
Is
kmrtq.pk
a
worthless
stock,if
it
is
how
do
I
claim
it
on
my
income
tax
form.
The stock is worthless. Contact your broker near the end of the year and request a "worthless stock certificate" form. Your accountant will then write it off. From:
Playboy604
Sunday,
July
06,
2003
01:05
AM First
of
all
options
have
a
high
degree
of
risk
as
there
is
an
experation From:
Playboy604
Sunday,
July
06,
2003
01:09
AM This usually means the market makers are plaing games. They are trying to entice you buy at this spread and they make .16 per share. Also there could be a major sell order coming in and they are trying to stop this investor from blowing out a large block of stock. I would try to go in between the spread if you want the stock bad enough, say at .10 - .12. Just keep a limit order in for an "all or none" or let your broker see if he can call the market makers and try to fill you at different prices but have a good cost average. From:
ross
2
Friday,
July
04,
2003
09:14
PM See if your broker can get you a worthless stock cerificate form and have you accountant write it off.
Monday,
June
23,
2003
09:51
PM Once a stock gets delisted, ie dropped from NASDAQ, AMEX or NYSE it goes to the bulletin board, after that its the PINK SHEETS, which is what the PK stands for. It will be very difficult for you and any investor to sell their stock as there is no bid or ask. You will ask your broker what the last trade is and maybe you can get the same price. Limit orders are almost impossible to get. My suggestion is at the end of the year have your broker send you a "worthless stock certificate" form and have your accountant write it off.
From:
zguy123
Friday,
June
13,
2003
03:16
PM I
cannot
answer
that
question.
The
only
thing
I
can
think
of
is
if
the Wednesday, June 18, 2003 06:53 PM After
my
account
is
credited
with
the
value
of
shares
I
sold
short,
can Yes. Once everything is settled. But remember when you sell short you are on "margin" so make sure you transfer the gains into a cash account, otherwise you will be paying interest. From: Byrd6 Wednesday, June 18, 2003 9:16 PM I
inherited
a
small
amount
of
stock.
59
shares
of
Pinnacle
West
woth
about
$2,000.
That
is
too
small
of
an
amount
to
give
the
majority
of
it
to
a
broker.
I
do
not
already
have
a
broker
as
I
invest
through
my
work.
How
can
I
sell
the
shares
without
getting
'"taken"
for
too
many
costs
and
fees? I would suggest going to a discount broker. Once the shares have settled in the account you can sell it for a low commission. From:
leewilliams
Friday,
June
20,
2003
03:05
PM Near the end of the year ask your broker for a "worthless stock certificate"form. You will be able to write it off. But since it no longer trades you're not technically selling it. So if by chance the stock did trade later down the line and you sold it will be considered a capital gain. From: haresh bakshani Saturday, June 21, 2003 12:45 PM
Subject:
Question
for
Dr-Stocktock
dear
sir
i
am
the
old
commonstockholder
of
kmartq.
could
u
tell
me
what
is
the
current
status
and
will
the
old
commonstockholders
get
anything
now.
appears
that
kmrt
is
doing
well
in
the
stockmarket.
thanks harry
bakshani
It appears you and the rest of the common stock holders will have a tax write-off. Ask your broker but i have not read anywhere that K-MART will be giving any of the new shares out to holders like yourself. If that is the case ask your broker for a "worthless stock certificate" and have your accountant write it off. If by chance if the stock starts to trade and you sell then you will have a capital gain. From: Dick Winslow Wednesday, June 04, 2003 9:36 AM
Subject:
Question
for
Dr-Stock
I have heard when World Com gets out of chapter 11 they will re issue new stock. What does this mean to the ones who currently own stock? Its my understanding that under chapter 11, you cant totally lose your stock. Is this true? Every one seems to have a different opinion on what will happen to current stocks. Can you help clarify? Its up to the company but more times then not when new stock is issued then the stock you hold will be worthless. KMART did the same thing. If this is the case and it is deemed worthless then you can ask your broker at the end of the year for a "worthless stock certificate" form letter. You will be able to write the stock off for tax purposes without selling it. If by some luck it did start to trade and it went up if you sold you would then have a capital gain.
From:
timothytlam
Tuesday,
June
03,
2003
04:34
PM Since
the
stock
is
delisted
you
can
write
it
off.
Contact
your
btoker
and From: zguy123 Tuesday, June 03, 2003 04:36 PM question: They
like
many
companies
are
trying
to
get
the
courts
to
by
them
time
From:
rusty3X3
Monday,
June
02,
2003
05:19
PM Here is an article which explains the KMART STORY: click here!
From:
mcag001
Monday,
June
02,
2003
4:35
PM Settlement date is actually for payment of the stock. If the payment was late a broker can get an extension of another 3 days. So technically you own the stock when the order is filled thus you would be entitled to the dividend. From: Jeff Starnes Saturday, May 31, 2003 8:37 PM
Subject:
Dr-STOCK's
Secrets
Hello; I was wondering how you felt about UALAQ (United Airlines)? Do you think they (or a judge) will declare themselves insolvent and trash the stock like USAIR did or is there a chance they will make it out of bankruptcy, seeing that they will get the bailout from the government?
Also.
how
do
you
feel
about
ImClone
and
the
Boi-Tech
stocks?
As far as any company goes that is in bankruptcy i stay away from them. If you bought low enough and can make a few pennies which could equal a good percentage gain then I would consider selling some. Check with your financial advisor on that.
I
do
like
the
biotechs.
Imclone
looks
great
but
you
need
FDA
Approval
in
the
3rd
stage.
If
for
some
reason
their
results
are
less
then
Imclones
findings
the
stock
can
tank
fast.
Drug
and
biotechs
have
a
habit
of
"buy
on
the
rumor
sell
on
the
news".
Rumors
of
new
and
exciting
drugs
or
cures
start
to
spread
then
the
stocks
make
tremendous
gains
and
once
the
news
is
released
these
companies
stock
prices
fall
fast.
From:
sxe14u
Friday,
May
30,
2003
09:01
AM I appreciate the compliment but why don't you become your husbands financial advisor and maybe the 2 of you can stay married and become rich together.... From: maureen lavery Thursday, May 29, 2003 7:14 PM
Question
for
Dr-Stock
On
Tuesday,
May 6th,
I had
heard
that
K-mart
was out
of
bankruptcy
and
thought
to buy
some
shares
that
were .09
per.
I called
my fin.
advisor
who
asked me
what the
symbol
was and
I said
kmrtq.
The next
day when
I
checked
the
price on
CNBC the
price
was
$13.40
and
previous
was .10.
Too
good to
be true
but I
got
excited
for the
moment.
When I
again
called
my
advisor
he said
there is
no kmrtq.
Do you
think
that he
should
have
known
better
to have
let me
buy the
stock
the very
day that
they
changed
to kmrt
and left
me with
worthless
stocks?
Maureen
The fact HE asked you what the symbol was I find to be strange. He could have looked it up in his database and as a "full service" broker it was up to him and the supervisor to let you know the situation of KMART and what you were getting involved in.
From:
Phillipgao
Wednesday,
May 28,
2003
04:42 PM Just
as long as
there is a
"bid"
price you
can sell.
But the
fact is it From: Zguy123 Wednesday, May 21, 2003 8:16 PM
Subject:
Dear
Dr-STOCK
Hi, Thanks for answering my question so quick, I really appreciate it. My second question for you is this: There are so many big companies, you know, like GM and AOL etc. That were HUGE until the big drop off over the past 2 years. What Im wondering is if stocks like that, particularly AOL, will likely ever reach those peaks again? Is this a good time to buy them? Or can they really get any bigger? I mean it looks like even microsoft has leveled off, they can only get so big. Basically im wondering if its a good idea to buy into these huge companies that are so low now in hopes of them getting huge again? Thanks much. IN MY OPINION ONLY!!!!!!! CONSULT A FINANCIAL ADVISOR.....BUT..............I OWN THESE STOCKS....
AOL
$15
CABLEVISION -
CVC $15
VOICE
MOBILITY INTL
INC - VMII
OTC B.B.
$0.15
MERCK
- MRK $ 48
I
FEEL THEY ALL
HAVE POTENTIAL
BUT BEFORE
BUYING A STOCK
YOU HAVE TO
KNOW WHAT YOUR
"EXIT"
OR SELL PRICE
IS. SOME
INVESTORS FEEL
IF THEY CAN
GET 15 - 20%
RETURN THAT IS
ENOUGH TO
WARRANT THEM
TO SELL. I
USUALLY WILL
SELL 50 - 75%
OF MY POSITION
WHEN I AM
CLOSE TO MY
PREDICTED
PRICE. IF THE
STOCK FALLS I
AM ABLE TO
SELL AND
STILL
HAVE A HEALTHY
GAIN AND IF IT
CONTINUES TO
GO UP I STILL
HAVE SHARES TO
HOLD. NORMAL
RULE OF THUMB
IS WHEN YOU
HAVE PURCHASED
A STOCK IF IT
DROPS 20% YOU
SHOULD LICK
YOUR WOUNDS
AND GET OUT
AND SEE IF IT
CONTINUES TO
FALL, ONCE THE
BLEEDING HAS
STOPPED YOU
CAN STEP BACK
IN IF THE
FUNDAMENTALS
ARE STILL GOOD
TO YOU. IF YOU
ARE GOING TO
HOLD FOR THE
"VERY"
LONG TERM THEN
YOU CAN
"DOLLAR
COST
AVERAGE".
I HAVE A
FRIEND WHO
BUYS G.E NO
MATTER WHAT
THE PRICE IS
EACH MONTH. HE
SETS ASIDE
$200 AND BUYS
AS MANY SHARES
AS POSSIBLE
WITH THE $200.
AS
FAR AS WILL AN
AOL GO UP TO
THEIR PREVIOUS
HIGHS OF $100,
WHO KNOWS. I
FEEL THE
PUBLIC DOES
NOT BELIEVE
WHAT ANALYSTS
HAVE TO SAY
AND WITH
COMPANIES LIKE
ENRON COOKING
THE BOOKS I
WILL STICK TO
THIS SAYING:
"
I DON'T LOOK
TO BUY AT THE
LOWS AND I
DON'T LOOK TO
SELL AT THE
HIGHS, I GET
OUT IN THE
MIDDLE BECAUSE
YOU CAN NEVER
GET HURT
TAKING A
PROFIT".
From: zguy123
Monday, May 19,
2003 09:11 PM I
appreciate the
compliment.
From:ruxty3x3
Sunday, May 18,
2003 09:56 AM More times then not the bankrupt company will try to step away from its obligations to the shareholders and try to start clean. Friday,
May 16, 2003
04:20 PM If Felming gets a large cash infusion that would make them take another look at preserving the stock and all its shareholders.
From:
rusty3x3 Friday,
May 09, 2003
10:15 AM I hate to break the bad news but it is now a tax writeoff... From:
jmkennedy21
Saturday, May
10, 2003 07:13
AM They will make the shareholders an offer and will probably put it to a vote or proxy. Anything is possible with the price but they would pretty much have the final say.
From: Latifsm
Wednesday, May
07, 2003
12:15 AM Are
you talking
about a
"brokerage"
firm????
Explain...
Tuesday, May
06, 2003 02:05
PM I would call your local NASD office which handles all customer compalints. That is a load of crap. They did not do their job. Monday,
May 05, 2003
Time:
09:06 PM Your stock trades on the pink sheets. No one at the company is saying if the original stock holders will get the new stock. I doubt it in my opinion. You can call KMARTS investor relations department to try and find out what the plans are. Tuesday,
May 06, 2003
02:04 PM There are investors who are looking to hit a homerun. With the name and company like KMART they thought buy the stock at a penny and watch it go back to $50.00 This is a pipe dream. Eastman-Kodak is ticked off about the restructuring that lets KMART off the hook for previous bills and lets them pay pennies on the dollar. From: Tim Wolf Friday, May 02, 2003 3:24 PM
Subject:
Question for
Dr-Stock
Due in past to the falling market and some cash withdrawals our stock portfolio now has an unsettled margin balance of $24,000.00. The portfolio value before the negative margin balance is $40.000.00, leaving a portfolio balance of $16,000.00. My question is: should I either cash in everything and get out or sell off enough stock to wipe out the deficit ?
Thank
you for any
consideration you
might give us for
answering this
question.
Tim
You will have to pay the margin amount....Whatever is left over will be yours. The firm will send you letters to either send cash or sell up to " 4 " times the securities to settle the account. The firm has a right to liquidate. From: Bob Friday, May 02, 2003 9:28 AM
Subject: Question
for Dr-Stock
I bought these knowing Adelphia went into bankruptcy. Is this a wise move? What is best & worse case scenario. Thanks for you time , Bob Worst case scenario is the company will go completely bankrupt with the creditors, bond holders, preferred stock holders getting paid first before the common shareholders. I don't believe in investing in companies that have filed for bankruptcy as it has been proven over the last 30 years these companies do not come back. The strategy I would take is: if Adelphia goes near the $0.25 - $0.30++ i would look to sell 50 - 75%, lock in a profit and play with Wall Streets money. It always comes down to what your risk tolerance is. If you could afford to lose all your money $1000 + in your case then your accountant can write it off. This is just my opinion, talk to a financial advisor.
From: z435z Thursday,
May 01, 2003 06:11 AM It's
rare but sometimes this is
caused by someone looking
to cover their short
position. When you short a
stock you do the reverse
of buying. Example: INTEL
bid $18.50 x ask 18.75. From: Ocean 79
Thursday, May 01, 2003
05:13 AM It does not look like they are going to be issuing new stock. It seems like everyone and their mother is going to take a class action lawsuit against them. By filing for bankruptcy US Air would have to pay back all thecreditors first, bond holders 2nd, preffered stockholders and then common share stock holders. |
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