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With reference to the two previous messages, has anyone sent emails and received a reply? I have sent emails and am attempting to get my head around the responses but shall have to wait until next week to do anything further.
I emailed both addressed and received a reply from both on the same day, which was nice.
The advice from Vincent Capone from Spectral AI is:
"If the shares were held by a nominee on your behalf, the shares are at DTC for your nominee/broker to pull and then allocate to your account"
The reply from Continental Stock Transfer and Trust Company is as follows:
"Please kindly be advised, since the shares are held through your broker, please contact the broker regarding your shares. Your broker should reach out to the Operations/Corporate Actions Department regarding the shares."
I already contacted IG but they gave me the runaround telling me its some kind of delay. On Monday I will speak with IG again and press them a bit as to what the delay actually technically is.
What replies did you receive?
My replies were virtually identical to those received by Medjed. For what it is worth maybe I shall contact Ii this week asking why the delay in receiving the shares and when they can be expected.
I had a live chat with a IG help desk agent today. I confronted them with Vincent Capone's email and Continental Stock Transfer and Trust Company email that there is no delay at their end.
IG's response is:
"In regard to SMD, since we (and broker) were encountering delay on receiving information from SMD, we faced a delay on the event.
Now we have finally received the information and instructions for booking SMD, however, with Citi we’re having some issues on completing the bookings.
Our CA desk has raised this case as high priority to complete and we’re checking with Citi actively on the settlement."
So reading between the lines here, I think what has happened is that Citi have naked shorted the shares, and now can't give them, or are conspiring with other brokers and MMs protecting them by not giving the shares to rightful owners.
I think they may have got themselves into a catch-22. If they naked shorted more shares than are in public float, they have more shares to return than they can buy back so are unable to release all SMD MDAI shares all at once.
The ones who are losing out in all this are the SMD holders, as they are the ones whose shares are fail to deliver whilst the MMs and brokers play their game.
I hope this isn't going to drag on much longer.
It’s up 5% pre market be interesting to see if there’s high volume today as they start buying the shares back that they owe…
Medjed, so you think one of the largest US banks is participating in an illegal scheme to deprive you of your shares.
I think they may have bigger fish to fry!!
Yes, yes I do! They are all at it. They don't make money by ignoring opportunities big or small. Especially when they are allowed to do it in the name of creating liquidity in illiquid stocks.
Plus the biggest ones like Citi are the most crooked of them all.
Tell me your hypothesis about why they (Citi and other brokers) can't deliver the shares which they are holding, since the Continental Stock Transfer and Trust Company (acting on behalf of MDAI) has released the shares to all brokers, presumably some time ago.
I posted a post on here couple of weeks ago about how it’s citadel who are responsible for naked shorts and they have history of being fined for naked shorting and are connected to citi group and now it’s funny that IG still haven’t come up with the shares and Lloyds gave me mine 2 weeks ago…