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| esquire415 |
 Posted: Mon Jan 22, 2007 12:40 pm Post subject: You won't believe what just happened to my CIEN shares |
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Investing Manager
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When I bought CIEN shares during the dot.com boom with Suretrade (now Quick&Reilly) I had several shares. I changed brokers and moved the account to Lowtrades years ago and while still holding 7 shares of CIEN.
On Sept 25, 2006 CIEN had a 7:1 reverse split and changed symbol names. Later they changed back to CIEN. My 7 shares became 1 share. Last week I was going to sell it but then it was no longer in my account. I called Lowtrades and they told me about the symbol and CUSIP# change and the reverse split and that Ciena company decided to make my share worthless. That's weird I thought, why would they do that? Lowtrades said that they have no control over it and I should call the company.
CIEN, btw, was not delisted. They are still trading in the big boards. Anyone here had a similar experience? Am i missing something? |
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| Dave Rathbun |
| Posted: Thu Feb 01, 2007 8:09 pm Post subject: |
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CFO
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You got no cash from the transaction? Wow.
I too hold CIEN. It's one of the holdovers from the dot-com crash. I had shares, rode 'em all the way up, sold a bunch (but not all) and rode it all the way back down. Reverse splits are tricky, though... you sure you didn't get any cash?
Some time back Avaya (Lucent spinoff) was going to get tricky with their shareholders. The were going to do a reverse split of like 1:10 to "cash out" all of their little shareholders. As Avaya was a spin-off from Lucent, and Lucent was - at one time - one of the companies with the largest percentage of individual shareholders, there were a ton of Avaya shareholders with only a few shares of stock. Those folks cost the company money.  So they were going to reverse split 1:10, which forces anyone with fewer than 10 shares to cash out. Then they were going to split 10:1 to put the price back where it started.
It was all a scheme to force small shareholders out of their holdings. But they weren't going to be declared worthless, they were going to get cash for their shares. I just checked; the shares are still in my account. |
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| NCSUPAGE |
| Posted: Thu Feb 01, 2007 9:10 pm Post subject: |
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Investing Manager
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| Sounds like something happened in your change-over to Lowtrades and they're trying to play c.y.a. by blaming CIEN. Something smells fishy here... |
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