shivelys

Recent Comments

  1. 1
    Posted 2008-03-09 16:29:04 on Auction Rate Securities, the Muni Rally and Smith Barney’s Best Day Ever

    Any investors who own Auction Rate Preferred Securities, read this excerpt, and contact him...he is trying to get all ARPS holders together so that we can combine our information and put up a fight!! I repeat: If you own failed auction rate preferred securities (ARPS), please send me an email. We need to talk. There are serious benefits in combining our thinking. harry@harrynewton.com . I am not a law firm. I am not a financial advisory firm. I am not seeking fees, I am stuck in these things, just like you. I am seeking collective wisdom. In the meantime, if you own auction-rate securities sold by closed-end funds, you had better be prepared to hold. + An owner of $60 million+ of ARPs emails me that his "strategy" is: 1. VERY FIRMLY, call your brokers and notify them that you NEVER authorized them to purchase Auction Rate Preferred Shares 2. You want 100% of your principal returned immediately. 3. In the event they don't agree, notify them you will legally hold them accountable for all principal, interest, and damages. 4. A loan makes no sense, since we are acknowledging collateral on an asset we NEVER authorized them to purchase. This is a formal complaint to the broker, which we have made, and we are awaiting a response which could take 2-3 weeks. After that, we band together and attack. the website where I found all of the above info is: http://www.auctionratepreferreds.org/index.php

  2. 2
    Posted 2008-03-09 16:22:24 on Did Auction Rate Securities Ever Have A Natural Success Rate?

    thoffman, and any other investors who owns Auction Rate Preferred Securities, read this excerpt, and contact him...he is trying to get all ARPS holders together so that we can combine our information and put up a fight!! I repeat: If you own failed auction rate preferred securities (ARPS), please send me an email. We need to talk. There are serious benefits in combining our thinking. harry@harrynewton.com . I am not a law firm. I am not a financial advisory firm. I am not seeking fees, I am stuck in these things, just like you. I am seeking collective wisdom. In the meantime, if you own auction-rate securities sold by closed-end funds, you had better be prepared to hold. + An owner of $60 million+ of ARPs emails me that his "strategy" is: 1. VERY FIRMLY, call your brokers and notify them that you NEVER authorized them to purchase Auction Rate Preferred Shares 2. You want 100% of your principal returned immediately. 3. In the event they don't agree, notify them you will legally hold them accountable for all principal, interest, and damages. 4. A loan makes no sense, since we are acknowledging collateral on an asset we NEVER authorized them to purchase. This is a formal complaint to the broker, which we have made, and we are awaiting a response which could take 2-3 weeks. After that, we band together and attack. the website where I found all of the above info is: http://www.auctionratepreferreds.org/index.php

  3. 3
    Posted 2008-03-06 00:02:27 on The Hidden Costs of The Auction Failures

    Can someone explain to me why UBS can legally freeze the investments that people have in auction rate securities? My parents are invested in them right now, and they can't withdraw from their investment. What do you think the likeliness of them being able to get their money back is? They actually did try to get their money out once they saw that UBS wasn't doing so well, and the financial rep talked them out of withdrawing, and told them their investment is safe. My mom wanted to transfer their full investment via wire to their bank account, but the rep told them they can't because she didn't have a form signed by my parents authorizing them to do transfers from their account, but then my mom found out that they did have a signed form, and when she told then rep that, the rep said, oh the form is expired now, because it's been over a year (but the form doesn't say that it expires after a year). Does anyone know if my parents could sue and win in this situation? Any advice would be really helpful. my email address is sshively5@yahoo.com