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Entry: The Hidden Costs of The Auction Failures
posted by shivelys
Mar 06, 2008 12:05AM
In regards to the above posting (shivelys), I forgot to mention that my parents tried to withdraw from their investment BEFORE it became frozen (obviously). So they could have withdrawn, hadn't the financial investor told them false information.
Thanks for your advice!
Entry: Auction Failure: Goodbye ARS Market?
posted by shivelys
Mar 07, 2008 12:41AM
My parents are in invested in Auction Rate Preferred Securities. They can't withdraw from their investment either. They actually tried to withdraw from their investment right before it got frozen, but their FA talked them out of it, and told them that their investment was safe. They also got deterred from withdrawing because the FA lied to them and told them that they didn't have an authorization form saying that they could transfers their funds via wire transfer, which is how they wanted to transfer the funds. My mom has a copy of the signed form, so she told the FA this, and then the FA said that the form expired after a year, but it doesn't state this anywhere in the form. Anyone have an opinion on whether my parents could sue? Also, what do you think the likeliness of them being able to get their money out is? They unfortunately have most of their retirement in the ARPS. If anyone is interested in buying these, please contact me (they are through UBS..12 sets of 25,000)! sshively5@yahoo.com
Entry: Did Auction Rate Securities Ever Have A Natural Success Rate?
posted by shivelys
Mar 09, 2008 4:22PM
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:
Entry: Auction Rate Securities, the Muni Rally and Smith Barney's Best Day Ever
posted by shivelys
Mar 09, 2008 4:29PM
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:
Entry: The Hidden Costs of The Auction Failures
posted by shivelys
Mar 06, 2008 12:02AM
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