Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

almost 16 years ago

in response to tbubbles's message

Having now spoken with my very trading experienced buddy who actually does understand Quantum Mechanics and has a margin account... and this is consistent with Tgarfield's take....

Apparently tgarfeild has the right idea.

Scenario:

Jim, Rob, and Jerry.

Jim buys 100,000 shares. Rob short sells Jim's shares. Jerry buys Jim's shares.

Proxy vote comes up and Jim and Jerry both want to vote. We need 200,000 votes and only 100,000 votes are available. How do they handle the ka ka.

Answer:

This doesn't come up often so the brokerage sends the proxy to either Jim or Jerry and maybe flips a coin and hopes for the best. If someone bitches then stonewall. Its in the agreement. Gawd waterhouse tried to stonewall me today. It didn't work.

Seems the answer is that either Jim or Jerry has to call and demand his right to vote which will trigger a margin call and probably other stuff as well... but as tgarfield points out... its already covered in the agreement and probably legally said client will NOT have a leg to stand on.

Sorry, you thought you owned the shares but you don't. Next time don't use a margin account.

Small consolation eh? Maybe this is why lawyering is a profession.

comments please!