..and @FINRA's halt stripped Uncle Phil of his right to close his position on the 9th/12th. I think @AnnVandersteel and @TheRobbCarter @IsaiahAscher would find this interesting. First let me address the T+2 settlement debate. The prospectus 424b said the distribution date was CLOSE of business 12/14/22. Shares were to be cancelled AS OF THE DISTRIBUTION DATE. A trade executed to close position on the 12th would still settle before distribution/cancellation: (T) 12/12/22 = Trade (Record) Date(for longs) (+1) 12/13/22 = symbol deletion (+2) 12/14/22 = distribution/share cancellation after market clos. Executed trades do not need a ticker symbol to be settled, they just need their International Securities Identification Number "ISIN" (2nd picture below) which persisted until the shares were cancelled after market on 12/14. Phil Alderson @notwellfunded has a 1500 share short position through Charles Schwab. (Self-admitted) If Phil bought 1500 shares from a long who has shares settled, do the rights to the distribution need to be carried by that symbol? No, no they don't. A long is holding the rights, you have an obligation to return the shares you borrowed. That's it. You no longer have a position once you close your short. Phil could buy shares from a long selling to close their position / dissolve his obligation and realize his profit/loss. What he couldn't do, is then 'Buy To Open' a new long position and be eligible for the distribution. We know that because that's what the corporate action said... Yup... believe it or not, people other than yourself read. The fact that you undermine our intelligence (and the brokers) by saying that we didn't understand it is so disingenuous, it's nauseating. We were well aware that we wouldn't be able to buy any more shares, but we could sell them to a short that wanted to exit their position and dissolve any liabilities being transferred into a non-trading, publicly reporting company (private under 15(d)). Trading was moving to "Position Close Only"(PCO) That's what brokers communicated to clients would happen. "New buy orders will be routed for review and cancelled. New closing sell orders should be routed normally, though their may be liquidity issues on the 9th and 12th." -Dylan Greene, Charles Schwab EVEN IF.... a buy order somehow slipped through the cracks, FINRA has Rule 11893 "Clearly Erroneous Transactions in OTC Securities" to reverse them. That explains the "Too Late to Cancel" (executed) orders for absurd prices being reversed. FINRA used their tools. I love how they'll use FINRA Rule 6440 "Halt Provision" and FINRA Rule 11893 but won't use FINRA Rule 4140 "Audit" and perform an audit of their member firms' books and records. Seem a little shady.... but whatever, right? How do you explain Jeff Mendl (former VP of @OTCMarkets) saying on a live broadcast: "We'll see how it trades for the NEXT FEW DAYS" on 12/7/22? (clip included) The last time I checked, a "FEW" meant not just more than 1 , but more than 2(days)... EVEN IF he said "We'll see how it trades for the next couple of days", that would mean it would trade on the 9th. The next "FEW DAYS" means the 12th. (followed up by) Brendan Wickens: "That's a great point. It's going to probably do way more volume than it normally does until, uh, Monday, again end of trading on Monday, so you will have access up until Monday." *taps desk* If you truly care about what happened, cared about THE truth, and care about Uncle Phil not being able to close his position, realize his profit (I think his book value was in the $5 range) and dissolve his liability, then you will hold FINRA's feet to the fire. They caused this mess, they need to fix it. Period. If you lack the backbone to call it out, you're hiding something. Please don't sit here and use Phil as your ruse for the bigger players out there. #MMTLP #FYPM #AFMB
