To: Ms.Penny (1900 ) |
From: DaiTN Wednesday, Sep 1 1999 12:30AM ET
Reply # of 1912
Sorry to bring you bad news, but the deadline for the free incentive shares was over by June 30, 99. Back in June, A Canadian Brokerage firm (Thompson Kiernagan) who borrowed the stocks in the street name and shorted them through a Dallas Market Maker (WDCO). ECNC were set up by an investment firm from NYC (Millenium Ventures)who collaborated with the Canadian firm to manipulate our stocks in a "bear pool".
In order to stop the downward pressure and to dry up the floats from CEDE, Tom announced an incentive to all shareholders who would remove shares from street name into registered certificates. For those who were able to remove the shares from the street name, they will have to hang on to the certificate until Sept 01, 99 to receive an incentive dividend of 5% (if a shareholder removed 100 shares into registered certificate, he/she has to send in the certificate to ECNC in exchange for a new certificate for 105 shares). Please keep in mind that the incentives offered back in June was to combat the manipulation by the Canadians.
The only exception to this was if you had your ECNC shares sitting in an IRA account (which can not registered the shares to your name without early withdrawal penalty), then all you have to do is to send Tom your brokerage monthly statement showing proof that you own ECNC stock before June 30th, 1999 and have not sold any shares since then. With the proof of the IRA account statement, you will qualify for the incentive 5%.
I hope my answer is clear enough to explain your concerns. Good luck to you with your investment in ECNC!