Many members of the community have had enough and have decided their best course of action is to transfer their shares to AST. But that’s where the problems begin.
To AST or not? That is the question that’s been floating around MMTLP ever since the halt.
While this post should not be taken as financial advice, we are reporting that many community members have decided to initiate the transfer. And this is where the problems seem to begin.
In a chat with representatives found on Reddit, we have more evidence that broker Tradestation is oversold and their shares can’t be transferred.
At this time Tradestation has sent the majority of its original certificated shares to AST to be held on their books. There are a de minimis amount of shares remaining in the current certificate and therefore new requests cannot be accepted until a time when TradeStation receives any new certficates of owed shares or NBH becomes tradeable in the open market or made electronically available
TRADESTATION REPRESENTATIVE JASON
And if that wasn’t enough, multiple answers are coming out of E-Trade regarding how the transfer works. Are the shares DRS’able (electronic transfer)? Some E-trade customers received this. Others were sent paper certificates. Some representatives tell shareholders they will receive the certificates and they can just keep them. Others say they have to send them to AST after being received.
We tried calling AST for clarifications on some of this and were on hold for over 1 hour when we finally gave up.
In short, there’s once again mass confusion.
Next Bridge Hydrocarbons responded today with a Press Release with some clarifications of how it’s supposed to work.
The press release contents are posted below and is available via the link above.
This information explains that the transfer could happen a couple of different ways between the broker and AST (now called Equiniti). However, the procedure must be initiated by the shareholder and should be a fairly straightforward process.
And as if that wasn’t enough, several shareholders have said when their shares arrived at AST from E-trade they have double the amount of shares they sent and no one responds to their inquiry into this.
Let’s hope we can get some answers cleared up in the near future for those who decide it’s in their best interest to transfer their shares. That is if we can even get them transferred.