• AST Transfer Debate and High Fees Resurface

    With the loss in most of the current legal battles the debate over whether you should transfer your shares to AST has once again come front and center.

    It appears the community is getting tired of waiting. Members were hoping that lawsuits from Roza, Richard and the NY Blue Sheet petition would lead to some sort of victory or positive movement forward for MMTLP holders. With that not happening as of yet, community members are growing impatient and many have indicated they just want to move on. It’s important to know that while current litigations have undoubtedly suffered mostly defeat, appeals are available so the final chapter of these legal challenges are not over.

    However, the old debate over “is AST full” and “Should I transfer to AST” has been brought up again. A recording surfaced from a TD Ameritrade rep saying that AST was already full.

    All of this started again when one of the larger shareholders named Will Stewart was reported as planning to transfer his millions of shares to AST now.

    What is the renewed motivation to transfer to AST?

    Many think that if AST gets filled up, it will put pressure on FINRA and the brokers to resolve the situation. When there are slots left in AST, there’s no proof that MMTLP is oversold.

    This renewed interest in transferring has lead to discussions of brokers once again charging insane fees. Bird Lady said she received a quote of $1,000 to transfer the shares to AST from E-trade. Why would brokers charge so much for something that’s we’ve been told is supposed to be without charge? It makes you wonder of the broker’s motivation.

    Will MMTLP start trading again? If so, people feel that if you are in AST you will not be able to take advantage of trading (should it ever happen) because some people have been told there’s no way to transfer back to your broker. As usual with MMTLP, there are conflicting reports regarding just about everything.

    Should you transfer your shares to AST to ensure you get a piece of Next Bridge once their assets sell (could be a year or more away) or should you leave them at your broker and hope for some type of trading again?

    Technically, even if the shares are at your broker in “street name” your broker would be liable to provide you with any dividends. But that’s technically. In real life, will it happen? We can’t offer advice in this area. Research your options to decide what’s best for you. Each person should make this decision based on their individual desires and situation.