BSC...I was long...Can i get my money back? What do you Think?

[atticus]

Quote from peilthetraveler:

Ok, i had a simple scottrade retail margin account. On friday I bought 120 shares of BSC for 36.63. I wasnt sure if it would go through cause I had bought about 5 other securities that week and i know pattern day trading rules are suppose to kick in for little guys like me. Well It went through, so i was like ok...i guess i didnt make more than 4 trades that week. Then I hear a few minutes ago...2 bucks per share for BSC. Totally screwed the shareholders by selling 11 billion in assets for 200 million. anyway if they can pull that kind of stuff maybe i can too! I checked my account and it seems that BSC was around my 7th trade in 4 business days. (Actually I had about 5 round trades, another one that open and BSC was my 7th) Now i know i've been stopped before from purchasing shares in stocks automatically when i hit that 5th trade with other brokerages. So what happens when a brokerage lets you trade more than you are allowed? Do i have to ask scottrade to reimburse me or the SEC?

Please dont post about its my own fault. Seriously, if the pattern day trading rules kicked in, i wouldve been safe from this and those rules were put there for a reason.

Wow, I am nearly speechless. The BSD with connections at JPM would like a bailout of his 120 BSC shares.

PDT is a tax on stupidity, and somehow you managed to phuck that up as well. Strange, strange times.

 

[killATwill]

i bought about 30k worth of bsc on fri and got out with a 2k loss. love it. would have love it more if i had bought puts!!

peil, sorry for the misfortune.

 

[peilthetraveler]

Quote from riskfreetrading:

Could I ask a question? How about the CEO who was running around saying there is no problem? Could it be ground for a law suits? Is the sale fair? $2 for a $30 is really too cheap.

yeah and they've consistently kept over 10 billion in assets in the last 3 years. Its like BSC just gave JPM billions for nothing. And what happened to CITIC? They had 1 billion cash in hand ready to go. They couldnt have said "Hey we will give you the whole company for a billion?" Would've at least been an 8 dollar stock then. I seriously think something was up. 15 to 20 dollar stock rumor and announce 2 dollars? Maybe that was to scare off bank of scotland and citic from the deal. I'm betting some kickbacks are going to be paid to that CEO for this deal.

 

[failedpoet]

To mention the PDT rule to get out of a trade which you seem to characterize as a value trade on BSC is nothing short of odd. You thought that it would climb to $39-40? But you forgot to mention that the stock took a 50% hit overnight, not to mention the drubbing it took yesterday night.

No offense, but it doesn't seem that you understand the PDT rule which I personally disagree with. I feel bad that you lost money on 120 shares but there have many threads specifically related to prop firms and the PDT rule and your case is simply a matter getting caught in an ill-advised trade NOT an abuse "protected" by the PDT rule.

I know the worst "vice" is advice but since you "invest", (I don't know the quote at the time), but you would've been better served with a March BSC 35 call and probably lost approximately $5.00 instead of $3800+ (not incl. commission and fees).

Chalk it up as a learning lesson and against any capital gains that you make this year.

Good luck, man. It sounds like you didn't get your butt handed to you like those who work and own stock in BSC. If you're going to take a chance in catching a falling knife, buy an option.