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Author: grabb One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Halted Stocks Date: 12/8/1999 2:11 PM
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I have some shares of stock that are Chapter 11 and trading has been "halted". My on-line broker tells me that I cannot unload these (for tax right-off purposes) to anyone for any price until trading resumes. Am I stuck waiting for trading to resume (though I suspect the shares are to be "canceled" by the company and will therefore never resume)? I'm waiting for Roy's book in the mail. Any advice is appreciated in the mean time. Thanks in advance. PAG
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Author: TaxService Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22571 of 121572
Subject: Re: Halted Stocks Date: 12/8/1999 3:28 PM
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I have some shares of stock that are Chapter 11 and trading has been "halted". My on-line broker tells me that I cannot unload these (for tax right-off purposes) to anyone for any price until trading resumes. Am I stuck waiting for trading to resume (though I suspect the shares are to be "canceled" by the company and will therefore never resume)? I'm waiting for Roy's book in the mail. Any advice is appreciated in the mean time.

Have you asked the broker if he/she would buy them from you for $1, or some nominal amount? If so, you would be able to take the loss. Otherwise, you'll have to wait 'til you are absolutely sure the stock is worthless. That could happen on a very cold day when its hot in the cellar!!=:)

"Jack"



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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22572 of 121572
Subject: Re: Halted Stocks Date: 12/8/1999 3:28 PM
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I have some shares of stock that are Chapter 11 and trading has been "halted". My on-line broker tells me that I cannot unload these (for tax right-off purposes) to anyone for any price until trading resumes. Am I stuck waiting for trading to resume (though I suspect the shares are to be "canceled" by the company and will therefore never resume)? I'm waiting for Roy's book in the mail. Any advice is appreciated in the mean time. Thanks in advance. PAG

Try looking at some (very) recent threads here. A search for "worthless" should give several interesting conversations.

--ptheland

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Author: cju Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22578 of 121572
Subject: Re: Halted Stocks Date: 12/8/1999 4:16 PM
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(I've posted this before. But here you go again.)

The SEC has issued an exemption for the vast majority of de-listed (suspended) securities to move to the Pink Sheets. (Find out more at www.otcbb.com/news/EligibilityRule/211exemption.stm)

You can seek liquidation for these "Pink Sheets" stocks at a separate market run by the National Quotation Bureau (www.nqb.com). NQB does not offer minute-to-minute quote data update electronically. So most brokers do not offer quotes of pink sheets. But you can find pink sheets quotes at pcquote.com or APL quote server -- secapl.com.


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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22910 of 121572
Subject: Re: Halted Stocks Date: 12/11/1999 8:05 PM
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<<I have some shares of stock that are Chapter 11 and trading has been "halted". My on-line broker tells me that I cannot unload these (for tax right-off purposes) to anyone for any price until trading resumes. Am I stuck waiting for trading to resume (though I suspect the shares are to be "canceled" by the company and will therefore never resume)? I'm waiting for Roy's book in the mail. Any advice is appreciated in the mean time. >>

Thanks for the book order. But you can read more about this in the Taxes FAQ area. Get a qualified relative (the FAQ will tell you who that is) to open up an account with your broker before the end of the year. Then create a valid sales agreement between the two of you...with a check payable to you for the amount of the shares. Then instruct your broker to transfer the shares out of your account and into the account of the qualified relative. Viola!!! You have a sale. Your loss is secured and deductible in 1999. And if the junk ever comes back to life, at least the money will stay in the family.

Hope this helps...
TMF Taxes
Roy

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