The finale.
This is Part 3.
Part 1 is here: Has A Company Been Acquired?
Part 2 is here: Transfer Stuck.
One week after mailing the transfer request paperwork with the required Medallion Signature stamp to the transfer agent, I received notice that the shares are now in motion from the transfer agent to the broker. And the following day, I see them in full in my account at the broker. Relief!
I check the account at the broker and I see that although the shares are transferred, the cost basis information has not been included.
Off I go back to the transfer agent website. Since the shares are no longer at the transfer agent, at first glance there is no longer any listing in my account for that stock. For a moment I consider that perhaps I would no longer have access to the cost basis data. However, I then notice the option “Display Zero Balance Items.” I click that link.
Onward
Then I can see the data for the transfered shares. A few more clicks I am able to download the cost basis data.
Back to the broker’s website. I dutifully enter the costs basis data, one line at a time. Twenty-two lines of data.
The following day, I log in to the broker’s wesbite, and sell at the market price. Gone and not a moment too soon.
Lessons
From a stockholder’s point of view, a company can get acquired without warning. I may not like the results.
I need to check the conditions of the acquisitioning company. Does its country of domicle levy unexpected taxes or requirements?
I need to follow the prescibed process to transfer shares, as onerous or absurd they may be.
Assistance from the broker was invaluable to accomplish my desired task.
While electronic communications and transfer of shares bwtween transfer agent and broker is common and succeeeds 99.9% of the time, sometimes someone is obstinate. No amount of angst and anxiety on the part of the shareholder can motivate an obstinate company from budging from its policies.
Some banks refuse to offer Medallion Signature Guarantee stamp. Some offer it. It is wise to call ahead and inquire. As a result, it is good to have an account at the bank which will offer the stamp. I may need to reevaluate my relationship with the bank that no longer offers that service.
Ever have a stock transfer go sideways? Let me know here.
Shown is the flower of the Long Bean plant (Vigna unguiculata subsp. sesquipedalis).
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