Shelby stock effectively shut down

[twobjshelbys]

We got a letter from Schwab this week that cites newly created SEC rule 15c2-11 that states that:

After the close of regular trading on August 31,2021, new opening orders will not be permitted for securities that trade on the OTC markets that have not met SEC financial disclosure requirements. Closing orders for these securities will be accepted, subject to market maker participation and availability of quotes.

There are others sections but this one particularly called out CSBI in the letter.

This means that you can't buy Shelby stock any more. You can sell it, provided you can find someone to buy it that somehow isn't affected by the buy restrictions...

[68fastback]

Wonder why they were unable to comply.

[twobjshelbys]

My 1000 shares are now worth zero. Csbi on the exchange.

[Tommy Gun]

What does this mean?

[68fastback]

My 1000 shares are now worth zero. Csbi on the exchange.

:( That sucks

[The Bone]

What does this mean?

If you can't buy them and you wanted to sell them no one can buy them. You are holding worthless paper unless they fix the situation and come up to requirements. Even then I am not sure that would fix this. Tony would know better than me. This is how I understand it.

[twobjshelbys]

What does this mean?

I don't know if Shelby filed the SEC forms. That's why it got moved to a penny stock years ago. Now the SEC says even penny stocks have to have a 10k.

Shelby stock is worthless. It was .0047. It hit 0 at one point. You can't buy it on the exchange (forbidden by the SEC). You can sell (but if you can't buy, who do you sell to?) The problem of selling is there has to be a buyer and the exchange will not sell, so you have to move it through a private broker. There isn't enough activity to make it worth while.

There was a period of time when the stock was worth more as a decoration - the "buy a share" place would print them. The share was quite nice. Now printed shares are no longer available either. Like bitcoin, the stock market exists only electronically.

[Tommy Gun]

I get the can’t sell or buy, but why did it shut down?


Did they not submit something? Or technically on the way out of business?


.

[tekheavy]

Stock has been worthless for years.

[twobjshelbys]

I get the can’t sell or buy, but why did it shut down?


Did they not submit something? Or technically on the way out of business?


.

Yes, Shelby hasn't filed the SEC 10K financial statements for years... I guess the SEC stopped all companies that have failed to file. Shelby is a privately held company, basically they own the (super)majority of the shares. The outstanding stock is irrelevant.


The thing quoted the "over the counter penny stocks" so apparently there are quite a few out there...

[Tommy Gun]

Gotcha.


We’re they worth anything when you bought, or basically just memorabilia?

.

[twobjshelbys]

Gotcha.


We’re they worth anything when you bought, or basically just memorabilia?

.

I paid a buck a share way back when. My 1900 investment is now worth 1.90, if I could trade it. I think pink sheet sales still invoke a transaction fee of 19.95 on Schwab. So now it will cost me real money to get it off the books so stay it shall... Before it was worth about $190 (.10/share) but this rule kicked in and my financial guy didn't say anything about it. Oh well...

Here's the latest info

29357

[The Bone]

The federal government is eying the possibility of doing away with paper money and going all digital. Which means they can control how you spend your money. On one hand it would save the feds billions each year not printing bills. on the other hand the feds could say these items are not allowed to be purchased with digital currency. They would have complete control of your spending and if they wanted they could wipe out all of your money and there would be nothing you could do about it. There is a new person that Biden wants to head some sort of banking seat. Not sure what that is, I do know she is a full blown communist and she wants to do away with banks and this is how you would do it.

[68fastback]

The federal government is eying the possibility of doing away with paper money and going all digital. Which means they can control how you spend your money. On one hand it would save the feds billions each year not printing bills. on the other hand the feds could say these items are not allowed to be purchased with digital currency. They would have complete control of your spending and if they wanted they could wipe out all of your money and there would be nothing you could do about it. There is a new person that Biden wants to head some sort of banking seat. Not sure what that is, I do know she is a full blown communist and she wants to do away with banks and this is how you would do it.

True! Bunch of sickos.

They also plan to track every non-digital transaction (checks and cash deposits/withdrawals) over $600. It's presently $10K, I believe.

This why there's 85 BILLION in the second turd bill for more IRS agents. That's a lot of money for that!!!

[twobjshelbys]

True! Bunch of sickos.

They also plan to track every non-digital transaction (checks and cash deposits/withdrawals) over $600. It's presently $10K, I believe.

This why there's 85 BILLION in the second turd bill for more IRS agents. That's a lot of money for that!!!

Yep, here it comes

https://www.foxnews.com/opinion/wsj-editorial-board-the-irs-wants-to-look-at-your-bank-account

Anyone with over $600 in an account or 600 in annual transactions. That's just about anyone with a job or any bills to pay.

Biden wants to make the IRS the largest government agency.


Don't worry, he's only going to tax the rich. But you forget, he determines who's rich. Now it's anyone with more than $600.

[twobjshelbys]

Yep, here it comes

https://www.foxnews.com/opinion/wsj-editorial-board-the-irs-wants-to-look-at-your-bank-account

Anyone with over $600 in an account or 600 in annual transactions. That's just about anyone with a job or any bills to pay.

Biden wants to make the IRS the largest government agency.


Don't worry, he's only going to tax the rich. But you forget, he determines who's rich. Now it's anyone with more than $600.

I continued this in the "Food For Thought" topic...

[twobjshelbys]

Well, mine is gone. 1900 shares that I bought for $1.00 each way back when it was a $1.00 high, sold today for .0011.





The following was processed in your account ending in xxx on 12/31/2021:





Settle Date:

01/04/2022



Action:

Sold



Quantity:

1,900



Symbol:

CSBI (https://client.schwab.com/public/quickquote/symbolrouting.aspx?Symbol=CSBI)



Unit Price:

$0.0011











*Principal Amount:

$2.09









I don't know where they went but our money manager says that Schwab "absorbs" zero-value shares so the owner can take the capital loss. Shelby stock still exists so perhaps they can accumulate enough to matter some day. They will probably never file the required forms to get them out of trade-jail.

[tekheavy]

Well, mine is gone. 1900 shares that I bought for $1.00 each way back when it was a $1.00 high, sold today for .0011.





The following was processed in your account ending in xxx on 12/31/2021:





Settle Date:
01/04/2022


Action:
Sold


Quantity:
1,900


Symbol:
CSBI (https://client.schwab.com/public/quickquote/symbolrouting.aspx?Symbol=CSBI)


Unit Price:
$0.0011










*Principal Amount:
$2.09








I don't know where they went but our money manager says that Schwab "absorbs" zero-value shares so the owner can take the capital loss. Shelby stock still exists so perhaps they can accumulate enough to matter some day. They will probably never file the required forms to get them out of trade-jail.

If I sell a stock for a tax loss, I try to sell a few days before the new year, this way the settlement date is still in that year. It takes 3 business days for a trade to settle. You won't be able to claim that loss on your taxes until 2023.

[Tommy Gun]

We simple people aren’t walking the floor of the NY stock exchange like you are everyday Evan.







:hiding:


.

[tekheavy]

:tease2:

[twobjshelbys]

If I sell a stock for a tax loss, I try to sell a few days before the new year, this way the settlement date is still in that year. It takes 3 business days for a trade to settle. You won't be able to claim that loss on your taxes until 2023.


Just pulled December statement. Settlement date was 31-Dec. The 1900 loss isn't enough to impact things. Overall had quite a lot of gains in the taxable account which is going to blow taxes both for withholding and making SS taxable.. I have excess taken from our social security and pensions to cover these events but a couple of years ago I got hit with penalties due to sales with high gains.

[The Bone]

I didn't realize they didn't take taxes out of SS when I first started getting it. Had to pay up LOL. Good thing it was only for 6 months. I soon have to start taking money out of my 401K. Need to consult with tax guy. Wife will soon be able to collect SS and she has a 401K as well. Thus tax year is going to be interesting. Just got a $40 raise on my SS.

[twobjshelbys]

I didn't realize they didn't take taxes out of SS when I first started getting it. Had to pay up LOL. Good thing it was only for 6 months. I soon have to start taking money out of my 401K. Need to consult with tax guy. Wife will soon be able to collect SS and she has a 401K as well. Thus tax year is going to be interesting. Just got a $40 raise on my SS.

Yes, social security is taxable if your other income is above a certain threshold. I don't do the worksheet, I let turbotax do it for me.

By the way, the person you can thank for taxing Social Security at all is...


.... Drumroll please ....


Biden.

He put this through when he was in the senate.

[The Bone]

Another Joe did that. Man did that hurt some seniors.