Illinois | Securities Law
Legal Question
Transfer of delisted securities
I have shares in a mexican company that used to be traded on the NYSE as a GDR. The GDR was delisted in 2006 and my GDR shares were converted into actual shares of the company, which are traded on the Mexican stock exchange. In order to be able to liquidate the shares, I opened an account with a brokerage house in Mexico and have requested to transfer the shares from my US account to my Mexican account. However the US brokerage is telling me that they cannot do the transfer because the shares are delisted. Is there a law that prevents them from transferring delisted shares, or would this more likely be explained by a technical problem on their side? Would a legal action be able to obligate them to make the transfer? Thank you.
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Read More Answered By: Adam Tracy |
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