Posted on 02/15/2009 4:01:51 PM PST by GreaterSwiss
Just got today
RE: stock symbol BAC
The above listed stock is part of a non-mandatory reorganization or tender offer, which requires your timely attention. For details regarding this offer, contact your local branch office. Please note that failure to advise Scottrade of your intent may result in no action being taken, and we cannot be held responsible for any resulting loss.
If you decide to participate in this offer, you will need to inform your local Scottrade branch office no later than 10 a.m. ET on the expiration date, and a $25 fee will be charged to your account.
These shares must then remain in your account until the reorg/tender takes place (be advised that the expiration due date for such actions is often extended). Please contact us if you have any questions.
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Check out also http://img27.imageshack.us/img27/9679/bacbl4.png -------------------- Mini-Tender Offers (from SEC)
"Mini-tender" offers are tender offers that, when consummated, will result in the person who makes the tender offer owning less than five percent of a company’s stock. The people behind these offers—also known as "bidders"—frequently use mini-tender offers to catch shareholders off guard. They count on investors jumping to the conclusion that the price offered includes the premium usually present in larger, traditional tender offers. But with mini-tender offers, the price offered may actually be below the market price.
Bidders in mini-tender offers limit the offer to five percent or less so that they do not have to comply with many of the investor protections that are in place for larger tender offersmade by bidders whose total ownership after the offer, when added to their holdings before the offer, would exceed five percent. For instance, shareholders in mini-tender offers don’t receive documents that describe the tender offer in the same detail as documents that are required to be filed in a traditional tender offer. Bidders making mini-tender offers also do not have to file documents with the SEC or provide withdrawal rights to investors who tender their shares into the offer.
Investors who surrender their shares without fully investigating the offer may be shocked to learn that they cannot change their minds and withdraw. In the meantime, they’ve lost control over their securities and may end up selling at below-market prices.
Ignore http://img27.imageshack.us/img27/9679/bacbl4.png
I pasted it from yahoo accidently but the picture is fake.
The rest is correct (from my email and sec)
later
My wife worked for these bums for 32 years. Unannounced, they laid off everyone who worked in her section around the country. They had like six offices around the USA who did the type of work she did. Over 100 people, the grand majority over age 55 were canned. My wife had enough time in with the company to retire, which she did. She got the buy out package also. But, it was 4 years before she could retire at age 62. We closed our accounts with the bank, she moved her 401k plan thankfully out of the bank and now controls it herself. I could care less if they sunk to the bottom. Lay off all these people, then get naming rights to a stinking football stadium for upteen million dollars.
Shoot. I thought they were giving free money away.
“Long-term unemployment tends to be a greater problem for older jobseekers than their younger counterparts. In December 2008, 32 percent of jobseekers aged 55 and over, 23 percent of those ages 25-54, and 18 percent of those under the age of 25 had been unemployed for 27 weeks or more.”
http://www.aarp.org/aarp/presscenter/pressrelease/articles/December_Employment_Stats_Reaction.html
Yup. My wife kept getting told that she HAD TOO MUCH EXPERIENCE. That she would “be unhappy” working in this less level job. Just a way to get around her age.
Look like BAC may no longer exist or as Government entity..
Yes Wells Fargo did the same to me. I am also 55
Great. Since Wells bought Wachovia, my choices are BOA or Wells Fargo. I was with a small bank but Wachovia bought them.
Sorry about your wife. I went through this at 55. I would have laughed at you the year before if you told me I would ever be unemployed.
It took me 2 years and 1/3 pay cut to go back to work. Finally went back to company I worked at from 1972-1988. It has worked out fine. Took 4 years to get back to the pay level I left at in 1988, but they need what I do, and I am happy to have the job. After 4 years managed to get things set-up where I can work from home, telecommute. I really like that. I had spent past 4 years away from home.
The internet job search was a total waste of time, but old relationships were finally the solution.
Just thinking out loud here.
Hey I was laid off at Wells Fargo in early December. I have not found anything. I also am 55. Do you have any recommendations? Sounds like networking is what worked for you.
does not appear to be BAC news on bloomberg currently
http://www.bloomberg.com/apps/news?pid=conews&tkr=bac
but lots of chatter on the yahoo BAC board
http://messages.finance.yahoo.com/mb3?s=bac
Please post info from Scott Trade or Bloomberg to verify this. Do you have account at ScottTrade? I can not verify your post. Thank you.
Thought of a credit union? I worked for Texus Instruments Credit Union, and have used cu’s ever since.
I searched the yahoo BAC board for the imageshack link in post 1 above......I got just one hit
http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_%28A_to_Z%29/Stocks_B/threadview?bn=1903&tid=526722&mid=526722
I’ll check into it. Thanks. I’m also looking for a place to put my IRA. I took it out of stocks two years ago, but it’s all in a Ginny May fund and I’m nervous.
Your wife worked and was paid for that work probably with benefits for 32 years and retired with a buy out package, and you think they are bums?
Yes, I tried to do retail store design consulting (contract version of what I did for 5 years) and that did not work out.
During this time my Grandmother, who was 96, had a heart attack. The doctors told her she could no longer stay alone at night anymore. My wife and I stayed with her (did not move in) for a little over a year. We cooked her meals and did everything except what she liked to do, work in her flower beds. When you wonder why God deals you a bad hand often if you look back you can see the reason. We think we plan our future, be really are not in control.
And then I finally talked to the Operations Manager of the company I worked for from 1972-1988 (I had known him since 1972) Prior to leaving the company, I was one of several VP’s.
I worked remotely part-time for him for about 6-month writing catalog descriptions, then he called me to interview with the IT manager for a opening. Did not get that, he wanted a young kid. The kid was fired 4 months after they hired him, not the kid’s fault.
About 1 month later the Operations Manager called me and said the catalog manager was being moved to a buyer’s slot, and that his position was open if I wanted it. I took it and lived 225 miles away from my family for most of the next 4 years. Until recently, when I got things in shape where I could work from home. Use a VPN connection daily, to connect, and can do anything I did in the office from my home. That has worked out fine.
Living there allowed me to take care of my in-laws for most of that 4 years. They are in a retirement community, but unable to live alone without some assistance. I ran them to the doctors & doctors appointments, and I cooked dinner for them every night for last 2 years. We now have 3 home health care workers doing what I did. They are with them about 11 hours per day.
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