Well, I can kiss that accrued interest goodbye, just checked in this AM and the interest payment had been removed from my account. Gymboree filed saying they were electing to not make the payment yet and are entering into their 30 day grace period....so best guess is a bankruptcy filing within a month. All expected though, so not a major concern.
Kind of crazy they put the money in your account and took it out again. What would they have done if you had a non-margin account and withdrew the funds right after they were deposited?
It's funny you mention that, I actually had logged in this AM to use those funds to add to a holding and realized they weren't there anymore. It isn't a margin account, but I'd be willing to bet they would have liquidated something to cover the deficit if I had done that. It is in my 401k. Oddly enough they removed the entire transaction from the history, there is no In and Out anymore it is just completely gone. I also am curious what they would have done when I initially bought the position about the accrued interest. I had to call to buy the bond and I asked what the accrued interest was before placing the order. The broker said there was none, he sounded pretty unsure and I was pretty confident he was wrong so I asked again and he said nope not showing anything accrued at all...they definitely took the money for the accrued interest when it posted. I was a bit annoyed, but like I said I was pretty confident he was wrong so expected it. Last year with EXXI Etrade did that as well on taking the interest back out. It took a few days before they took it back out surprisingly. I'm guessing they must have some automated method of depositing the scheduled payments and then if something changes they just pull it back out.
Is it IB? I'd laugh if they do all this nonsense with autoliquidating spreads that can't possibly loose more than the max spread amount but leave a loophole big enough to drive a truck through when it comes to depositing interest that is subject to being pulled back again later without anything to protect them if you take it out first!
Haha no, the retirement plan is through Empower. We went through a merger last year and they moved us from TransAmerica/Schwab to them...nobody has been too thrilled because we have to pay quarterly fees to them and the funds were very limited. I moved almost everything into the brokerage though and just do it myself. When I was in EXXI, I held positions in it both in Etrade and IB. IB actually never credited the interest but Etrade did, so I guess they were on top of it. However, when the bonds were converted into shares I ran into some issues with IB. Everything was correct in my account one day, then the next the warrants had been removed and the share count was jacked up also. Took a little while to get them to fix it, but all is well now.
It's probably not actually money but a journal entry (a receivable). So he could never withdraw the money until the interest is actually paid.
Re: Claire's Claire's Stores, Inc. Announces Offer to Exchange Any and All of its 8.875% Senior Secured Second Lien Notes due 2019, 7.750% Senior Notes due 2020, and 10.500% Senior Subordinated Notes due 2017 for New Term Loans Maturing in 2021 http://www.prnewswire.com/news-rele...new-term-loans-maturing-in-202-300313132.html
How about long: Long SEARS ROEBUCK ACCEP CORP Coupon Rate 7.000% Maturity Date 07/15/2042 Symbol SHLD.JA CUSIP 812404408 Last Trade Price $8.30 And/or SEARS ROEBUCK ACCEP CORP Coupon Rate 7.400% Maturity Date 02/01/2043 Symbol SHLD.JB CUSIP 812404507 Last Trade Price $8.50 And short the common stock as a hedge