Legal Question in Securities Law in Illinois

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.


Asked on 4/20/09, 2:07 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Transfer of delisted securities

Thank you for your question. Your best bet would likely be to identify who the transfer agent for the company is. They can issue you your shares in certificate form. You can then turn around and send the certificate to the Mexican brokerage. Let me know if you have any further questions. You can email me at: [email protected]

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Answered on 4/20/09, 2:23 pm


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