sleepydragon Posted October 13, 2014 Share Posted October 13, 2014 I think it was general market inefficiency. FIATY was trading at a 3-4% discount -- then at a 3-4% premium. My understanding is that by tomorrow your FIATY shares will be replaced by FCAU. Fiaty is the ADR for the F.IM, which is delisted today. Holders of F.IM will get the new FCA listed in milan. So it's possible FIATY will not be canceled, but will represent the FCA in milan. If that's the case, that's sucks as I hate paying the annual adr fee (~ 10 cents/per share?) Link to comment Share on other sites More sharing options...
sleepydragon Posted October 13, 2014 Share Posted October 13, 2014 Marchionne doubled his stake in 3 months: http://online.wsj.com/articles/fiat-ceo-marchionne-more-than-doubles-stake-over-three-month-period-1413207410 He now own USD 56.8m worth of stock. From the story, it appears he bought these stocks using his own money, not awarded by the company. Link to comment Share on other sites More sharing options...
karthikpm Posted October 13, 2014 Share Posted October 13, 2014 "Fiaty is the ADR for the F.IM, which is delisted today. Holders of F.IM will get the new FCA listed in milan. So it's possible FIATY will not be canceled, but will represent the FCA in milan. If that's the case, that's sucks as I hate paying the annual adr fee (~ 10 cents/per share?)" I always assumed FIATY would become FCAU.. Have there been no announcements from Fiat about this? Link to comment Share on other sites More sharing options...
krazeenyc Posted October 13, 2014 Share Posted October 13, 2014 "Fiaty is the ADR for the F.IM, which is delisted today. Holders of F.IM will get the new FCA listed in milan. So it's possible FIATY will not be canceled, but will represent the FCA in milan. If that's the case, that's sucks as I hate paying the annual adr fee (~ 10 cents/per share?)" I always assumed FIATY would become FCAU.. Have there been no announcements from Fiat about this? Fidelity told me that my shares would be FCAU tomorrow. We'll see tomorrow if they are right. Link to comment Share on other sites More sharing options...
wachtwoord Posted October 13, 2014 Share Posted October 13, 2014 "Fiaty is the ADR for the F.IM, which is delisted today. Holders of F.IM will get the new FCA listed in milan. So it's possible FIATY will not be canceled, but will represent the FCA in milan. If that's the case, that's sucks as I hate paying the annual adr fee (~ 10 cents/per share?)" I always assumed FIATY would become FCAU.. Have there been no announcements from Fiat about this? If that happens I have no choice but to sell the ADR and switch to FCAU on NYSE. Link to comment Share on other sites More sharing options...
compounding Posted October 13, 2014 Share Posted October 13, 2014 Marchionne doubled his stake in 3 months: http://online.wsj.com/articles/fiat-ceo-marchionne-more-than-doubles-stake-over-three-month-period-1413207410 He now own USD 56.8m worth of stock. From the story, it appears he bought these stocks using his own money, not awarded by the company. Stock grant, he even sold 1.3m shares this summer, for "tax reasons". Link to comment Share on other sites More sharing options...
fareastwarriors Posted October 13, 2014 Share Posted October 13, 2014 Fiat Chrysler to Tap Debt Markets, Shares Slip in NYSE Debut CEO Marchionne Says Stock Price Should Be Higher http://online.wsj.com/articles/fiat-chrysler-shares-climb-in-u-s-stock-market-debut-1413209743?mod=WSJ_LatestHeadlines Link to comment Share on other sites More sharing options...
simplefocus Posted October 14, 2014 Share Posted October 14, 2014 My FIATY shares haven't been converted to FCAU. Did anyones shares get converted? Link to comment Share on other sites More sharing options...
simplefocus Posted October 14, 2014 Share Posted October 14, 2014 I just talked to my broker and he said it could take up to 3 days for the conversion. In the meantime, there's nothing I could do because I can't trade under the old symbol FIATY. Link to comment Share on other sites More sharing options...
compounding Posted October 14, 2014 Share Posted October 14, 2014 You can't trade for THREE days?! Oh lord, what are we supposed to do? Link to comment Share on other sites More sharing options...
merkhet Posted October 14, 2014 Share Posted October 14, 2014 Hope this settles the argument as to what happens with FIATY shares. (See attached.)606_OCT072014101318AM.pdf Link to comment Share on other sites More sharing options...
TeddyLampert Posted October 14, 2014 Share Posted October 14, 2014 Hope this settles the argument as to what happens with FIATY shares. (See attached.) They are charging you $.05 per canceled ADR?? Link to comment Share on other sites More sharing options...
merkhet Posted October 14, 2014 Share Posted October 14, 2014 Yup, pretty shitty. Link to comment Share on other sites More sharing options...
compoundinglife Posted October 14, 2014 Share Posted October 14, 2014 Yup, unable to do anything with them in Schwab, Etrade or TD. No big deal but the fee is a bummer. Link to comment Share on other sites More sharing options...
karthikpm Posted October 14, 2014 Share Posted October 14, 2014 Wells Fargo did not tell me there was a fee Link to comment Share on other sites More sharing options...
Hielko Posted October 14, 2014 Share Posted October 14, 2014 That's why ADR's suck. Link to comment Share on other sites More sharing options...
DCG Posted October 14, 2014 Share Posted October 14, 2014 So will they be rolled over in a way where you don't have to pay capital gains tax? Link to comment Share on other sites More sharing options...
muscleman Posted October 14, 2014 Share Posted October 14, 2014 Yup, pretty shitty. Holly crap! I should have bought these shares from the Millan exchange from the beginning! What a rip off! And there is nothing we can do? This is quite a lot! Link to comment Share on other sites More sharing options...
muscleman Posted October 14, 2014 Share Posted October 14, 2014 So will they be rolled over in a way where you don't have to pay capital gains tax? Yeah, I am concerned about that as well. What's my new cost basis? Link to comment Share on other sites More sharing options...
compoundinglife Posted October 14, 2014 Share Posted October 14, 2014 So will they be rolled over in a way where you don't have to pay capital gains tax? Yeah, I am concerned about that as well. What's my new cost basis? Disclosure: No tax expert here by any means. But if the old shares are exchanged for the new shares I would think that there is no taxable event and your cost basis stays the same. Unless there is something related to the domicile change which triggers a tax event? I have not heard of any and the company is not and was not in the US so I don't think that is any issue. On another note depending on bunch of factors of your own situation you might be able to deduct the ADR fees or a portion of them if you do itemized deductions. Anyone have any clearer insight? Link to comment Share on other sites More sharing options...
Picasso Posted October 14, 2014 Share Posted October 14, 2014 Guys, half a percent is not going to be the reason for positive/negative returns when you finally sell shares of FCAU. This board is much cheaper than I realized... Link to comment Share on other sites More sharing options...
muscleman Posted October 14, 2014 Share Posted October 14, 2014 Guys, half a percent is not going to be the reason for positive/negative returns when you finally sell shares of FCAU. This board is much cheaper than I realized... That's not the point. The point is that my account doesn't have enough cash to cover this charge, and Fidelity said they are going to charge this fee by the end of today, so I had to pay Fidelity $7.95 to sell some other shares in order to raise just $120. This is a double rip off! :-\ Could anyone confirm the cost basis? I sent a ticket to IB but hasn't gotten replies. I hope at least the cost basis can be adjusted properly, instead of cost basis 0. Link to comment Share on other sites More sharing options...
brker_guy Posted October 14, 2014 Share Posted October 14, 2014 http://finance.yahoo.com/video/marchionne-ferrari-458-greatest-car-124200552.html Link to comment Share on other sites More sharing options...
compoundinglife Posted October 14, 2014 Share Posted October 14, 2014 Guys, half a percent is not going to be the reason for positive/negative returns when you finally sell shares of FCAU. This board is much cheaper than I realized... That's not the point. The point is that my account doesn't have enough cash to cover this charge, and Fidelity said they are going to charge this fee by the end of today, so I had to pay Fidelity $7.95 to sell some other shares in order to raise just $120. This is a double rip off! :-\ Could anyone confirm the cost basis? I sent a ticket to IB but hasn't gotten replies. I hope at least the cost basis can be adjusted properly, instead of cost basis 0. I have not needed to adjust anything with IB, but in other accounts I have had no problem getting the cost basis adjusted to reflect the actual basis. Before they started reporting the basis to the IRS you could just edit it by hand in most accounts. Link to comment Share on other sites More sharing options...
merkhet Posted October 14, 2014 Share Posted October 14, 2014 Guys, half a percent is not going to be the reason for positive/negative returns when you finally sell shares of FCAU. This board is much cheaper than I realized... Being cheap isn't usually a bad thing when it comes to this board. :) EDIT: I wrote this while standing in line at a Costco, lol. Link to comment Share on other sites More sharing options...
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