I saw lots of action today with my reverse split arbitrage stocks and a bit more progress in my Oklahoma house purchase.
Although I said back on January 29 that my PAQN reverse arbitrage play was completed, this turned out to be a bit premature. I made this play using two brokerages - Scottrade and Schwab. Scottrade got my round up shares on the 29th and I sold them. I had assumed that Schwab would get them shortly thereafter. Turns out, it took over a week longer. Today they finally showed up in my account and I sold. I didn't bother to calculate the exact return like I did for the Scottrade sale, but it was probably a little better because I sold this time at $1.25 instead of $1.15.
In other news, I finally got to clean up some leftovers from a failed arbitrage play. Back in November, I made an arbitrage play with Dolce Ventures, DLCV. This company underwent a reverse split and name and symbol change. Their new symbol is SGAS. For whatever reason, it seems their Board of Directors decided not to award round up shares after the split, so I was left with just 4 shares of SGAS in each of three accounts. For most of the time after the split, the stock traded around $5, so it didn't really make sense for me to sell since at that price, I wouldn't cover my costs and initial investment. So I just held on to the stock. A noticed a week or two ago that the price jumped to $10 for a brief moment and then, maybe an hour later, dropped back to $5. Hmm.. So I put a limit order in to sell at $10 and waited. Today, my order was executed and I sold my shares in all three accounts at $10.02. I ended up making about $2 on the play, but it's better than losing money. And considering the arbitrage play failed, I'm happy to have made even $2 on it.
On the new rental property front, my new property manager and I are clearing up some details regarding the management agreement. Our escrow officer is out of the office this week, so I don't know yet if she received the paperwork and earnest money I sent to her last week. No other problems on that front. I still need to contact the insurance agent and mortgage broker to get those tasks moving forward.