BAC + non-mandatory reorganization = Shareholders Screwed

[NOBama]

From: Scottrade Customer Service
To:
Sent: Sunday, February 15, 2009 11:10 AM
Subject: Non-Mandatory/Reorg Tender - BAC


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.

Contact info removed.

A corporate reorganization, eh?

Sounds like they're about to screw the common shareholder to me. TO issue a email like this to shareholders without a press release tells me that there's a fox in the Hen house.

 

[Paulie]

Short it?