Alpine admits they're totally underwater on 300 Million shorts on GTII
Alpine Securities filed a motion to stay a 2.1 million backtesting charge in 11/22 because IT COULD NOT AFFORD IT straight from Pg 8 section B;
NSCC responds that Alpine’s CEO told an NSCC official in October 2022 that “financing the charge would not present an issue for Alpine.” Alpine responds by stating that, “upon further analysis,” it determined it lacked the requisite capital. And, according to Alpine, if Alpine is unable to satisfy the Backtesting Charge, NSCC “will impose it against Alpine’s current deposit and effectively deprive Alpine of the ability to pay amounts necessary to . . . clear trades for its customers.” Alpine states further that if it “is unable to process trades for its customers, it will go out of business.”
They name the security they're short in as well Pg 3 section B;
Alpine sought an expedited stay because NSCC informed it that the charge would be effective November 1, 2022. NSCC informed Alpine that deficiencies it observed in September 2022 caused Alpine to fall below the backtesting target, and it attributed the deficiencies to Alpine’s “net short portfolios with the top driver being a concentrated short position in GTII*.”*
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EthanDeppe : Who does this benefit?
SENOR ButtsMcGee OP EthanDeppe : hopefully GTII investors, if Alpine goes down all of there positions will be forced to close.
1010011010 : Anyone know why am I getting an error when attempting to buy GTII, saying the stock is "suspended to open position(buy)"?
SENOR ButtsMcGee OP 1010011010 : i do my otc on e*trade
SENOR ButtsMcGee OP : Otc is 9:30 to 4 no after hour trades
1010011010 : Been trying during market hours as well, and for the last few trading days too. :(
1010011010 SENOR ButtsMcGee OP : looks like I might need to look for another broker for this one then. ty
HODLPLAYER1 : They were denied motion. In other words, the NSCC just told them “fuck around and find out”…LFG!!!