So I had a position in GASS and they spun off two stock classes that were distributed to stock owners.
however, in my collective2 account these spinoffs never showed up, so my collective2 performance got hit by the price reduction on GASS but no offsetting positions on the collective2 account for the two spun off stocks.
worse yet, the atuotrading stuff ( I do trade own system ) found the new spun off shares on the interactive brokers account, and figured they did not belong there and sold market into a more or less not existing market at open, getting me 0.4 per share for one company and 5.00 for the other one (going price right now is around 3.5 for the 0.4 and 18 for the one sold for 5)
Perhaps collective2 should put in some kind of safeguard , perhaps the autotrader could check if a stock was showing up on interactive brokers due to a distribution, then it would not be sold if the sell is triggered by a resynch (to collective2 who might have missed the distribution).
I lost around a half thousand usd due to this, and my performance on collective2 took a small hit, but nothing I can’t live with.
But I urge you to try to avoid something similar happening in the future - if I had followers they would’ve been screwed too.
ticker was GASS and the spinoff was Imperial Petroleum, which has tickers IMPP and IMPPP at interactive brokers, at saxo they are called IMPP and IMPT
btw. the Interactive brokers acct. still show some fractional IMPP and IMPPP shares, but that is very likely an error at IB as the distribution was integer shares and the rest distributed as dividends once GASS have sold the fracitons to the market. (yea’ kind of messy). So don’t mind the fractional shares right now, i would assume IB and GASS will clean up that particular mess at some point.
