spac_throwawayy

7 ms·

1. 1.▲
   by spac_throwawayy 4y ago

   I’m just an engineer who got stock as compensation. I built real things. I wasn’t playing a pump and dump game. I just wanted a fair shot at selling my stock before insiders tanked it. I would’ve preferred a different type of exit but it wa
2. 2.▲
   by spac_throwawayy 4y ago

   I tried but couldn’t find options that early. Working with large brokerages and they said options wouldn’t be available for weeks or months. Not sure if that’s always the case or if the stock was just too small.
3. 3.▲
   by spac_throwawayy 4y ago

   Okay with you if your brokerage stops you from selling when your stocks are up?
4. 4.▲
   by spac_throwawayy 4y ago

   Thanks, that’s where I’m leaning. It does seem like some investors were able to sell immediately based on social media posts. The price even had a nice pop after listing. Would’ve been nice to catch some of that before it started a long tre
5. 5.▲
   by spac_throwawayy 4y ago

   Thanks for this comparison. This sounds like what I’d expect: possible to sell on the first day though maybe not cheap or easy. We weren’t even told where our shares were until after they started trading. Turns out they were at a sort of ho
6. 6.▲
   by spac_throwawayy 4y ago

   It’s a pretty niche area of law from what I can tell. Most lawyers familiar with SPACs just set them up (already a relatively small area). Most securities lawyers familiar with similar suits don’t have SPAC experience. I’d welcome any leads
7. 7.▲
   by spac_throwawayy 4y ago

   Thanks for the dose of negativity but I left long before SPAC was the path and I’ve already sold for more than I ever expected the stock to be worth. The question is, should they get away with mishandling my stock to their benefit.
8. 8.▲
   by spac_throwawayy 4y ago

   Thanks for the link, I hadn’t seen that (not from buzzfeed). I agree the company won’t be in a strong financial position to pay out a huge penalty, but they have plenty to pay me a settlement for a fraction of my damages (real money to me a
9. 9.▲
   by spac_throwawayy 4y ago

   Right, which means they are incentivized to not give me access to my shares which I’m entitled to. Maybe not in their best interest for me to sell, so maybe fiduciary duty is the wrong thing. Seems like they can’t block me from selling. The
10. 10.▲
    by spac_throwawayy 4y ago

    We have. There is a firm with relevant experience that will take the case. Their advice is, not surprisingly, to pursue the case. They want to throw all sorts of things at the wall and see what sticks.
11. 11.▲
    by spac_throwawayy 4y ago

    Thanks. They have offered to work on contingency. Now it just requires someone to step up to be lead plaintiff in the case. Most people want to stay anonymous and only want to participate if someone else does all the work.
12. 12.▲
    Ask HN: Sue after poorly managed SPAC?

    34 points by spac_throwawayy 4y ago|52 comments