01/22/2019 UPDATE: Attention, those of you who own P G & E Corp (PCG): Due to the unique circumstances surrounding PCG and the potential significant liability they may be required to pay due to the California wildfires, we recommend transmogrification for this position. At this time, the stock still has enough value to sell and put the proceeds into another position with the goal of making up the loss on the shares of PCG.
We recommend completing this process after you’ve finished all your other trades this month.
We’re here to help! Here is a link to the Transmogrification document that will tell you step-by-step what to do.
Lattco PRO clients: Please use this link to access the transmogrification document for your accounts. Also, please give us a call after you have purchased shares for your new position and before you sell your options; we will need to make some adjustments to your account to properly reflect the transmogrification.
Lattco AutoPilot clients: At this time, trading screens for Transmogrification are not included in the AutoPilot system. You will need to log into Ally to place three orders to complete the Transmogrification process:
- Sell your existing shares
- Buy the same amount of shares for your new stock
- Sell to Open a put at the top of the lower band to replace the purchase for the current month if you don’t own 10x your Level
Once this is complete please notify us and we will adjust your AutoPilot account so that it can suggest the appropriate call option orders.
If you have any questions, please don’t hesitate to contact us at support@snideradvisors.com or 1-888-6-SNIDER. We’ll be happy to walk you through the process.
01/16/2019: Attention, those of you who own P G &E Corp (PCG): PCG issued a notice of its intention to file bankruptcy in the near future. If you are unfamiliar with the situation, PCG is a utility company in California. Unfortunately, they may be held liable for the recent forest fires that cause billions of dollars of damage. At this time, the shares still have some value since there is some debate about whether the state of California will bail the company out. We are closely monitoring the situation and will issue additional guidance on Trade Day if we recommend any trades outside the normal Snider Investment Method parameters.