A 4864 -
December 3, 1998
P&S 4428
TO: ALL PARTICIPANTS
ATTENTION: MANAGING PARTNER/OFFICER, P&S MANAGER, CASHIER, FUND/SERV PARTICIPANTS
SUBJECT: Commercial Labor Management – (CLMI) CUSIP 20717104 – Reverse Due Bill
A NASDAQ Advisory ( UPC #092-98) dated December 3, 1998, (See attached) stated that for trades in CLMI executed September 22, 1998 through October 13, the buyers should issue reverse - due bills (Ex-date October 14) and such due bills should be redeemed on December 4, 1998.
Pursuant to the notice, in order to reflect the reverse due bills, NSCC will adjust firms’ October 13, 1998 closing CNS positions (1 for 20) in CLMI. Trades due to settle on October 14, 15 and 16 (Trades of October 8, 9, 12 and 13) will also be adjusted for the reverse due bill. The reverse due bill redemption will settle in CNS on December 4, 1998. Any questions regarding this notice should be addressed to the undersigned at (212) 412-8690.
Michael Kelleher
Vice President
The Nasdaq Stock Market, Inc.
80 Merritt Boulevard
Trumbull, CT 06611
203 385 4500
Attn: Manager P&S Dept./Traders/Cashier/Manager Reorganization/Manager Dividends
UNIFORM PRACTICE ADVISORY (UPC # 092-98) December 3, 1998
Commercial Labor Management, Inc. – Common Stock (CLMI)
On September 22, 1998, a 1 for 5 reverse split of the above company’s stock was effected on the OTC Bulletin Board. Subsequently, the company advised Nasdaq they had also effected a 1 for 20 reverse split (previous to the 1-5).
In UPC # 073-98, dated October 8, 1998, members were advised that trades executed on or after September 22, 1998 were to be deemed to represent transactions giving effect to both reverse splits and should be settled on a 1 for 100 basis. Upon review, Nasdaq determined to revise that ruling and in UPC # 084-98 dated November 3, 1998, members were advised that trades execute on September 22, 1998 through October 13, 1998 were to settle on a 1 for 5 reverse split basis; and trades executed on or after October 14, 1998 were to be settled on a 1 for 100 reverse split basis (net of both reverse splits).
As a result of the revision, the ex-date for the 1 for 20 reverse split was changed from September 22, 1998 to October 14, 1998. To accommodate this revised ex-date and to adjust trades executed from September 22, 1998 through October 13, 1998 buyers should issue "reverse due-bills" to the sellers for 95 shares for every 100 shares traded. Such "reverse due bills" shall be redeemed on Friday, December 4, 1998.
Questions regarding this notice should be directed to: Market Data Integrity Dept., (203) 375-9609.
Dorothy L. Kennedy
Assistant Director