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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
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Monday, July 21, 2008
Brigham Exploration Company Second Quarter 2008 Earnings Conference Call
Comtex
AUSTIN, Texas, Jul 21, 2008 (BUSINESS WIRE) ----Brigham Exploration Company (Nasdaq: BEXP) will hold its conference call to discuss operational and financial results for the second quarter 2008 on July 30, 2008 at 10:00 AM ET (9:00 AM CDT).
Brigham plans to issue an earnings press release after the close of market trading on Tuesday, July 29, 2008. Participants are advised to dial and register at least ten minutes prior to the call. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/ key.process?key=P38KY6HDG. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference. Interested parties may also dial in using the instructions below, or visit Brigham's website for the live and archived webcast at http://www.bexp3d.com.
Details for the conference call are as follows: Date & Time: Wednesday, July 30, 2008 10:00 AM ET (9:00 AM CDT) Host: Bud Brigham - Chairman, CEO and President Dial-In Number: 888.713.4216 within U.S. 617.213.4868 outside U.S. Participant Passcode: 37619931 Telephone Replay Number: 888-286-8010 within U.S. 617-801-6888 outside U.S. Telephone Replay Passcode: 74623551 Telephone Replay Available Through: August 30, 2008 Webcast Address: http://www.bexp3d.com or www.streetevents.com
The webcast is also being distributed over CCBN's Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through CCBN's individual investor center at www.companyboardroom.com or by visiting any of the investor sites in CCBN's Individual Investor Network. Institutional investors can access the call via CCBN's password-protected event management site, StreetEvents (www.streetevents.com).
ABOUT BRIGHAM EXPLORATION
Brigham Exploration Company is an independent exploration and production company that applies 3-D seismic imaging and other advanced technologies to systematically explore for and develop onshore domestic oil and natural gas reserves. For more information about Brigham Exploration, please visit our website at www.bexp3d.com or contact Investor Relations at 512-427-3444.
SOURCE: Brigham Exploration Company
Brigham Exploration Company Investor Relations, 512-427-3444 or www.bexp3d.com
Copyright Business Wire 2008
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