About Portfolio Performance Issues Related to AIG 20:1 Reverse Split
We are fully aware of the portfolio performance issue that’s been plaguing our July contest. Couple things happened that caused the spikes in affected portfolios. The issue originated from a data issue from our vendor. We did not get a data feed of AIG 20:1 reverse split on July 1st until late in the morning. So, portfolios that had AIG holdings on 6/30 had a huge increase in performance all of a sudden. The huge gains (250%+) you saw on July contest leaderboard were due to this issue. Second issue is we had a bug in our batch fixing code that retroactively corrects portfolios with missed stock split transaction. After our initial correction on July 1st, we discovered the AIG split were handled twice on a number of portfolio. This explains why some users still had huge gains and some users had big loses after July 1st. We have fixed the bug and have been auditing and fixing each affected portfolio manually. That’s why some of you may still have performance issue with your portfolio. All affected portfolios should be fixed by the end of this week. Please continue to send us email at contact@updown.com if you believe your portfolio still have performance issue. We are working diligently to resolve this issue as quickly as possible.
July 7th, 2009 at 11:31 pm
What are you doing about wrongful maintance margin call sales caused by having a large short position in AIG at the time when the 20:1 reverse split occured? Updown automatically sold off almost all of my portfolio because of “losses” that were in fact gains, so it’s not just a matter of fixing what’s left in my portfolio.
July 8th, 2009 at 10:04 am
John, the margin calls will be rolled back as well.
July 22nd, 2009 at 7:21 am
I restarted me portfolio over because of AIG and FAZ but one of them I did not have by portfolio was supposed to be at 2.4-7Million can you please fix it and the folloing email address has not repleied when I told them what happend so please fix this here is the email address that has not responded contact@updown.com .
July 27th, 2009 at 5:44 am
please fix my portfolio i owned AIG. and had a margin call on CIT I owned 1.6m Shares. The margin call sold all CIT Shares and put me 1.4m in the negative. Please fix. Thanks
August 14th, 2009 at 9:22 am
Did this problem happen again? My numbers have been off for a week since doing a jump-in/out with AIG. No one responds from contact@updown.com and I need my portfolio totals recalculated.
August 28th, 2009 at 10:22 am
Hello, are you doing anything about the FAS and FAZ reverse split? I shorted both at below $10, but then they reverse split, now both are way above my original price, but if I buy to cover, I still have to buy the original amount of shares??? even though they are reverse splitted??
August 28th, 2009 at 10:23 am
This is what my portfolio looks like now:
FAS $80.73 $9.24
-$357,650.00
-770.8% -5,000 -$403,650.00 Cover / Short
FAZ $22.73 $5.64
-$60,032.50
-301.33% -3,500 -$79,555.00 Cover / Short
October 29th, 2009 at 4:58 pm
What about all of the other problems since then that you refuse to fix.
1) September contest results. I am all screwed up! I was up 17+% and you say i went down. then pulled me from 13th to 6161 place 10 days after the contest closed.
2)Commisions have been off since 10/6. you have been charging 1.5 to 1.9 cents per share. it is costing me thousands, will I ever get it back????
3) My performance graph (along with everyone else) is way messed up in spots and is missing whole weeks??? WTF
October 30th, 2009 at 8:15 am
Hello,
The site seems to be down as of today (Oct 30, morning hours). In general, I had access troubles during market hours (timeout error messages when trading, page doesn’t load at all sometimes).
I also have the general issues Shaen mentioned (graph, comissions).
An update to the blog when fixes will be applied would help.
Thanks.