02-06-2013, 04:42 AM
bonk is claiming that this mostly represents shares held in "street name" for JPM clients and is therefore "rubbish".
To which I answered, assuming that is true: "Apparently then, J P Morgan clients, advised by J P Morgan investment managers and advisors, are accumulating a growing amount of IOC shares, which have now exceeded 5% of the Company.
I can't see that as anything but more bad news for shorts. Perhaps the next news will be initiation of coverage by J P Morgan, after getting many of their clients, institutional and otherwise, in the stock."
However, I am not sure that he is correct and that such reporting is required. Anyone know more about that. In the filing, per above, it says in one place, "beneficial owner of...on behalf of other persons", and in Item 7. Identification and Classification of the Subsidiary Which Acquired the Security being reported on by the Parent Holding Company, it says "This notice is filed on behalf of JPMorgan Chase & Co. and its wholly owned subsidiaries, JPMorgan Chase Bank, NA, J. P. Morgan Investment Management Inc, and JPMorgan Asset Management (UK) Ltd." Is it being filed on behalf of clients in the subs or for stock actually owned by the subsidiaries?
To which I answered, assuming that is true: "Apparently then, J P Morgan clients, advised by J P Morgan investment managers and advisors, are accumulating a growing amount of IOC shares, which have now exceeded 5% of the Company.
I can't see that as anything but more bad news for shorts. Perhaps the next news will be initiation of coverage by J P Morgan, after getting many of their clients, institutional and otherwise, in the stock."
However, I am not sure that he is correct and that such reporting is required. Anyone know more about that. In the filing, per above, it says in one place, "beneficial owner of...on behalf of other persons", and in Item 7. Identification and Classification of the Subsidiary Which Acquired the Security being reported on by the Parent Holding Company, it says "This notice is filed on behalf of JPMorgan Chase & Co. and its wholly owned subsidiaries, JPMorgan Chase Bank, NA, J. P. Morgan Investment Management Inc, and JPMorgan Asset Management (UK) Ltd." Is it being filed on behalf of clients in the subs or for stock actually owned by the subsidiaries?