I bought 2400 shares of LQDX on April 14th,2003
believing that The shareholder of record date for a 20-1 reverse split
was on April 13th, 2003.

On April the 14th LQDX did a mandatory  reorginization effective April
15th.
On April 17th my account was accrediated 120 shares of ASCT for my
2400 shares of LQDX.

The reason I believe the shareholder of record date is the 13th (see
following)
http://www.pinksheets.com/     type in ASCT       click on news

The reason I believe stocks can be excepted from a mandotary
reorginization

http://www.nscc.com/impnot/notices/notice2000/a5160.htm

"All securities subject to the reorganizations listed above
(hereinafter referred to as "the subject security") are included in
the CNS Reorganization Processing System except for: (i) securities
subject to redemption if there is a conversion privilege attached;
(ii) securities subject to a reorganization where baby bonds are
issued; and (iii) securities made ineligible for processing at a
Qualified Securities Depository during a corporate reorganization"

I believe my broker should have registered my 2400 shares of LQDX
bought on April 14th as "securities made ineligible for processing at
a Qualified Securities Depository during a corporate reorganization"

My broker tells be since I bought on April 14th, I therefore became a
shareholder of record, and therefore subjected to a 20-1 reverse
split.
I think I did not become a shareholder of record until settlement date
April 17th.

Other interesting and supportive data

http://www.otcbb.com/dynamic/      ASCT      click "the board"
and notice how only about 3000 shares are up for "ask"

http://www.gonow.com/research.html?ticker=asct
Outstanding:   684,000
Public Float: N/A


http://ragingbull.lycos.com/mboard/boards.cgi?board=ASCT&startfrom=10
The board should read Anscott Industries

In summury please include in your answer

justification with why or why not 2400 shares of LQDX bought on April
14th should be subjected to a 20-1 reverse split.

tia
Dean Hedges

There is no free lunch.  That being said, I believe a NASD arbitration
can be started for like $50.  NASD = National Assn of Securities
Dealers.
Generally, all brokers belong to NASD.

Although the NASD is a broker self-regulatory association, they do
rule
in investors' favor occaisonally.  Unfortunately I bet they get many
cases
where people are blinded temporarily to the normal functioning of the
market.

For instance, if you think you've found a technicality that is going
to let you make 20 times your money, they would probably rule against
you.

On the other hand, if your investment suddenly fell 95% in value
because of the broker's handling of settlement, then the broker is
getting a free lunch. NASD
could rule in your favor.