Chas Justice

Dismal Economy Propels Auto Parts Retailers: Is Pep Boys Last to Follow?

Since the Dow >12,000, I have kept my cash position at approx. 77% for the fund. I have been waiting for an opportunity like this since the acquisition of Gateway by ACER. I am not saying that an acquisition is imminent in the short-term. However, short & long-term opportunities are unreal with this stock. In the current climate PBY the highest risk reward potential, for both the short & long term, I have come across in a long time

I am allocating 35-45% of my cash position to this company. I have turned a 17% return in 08', 33% in 07', & 15% in 06'.

Chas Justice
Justice Management Team
Special Situations Desk
[e-mail]

Charles Schwab - Conservative but Smart

Excerpt from original post on Google Finance Discussions Ameritrade Holdings on 2/9/2009: finance.google.com/gro....... After reading PLEASE VIEW the Reserve's latest update in response to my post @: ther.com/pdfs/Press%20......

Does anyone wonder why AMTD's stock price has been so beat up, w/ all

the great opportunities they have in thinkorswim & TD-Bank's new

investment? B/c certain investors KNOW ABOUT FUTURE LACK OF CASH FLOW

DUE TO FUTURE LITIGATION, THAT HASN'T BEEN DISCOUNTED INTO THE STOCK

PRICE - BECAUSE CLIENTS CAN'T SUE THE COMPANY W/O VIOLATING AN

ARBITRATION CLAUSE UNTIL PRIMARY FUND DISTRIBUTIONS HAVE BEEN PAID

BACK IN FULL.

B/C the company directed The Primary Fund & >97% of all Reserve Yield

Plus investors to The Reserve.

Further, they directed investors to Reserve Funds, W/O DELIVERING

PROSPECTUS' - to a PRIVATE EQUITY FUND COMPANY.

Look into Reg-D SEC filings for Reserve Management Co, Reserve

Management Co., Inc., RESRV Partners, & finally Reserve Funds (the

cover up). You will see that the Reserve money market funds were

central funds to which, the Reserve Private Equity Series, Small Cap

Growth, & about 6 other PE funds, could take stakes in & WHIP STAKES

OUT of, such as The Primary Fund I (institutional investors tipped

off?? - The Reserve was the Institutional Investor?? If China

Investment Corp. couldn't get out, who could??).

Now lets see.. (1) it's a known fact that AMTD directed >97% of Yield

Plus fund investors (>$1bb fund). (2) My family was DIRECTED by TD-

Ameritrade to entrust >$6MM in the PRIMARY FUND (w/o prospectus); (3)

The Primary Fund had > $65 BILLION IN ASSETS UNDER MANAGEMENT BEFORE

the redemptions came in (don't let the $62 billion # fool you; there

was > $3billion a week prior.

I should know about this as I discovered the AMTD/Reserve relationship

in 2007. I had a personal trading account w/ Ameritrade in late 2007

(I'm only 25), while my family had the rest of our cash & investments

w/ Ameritrade (after they hassled my mother for > 1year to move assets

from Compass Bank, the bank my Grandfather co-founded & one to which

my Mother & my family have great sentimental attachment - promising

her a large bonus credit to her account & a high yielding money

fund). As my Mother is the trustee of my & my little brother's

trusts, she tries her best to make fiduciary decisions & felt as

though the bonus credit & Primary Fund's yield were in our family's

best interest & would be in my Grandfather's interest. Ameritrade

knew that we sold Compass Shares prior to the BBVA acquisition& was on

the prowl to GATHER ASSETS IN ANY WAY THEY COULD.

However, I became leery of The Reserve/AMTD relationship from 10/07 to

1/08.. that is until TD-AMERITRADE TERMINATED MY PERSONAL TRADING

ACCOUNT & FORCED ME TO DISCONTINUE COMMUNICATIONS w/ them regarding

The Reserve, Ameritrade, & the wealth God entrusted to my family,

BECAUSE I ASKED TOO MANY QUESTIONS. You see, I was concerned the high

yielding Reserve Fund as the current financial crisis began to

submerge. I wanted to know current holdings. Bruce Bent was quoted

in a WSJ article many years ago saying, "you can always gauge a money

fund's strength & reliability by their level of customer service.. If

you are nervous, just ask for the current holdings." I did just

that. Over & over. AMTD would only send us reports from greater than

6 months prior, an outdated prospectus, or asset allocation model (3

months of demands; didn't have as much knowledge in structured finance

at the time but now know there was a much more timely N-Q report).

I have documented conversations with my former employer (PE investment

firm), to which I had to retrieve holdings indirectly from an

executive at Bloomberg (weren't on traditional terminal). When I

found that all the Primary Fund holdings were comm. paper invested in

bank & financing company's, I DEMANDED ANSWERS. I WANTED TO KNOW THE

MOST TIMELY HOLDINGS & WHAT ASSETS WERE BACKING THE CP. However, they

didn't like my questions, & I was subsequently sent a letter stating

my account had been terminated & I was to discontinue communications.

I guess they didn't bargain on ME BEING THE ONLY 23 YEAR OLD worried

about the INDIRECT EXPOSURE TO SOUR ASSETS IN THE FORME OF OVERLOADED

PORTFOLIOS IN COMMERCIAL PAPER (as AMTD quoted they had "no DIRECT

EXPOSURE," on their website).

Looking further: take a look at all of the executives who left AMTD

right at the time my questions were raised. Look at there roles w/in

the company & you will see a picture being painted.

This is a crooked company, who deletes links from google to articles

to which I make comments about these issues. I love my Mother &

appreciate all the decisions she had to make for my family's long-term

future. IT KILLS ME TO SEE HER IN A SITUATION LIKE THIS, B/C SOME

DISCOUNT BROKER TOOK ADVANTAGE OF HER GENEROSITY. IT IS NOT HER

FAULT, & THE FACT THAT I WAS NOT ALLOWED TO COLLABORATE IN SOMETHING I

FELT WAS WORTH LOOKING DEEPER INTO, WAS DISALLOWED, IS OUTRAGOUS!

Why is Ameriprise, not Ameritrade, suing The Reserve? Why DID THEY

ALLOW OUR CASH TO BE WITH THE RESERVE MANAGEMENT INVESTMENT ADVISER, THAT HADN'T FILED IT'S FORM ADV WITH THE SEC UNTIL 2008? Lack of oversight & billions of dollars exchanged between PE CO'S, AMTD,
EXECUTIVES, & RESERVE FUNDS, FOR DIRECTING CLIENTS TO an illiquid investment.