When I picked up my mail after being gone for two weeks, there was a letter in there from one of the brokerages where I have a "play money" account. The letter was from Bristol-Myers Squibb, and contained the following:
Bristol-Myers Squibb Company is pleased to offer a voluntary and limited-time program for stockholders owning fewer than 50 shares of Bristol-Myers Squibb common stock. This program allows you to sell all of your shares or increase your holdings to exactly 50 shares. You may also maintain your current position without penalty or consequence.
It goes on to talk about how this is a low cost opportunity because they know the high cost of commissions may have deterred me from buying or selling. Does anyone know why they would do this? What is Bristol-Myers Squibb getting out of the deal? Are they just hoping that most small shareholders will bump up to 50 shares? I have never seen anything like this before so it has me puzzled. Please comment if you know anything about deals like this.