RAYMOND E. SAIDAH sent a message to Antony Jenkins that said:
Dear Mr Staley.
I have been trying to get answers from 3 different departments of the Barclays Bank without success.
I am addressing you my questions regarding an ETN (OILNF) issued by your Bank that was reverse split by 40/1 on May 1,2020 to become OILND.
Since your unfortunate reverse split this ETN has lost 80% of its value.
I am very much concerned about its future that was devalued because of your Bank decision:
1- Why did Barclays have to make a reverse split of this stock?
2- What is the reason why Barclays did make the decision of a 40 to 1 reverse split and not a smaller split to keep it attractive to small investors like me?
3- Does Barclays profit on any OILND transaction, Buy or Sell?
4- Is not OILND stock much less attractive to small investors when the price is where it sits right now, 40 times more expensive than what it was in April?
5- Is not this ETN price based on basic oil price, can it go down to ZERO?
6- As now oil is on the way to recovery, is your OILND going to follow suit?
7- Is Barclays taking advantage of this reverse split to make a big profit?
8- Does not Barclays profit from an increase in the price of this stock?
9- What is the profit of Barclays out of this stock?
10- Is Barclays profit made when OILND increases or when it decreases?
11- Does this ETN has a maturity and when?
I would hope to get from you clear answers to each of my 10 questions before getting rid of this stock
Thank you for your reply that I am eager to read.