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Monday, March 5, 2012

Pennichuck stocks mystery solved

NASHUA – It turns out that a glitch somewhere in cyberspace caused the delay that left Nashuans David and Mary Joyce wondering what happened to their money after they sold their Pennichuck stocks in February.

“My bank said something confused the system and held up the checks,” David Joyce, an Ayer Street resident who has held, along with his wife, stocks in Pennichuck for more than 20 years. “I guess the transaction got stalled; I just found out it finally went through and we’re all set.”

Joyce called the Telegraph on Feb. 27, asking if any other Pennichuck stockholders had called about problems in receiving their funds.

None were found, and after a call to Mayor Donnalee Lozeau’s office and conversations with Pennichuck officials, learned the snafu was apparently with his bank, and not Mellon Bank, the Pittsburg-based institution that holds all Pennichuck stockholders’ funds.

Joyce, who didn’t reveal the number of shares he sold or their worth, is among the many Pennichuck stockholders who must sell their shares now that the water utility is owned by the City of Nashua.