Blackstone (BX) Conversion

Question

I own shares in Blackstone.  On July 1 the company converted from Partnership status to C Corp, but it kept the same ticker symbol, BX.

Merrill Lynch handled this by subtracting (removing) the old Partnership shares, then adding the C Corp shares.

Quicken apparently tried to follow the same path but failed.  The removal of the partnership shares didn't affect the securities already in my account; it shows up as a separate security with a negative balance.  Then the new C Corp security was added, doubling the number of shares in my Quicken account.

Any idea what I should do about this?

Tom Young · Answer

Probably ask Merrill Lynch to get their programming straightened out.  I don't think it's a Quicken "failure".
Although the symbol remained the same the important thing to understand is that it's not the same security.  It appears that the partnership units had a CUSIP of 09253U108 while the C Corp has a CUSIP of 09260D 107.  You know how sometimes a company "delists" and then some time later a completely different company comes along and uses the same ticker symbol?  This situation is something like that.