So I just had 2 conversations with TD Ameritrade and 1 conversation with Joe. When I first called TD, they finally got me to their reorg dept. That were adamant that this was a forward split as registered on DTC. I told them to look at the news that it is a dividend and that every 1 shares should look like 21 shares and not 20 shares. Got no where with them.
Called Joe. He says that it is definitely a dividend and that they should call their transfer agent Broadridge to clarify. Or they could call him too.
Called TD back and spoke again with reorg. They have received a significant amount of calls on GNBT today and are clarifying with DTC as to whether a dividend or forward split. They can not do anything until they hear back from DTC. No matter what I told them about reading the news, etc, they said it shows as a forward split in DTC. But this is how DTC shows it and then need to read the fine print to see it is a dividend. Joe told me they could call him, but they would not do that since they have a channel that they have to go thru to confirm.
So basically, we are at the mercy of TD (or other brokerages) to figure out it is a dividend and not new cusip forward split.
Called Joe. He says that it is definitely a dividend and that they should call their transfer agent Broadridge to clarify. Or they could call him too.
Called TD back and spoke again with reorg. They have received a significant amount of calls on GNBT today and are clarifying with DTC as to whether a dividend or forward split. They can not do anything until they hear back from DTC. No matter what I told them about reading the news, etc, they said it shows as a forward split in DTC. But this is how DTC shows it and then need to read the fine print to see it is a dividend. Joe told me they could call him, but they would not do that since they have a channel that they have to go thru to confirm.
So basically, we are at the mercy of TD (or other brokerages) to figure out it is a dividend and not new cusip forward split.
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Disclaimer: Of course, all of this is my opinion and you should not make any investment decisions based on my opinion. I have not received any non-public information.
