@Creekrat,

I guess nobody said that this would be a fact that it has to be like that. Joe just said that, if he would have paid the dividend on Friday, he would probably have to do it.
He will investigate all implications of what has happened, will talk to the parties involved (dividend waivers) and his lawyers are already in the process of investigating/evaulating what legal actions are possible with regards to the wrong-doings of CMF.

So especially because of that, it was prudent and wise not to pay out the dividend, because a lot of open questions now would have lead to potential legal actions. Who receives the dividend, what happens if somebody happens to be a private investor and not immediately received his dividend, promised was that we receive an increase in our company share (through the dividend not being paid to everyone), not it basically represents a forward stock splt, what will now happen to CMF. In case the PPS would get auto-adjusted and cut in half, this would have gotten CMF maybe what they wanted, such they that would have gotten to buy back shares for extremely cheap, etc. etc.
Now GNBT needs to sort things out and once that is done and all is cleared, then it makes sense to give out the dividend.