...the judge cannot unwind the divy... gonzilee

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gonzilee Member Level Wednesday, 10/07/15 01:35:44 PM
Re: integral post# 38415
Post # of 38463

you and most others keep forgetting that this was not a "regular" dividend. it qualified as a "special" divy because of it's size in relation to crgp's stock price on the closing day of record. dtcc recognized it as a "special" divy in accordance with sec rules and processed it as such. special divy rules say that ALL shares on record as of the EX date for a special divy are entitled to the divy. hence, why the dtcc took the money from cor's account to pay for the divy for all shares that cleared through cor for crgp. cor nor crgp realized the "special" nature of the divy and when cor contacted crgp, they balked in their ignorance. evidently according to documents filed in this case by cor, crgp management initially expressed intent to wire the money for the rest of the divy, but they cor filed suit preemptively and crgp did nothing. none of those actions by cor or crgp invalidate the divy. nobody "stole" anything from cor. they are owed money by crgp and the divy payments no longer have anything to do with what crgp owes cor. dtcc was in full compliance with sec regulations and their own procedures for a special cash divy distribution. it's not that complicated. you guys want to keep referring to cor as being robbed, but they were not robbed. they just were not paid. crgp did not pay the rest of their divy bill, and now cor has to seek forced restitution through the court. the judge cannot unwind the divy to address this. the court has no grounds for it.

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