I'm not 100% sure, but in most cases "you own the stock you buy" the day you buy it, even if the trade settles 3 days later. The same thing applies when you sell for a tax loss on Dec 31. Even though the trade doesn't settle until the new year has already begun, your sell took place in the prior tax year. ( I do this every Dec. 31st, so this I'm fairly familiar with)
My understanding of the Energy deal is that anyone who bought up until the market close on July 5th, Friday, was in! Those who bought in on Monday...were out. Why the stock still traded on July 8th, or beyond...is anyones guess, although Intercell shares won't cease to trade after the INCE/ITCO deal closing date comes and goes.
I suspect that on July 8th the only trade that made sense was a "sell" as opposed to a "buy" order, since there was no advantage of buying Energy shares if they didn't convert to INCE. But, it's easier to see that looking back a solid year, isn't it.
Again, my suggestion is to call Paul Metzinger after he returns from his meetings at Sigma 7, with Allen Smith and Dr. Bauer. He was the securities attorney then, and the CEO now, and he'd be able to answer the question. Also, someone had posted that INCE might speed up the timing on the Energy share conversion. If someone calls Paul, they might want to get clarification on that issue for the benefit of other Energy/INCE shareholders. |
