Mike, the word "example" in your post was from a news release issued AFTER the record date was passed, I believe.
Here is THE announcement from April that states "May 20th":
biz.yahoo.com
the word "example" does not appear on that page!
CLEARLY just the opposite was stated. No EXAMPLE, just THE FACTS:
"the Board of Directors of TNRG has set a new record date for the TIPS dividend of May 20, 1999... purchases of TNRG common stock would have to be made no later than May 17, 1999."
"The Company further stated that the distribution [i.e. the PAYMENT DATE] of the TIPS stock will not occur until a REGISTRATION STATEMENT for the TIPS stock has been declared effective by the United States Securities and Exchange Commission. We anticipate that the accountants for TIPS will complete their certification of TIPS financial statements by May 31, 1999. The REGISTRATION STATEMENT for the TIPS stock dividend will be filed shortly thereafter. The Company believes that REGISTRATION STATEMENTS are declared effective historically approximately 60 days after filing.
Then AFTER the record date the Company basically starts using the PAYMENT DATE and the EX-DIVIDEND DATE interchangeably. In business accounting NOTHING could be further from the truth! The EX-DIVIDEND DATE is the day following the record date, as I've documented from standard accounting texts.
ANOTHER THING, in the above they CLEARLY say the TIPS wont be issued until AFTER the May 31st financial statements. THEREFORE, if we were to BELIEVE this nonsense about a record date not being the date of record, and that the payment date is really the record date and/or ex-dividend date, when WHY mention May 20th at all? Why not AT LEAST mention May 31st? No way they could issue the May 31st financial statements by May 20th, so of what possible use (to the RETAIL PUBLIC SHAREHOLDER) is this May 20th date?
I'll tell you my suspicions: LOOK TO SEE **WHO** WAS SELLING going into May 20th.
CLASS ACTION against the Company and CRIMINAL actions against any "funny" selling by individuals, IMO.
Colin |
