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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What? -- Ignore unavailable to you. Want to Upgrade?

To: Bluestryp who wrote (278)	2/9/1999 1:40:00 AM
From: S. maltophilia	Read Replies (1) \| Respond to of 323

This is correct. If you buy the stock before the ex-dividend date you are entitled to the distribution; therefore, as a seller, you are not entitled. The ex- date for spinoffs and splits is always after the record date, unlike routine cash dividends, where it is two business days prior. In the meantime the stock trades "with due bills", i.e., the seller owes the distribution to the buyer. On the ex- date, you may have noticed that PSFT traded lower by the value of this distribution, +/- whatever other change it had that day. That way, both buyers and sellers get get the right amounts. Consider yourself fortunate to have sold without getting the spinoff. What were you going to do with 2 shares of Momentum?