Sent this to Lee, his reply,
"Yes the attorney's are working on all of the issues. That's why they get paid the big bucks. It's their job to make sure all of the requirements are met. BTW your post brings up one issue but there are various requirements from every regulator and involved entity. Sometimes the regs and requirements even seem to be contradictory and counter productive. Every entity from the SEC, to the IRS, to the DTC, to FINRA, to the Bankruptcy Court to the Registrar, to the Market Maker and, sometimes, even individual broker/dealers have their regulations, requirements and "tweaks" they want. Plus, they don't even share information internally For example: Yesterday we got an email from a b/d asking us to identify share counts for some of their account holders (Clients, Shareholders). That was particularly surprising because we had asked for that information from the B/D's prior to the distribution and were flatly refused 100% of the time. They do not want us to have a list of Shareholders using their brokerage and then they turn around and ask us to tell them how many shares to put where? Very Frustrating! But, I guess they are doing the best they can and we will continue to work with everyone and be as helpfull as we can be. "
