It appears that Scottrade and any other broker that supposedly assured customers after the 2/28/14 PVEC press release regarding the "gift distribution" of Series C stock that the distribution shares would simply "show up" in the brokerage accounts of PVEC shareholders was 100% false.
In fact, the originally announced "gift distribution" with a record date of 3/14/14 turned out to be just another of PVEC's many lies. PVEC rescheduled the record date of the "distribution" to 4/15/14 without explanation. PVEC has also made no explanation as to any revised date for or terms of redemption of the preferred share certificates.
According to a statement made by Kerry Thacker, PVEC's IR rep and self-proclaimed Director of Internal Operations, the company itself will be sending the gift distribution certificates rather than the transfer agent. Kerry also states that shares will not be deposited by a shareholder's broker as the the post to which I am responding went to great extreme to claim the opposite.
Being that the previous PR issued on 2/28/14 announcing a "gift distribution" of Series C Preferred Shares turned out to be fraudulent, PVEC shareholders should be concerned about any changes in redemption value or redemption date of any preferred shares they might receive from the most recently-announced distribution that did not contain these details.
Kerry's claim today:
Again, the company will be sending these Redeemable Certificates. They will not be sent by the Transfer Agent or deposited by your broker.
As I have often stated starting on 2/28/14 when this bizarre $4 million "gift distribution" was announced, I believe it will end up entirely worthless for anyone who happens to receive the Series C Preferred Shares.
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