After a lengthy meeting with NASDAQ, DTC and our transfer agent, it had been confirmed that there is no X-Date or record date for this buy-back exchange.
That would be the case if Pearl were proposing an ordinary buyback. If it were an ordinary buyback, the company just announces it and then buys stock on the open market from time to time.
But since that's not what she proposes to do, how's she gonna get her hands on all those shares? If I were a brokerage, I most definitely would not remove 90% of a client's PAIM holdings without a very official directive from a legitimate authority.