The following are what happened to PIERS and to me and it will be exactly the same for escrow because there is only one process. You guys read it and decide what you want to do or ignore what I said completely (and potentially not receive the money).
Roughly one year after the effective date, I received LTI from the trust which was sent by KCC, their contractor, to my name and home address on their record. Note that it was not sent by my broker. The LTI specifies the dollar amount due to me, not the number of H shares I used to have. I did the calculation and it comes to 10 something per H share. I verified with a few people online that we all got the same amount within pennies. I don't remember exactly when but shortly after that, my H Escrow CUSIP disappeared from my brokerage account. That's because the LTI specified that I will be paid in full and there is no need for Escrow CUSIP anymore because I will be paid in full with cash and not with dispute shares anymore.
The same thing will happen to escrow when it will be paid. Basically the trust will liquidate all assets and add up with the cash on hand and using the 75/25 formula and based on how many P. K or U shares you used to have, they will figure out the dollar amount due to each person. Again it is a dollar amount and not number of shares on the LTI.
Your escrow CUSIP may or may not go away depending on if they have any disputed shares left to hand out. Since escrow is the last one to be paid, I guess that they will distribute all dispute shares right at the beginning and therefore your escrow CUSIP will disappear from your broker soon after escrow gets LTI and is paid.
Now the scary part is the following:
I received money in installments, and not at once. At the time of each payment, there was a 8K filing and no PR. And so you are not stock savvy, you may not follow up the SEC filings.
The money will be given by the trust to KCC whose job is to distribute the money and send you a check!
The check is a personal check to your name and sent to your address on record and there is no electronic payment. And you know how secure the check is:
- It can be lost in the mail or put in the wrong mailbox by the mailman.
- It can be stolen from your mailbox
- Anyone who gets a hold of the check can deposit in his/her account by faking your signature and write "Pay to the order of XYZ person".
In my case, I have tens of thousands for my H and it was sent via unsecure mail like this. When I will be paid for my P, it can be potentially in the hundreds of thousands and even millions of dollars? Is KCC going to send me an unsecure check like this?
Now add to this, your home address is not up to date at KCC... ~~~ &&&& !!!!!
AI
