How does any of this makes sense? This pretty much says the opposite. You said:- The contra-CUSIP positions (Escrow Cusips) … is not associated with any cash distribution… There were two Positions set up…A contra-CUSIP positions and the escrow positions The escrow position is for receiving cash. So, your Escrow Cusips / contra-CUSIP positions, is for shares only, The contra-CUSIP positions / Escrow Cusips… is not associated with any cash distribution…