8000 Incorporated (EIGH)

[janice shell]

the company found out that they couldn't legally pay the dividend and, wisely in my opinion, have cancelled it.

The company knew perfectly well that cash divvies have to be paid out of retained earnings. From their first PR about the divvy, from 16 September:

8000inc today announced that its board of Directors approved 30% of company retained profits will be allocated for a shareholder cash dividend on the company's common shares for all shareholders of record as of 30th September 2010.

http://finance.yahoo.com/news/8000inc-EIGHpk-announces-prnews-1261721254.html?x=0&.v=10