Golkor Inc (GKOR)

[Kadin]

Good analogy Gump! SEC Rule 10b-17 may be enlightening...

A 10b-17 notice, after all, alerts the markets to a dividend payment. If this notice was not processed 10 days prior, market participants may be unaware that a dividend will be paid. Or worse yet, some participants will know, while others will not, providing opportunities to trade on the basis on non-public information.

Among other things, FINRA uses a dividend notice to set an "ex-dividend date," which is the trading day on which the purchaser will no longer receive the dividend.

This is a big mess, and so far no indication that it will be straightened out any time soon since the SEC must DD all of this and...
Sadly, Investors that purchase securities prior to an ex-dividend date with the legitimate expectation of receiving a dividend (share distribution) should not have to worry or suffer.

Rule 10b-17 was promulgated under the SEC's authority to make rules to prevent manipulative and deceptive practices under Section 10(b) of the Exchange Act. It belongs to the same series of rules as the much-feared Rule 10b-5, which prohibits trading on the basis of non-public information and other fraudulent and deceptive practices. Since FINRA lacks the authority to enforce Rule 10b-17 against issuers, it is up to the SEC to do something when an issuer decides to ignore its obligations.

btw...Rule 10b-17 under the Exchange Act requires OTC issuers to notify FINRA 10 days prior to the record date for a dividend, stock split or rights offering. Failure to give the requisite notice constitutes a "manipulative or deceptive device or contrivance."