Friday, December 21, 2012 11:40:10 AM
I spoke to both the transfer agent and Etrade yesterday. Here's what I got from it:
Etrade sent the information to the DTC (they're like an escrow party for stocks) on the 26th
DTC said MSLPD is eligible for electronic delivery on the 4th
On 12/6 the shares were supposed to be delivered but were not (to Etrade at least)
The transfer agent said that nothing has been submitted to them for the old shares to be exchanged for the new shares.
Etrade says the DTC is holding on to the old shares because they're waiting for physical delivery of the new shares.
The physical delivery part is done by Muscle Pharm where they actually print out the new shares and send the paper to the DTC.
I had 5-6 calls each between the transfer agent and ETrade and as soon as they told me the ball is actually in Muscle Pharm's court, I gave up because I knew that the hold up on their part was absolutely likely. In my opinion, Muscle Pharm switched from electronic to physical delivery for Etrade because Etrade is probably has the most shares of MSLP so delaying the delivery of these shares would hold off some selling.
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