Proteonomix Inc. (PROT)

[Mo_Jo]

I just got off with E*Trades Corp Actions and they told me that to get shares in the new BVI entity one would have to hold PROT shares through the 'Ex-Date'. The problem here is Management hasn't said when the 'Ex-Date' is nor is it disclosed in any public sources. I then asked the Corp Actions rep her opinion. She said that typically, for normal corporate actions (ie dividends) the 'Ex-Date' is 2 days prior to the record date but that for RESTRUCTURINGS (such as the case with PROT) the 'Ex-Date' often is AFTER the date of 'Record' to give others a chance to take part in the restructured entity. This is also called a 'Due Bill' situation where people selling in between the 'Record Date' and 'Ex Date' would "owe" the new BVI shares to the buyer.

So what does this tell us? That we cannot definitively say if one sells their PROT shs today whether or not they will ultimately receive the new BVI shares. Based on my conversation with E*Trade's Corp Actions department it looks like we wouldn't since an 'Ex-Date' hasn't been announced yet and as I was told often comes after the 'Record Date' in a Restructuring.

If anyone can get in touch with Michael Cohen or Roger Fiddler please post up so we all know for sure.