insane dividends

[novicetrader]

PTGI..question on $8.50 special divy please,if anyone knows
I understand this much:
Aug. 20 was the record date. Pay date for divy is Aug 27(today) with an ex-date of Aug. 28(special rules apply to this dividend since it's greater than 25 percent of the share price).

What I don't get is this:
Why is this up,who would be buying TODAY since they wouldn't get the divy anyway? No one would sell today because then we DO NOT GET the divy.But why it's UP TODAY beats me.I had expected this to be down big today(if not by the 8.50 divy amt,at least by 5-6 bucks was my thinking).