My only comment on the e-mail from Ray Barton (other than I agree with him) is, the company should know how many shares are still sitting in certificate form. They should also know how many of those certificates are restricted from sale. If they don't know, they should have the T/A generate a list for them. It's also possible to arrange to have the T/A notify the company if any certificates are deposited into brokerage accounts (presumably to be sold). Normally, the company wouldn't know if any certificates had been deposited until they receive their monthly statement from the T/A.