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janice shell

11/05/15 10:40 PM

#98674 RE: shajandr #98672

First, neither COR nor Alpine has actually said the dividend was "illegal". They've said Calissio was a fraudulent company, but they chose not to explain the details and extent of that fraud. Their argument is, apparently, that due bills were attached to the Nobilis, Beaufort, and Macallan stock in error, and therefore they--COR and Alpine--had their accounts debited by DTCC. What we don't know is how those due bills came to be attached, and why COR and Alpine evidently didn't notice till it was too late.

But that doesn't speak to the question at hand. We may have alleged that the dividend was illegal because it failed to qualify as legal in accordance with the Nevada statutes, but no parties in the case, or with any interest in the case, have suggested that. FINRA processed the divvy, so perhaps shareholders could reasonably rely on their assessment.

The shareholders received their dividend. So if they paid a fee in order to receive it, I think that would qualify as consideration. When those shareholders, troubled by the hold Etrade had imposed on their clients' dividend payments, called TDA, they were told they were free to do whatever they liked with the money; that there was no problem, and would be no problem.

Of course, this is just theoretical; we don't know whether any reorg fee was charged. The shareholders had, of course, paid commission when they purchased the stock, but I don't know whether that would be specific enough.