That's not what the records show. The rules state that electronic shares can't be traded for a period of 30 days after the certs are submitted. Because of increased efficiency the SEC has been allowing a hold of only 15 days. In this case there's no record of any converted shares being traded until after the divy was paid. The discovery will show whether Singular is telling the truth. Obviously there were more shares in the float than what there should have been and there's already some fingers pointing another direction.