Also consider the payment dates. DTCC paid the divy on August 19th. using CRGP funds and their own funds. Later, on August 24th., DTCC debited COR to cover the deficit (bullet 40 of the original lawsuit document).
Shareholders were never paid with COR funds. If COR has a problem, they should deal with DTCC.
The record date establishes what STOCK is eligible for the dividend. The ex date establishes what SHAREHOLDERS receive the dividend. Only stock issued and outstanding as of the record date is eligible. That stock could be sold five times during the interim period, with due bills attached; whoever owned it as of the open on the ex date would receive the divvy.
COR does understand how it works. Presumably DTCC does too, but its dividend distribution system was unaware of the stock issued during the interim period. That's because special divvies are rare, and when companies do choose to pay them, they set the record and pay dates close together and don't issue any new stock until after the ex date.
DTCC should have eaten its own loss, rather than charge COR and Alpine for ti.
But shareholders had no reason to be expert in all this, and no reason to believe their dividend payments weren't legitimate. it isn't their responsibility to make sure the system is working as it should work.
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