I'm not sure it's legal to only gift the shares to shareholders who request it.
It would be patently illegal. The disbursement of shares in a new company (even if they are worthless) is still a form of dividend to shareholders on the record date (which Hayes hasn't bothered to state). All shareholders on the record date must be treated equally. Just like any other dividend. If Hayes wants to get involved with the SEC up close and personal quickly, this would be an excellent way to do it.
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