I would say nobody does. Why would this not be possible? If you buy today, and count settlement day of 3 days, than you are shareholders as off 2nd of December so yes, no divy.
But when you sell, I would even dare to think that the MM's will run away with your shares. No obligation to count three days for settlement date at all I believe. Same as in the banking business. When you place money on your account, it will actually be there with a value date later as the day you did the placement, but on the other side, when you take out money today, it is counted for as if the money was already gone yesterday. So who will get intrest for these days? The bank and not the person placing the money and taking out the money. Same principle should hold here as well. That's how they make money (besides of transaction fees and all of those extra costs...) I wouldnt sell if I were you.
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