Bill, what you say is true but,
as we know, a "record date" by itself is pretty meaningless with out any schedule for distribution. I guess that a plausible story at least keeps stockholders from dumping. Here's why it could actually happen IMO.
This time, instead of giving away an asset (CTT stock), Grifco is providing an opportunity for investors to give Jim Dial cash. When/if the warrants are converted, money leaves investor's pockets and enters Grifco's bank account.
Depending on the how the initial production from the first well is portrayed (in a breathless PR), there could actually be some interest in converting the warrants. Investors provide the funding - Grifco keeps 2/3 of the net royalty interest. Management, and their new TTII back office chums, ought to be motivated by their own self interest to get this done soon.
I don't know what the potential problems are with a scheme for 144 warrant conversion. For example, could the warrants be converted on demand soon after issue or is there a forced delay since they are "restricted" in some manor?
Surely there's PR potential from this scheme if Grifco issues something, anything, to stockholders.
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