there´re three(!) record dates involved.
the one mentioned in MXSV´s filings is the one which decides who gets the proxy (by mail etc.). this date not even determines who is entitled to vote, because if you sell between proxy and meeting...
the second one is the record date of the reverse split. it´s normally not explicitly mentioned because NASD sets the final date.
if they want to roundup a certain group, they have to determine the conditions: that involves size(500/100/50/10 evrything goes i guess) and time(third record date(!). if no separate date is mentioned, it´s the date of the split according to NASD, see SWNE/MCII or any other roundup that had no problems.
companies that did it right last year:
BDCG, FREZ and one or two others.
three record dates from BDCG(FREZ the same):
SPECIAL TREATMENT OF STOCKHOLDERS HOLDING FEWER THAN 2910 (BUT AT LEAST 100) COMMON STOCK SHARES AND FRACTIONAL SHARE TREATMENT
The Company’s Board approved special treatment of stockholders of record as of the Record Date holding fewer than 2910 shares of common stock to prevent those stockholders from holding less than 100 shares after the reverse split. The special treatment is being afforded to preserve round lot stockholders (i.e., holders owning at least 100 shares).
Accordingly, stockholders holding less than 2910 shares but at least 100 shares as of November 19, 2007, and who continue to hold such shares as of the record date of the reverse split, will receive 100 shares of common stock after the reverse split. STOCKHOLDERS PURCHASING LESS THAN 2910 SHARES BUT AT LEAST 100 SHARES AFTER NOVEMBER 19, 2007, AND WHO CONTINUE TO HOLD SUCH SHARES AS OF THE RECORD DATE OF THE REVERSE SPLIT, SHALL NOT BE AFFORDED SPECIAL TREATEMENT.
of stockholders of record as of the Record Date
= established a record date through another one
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it's stock apparently became the subject of a highly speculative scheme that was promoted by some unknown persons either directly to each other or ithrough "chat rooms"
