Galo has probably submitted to FINRA the desired Payment Date and Record Date he posted in his Press Release on Jan. 7th ( record date 01/21/2009 and payment date 01/29/2009). I believe (could be wrong though) that he needed to file the paperwork at least 10 days before his desired payment date for it to have a chance to be approved for that date. He also posted the Ex- Date in the PR, which he should not have, but he probably thought that since the Ex- Date usually falls two days before the record date, he would go ahead and post it.*
*Note: Different rules apply if the dividend is 25% or greater of the value of the security. In this case, the Financial Industry Regulatory Authority (FINRA) indicates that the ex-date is the first business day following the payable date. For further details on dividend issues, search FINRA's website.[/]
If Galo has actually filed the proper paperwork, it is now up to FINRA to process and approve the requests, and NASDAQ to set the official dates. I believe they also have to ensure the company has the means to pay the Cash Dividend, such as having the money deposited in an escrow account. Then NASDAQ sets the actual dates which could very well include Galo's requested payment date of 1/29/09. The dates will become public record (Daily List) and we will be good to go.
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