You are right... but not right.. OK, so I am not completely knowledgeable of the ex-dividend date as applied to spinoffs. Maybe you guys are correct. But I am still right to say that the stock fell because of the passing of the Record date, because the average shareholder is no smarter than I am.
But, again you miss the bigger picture. All of your calculations and knowledge of specifics does not matter.
This is another installment in the ongoing uWink scam. In a case like this it is better to use your nose and gut feel that to worry about the details. I do not know how common this is, but it seems to be the shareholder got screwed again. This is a technical loophole that allows the issuing company to deny issuing the spinoff shares until the shares themselves are completely worthless.
So my advice may have been bad or good, but only time will tell. I think that my advice will turn out to be the best advice after all. Probably the shareholder will be better off having sold for .03 than to wait for whatever return comes from the spinoff shares.
Looking at this from the street, I think the shareholder is getting screwed again by uWink. I would consider launching a lawsuit over this BS.
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