Heh heh.. this is a hoot! Let's see what we can find wrong with this post. We'll pretend that that link is good and that it and the 12buzz.com is online too. Otherwise it's too silly to even consider.
So, a dividend that was supposed to be paid on Monday has become a non-compliant obstacle course for shareholders.
1. If a stock exchange is being initiated, for those holding street name stock in a brokerage account, it is executed through DTC and does not require shareholders to notify the company of the accounts where the stock is held. DTC does that for the company and the TA.
2. No exchanges require a shareholder to execute a contract prior to consummating the exchange. It simply doesn't happen. Further, I doubt the broker will forward the contract unless it comes through proper channels, which would be ADT. When companies send out proxy statements etc to shareholders, they are required to follow a procedure that includes paying the fees for the mailing.
3. Brokers do not carry out instructions sent by a company regarding the disposition of stock. Exchange of shares of street named shares are handled by the DTC and reflected electronically to brokerage firms. Changes are reflected digitally, not by manual action by a broker. Since the instructions apparently call for BZTG shares to be delivered directly to Heffernan Inc, this is going to pose a problem for your broker.
I will say this is clever however. Shayne has managed to come up with a strategy to delay this non-payment indefinitely for anyone wanting to do it with street named share. For others, as I predicted, apparently you will be sending your shares, properly signed over, direct to Shayne Heffernan with no assurance other than his word (snicker) that he will send you money and shares in his corp, a private corp he has decided to name after himself.
Now he has a long list of people he can blame for not getting you your money. He can blame the brokerage firm and he can blame. In a best case scenario, if it ever could happen (which it couldn't as described) it would easily take another month.
If you own shares, I would suggest you check to see if you can even find a Buzz Inc or a Heffernan Inc and if you choose to actually sign over your shares to Shayne without an escrow agent or some other intermediary, I you deserve what you get back.
I feel an "I told you so" coming on.
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