There's nothing rude about a simple fact stated simply. If you don't want to deal in facts, then say it that way instead of couching your comments in the form of an absurd reprimand.
No, he probably red flagged you because June 8th isn't the ex-date. That's the record date. The ex-date is June 6th.
"You will find the ex date. You must be owner of record at the close of that date."
No, you must be the owner of record on the record date, not the ex-date. The ex-date takes into account the three day settlement period for becoming a shareholder of record on the record date.
You become the owner of a stock the instant your buy order is executed but you're not a shareholder of record until the trade settles three trading days later.
"I'm pizzed at Schwab, I know I didn't pay attention to the ex-date, but really? Can't they get their software adjusted to show or notify someone when a limit order goes in that will be affected by the ex-date?"
Limit orders are always adjusted by the amount of a dividend on the ex-date. That's the way they've always worked. Going to another broker isn't going to be any different. They are all required by FINRA to do it. The way to prevent that from happening is the same at all brokers too -- place the limit order with a Do Not Reduce restriction. It's that simple.
Beginning on May 2 it was possible to buy shares of WRK that were ex-distribution but they were trading on the ex-distribution market under the symbol WRK WI. Regular-way trading of WRK didn't go ex-distribution until yesterday. That's why the price of WRK opened at the distribution adjusted price yesterday.
"The ex spinoff date was May 2, I believe."
No, ex-dates for spinoffs are not determined the same as for cash dividends. The ex-date for spinoffs is the first trading day after the distribution date. For this spinoff the ex-date was yesterday, May 16.
"if there is a spinco given as a special dividend - will the short sellers be charged a huge amount of $$ (fair value of the spinco)"
No. Spinoffs trade for about two weeks in the When Issued market before the distribution is made, so short sellers can cover by buying the new shares there.
"My brokerage shows the dividend ex div date of 05/17/16 to be .5986 yet the recent meeting announced a dividend of .82 per share. Which is correct?"
"Also, is the dividend adjusted to reflect the foreign taxes?"
The only adjustment made for foreign withholding is the amount credited to your account. The dividend rate paid by the company will always show as .82 USD.
"I might have bought more on the dip into 70's if I had realized today is the ex day."
Today is not the ex-date. Tomorrow is the ex-date.
"buy 1 day before the ex date of the 12th and own through the record date of the 16th"
NO! You need to study up on how it really works. Yes, you have to buy before the ex-date, but NO, you don't have to hold through the record date.
Do a google search for Dividend Date FAQ:
Question: Do I have to hold the stock through the record date to qualify for a dividend?
Answer: No. A stock need be held only until the ex-dividend date to qualify for the dividend. Buy the stock before the ex-dividend date and sell it on or after the ex-dividend date and you will qualify for the dividend.
Only with mutual funds do you have to hold through the record date to get a dividend. Individual stocks don't work that way. Maybe you're confusing the two. If you're not confusing the two, then you're just plain wrong.
"you need to purchase today always the day before and hold through the record date of 5-16"
You don't need to hold the stock through the record date to get the dividend. If the stock is owned today, you can sell tomorrow and still receive the dividend.
"if you buy today and make sure sale settles on or after the Record date then you will be paid on the payment day of 5-25"
No. A purchase has to settle on or before the record date, not on or after the record date, or a sale has to settle after the record date, not on or after.
"you will be getting stock in a new reit, without losing any stock from HCP"
You'll still have the same number of shares of HCP but are you not aware that the value of the spinoff will be deducted from the stock price of HCP on the distribution ex-date? Owning two stocks with a combined value of the old HCP isn't a bonus. If somebody gives you two fives for a ten dollar bill, do you consider that a bonus?