" What was the key to knowing that the ex-date was after the record date?"
As I said, because of the value of the spinoff relative to the value of UNTD, the ex-date was required to be the first business day AFTER the distribution of the spinoff shares. Do a google search for "deferred ex-date" and click on the first result. Scroll down to the part that's headed "Dividends of 25% or More of a Company's Stock Price," more than halfway down the page. That's a really good explanation.
With cash dividends it's obvious when a distribution is 25% or more of a stock's price but with spinoffs or warrants or rights, sometimes it's not so obvious. The companies themselves rarely tell you in their press releases if a distribution will use a deferred ex-date but that's only because most companies' PR departments have never heard of them. All ex-dates are established by the stock exchange, not the company, so it's really not the company's responsibility to inform investors of the ex-date. After all, the establishment of an ex-date is a matter of stock exchange rules, and it's in no way a company's responsibility to educate investors on stock exchange rules. It would be NICE if a company told investors what the ex-date was going to be, and it does happen on rare occasions, but it's not their responsibility.
If there is any doubt about the ex-date for a spinoff or a rights or warrants distribution, check the CBOE. I've found that to be the most reliable source. Of course if the stock involved doesn't have options, that won't work, but most of the time it does. I just now looked and this case was addressed in CBOE Research Circular #RS13-559, dated Oct 14.
"This case only involve ex-right date."
Yes, which is tracked by due bills.
Due bills. Due bills. Due bills.
Oh, and as far as this stupid question :"Why they issued to the public on 11/1,11/4,11/5 and 11/6?" They did not. The company issued the rights on 11-1 only. It is the brokerages who execute the due bill process, with the due bill settlement date being today, 11-6. And this is the second time I've told you that, too. Is there a specific number of times you need to read the facts before they sink in? Ten? Twenty? Seven hundred and forty nine thousand times? Or are you completely hopeless? I suspect the latter.
"Answer my questions first."
I've answered your stupid questions over and over. You simply refuse to believe the facts.
One more time, simply because you are so persistent in your ignorance: This rights issue used a deferred ex-date. It is the due bills attached to all transactions in the stock from 10-29 through 11-1 that tracks the rightful owners of the rights. That you don't understand deferred ex-dates or due bills is your problem and yours alone.
"The name list of share holders on 11/1 only can be recognized after 11/6 and before market open on 11/7."
Yes. And in this case, that is the function of the due bills. Why are you so resistant to learn how the due bill process works? Is your ignorance impenetrable?
"Company only can issue STXSR to the shareholders on 11/1."
Yes. Which they did.
"Yet company must 100% sure that investor pay the money for what he bought on 11/1. So company won't know who is the real shareholder on 11/1 until 11/6."
Yes. That's why the due bill settlement date is 11-6.
"Company only can issue STXSR to shareholders account before market open on 11/7."
After the company distributes the rights on 11-1, it is the brokerage houses that execute the due bill process to assure that the rightful owner of the rights receives them. The company has nothing to do with the issuance of rights after 11-1.
"So it is illegal to trade STXSR on 11/1,11/4,11/5 and 11/6."
Absolutely wrong. By leaving out the due bill process, you've come to a completely bogus conclusion.
"Since the settlement date for buyers and sellers on 11/1 is 11/6, company should not issue STXSR to anyone before 11/7"
It's not the settlement date that determines who gets the rights, it's the ex-date. That's the ONLY purpose of the ex-date. And the ex-date was 11-4. 11-6 has nothing to do with who gets the rights. But apparently it has everything to do with what gets you hot & bothered.
"I was told a long time ago, you can't make sense to a stupid person.....that's why they are called stupid."
Yep. But it's kind of entertaining watching him flop around like a fish on dry land.
"Company should pay the loss of investors who bought STXSR on 11/1,11/4,11/5 and 11/6 and
Company should pay the loss of investors who bought STXS on 11/1."
It's not the company's responsibility to educate investors on stock exchange rules (specifically, in this case deferred ex-dates). That would be as stupid as requiring auto companies to educate drivers on state traffic laws.
This rights issue used a deferred ex-date. 11-6 has nothing to do with anything. Until you learn what a deferred ex-date is, you will continue to spout balony.
Do yourself a favor and do a google search for "deferred ex-date." There are lots of good sites that explain what that is.
"How can company knows that you didn't sell your STXS on 11/1 and give you STXSR before 11/7?"
Because all STXS shares traded beginning at the open of trading on October 29th through the end of trading on November 1st were sold with due bills attached. Those due bills obligated the sellers to forward the rights to the buyer of the shares. That's why anyone who bought STXS between 10-29 and 11-1 didn't get the rights on the distribution date of 11-1 but have to wait until the due bill settlement date of 11-6, which is today.
The use of due bills in rights offerings, spinoffs and stock dividends is well established, and the fact that you've never heard of them explains why you're so screwed up. You are completely wrong, totally ignorant, and look like a fool. Why don't you learn about due bills and deferred ex-dates instead of continuing to wallow in complete ignorance?
"1. On 11/1 price of STXS still has right. Settle down date will be 11/6. So STXSR should be issued to shares holder before market opened on 11/6."
Boy, you REALLY don't understand how stocks trade, do you? You're spouting complete nonsense. No, the rights should NOT be issued to holders as of the morning of the 6th. It is the ex-date that determines which shareholders get the rights, NOT the settlement date of trades made the day before the ex-date. That is a FACT. Your baloney is meaningless. Which means that any speculation derived from your misunderstanding is also baloney. Why don't you learn how stock trading and distribution dates really work instead of wallowing in ignorance? It would save you a of of time and anguish. Maybe even save you money.
"They can only issue STXSR to the shares holders on 11/4 not to the public on 11/1"
11-4 was the ex-date. 11-1 was the distribution date. Until you learn the difference, you're going to be mired in your current misunderstanding.
From the Chicago Board Options Exchange, Research Circular #RS13-591, " The subscription Rights will be mailed on Friday, November 1, 2013; and the Shares of STXS Common Stock will be quoted "ex-rights"
on Monday, November 4, 2013. "
The distribution date is the same thing as the mailing date, and both are the same thing as the payment date. You can cry "illegal, scam, ridiculous," and any other word that proves you don't know what you're talking about, but the distribution of rights follows well established stock exchange rules and the company has no say in how it's done. The word "ridiculous" describes your goofy claims of what's happened, not what really happened.
"STXSR only exist on 11/4 since ex-right date is 11/4."
No, the rights were issued on 11-1. The fact that the ex-date was 11-4 has no bearing on the existence of the rights. 11-4 simply determined which shareholder was eligible to receive them.
"Anyone know when you get your shares in FTD for owning UNTD prior to the cutoff date?"
That depends on when you bought the UNTD shares. If you bought soon enough to be a shareholder of record on Oct 10, you should have received the spinoff shares on Nov 1.
If you bought the UNTD shares on or after Oct 9, you will get the FTD shares on the due bill redemption date, which is Nov 6.
If you didn't/don't get the spinoff shares on the appropriate dates above, then either the transfer agent or your broker screwed up. It happens all the time.
"I"m not going to fight it anymore, but to be honest I can't see in the SEC filings exactly how this is spelled out."
It wouldn't be in the SEC filings because it's not a decision by the company. It's a matter of long-established stock exchange rules. The company had no choice in the matter. Because of the value of the spinoff relative to the value of UNTD, the ex-date was required to be the first business day AFTER the distribution of the spinoff shares.
Having the ex-date after the record date happens dozens of times every year, but if you've never seen it happen before, it's guaranteed to catch you by surprise.
I just realized that you are confusing dividend dates for mutual funds with dividend dates for individual stocks. If AAPL was a mutual fund, then yes, today would've been the ex-date.