RE: As I mentioned before.....While technically you may be right, try telling that to the shareholders of NWI before it spun out NI. The shares of NWI dropped dramactically after the spinout, and the shareholders were not able to access the shares of NI for a period of 3 to 10 days depending on the brokerage house. When the brokers and company were called, there were no great answers forthcoming. I'm not trying to incite panic here, I'm just trying to keep it real. Do not expect everything to go all rosy with no bumps on the spin-out. I do not know of one company that has not had problems distributing the shares for immediate trades. It just ain't that easy folks to take ALL of the shareholders of record at the close of trading on day and distribute new shares in a NEW COMPANY to them, all by the open of the next day of trading. It just is not possible when they are dealing with the # of shareholders and the number of brokerage houses. While the new company will probably be trading that next day, your shares will not be. Hope this helps, I know from experience.