Tuesday, June 17, 2014

Galt.io Update: June 17, 2014


If you recall, in our June 9 Update we mentioned there were two market correction actions that had yet to be taken:
  • Removal of the inability to collect dividends with a pending sell order
  • Adding a 40% rule
We removed the pending sell order dividend eligibility rule on June 11 and today we implemented the 40% Rule.

The 40% rule is related to dividend collection eligibility. If a member owns more that 40% of a Public cause, dividends are not paid until their ownership is less than 40%.

Important Notes:
  1. Dividends continue to be paid while the cause is Private
  2. There is no limit to the number of shares a member can own in a cause
  3. When collecting dividends, if a member owns more than 40% of the shares in the cause, they will receive a message when they attempt to collect dividends:

    “You own XXXX shares. This is more than 40% of the shares in this cause. No dividend is paid due to the 40% rule.”

4 comments:

  1. I finally saved enough to start a cause. Now that I have, I can't get paid for my hard work. Bravo, at every turn you have ruined this site for me.

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  2. While we are trying to adjust our ownership of a cause without dumping shares on the market and trashing the cause valuation for other owners, you should allow us to collect dividends on our ownership up to the 40% of a cause. Also there needs to be a method to manage sell orders prior to implementing the 40% ownership rule. You've got the cart before the horse.

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  3. Thanks for your input. We continue to add features and will continue to adjust how the system works.

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