Strike,

Not a dumb question, but here's a dumb answer:

My TD Ameritrade 'corporate action' manager told me (i.e., if I didn't misread him) that there are some U.S. brokers, even though they don't yet have the shares per the DTC, will allow their clients to trade those shares as the brokers anticipate getting them in a reasonable amount of time. As this manager suggested, TD Ameritrade's policy of not allowing clients to trade those shares not held by Ameritrade, protects the clients in the event the shares don't materialize via the DTC, or in the event that the share price plummets following purchase, they don't what clients to be in a position where they'd overpaid....or something like that.

I told you this was a dumb answer.

Hey! The guy at Ameritrade might as well have been trying to explain the molecular composition of the upper atmosphere on the planet Neptune, for all I know. Anyway, I've been promised daily email updates from him from the planet Earth.

B