Fidelity incompetence?

[Kaliboo]

FYI.  I placed my dissent yesterday.  Many long waits on the phone while the first level guy talked to the Reorg department.  The guy comes back and says "no action is required"  that the meeting is just for info.  Upon my insistence he's about to connect me to the reorg person and I tell him that she doesn't know what she is talking about and I do not want to talk to her.  I told him several people have already done this through Fidelity and to go find me someone who has already done this.  Finally after a long wait a guy gets o n the line and I tell them what I want.  I got an email reponse that it will be done by Monday.

This incompetence is nothing new from Fidelity.  I suspect it was someone new who just didn't give a XXXXXXXX.  I get this fairly often on nontypical things whether it be from the brokerage side, the workpalce benefits group or ANY other department.  And I'm a supposedly preferred customer.

When I retired they really screwed up and dropped my retiree health benefits and told me I misssed the signup deadline.  Not true.  It was eventually corrected after much angst.

Anyone else having similar bad experiences with them?

[jft310]

Fidelity does not let you talk to the report dept without someone else on the line
We call in and identify ourselves and explain what we want to accomplish. Most times the person on the line has never heard of a dissent. I ask to speak to the reorganization dept and they get a person on the phone. They usually have trouble finding the right corporate action without giving them the final dates. Waiting time is usually 25-45 minutes from front to back to get the task completed. Fidelity does offer a tracking service which allows you to see the status of your request as its moves to Yukon . Its takes 3-5 days to get a delivery confirmation.
Schwab was much more accomodating and quicker. Fidelity was free and Schwab charges $500 total dollars

[wapitidropiti]

Fidelity does not let you talk to the report dept without someone else on the line We call in and identify ourselves and explain what we want to accomplish. Most times the person on the line has never heard of a dissent. I ask to speak to the reorganization dept and they get a person on the phone. They usually have trouble finding the right corporate action without giving them the final dates. Waiting time is usually 25-45 minutes from front to back to get the task completed. Fidelity does offer a tracking service which allows you to see the status of your request as its moves to Yukon . Its takes 3-5 days to get a delivery confirmation. Schwab was much more accomodating and quicker. Fidelity was free and Schwab charges $500 total dollars

Td Ameritrade was reluctant at first but agreed to get the dissent process done for me for $400. I did it Kaliboo. May God help us all.

[jft310]

Don't forget Phil dissented last time and they say will dissent again. If so we have a Tiger in our tank. This works if the deal passes.

[Li'loilady]

The RayJay process was swift and clean.  I think I'll check with the IOC attorney in Whitehorse to verify my statement  ;-)

[jft310]

Our Vancouver lawyer states Interoil will be looking for ways to disqualify dissenters .
He stated you do not have to vote as a dissenter. But if you vote you must vote no. Further he stressed you must dissent on all your shares . Interoil may ask you to send them a letter verifying you dissented on all your shares . Ownership in a separate registration which has incidents of ownership would disqualify you . If disqualified you receive the Exxon deal . My wild guess last time we had 5 million shares dissented. I guess we move the needle to 7 million this time . No real way to estimate that number . Not everyone will vote strange as that may be but it's reality . Twenty some million shares will vote yes which carries the Day is another wild guess

[Kaliboo]

FYI.  I placed my dissent yesterday.  Many long waits on the phone while the first level guy talked to the Reorg department.  The guy comes back and says "no action is required"  that the meeting is just for info.  Upon my insistence he's about to connect me to the reorg person and I tell him that she doesn't know what she is talking about and I do not want to talk to her.  I told him several people have already done this through Fidelity and to go find me someone who has already done this.  Finally after a long wait a guy gets o n the line and I tell them what I want.  I got an email reponse that it will be done by Monday.

This incompetence is nothing new from Fidelity.  I suspect it was someone new who just didn't give a XXXXXXXX.  I get this fairly often on nontypical things whether it be from the brokerage side, the workpalce benefits group or ANY other department.  And I'm a supposedly preferred customer.

When I retired they really screwed up and dropped my retiree health benefits and told me I misssed the signup deadline.  Not true.  It was eventually corrected after much angst.

Anyone else having similar bad experiences with them?

The next issue that may come up is "withdrawing one's dissent."  This is where a lawyer is really needed.  The YBCA 193 law speaks of dissenters being able to withdraw their dissent, but what get's really vague is how does one ensure they beat any deadline for withdrawing dissent.  And is it the date the notice of withdrawal is "sent" by one's broker or is the date it is "received" by IOC?

When the court makes a final "order" my understanding is it is too late.  Anyone have any expert/quasi expert knowledge on how to get this done before it is too late?  Just in case.

[Li'loilady]

Short story?  Received by IOC's Whitehorse attorney by February 21.

I spoke with one of Phil's attorneys, John Christian, on this very question.  A notice to rescind one's dissent must be received by IOC's attorney in Whitehorse just before the deal actually "closes" i.e., 1-2 days after the Yukon court approves the deal. Per the  MIC, IOC's post vote court date is Mon. Feb. 20.  Normally, a deal can be approved by the court the same day.  Then, 1-2 days to complete the filing and transfer type stuff.  However, "normally" might not occur in this case.  Phil may well be there with some kind of case to be made.  Even if Phil were not there, considering the history of this deal, the Supreme Court might want to take a few days to review this deal anyway

.

So, Feb. 21 is the earliest possible deadline.

[ppt]

I wanted to ask if anyone on the forum has a current wording of a dissent letter they could share? I asked Wells Fargo to do it on Friday but they wanted $900 and indicated they would likely not get it out on time. I'm trying again today but suspect I will end up needing to write one myself quickly.

[oliver.gump]

I wanted to ask if anyone on the forum has a current wording of a dissent letter they could share? I asked Wells Fargo to do it on Friday but they wanted $900 and indicated they would likely not get it out on time. I'm trying again today but suspect I will end up needing to write one myself quickly.

Your letter to your broker only needs be a simple one, eg:

{step 1}

Dear [Broker Name],

Please notify InterOil Corporation that the following beneficial owner of InterOil shares held by your firm dissents from the proposed Plan of Arrangement with ExxonMobil, to be voted on by InterOil shareholders on February 14, 2017:

Beneficial Owner:     [Your Name]
Total number of shares held:    [Number Of Shares You Hold]
Total number of shares dissenting:   [Number Of Shares Dissenting]  {this will be the same as the number of shares you hold - You cannot dissent and not dissent at the same time}

According to InterOil's Management Information Circular dated January 16, 2017, the deadline for notice to InterOil is 4:00PM, EDT, February 10, 2017, and the address for notice is:

InterOil
{Get the address from the InterOil Management Information Circular.}

Please notify me immediately if you require any further information or documents to provide this notice to InterOil

Regards,

[Your Name & Sig]

{step 2}

Then your broker needs to prepare a letter with the help of Cede & Co. and send that to InterOil at their contact address you obtained from the MIC for the letter to your broker. (above)

The MIC is on the InterOil website at this address:

http://www.interoil.com/exxonmobil-transaction/proxy-materials-information/