Exxon dissenters Offer FEDEX delivery today

[2126]

Regarding the W-9 that US taxpayers are required to complete if accepting the Exxon dissent offer: One is only subject to the 28% backup withholding tax if they have previously been notified by the IRS that they are subject to such backup withholding for a prior failure to report all interest and dividend income to the IRS. Signing the W-9 provides a certification that the signer is NOT subject to backup withholding.

Regarding those dissenters who were beneficial shareholders [ie. held their shares through a brokerage, which was the actual registered shareholder], such dissenters must obtain the physical dissenting shares certificates from their brokerage [who will obtain it from the Depository Trust Corporation]. Such dissent certificates must be surrendered to Exxon, along with the signed Settlement Agreement and Release, and the completed Appendix page [for address and identification purposes] and a completed W-9 for for US taxpayers.

For dissenters who held shares registered in their own names, they must also surrender their dissenting shares certificates to Exxon in order to accept the Exxon dissent offer [and also provide a signed Settlement Agreement and Release, a completed Appendix page, and a completed and signed W-9].

[Palm]

Excellent points to make 2126 and a good reminder to those who dissented or were not able to rescind their disssent. There are several very important steps that must be understood and taken to work through the disssent process. One should be an attorney, be represented by one or make sure and thoroughly read/understand all that is required.

[jft310]

Actually John Christian recently Wednesday verified the Paradigm Capital work and they had a copy and would use that report vs Exxon . The Paradigm work showed a value of at least $90 and John and Wendy who beat Exxon in the Yukon Courts feel pretty good about their chances . Or being a dissenter looks pretty good right now .
Think Phil got tired of paying lawyers and put his lot in with the US class action lawyer.
My take is the Yukon Courts stated the deal substanially under valued the assets . Investors don't have to convince a court the values are wrong . There is a difference in Fair Market Value and Net Asset Value . Net Asset Value is higher . Dissenters get a shot at the Canadian Court work and again in the class action law suit . Some type of adjustment would be made in the dissenters award vs the US award . In a dissenter award Exxon can not require the dissenter to give up their right to further sue , a US investor just has to prove harm per the US law firm .

[Palm]

Exxon/Buyer is not the one who who "requires the ddissenter to give up their rights to further sue." Many or most states/provinces have statutes regarding the rights and limitations of dissenting shareholders. Many or most state that once a shareholder dissents, he/she loses his shareholder status and all of the rights that come with it, including the right to further relief through lawsuits.

The agreements signed as part of a final dissent settlement state this so that the dissenter has clear language and understanding that they have forfeited rights as part of the dissent processs. You stated this yourself at one point. One needs only use tools such as your law360, etc. to find these statutes and the cases behind them. Forewarned is forearmed.