Help Please! What ever happened to the Special reward for tendering our shares?
What ever happened to the one time special reward payout for the shares we tendered for $30 several months ago? My Etrade account still shows I tendered 500 shares but I never received the special incentive to tender.
Etrade says ICan did not full fill this special reward for tendering our shares.
Anyone here anything different. What is ICAN waiting for?
Any help is appreciated.
From an Icahn press release on May 15: "As previously disclosed, we have attempted to find buyers for the company without success. While we believe that prospective purchasers of the company may be found during the 60-day sale process, no assurances can be given that any offers will be forthcoming or that a transaction will be completed during the 60-day process or during the subsequent 13 months. If that is the case, the contingent value rights will expire worthless."
You still have your 'special reward' for tendering (the contingent value rights) - but they aren't worth anything unless the entire company is sold for more than $30/share before next summer. At this point, Icahn has no incentive to make that happen - to the contrary his economic incentive is to wait till some time after the 13 months is up (he'll probably wait a bit more than that to try and avoid lawsuits) and then sell the company and keep any gains above $30/share for himself.