You earn the $4.00 dividend if you own the stock on or before 12/17
"It then goes ex-dividend on 12/28"
"You do NOT get the dividend if you buy and your funds are not settled by 12/17 EOB."
That's not true. You get the dividend if you buy anytime up to, and including the payment date of 12-27. As with any dividend, buy before the ex-date, get the dividend. Beginning Thursday, the 13th, the stock will be trading with due bills attached, which obligates the seller to forward the dividend to whoever owns the stock as of the close of trading on the payment date, the 27th. That's why the press release says shareholders of record as of 12-17 will be paid the dividend -- but if they sell before the ex-date of the 28th, they have to forward the dividend to the buyer.
"If I own the stock on the 27th and receive the dividend, can I put in an order to sell on the 28th without any loss of dividend?"
Do you really think it's that easy to game the system?
You can try. But because the price of the stock will be reduced by about the amount of the dividend at the open on the 28th, your chances are not good. But that's not to say it couldn't be done. Two big dividend payers this month have recovered from the dividend price adjustment by the end of the ex-date, so it's not impossible.