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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I own common shares in a privately held company (iWatt Inc

Resolved Question:

I own common shares in a privately held company (iWatt Inc / Delware).
They are being purchased by an overseas publicly held company (Dialog Semiconductor Plc / England ).

The deal was made July 1, 2013. I saw the press release and inquired about information on price/share/how to sell my shares. I was told a package was being sent to me.

The package arrived Friday, July 12, 2013. Enclosed are two pages I must sign and return:
- Stockholder Waiver
- Stockholder Golden Parachute Consent

The notice states *both* signed sheets must be returned by Monday, July 15, 2013, or I put my equity at risk.

That I received the package on FRIDAY, and must return it by MONDAY seems unethical - at best. How am I supposed to be expected to have time to review, consult with my financial and legal consultants, and make an informed decision?

Is this legal on the part of the company board of directors?

Thanks.
-Joe
Submitted: 1 year ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 1 year ago.
Thank you for your question. Please permit me to assist you with your concerns.

If I may ask, what/when was this document sent out to you? I realize that you received it on the 12th, but when was it forwarded to you for review?
Customer: replied 1 year ago.
It was sent via FedEx express one day prior - Thursday, July 11.

Thanks,
Joe
Expert:  Dimitry K., Esq. replied 1 year ago.

Joe,

Thank you for your follow-up. There is nothing illegal about sending a document with such a quick turnaround. However there is likewise nothing they can do if you take more time. As this is a very serious decision and one that may require attorney evaluation, state in writing that their short offer period is unreasonable, and if they do not grant you reasonable time (3 business days) to review with counsel, you will consider they behavior to be in 'bad faith'. Again, it is not illegal as to what they are doing, but I must be honest and state that their behavior appears ot be highly suspicious as it is based on coercing a response from you before you may have had time to conduct research.

Good luck.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 36909
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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