9/25/2016 updated to add:
Quote:
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If your guild/raid does not kill the FTE'd target within the allotted hour, when that hour expires, the target is considered open (not engaged) and can be FTE'd by anyone, and then that guild/raid will have an hour to make an attempt at killing the mob.
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edit* - this is not a new rule. this is a clarification of an existing rule.