Rights of untendered shareholders

[George23]

What is the name of your state? California

After my father passed away, I checked the California State Bureau of Unclaimed Property and found that there were some shares of stock under his name. The shares of the company were acquired in 1996 in a cash merger (his shares were worth $5000), but obviously, my father's shares were not tendered. Since then, the merged company was bought by another company. Is there any possible chance of recovery of the funds? Is it worth my time? Can and would a brokerage firm help me?

Thank you.

 

[Dandy Don]

Are you talking about claiming the unclaimed funds from the State of California? A brokerage firm won't help with this. If your father had an executor when his estate was probated, that is the person to claim this money and distribute it to heirs. If the executor is not around anymore or there was no will probated, you can file for probate to get letters testamentary and this is what you will present to the State of California Unclaimed Property department.

DANDY DON IN OKLAHOMA ([email protected])

 

[abmyers]

Um, I'm not sure what Dandy Dan is talking about, but you need to find out who the transfer agent is for the firm that bought the firm that your dad owned shares of. That firm should have records of whom owns shares, who has tender offers, warrants etc. Now likely, unless you are named as a beneficiary to the holdings, the shares will be granted to your father (his estate) in which it will go through his Will/Probate/Trust.

The executor of his estate is not going to have a clue what you are talking about.

 

[George23]

I'm glad I checked back. Thank you abmyers and Dandy Don for your advice!