Saturday, April 28, 2012
$130 Million for a Collectable Stock Certificate
A man who bought a collectible stock certificate of the Palmer Union Oil Company for less than $5 thought he became a multi-multi-millionaire, as he discovered that the company was subsequently taken over by a series of companies which was eventually taken over by Coca Cola. The family of the man filed suit on behalf of the man's estate against Coke claiming the certificate was worth $130 million. Later, the family's attorneys amended the suit to $12,000 to $15,000 due to reverse stock splits that were not taken into consideration. However, Coca Cola responded that the collectible stock certificate is totally worthless. One of the main reasons was that the certificate was stamped Canceled. The family is lucky that the SEC didn't go after them for trying to pass off a stock certificate that was clearly cancelled as one that is redeemable.