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As a result of various spin-offs and splits back in the feverish '99 tech stock bubble, we ended up with several tiny lots of stocks (two shares here, seven shares there) that are basically valueless. The only reason we held them was to avoid having to deal with the capital gains hassle at tax time (determining all the basis values is going to be the biggest PITA ever because the stock in the parent company that generated all these spin-offs was originally given to us as a gift). For a couple of reasons we've decided that it's now time to just dump all this stuff. At one point it was worth more than $40K and was meant to be the down payment on a house. Sadly, fate didn't work out that way. This is where we learned the true meaning of "diversified portfolio."
Here's my question (following in the vein of "it's not Saab-related, but you Saabers are all so smart and helpful that I'm sure to learn something of value here"): Going through the paperwork for all these companies, I found that every one of them at one point had sent a letter describing a "limited time, voluntary, odd-lot buyback offer" for small shareholders. As I said we didn't want to sell because the tax hassles will vastly outweigh the tiny amount of money we'll realize, but now it's time. And all these buyback offers, obviously, have expired. I found no information explaining the benefits of these offers or the penalties of attempting to sell without the protection of these offers. But surely I can sell the stock anytime, whether there is a buyback offer or not, right?? How exactly does one sell stock--through the transfer agent (Equiserve or whomever)? You can probably tell I've never done this before.
Any advice would be greatly appreciated...I'd offer you a percentage commission of the proceeds, but it would amount to only pennies... ;-)
Thanks!
posted by 206.40.162...
, Mon, 22 Nov 2004 10:30:27
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