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Marcus Parker
Marcus Parker, Attorney
Category: Bankruptcy Law
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Experience:  practicing attorney including bankruptcy
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I have a stock certificate for 150,000 shares of my former

Customer Question

I have a stock certificate for 150,000 shares of my former company. It filed bankruptcy, fired me, and opened same business under different name and new owner. The new owner is trying pay off a loan to me, but a condition is that he wants me to relinquish the stock certificate. I thought the old company stock was worthless and that is of no value. Why is he trying to get it back?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Marcus Parker replied 6 years ago.
A corporation doesn't normally file a Chapter 7 bankruptcy. I suggest you double check on whether it filed for protection under bankruptcy and what was the result. It is possilble that it filed under Chapter 11 and that it has worked through the plan, in which case the stock may have some value.
Customer: replied 6 years ago.
It was a chapter 7. The owner and his spouse filed and the company, too, in the form of "owner doing-business-as". That way the new owner acquired all assets at private auction. He got 600,000.00 of debt erased and re-opened in slightly different name. I was fired as new owner took my job and he kept previous owner on as employee. He convinced previous owner to do this and was a huge relief to previous owner, plus he gets paid now more than ever as part of the new owner's plan to keep him on. It was one way of making life sweeter for the guy who was kinda talked into filing 7. (He got to keep job at higher salary, he gets rid of all collection calls, but he had to go thru embarrassment of filing 7).

Now, do u still think my stock is worth something? New owner really wants it back.
Customer: replied 6 years ago.
It was a chapter 7. The owner and his spouse filed and the company, too, in the form of "owner doing-business-as". That way the new owner acquired all assets at private auction. He got 600,000.00 of debt erased and re-opened in slightly different name. I was fired as new owner took my job and he kept previous owner on as employee. He convinced previous owner to do this and was a huge relief to previous owner, plus he gets paid now more than ever as part of the new owner's plan to keep him on. It was one way of making life sweeter for the guy who was kinda talked into filing 7. (He got to keep job at higher salary, he gets rid of all collection calls, but he had to go thru embarrassment of filing 7). Now, do u still think my stock is worth something? New owner really wants it back.
Expert:  Marcus Parker replied 6 years ago.
You ask if I "still think" the "stock is worth something". I don't know whether it is worth something or not, but am trying to come up with a reason why, as you suggest, he thinks it is worth something to him. Perhaps, if he didn't list the $25,000 debt, or if he believes your information about the corporation could come back to haunt him, he wants to eliminate the possibility that you could somehow attack his bankruptcy discharge after the fact.

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