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Legalease
Legalease, Lawyer
Category: Legal
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Experience:  15 years exp all aspects of general law
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I would like to know if I was issued a stock cirtificate from

Resolved Question:

I would like to know if I was issued a stock cirtificate from a company that I had worked for 6 years but was laid off along with 67 other employees last April 9th 2009. Before I had left, the stock was valued at 1.87 a share. I would like to be paid off for these and need to know how to proceed.

Robin Kovach
Submitted: 4 years ago.
Category: Legal
Expert:  Legalease replied 4 years ago.

Hello. You need to contact the human resources department or personnel manager to put you in touch with the brokerage company that handles the company stock. They should be able to tell you who the company is and then that brokerage company will send out appropriate paperwork for you to cash it in. If the company is in bankruptcy then you need to contact the bankruptcy court where the case was filed (clerk's office) to make a claim against the company as a creditor in bankruptcy.

 

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Customer: replied 4 years ago.

what if I cannot get the name of the brokerage from anyone at my past employment ? Legally do they have to give me that?

 

- the stock cirtificate reads "Class B Common shares"

 

Can the company for any reason freeze this so that no one can cash these in?

 

Expert:  Legalease replied 4 years ago.

Hello again and I am sorry for the delay. How large was the company when these certificates were issued? Do you know if the stock is/was publicly traded (if you had information regarding the value of the stock when you left the company, you accessed it somewhere).

 

Finally, what state do you live in now and do you know where the company was located at the time the stock was issued?

Customer: replied 4 years ago.

Hello, the company had 60 retail stores in Southern Oregon. The stocks were private - it was a privatly held company.

I was a director in the Operations end of the company and I was told at the Feb. all company meeting that the shares were at 1.87 a share - that was in Feb. 2009.

I live in Oregon now near Portland and the company corp office is located in Brookings Oregon. I am not sure there is, but what if there is a freeze on the stocks, would I still be able to cash them in?

Expert:  Legalease replied 4 years ago.

Hello -- even privately held companies are required by law to keep accurate books & records of all stock transactions in the even that Federal or State regulators show up to inspect the books. They can issue "freezes" on payouts of the stock because they may need to raise money for some reason (loan repayments, property build-outs, etc) -- but they cannot freeze it forever (a bankruptcy court, however, can freeze accounts as part of a corporate restructuring, and the court can also set the guidelines for redemption). Finally, the procedure for redeeming the stock is also held at the company headquarters. If you really do not wish to speak to anyone at the company, then you should contact the Oregon Division of Finance & Corporate Securities, which is a subdivision of Oregon's Department of Consumer and Business Services -- that state agency is like the U.S. Securities & Exchange Commission -- they oversee corporate activity in Oregon (every state has such an agency). Here is a link to their website where you can access contact information and arrange to speak with someone regarding this: http://www.cbs.state.or.us/dfcs. They should be able to work with you regarding the redemption --- however, if the stock was issued many years ago, it may be difficult if not nearly impossible to get a cash payout from it.

 

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Legalease, Lawyer
Category: Legal
Satisfied Customers: 14461
Experience: 15 years exp all aspects of general law
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