I have two Capital Stock Share Certificates which I've
I have two Capital Stock Share Certificates which I've inherited from my Grandfather, One Certificate is dated 1917 and is for 2 shares at $25.00 each. The other Certificate is dated 1920 and is also for 2 shares at $25.00 each. The certificates show an authorized capital of $50,000.00.The company name on these certificates is "The Farmer's Elevator and Exchange of Wapello, Iowa".Which is still in business as "The Farmer's Elevator and Exchange of Wapello, Iowa" and estimated gross income of 20 million or more annually.I've contacted the company via email with a letter inquiring on what the value of my certificates is as of now and what is the process for redemption of the certificates. Following is the letter I received in response to my inquiry...Dear Mr. Merri, August 23, 2016We will certainly research your matter further. What we can share with you at this time is about 15 years ago all information of any currently active certificates had been electronically filed in our accounting database. There is no electronic information for either stock certificate number 83 or 290; or the last name Scheffelbein or Merri. Any physical, archived records of sales or transfers of certificates by Farmers Elevator & Exchange are held in our office safe, which is currently inaccessible for approximately 1-2 weeks due to office remodeling. When we regain access to our office safe, we will research any sales or transfers of these certificates we have available.In regards ***** ***** certificates current value, the shares are not sold or purchased by Farmers Elevator & Exchange. Shares are recognized by Farmers Elevator & Exchange as having a par value of $25.00, although we have received notice of shareholders selling them from between $40.00 and $100.00 per share. Any sales of shares are handled by the current shareholder and reported to Farmers Elevator & Exchange for the purpose of issuing a new share to the new shareholder. Farmers Elevator & Exchange will post the contact information of shareholders wishing to sell their shares in the Farmers Elevator & Exchange Office, on the Farmers Elevator & Exchange homepage, and via Farmers Elevator & Exchange social media pages. Please refer to the attached email correspondence from October 5, 2015 regarding the process of posting a share for sale.Once again, when we regain access to our records we will be in contact regarding any information about the sales or transfers of stock certificates 83 or 290.Sincerely,Management TeamFarmers Elevator & Exchange, Inc.105 Highway 61 NP.O. Box 65Wapello, IA 52653Ph:(###) ###-####| Toll-Free:(###) ###-####| Fax:(###) ###-####***@******.*** | www.farmerseande.comThe company's response doesn't make any sense to me. Am I wrong in my thinking which is I have 4 shares issued in 1917 when the company began and in 1920 valued then at $25.00 per. The company's authorized capital was $50,000.00. Simple math tells me 2,000 shares where issued which would mean my 4 shares represent an ownership of .2% of the company back in 1917 / 1920. Now I would imagine by legal definition alone that my certificates represent .2% ownership of the company today. Although now the company has 62,000 shares issued.Do these certificates not represent .2% of the company as of today? And as there hasn't been dividends payed on them that money should be owing as well?
I invested $8000 in a personal training business as a silent
I invested $8000 in a personal training business as a silent partner. The actual partner quit and walked away due to her inability to pay the rent. Can I sell the training equipment (which I actually paid for) in order to recoup some of my investment ?
I own an S-corp for my band/music business and decided to
Hi! I own an S-corp for my band/music business and decided to make one of the band members a co-owner 51/49%. Trying to find out the best way to do this. We're a young company and not making money yet.JA: What state are you in? And have you consulted a local attorney?Customer: CAJA: Has anything been officially filed? If so, what?Customer: I just started consulting with a friend, he suggested starting a joint venture separately from the S-corp but that seems so complicated. No we haven't even drawn up a contract yet because we don't know the best way to do this:) Right now I own the S-corp since the past two years.JA: Anything else you want the lawyer to know before I connect you?Customer: That's about it!
I met a guy on a trading forum. He is a big trader and had
I met a guy on a trading forum. He is a big trader and had good reviews. I asked him to design him a options trading system for me. He charged me $5000 which I paid. He gave me the trading system report and also offered to trade my IRA account for 1 year to show me live how it makes profit. I was elated at the prospect of a big trader trading for my account.He also said he has a hedge fund trading exotic options in Europe and he would give me a chance to invest with him. I gave him $10,000.During the one year period, my IRA account was reduced to 10% of it's value of 20K with his trading. Next, he told me his partner in the hedge fund ran away with my 10k but he will give back from his own pocket. He gave me $2000 over a period of 6 months and now, not even responding. Clearly, this is a fraud. What options do I have to recover my money? I know his name and address. He even gave a letter to my employer that he is managing my IRA with his signature. All that seemed like he was legit.
I am a founder and president of a non profit organization. I
I am a founder and president of a non profit organization. I truly need to protect what I've started. The officers are asking that we have a 3 year term of office, however I've invested time, my own person money to help the organization grow. How do I protect what I've started?JA: Can you tell me where the nonprofit is registered?Customer: Chicago, IllinoisJA: Has anything been officially filed? If so, what?Customer: Articles of incorporation, but no by laws yet!JA: Anything else you want the lawyer to know before I connect you?Customer: I think that's all
I am a shareholder in a small business which turns over
I am a shareholder in a small business which turns over about £250,000 per year. One of the directors has agreed to sell his shares of 25% in the company for £10,000. This is a very low sum even taking into consideration that the company is not doing as well as it has in the past. He will be leaving the company as part of corporate restructuring and general agreement of all parties.The remaining majority shareholder will have just over 50% of the company once this restructuring has taken place and will be keen to buy out other shareholders while the value of the shares are low, in an effort to seek investment at a later stage with him owning a larger shareholding.My question is are the other shareholders legally obliged to sell at a value similar to the £10,000 at any point or can we hold onto our shares until there's investment and growth in the company some years down the line? As I understand it there are standard drag along and tag along rights.
We want to know about a company by the name of Commercial
We want to know about a company by the name of Commercial Funding International LLC located in Portland, Oregon. The principal is Aurthur Jerry O'Neill and the number is(###) ###-#### Email address is***@******.***. Website link is www.commercialfundinginternational.com.
I recently opened up an LLC for my travel business. Can you
I recently opened up an LLC for my travel business.Can you please share with me what types of items I can charge to my business credit card?May I charge/write off: *meals/coffee with clients *gas to/from meeting clients *home office repairs.My business is out of Illinois.
A few years ago I bought a friend's house from him so his
A few years ago I bought a friend's house from him so his lender could not take it. He'd strategically defaulted, failed to put his payments in a safe place while trying for a loan mod, failed to get one, and was looking foreclosure right in the eye.Our written deal was that he would pay a rent that amounted to 7% APR, as well as all expenses: insurance, tax, maintenance. In one year, he would buy it from me for 11% more than I had paid. The rent is probably about half the market rent; that was simply a mistake on my part. I didn't know the market and was happy with the exchange because of the 11% to to be forked over later on. We are now in year 3. He has done everything according to contract except buying the place. He's been waiting for his credit score to improve so he can buy it outright. I haven't inquired as to the reason. It's down payment, or credit score, or both, I assume, not disinclination. With ten percent down, his loan payment would be 60% of the current rent. (Recently, he raised his rent to 8.7% APR; still below market.)Things have changed since I made the deal. The estimated market value of the property has increased since I bought it at just under market value. It would now sell for as much as 90% more than I paid for it. I don't think I have to justify wanting to sell it for market value but I will say I am hurting for money. Buying it was a mistake; not having the cash to heal various weather and tenant-inflicted wounds sustained in my rental business has been awkward.it's clear that he is in breach of contract, but the contract doesn't say what would happen if he failed to buy it from me a year after I bought it. Null and void?The one thing I'd consider other than selling it for a nice profit would be to set up a new deal as co-owners; sell him a share of it, in other words. I'd like to get what I paid for it. He'd own a 52% share of the house and he could reduce his rent by 52%. Then, when ever he wished to, he could reduce it to zero by buying the other 48% from me.There's a risk that the market will fall and not be able to get up, of course, but I'd have my purchase price refunded (with possible tax consequences) and still have an okay return compared to returns from other uses of the money. The value of this house not a king's ransom, by the way. You might get a Lamborghini for what I paid for it.I think my unwillingess to up and sell has to do with my friendship with the guy. I do like him and he was an incredible help to me when I was new in town, and still is to this day; he's a contractor.I don't foresee the kind of problems that can't be solved with my purchase amount in the bank, which is enough to cover large expenses as they pop up for many years, so keeping a part of it the property's value ”invested" at 8.7% a year is as good a strategy for the rest of the market value (48%) as any I can think of. Maybe I don't want it there for life, though.Any thoughts on my proposal? See some pitfalls I should be aware of?