I have a dumb question for anyone out there who knows about stocks. I was just going through some old papers and discovered a stock certificate in my name for one share of Libby, McNeill & Libby that, apparently, my grandparents purchased for me the day I was born. From what I can tell, Libby was bought out by Nestle in the 1970s. The stock is actually in my late mother's name as custodian for me under the California Gifts to Minors Act. Is my one share worth anything? If so, how do I go about redeeming it?
5 thoughts on “Dumb Stock Question”
I think it depends on what the terms were for the buyout and anything like stock splits. Possibly you could hold several shares of something else. And accrued dividends! I think when they can’t find you to pay dividends, they are reinvested into stock-I had a childhood stock-same Gift to Minors act like that. A licensed stockbroker can research it for you.
Lee, if a company was bought out, the first step is always to try contacting Investor Relations at the company that took over. I found the address email@example.com on Nestle’s web site. While you’re at it, you could also try contacting IR at Seneca Foods, which apparently has some connection to Libby as well. Good luck — my grandparents bought stock for me too, and it made me into a lifelong investor. Let us know what happens!
You can also check with California’s unclaimed property division. If a company hasn’t been able to contact you, they will file the dividends/stock split certificates, etc with the state. The state then holds it for the owner until it is claimed. Here is the link to California’s unclaimed property site: http://scoweb.sco.ca.gov/UCP/Default.aspx
If you want to check other states you or your relatives may have lived in, launch the individual state sites from here: http://www.unclaimed.org/
I’ve found money out here from two states I’ve lived in. A friend of mine found some stock that turned out to be worth quite a bit!
Lee, I came up with the same email address as twitter.com/trow125 did: Investor Relations at Nestle’s head office in Vevey, Switzerland: firstname.lastname@example.org–they will be able to look up all the transactions regarding Libby for you.
My dad bought some shares for us when we were kids, and it was great fun.
Nestle got back to me…apparently my share is worth a staggering…