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About 20 years ago or so we bought 100 shares in MCI, the phone company. Then, their name changed to WorldCom, Inc. In 2002 there was a big scandal about them, and how they cooked their books, and they filed for bankruptcy. In cleaning our office I found the stock certificates (which I've kept), one for 100 shares, and one for 4 shares. When I google this stock it says that it is worth about $19/share, if I am doing that correctly. What shall we do about this? Are these stock certificates worth anything, and if so, how should we go about it? Any advice would be greatly appreciated.
I don't know anything about your particular stock, but if the company did reorganize under bankruptcy, chances are good that your stock is worthless and the company has since started over with new stocks.
This happened to me back when the auto companies were getting bailed out by Obama. I bought a few hundred shares of GM stock when it was only a few bucks a share. Then the company filed bankruptcy and all of the previously issued stocks went to void and nill, and they started over with new stocks, which are now worth $41 per share.
About 20 years ago or so we bought 100 shares in MCI, the phone company. Then, their name changed to WorldCom, Inc. In 2002 there was a big scandal about them, and how they cooked their books, and they filed for bankruptcy. In cleaning our office I found the stock certificates (which I've kept), one for 100 shares, and one for 4 shares. When I google this stock it says that it is worth about $19/share, if I am doing that correctly. What shall we do about this? Are these stock certificates worth anything, and if so, how should we go about it? Any advice would be greatly appreciated.
You could try Computershare to see if they are the transfer agent for MCI. May be possible they are a subsidiary of WorldCom. These days most companies have a transfer agent to handle their investor services. Not many stocks with certificates left.
If you don't have a broker may be possible to sell shares via the transfer agent. They will charge a fee for the service & mail you check. The transfer agent could also be contact if you get any reports or other company information. You most likely would need to surrender the stock certificate to prove you are an owner.
If you know your cost 20 years ago maybe claim the loss or gain for your taxes.
About 20 years ago or so we bought 100 shares in MCI, the phone company. Then, their name changed to WorldCom, Inc. In 2002 there was a big scandal about them, and how they cooked their books, and they filed for bankruptcy. In cleaning our office I found the stock certificates (which I've kept), one for 100 shares, and one for 4 shares. When I google this stock it says that it is worth about $19/share, if I am doing that correctly. What shall we do about this? Are these stock certificates worth anything, and if so, how should we go about it? Any advice would be greatly appreciated.
The good news is, since you didn't sell you haven't lost any money. {couldn't find the sarcasm font for this}
It's deductible in the year it becomes worthless, not 20 years later.
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