MIL found old stock certificates... how to proceed?

[ElizK]

MIL found 400 shares of stocks that she had in her bank safety deposit box. The company has been sold a number of times, but it is still in business under a different name. How do we find out the value, and how do we sell them for her?

I told DH that someone on the Dis will be able to help us! Thank you!

 

[Geoff_M]

The paper itself might be "worthless" if the company was sold long ago. In the 1980's I bought a few shares of Penske Motorsports as a lark. I requested a hard copy stock certificate. A few years later they were bought out by ISC, which owns Daytona, in a stock swap. I was supposed to mail in my certificate and some paperwork to do the exchange. I didn't bother as the stock was only worth about $100. I assumed over time the stock was worthless.

Well, it sort of was... A couple of years ago my Sister-inlaw said she spotted my name on a list of unclaimed assets on the state treasury web site. It was for my stock. Basically, my stock was "cashed out" at some point and given to the state as unclaimed money. I had to file a notarized form to request the money. However, my guess is that there was probably a statute of limitations on the money and the state would have been able to keep it if some one hadn't noticed it and alerted me in time.

 

[Janepod]

MIL found 400 shares of stocks that she had in her bank safety deposit box. The company has been sold a number of times, but it is still in business under a different name. How do we find out the value, and how do we sell them for her?

I told DH that someone on the Dis will be able to help us! Thank you!

Talk to your financial advisor. If you don't have one, walk into an office of Schwab, Fidelity, etc. and explain the situation. You will probably have to open a brokerage account with them, but that's no big deal.

When I did my first banking internship, I worked on a project like this. It ended up netting the client like $70 grand. Lot of trouble to research the various name changes, stock splits, etc., but really interesting!

 

[The Mystery Machine]

MIL found 400 shares of stocks that she had in her bank safety deposit box. The company has been sold a number of times, but it is still in business under a different name. How do we find out the value, and how do we sell them for her?

I told DH that someone on the Dis will be able to help us! Thank you!

Make a call to the current company.

 

[doxdogy]

First make sure that the value of the stock has no been paid abandoned to the state. If has not been paid abandoned, find out who the transfer agent is for the current company. Then you will need to contact them and find out how to proceed. If there were any dividends attached to the stock, those funds may have been paid abandoned too.

 

[BunsenH]

The stock certificate should have an ID# on it. I think that it's call the QSIP. With that number, company name, and stock owner, a financial adviser should be able to trace the stock. They did for me many years ago.

 

[Janepod]

First make sure that the value of the stock has no been paid abandoned to the state. If has not been paid abandoned, find out who the transfer agent is for the current company. Then you will need to contact them and find out how to proceed. If there were any dividends attached to the stock, those funds may have been paid abandoned too.

Your financial advisor will handle this for you.

 

[GrnMtnMan]

You might have found a windfall, but it could also be worthless...depends on how or why it was sold. For example, K-Mart is still around (as a subsidiary of Sears I think), but old K-Mart stock is not part of Sears because all of the prior K-Mart stock was wiped out during a bankruptcy. Same would go for pretty much any airline, except Southwest.

Any reason you're not telling us what stock it is?

 

[denisenh]

Your financial advisor will handle this for you.

it is probably not a good thing that this made me laugh.

"my financial advisor. oh yes, right over there with my personal assistant" maybe most people have these things, i don't know.

op, could you update with how this turns out. i am curious.

 

[SueInBoston]

I just went through this with my aunt. She had 8 different stock certificates that were about 30+ years old, most were att (or whoever they were back then). Luckily she already has a brokerage account at Fidelity, we took them there and they took care of them. Two got returned to us as they were turnovered to the state, but Fidelity had started the claim process for us. The state sent us some forms that we filled out and sent back.

Fidelity really made it easy as when I first saw those stock certificates, I didn't even know where to begin.....

 

[ElizK]

You might have found a windfall, but it could also be worthless...depends on how or why it was sold. For example, K-Mart is still around (as a subsidiary of Sears I think), but old K-Mart stock is not part of Sears because all of the prior K-Mart stock was wiped out during a bankruptcy. Same would go for pretty much any airline, except Southwest.

Any reason you're not telling us what stock it is?

No, no reason. The original stock is Southwestern Public Service Co, which is now Xcel Energy.

Apparently, this was transferred to MIL's name when her father died about 25 years ago.

We don't have a financial advisor, but we might know someone who could ask theirs. Thanks for the advice! Will let you know what I find out.

 

[Janepod]

it is probably not a good thing that this made me laugh.

"my financial advisor. oh yes, right over there with my personal assistant" maybe most people have these things, i don't know.

op, could you update with how this turns out. i am curious.

Well, most people (at least most people I know) have a brokerage account somewhere like Fidelity, where there are financial advisors to walk you through things like this.

But I am old and live in Connecticut.

 

[doxdogy]

Your financial advisor will handle this for you.

Worked for a stock transfer agent for ten years, so my first thought in these situations is to go there first. It seems that Wells Fargo, at 1-877-778-6786 is the stock transfer agent for the company. As I stated in my previous post and depending on the amount of time. Chances are that it is paid as abandoned property to the state. Of course, this depends on the amount of time that has passed since they became a subsidiary of Xcel Energy.

 

[GrnMtnMan]

No, no reason. The original stock is Southwestern Public Service Co, which is now Xcel Energy.

Apparently, this was transferred to MIL's name when her father died about 25 years ago.

We don't have a financial advisor, but we might know someone who could ask theirs. Thanks for the advice! Will let you know what I find out.

Has she been receiving dividend checks? Xcel pays quarterly dividend.

Anyway, these should have some value as I can't recall any public utility companies that have gone bankrupt, other than ones that were part of the Enron debacle. In the quick Google-ing I did, it doesn't look like they were caught up in that.

 

[denisenh]

Well, most people (at least most people I know) have a brokerage account somewhere like Fidelity, where there are financial advisors to walk you through things like this.

But I am old and live in Connecticut.

oh...i see. the bank i use has those and T.Rowe Price where i have some money. yea, you are right, they are helpful.
i'm old too. i try to keep in mind that i'll be older tomorrow instead of i was younger yesterday.
....and connecticut

 

[rockydek]

MIL found 400 shares of stocks that she had in her bank safety deposit box. The company has been sold a number of times, but it is still in business under a different name. How do we find out the value, and how do we sell them for her?

I told DH that someone on the Dis will be able to help us! Thank you!

Historical Information
Xcel Energy Inc. was formed in August 2000 by the merger of Northern States Power Company and New Century Energies, Inc. Northern States Power Company (NSP) shareholders received 1 share of Xcel Energy Inc. for each share of Northern States Power. It is not necessary to exchange your NSP certificate.
New Century Energies, Inc.. (NCE) shareholders received 1.55 shares of Xcel Energy for each share of New Century Energies. Certificates must be exchanged in order to receive the Xcel Energy dividends earned on your shares. If your shares were held in Direct Registration or in the NCE Dividend Reinvestment and Cash Payment Plan, your shares were automatically exchanged into Xcel Energy.
NOTE: If you hold NCE certificates, contact Wells Fargo Shareowner Services toll-free at 877-778-6786 for instructions to submit your certificates for exchange.
New Century Energies, Inc. was formed in 1997 as the result of the merger of Public Service Company of Colorado and Southwestern Public Service Company.
Public Service Company of Colorado shareholders exchanged their shares one for one for shares of NCE.
Southwestern Public Service Company shareholders exchanged their shares at the rate of .95 share of NCE per share of Southwestern Public Service.
NOTE: If you hold certificates for either of these companies, please contact Wells Fargo Shareowner Services toll-free at 877-778-6786 for additional information

 

[ElizK]

Historical Information
Xcel Energy Inc. was formed in August 2000 by the merger of Northern States Power Company and New Century Energies, Inc. Northern States Power Company (NSP) shareholders received 1 share of Xcel Energy Inc. for each share of Northern States Power. It is not necessary to exchange your NSP certificate.
New Century Energies, Inc.. (NCE) shareholders received 1.55 shares of Xcel Energy for each share of New Century Energies. Certificates must be exchanged in order to receive the Xcel Energy dividends earned on your shares. If your shares were held in Direct Registration or in the NCE Dividend Reinvestment and Cash Payment Plan, your shares were automatically exchanged into Xcel Energy.
NOTE: If you hold NCE certificates, contact Wells Fargo Shareowner Services toll-free at 877-778-6786 for instructions to submit your certificates for exchange.
New Century Energies, Inc. was formed in 1997 as the result of the merger of Public Service Company of Colorado and Southwestern Public Service Company.
Public Service Company of Colorado shareholders exchanged their shares one for one for shares of NCE.
Southwestern Public Service Company shareholders exchanged their shares at the rate of .95 share of NCE per share of Southwestern Public Service.
NOTE: If you hold certificates for either of these companies, please contact Wells Fargo Shareowner Services toll-free at 877-778-6786 for additional information

Wow, thanks for all that. I'll pass along the info and let you know when I find out anything. Y'all have been very helpful!

 

[mrsbert]

I'm intrigued...

 

[tvguy]

oh...i see. the bank i use has those and T.Rowe Price where i have some money. yea, you are right, they are helpful.
i'm old too. i try to keep in mind that i'll be older tomorrow instead of i was younger yesterday.
....and connecticut

Now, go find your pool boy.