What a moron.

[Richard]

This is just to vent, so pardon any impropriety by being posted here. (I rode our tractor yesterday...?? /forums/images/graemlins/wink.gif )

Scenario:

I use to run a small brokerage firm that was wholly owned by a public company. The public company was sold for cash.

Because of my position at the brokerage company, I had a relationship with the people at the "transfer agent". (the people who keep track of who owns shares of stock)

This was 3 years ago. It recently dawned on me that there is probably some people that never turned in their certificates when the company sold and got their money. I called my old contact at the transfer agent and I was right.

He sent me a list of ALL shareholders nationwide that have yet to turn in their certificates and are due money. (no certificate turned in, NO cash sent out). The money ranges from $56.00 up to almost $100,000 /forums/images/graemlins/crazy.gif... how anyone can "not know" they have that kind of money laying around "gone", is beyond me...but so be it.

I took it upon myself to craft a letter to ALL shareholders and essentially told them " you have this money due to you... if you open an account with US and let US reinvest it, I can walk you through the process of getting it back... if you have OTHER plans for the money, take this as a heads up to you of it's existence"

(in other words, I'm not going to help all these people get their money back ...spending HOURS of my time, and NOT get some kind of compensation...but if they get it themselves, power to them)

I just had the guy with $56.00 call me and essentially get all ugly with me as to why "they" (transfer agent) never sent him this money "after all, if it's DUE me, they must send it to me" (irregardless of the fact, that HE has yet to send THEM his certificate...sigh)..

anyway, at the end of conversation, he tells me in his cold attitude, "I'll make some calls and if I don't get my satisfaction ($$), I'll call the appropriate authorities"

Sigh... pardon me for informing you that you had some money awaiting you. Not even a thank you from this moron for letting him know he had an abandoned asset.

Ahh... I feel better now.

 

[Mrwurm]

Sorry about the trouble, Richard. I learn slow, and I have been verbally atacked several times for trying to help people. Once, while visiting some friends, their little boy (4 yrs old) greeted me by saying 'Hi, you F#$%er". This child obviously had no idea what he was saying. But, I informed his mother just so she would be aware.

BAD IDEA

She went into a tirade that eventually ended with her accusing me of making it up or worse "You must have told him to say it". The moral of this story is to never remove the blinders from a mother.

 

[riptides]

It is very good of you to inform people.

Unfortunate in this day and age, certificates and bonds are issued with maturity dates. No mention of the fact that market influences may call on the holder. If the holder moves or names no beneficiary the money useually ends up in the state coffer.

I believe the federal governent is active in getting states to persue the rightfull owners. Not out of kindness, but out of the fact that proceeds from such calls can be taxed. No such luck if the state has the funds.
You did the right thing.
-Mike Z. /forums/images/graemlins/grin.gif

 

[snowman]

Pure speculation, of course, but you may have come out ahead by giving everyone the information and then offering your services.

Who knows - that guy with the $56 may have $1,000,000 in an account somewhere else. He may have called you up to thank you instead of bash you and you could possible have influenced him to give you some of that to manage. I've looked on the NYS unclaimed web site under the names of some wealthy people and they do have unclaimed funds (probably small dividend checks, etc).

You didn't mention how many shareholders you sent the letters to - 10, 50, 1000, etc. Did you get any positive response back?

Since you know the dollar amounts owed per person, you could target all of the larger ones with another letter saying that you decided to do it for free.


In the end, the unclaimed certificates will be turned over to the State who will do it for free anyway (but with alot more red tape, of course).

You could even get a write up in the paper or something for business purposes stating that you are trying to get people their money and to contact your office if they were a former shareholder of XYZ. Some people, of course, may have no idea that they have share certificates out there and won't contact you.

 

[Richard]

</font><font color="blue" class="small">( never remove the blinders from a mother. )</font>

Not to hijack my own thread...(can one hijack ones own thread?)

Anyway, YEARS ago, drove up & stopped at a convience store to get a coke. Turned car off, noticed something "different" in car next to me.

Seems Mom was inside the store and Junior was standing in the front seats... They had just returned from the grocery and had a bunch of paper grocery bags ALSO sitting in the front seat...(remember paper bags??)..

Well, it seems the boy was enamored with the paper bags and the neat smoke they created when he took the red hot lighter to their edge... not realizeing they could/would/DID /forums/images/graemlins/crazy.gif ignite into flames...

This is about when I pulled in... the flames were small, but just getting to the point of hitting the ceiling of the car. I bolted out of my car, ran over, ripped drivers door open, yanked the burning bags out and the child (who was on other side of bags)...

Evidently a lot of commotion, as Mom exited store and verbally ripped the child (maybe 5??) up & down the other side and simply yelled & screamed at the kid...

You know, she NEVER said "Thank you".

Saved her child, saved her car and saved her poptarts.

Alas... the fight against evil carries on! (superman theme music starts about now, with me flying away)

Richard

 

[Richard]

Thank you Mike... it was the need to do the right thing that made me to this.

Snowman.. this is essentially what I did. I DO know that not all will "want" our services, so quite frankly, I'm going to let them figure it out for themselves. As most of these individuals were "accredited investors" (very experienced, very high net worth), I'm hoping on snaring a couple /forums/images/graemlins/grin.gif

Out of fairness, I sent the letter to everyone, so that everyone would have the base info (roughly 50 people). This letter went out just last week, so people are receiving them now and starting to call.

I must admit, it's a nice feeling with most of them knowing I've helped them get back together with their long lost $$. As for today's moron... I suspect I'll only have 1 or 2 of them. I presume he's just "one of them" that the sun never shines on. (Maybe like Mdbarb neighbor???) hmmmmm....... /forums/images/graemlins/crazy.gif

 

[chrisjbell]

Hey, you did the right thing and it is really too bad that folks aren't a bit more appreciative when others are trying to help. Try not to worry about the jerks. What is the saying, "illigitimi non carborundum"? (My Latin isn't so great /forums/images/graemlins/crazy.gif).

 

[fivestring]

Richard,
The title of your post says it all.
There are people that just have no clue and were never taught how to think for themselves.
I deal with a lot of them everyday on my job.

 

[Golfgar4]

</font><font color="blue" class="small">( I deal with a lot of them everyday on my job.
)</font>

And I think I must deal with the rest, Gary! /forums/images/graemlins/crazy.gif

 

[Richard]

uh... so Gary & Golfgar... which one of you two claims this specimen?

/forums/images/graemlins/crazy.gif /forums/images/graemlins/crazy.gif /forums/images/graemlins/wink.gif /forums/images/graemlins/cool.gif /forums/images/graemlins/grin.gif