Family claims $130 million in Coke stock sold at garage sale

yahoo.com ^ | 4/6/12 | Eric Pfeiffer

[GQuagmire]

In 2008, Tony Marohn visited a local estate sale where he paid a "nominal amount" for an antique oil stock certificate. And now, Marohn's family is suing soda giant Coca-Cola, saying the certificate entitles them to 1.8 million shares of the company's stock, worth an estimated $130 million. Marohn passed away in 2010, but not before tracing the history of the stock certificate from Palmer Union Oil Co. to Coca-Cola. Reuters reports that Marohn made the connection through a series of now-defunct companies, including Petrocarbon Chemicals Inc. and Taylor Wine Co. Coca-Cola countersued Marohn in 2009, telling Delaware's Chancery Court that he was not entitled to its company stock.

[GeronL]

lawyers are so greasy...

This sounds like a plot to a bad novel or something

[KarlInOhio]

"The claim of Mr. Marohn's estate that it is entitled to millions of dollars in Coca-Cola stock—based on a canceled stock certificate for a long-defunct oil company purchased at an estate sale—is meritless and unfair to the Company's millions of legitimate shareholders,"

Well, was the certificate canceled, either on the certificate itself or in the company records if that one had been reported as lost and reissued or just abandoned through not cashing any dividend checks sent?

If it really was canceled, then it's worth nothing other than as a collector's item. On the other hand if it is a real certificate, then Coke should pay up for it (with Uncle Sam right behind to collect for years of untaxed dividends).

[the invisib1e hand]

This sounds like a plot to a bad novel or something

or worse, like real life.

[Fresh Wind]

If the certificate is cancelled, that means whoever had that certificate SOLD the stock that it represented.

[july4thfreedomfoundation]

This was one of the last stories broadcast nationwide on ABC’s World News Tonight (Friday).

ABC didn’t mention anything about the lawsuits.

[RedMDer]

Click

[kearnyirish2]

“Well, was the certificate canceled, either on the certificate itself or in the company records if that one had been reported as lost and reissued or just abandoned through not cashing any dividend checks sent?”

I would think it is most likely that it was long ago taken by the state as abandoned property (if new shares hadn’t already been issued as the companies changed); in any case I wouln’t be optimistic that the bargain-hunter will be paid.

[Jaded]

Interesting....