Famous Recoveries from Old Stock and Bond Certificates
North European Oil Corporation. An unsuccessful penny-stock company in the 1930s, North European Oil Corporation was reactivated under a new name in 1957 when oil was discovered on surrounding properties. For every $100 originally invested, shareholders can now claim $130,000... and there are still one million shares outstanding held by people who think their stocks are worthless!
Investors Overseas Services Limited (I.O.S. Ltd.) Founded by Bernard Cornfeld in the 1960s, this infamous mutual fund company was very popular worldwide. Unfortunately, the news that Robert Vesco (Cornfeld's successor) had embezzled the company's assets created a widely publicized scandal, resulting in the bankruptcy of I.O.S. Ltd. in 1973. It took thirteen years to complete the liquidation process, and there are now millions of dollars waiting to be claimed by unaware share and fund holders!
Small Mining Ventures. Originally funded as small "penny stock" companies in the 1960s, these gold mining ventures were not profitable while the price of gold was fixed at $32.00 per ounce.
Thanks to the availability of better equipment and market driven gold prices reaching above $300.00 per ounce, the companies were reactivated through mergers and acquisitions in the 1970s.
Many shareholders believe that their old mining stocks have no value because they no longer appear on the current market. However, they could still be exchangeable for current shares in prosperous gold producing companies.
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