Coca-Cola Is Fighting A Family For $130 Million In Stock That Was Bought At A Garage Sale
Apr 11, 2012 01:08
Coca-Cola has a unique problem on its hands. The latest issue they have is with the late Tony Marohn's family. Marohn claimed to have bought an old Palmer Union Oil Co stock certificate at a garage sale i 2008 and traced it to Coca Cola, reports Tom Hals at Reuters.
Marohn had begun to fight for the shares but passed away in 2010, now his family says they're owed around 1.8 million shares of Coca-Cola. The family say in the lawsuit that a person was issued the certificate and it was endorsed and assigned.
The trasnferee's name was left blank, and it made the certificate a bearer of stock. Marohn wrote his name on it and the 1,625 shares of Palmer Union Oil are worth 1.8 million shares of Coca-Cola. Coke doesn't think so:
"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."