Expert: Alessandro - 9/6/2010

Question
I have a client who has 1 share of Celtic's stock.  I understand that all publically owned stock was purchased when Paul Gaston bought the team.  However, my client didn't sell his shares.  I don't think he ever heard about the redemption.  I have two questions:  1) How much did the shares sell for, and 2) Is it still possible to sell the shares?  Thanks.

Answer
This is from a Boston Herald article from a few years back:

"The C's sale to a group of deep-pocketed, longtime fans [was] atypical for other reasons as well. For starters, a publicly traded partnership owned the team. And many investors who bought partnership units as much to mount on their office walls as to make money were pleasantly surprised to find themselves collecting a cash premium from the sale. Before the deal was made public, Celtics units closed at $10.60 each. Grousbeck and his partners later said the 58,000 unit holders would get $27 in cash for each unit."

You'd really have to contact the Boston Celtics directly to find out whether or not it's still possible to sell shares (although I myself think it's rather unlikely). They can be contacted here:

Boston Celtics
226 Causeway Street
Fourth Floor
Boston, MA 02114

Hope that helps,
Alessandro