Expert: Steven Taylor - 9/7/2009

Question
Hi, found my grandfathers stock certificate for 100 shares of Sapphire Petroleums Limited purchased in June 1961. The bank it was registered with was The Franklin National Bank of Long Island which appears to have gone under a long time ago. Would you have any information on this company or how to go about seeing if there is or was any value to the stock. Thanks

Answer
Unfortunately, from the information I have available, it appears the shares have no value. The Company did a 1 for 10 reverse stock split (which would have reduced the shares to 10) and became Cabol Enterprises. Cabol surrendered its charter (voluntarily dissolved) in 1976, but it does not appear there was any value remaining for common shareholders.