Expert: Steven Taylor - 4/18/2011

Question
I have read your answer regarding the fact that the stocks might not be worth anything and that they have changed hands and become private...but how do I find out whether they are still owned by  my father in this case. He has thought they were valueless since about 1960 or so and he purchased them in the late 40's early 50's. I was told to find a transfer agent...how do you do that? We received a letter from a company in TX who wants to buy them....which means they got his name from somewhere..and we'd all like to know how we find out.

Answer
Tina, if we are talking about the same Company (Canadian Export Gas & Oil Ltd.) then they are long gone. They were acquired for $6.45 per share cash in 1977. All transfer services for the company cease at the time of purchase, so there has not been a transfer agent for 34 years.

If your father did own shares at the time of the takeover, and he did not receive the cash, it would have, by law, been turned over to the government for safekeeping. I find it strange that a company in Texas is looking to buy the shares now since they would no longer have any value whatsoever. That is a red flag to me, as there are a LOT of scams out there related to defunct and worthless stocks. Have you searched the government property databases to see if your father's name is listed? (www.missingmoney.com and www.naupa.org). I also suggest you check out that company in Texas, what their background is, and what they are actually looking for.