Expert: Steven Taylor - 6/28/2011

Question
We have 250 shares of Rainbow Lake Resources Ltd. in March 1988 from Gordon-Daly Grenadier Securities. Are these shares worth anything? We have a certificate to show 250 shares but have statements to show 1000 shares. We really appreciate any help you can offer.

Answer
Chandra, from the information I have available, the shares have no current value.

Rainbow Lake became Castlestar Capital, which later did a 1 for 5 reverse stock split and became Southern Frontier Resources. Southern Frontier merged with several other companies and became Planetsafe Enviro Corp. Southern Frontier shareholders received 1 share of Planetsafe for every 1.5 of Southern Frontier, and they also received 1 share of Inland National Corp. I don't believe anything came of Inland, as they ran into serious trouble with the government, and Planetsafe went broke in 1997 and was suspended, delisted and cease-traded.