Expert: Steven Taylor - 9/2/2011

Question
Hi i recently stumbled on to a few stocks that my bear my name 2 are from the Lobo mines and explorations limited they are for 500 shares each and the other one is from The Lumsden building corporation inc. it is worth 16 shares  all were purchased in March of 1979. Can you tell me anything about these please . Thank you

Answer
Doris, from the information I have available, Lobo did a 1 for 10 reverse split and became Lobo Gold & Resources in 1983. Lobo went through numerous name changes and more reverse splits (a 1 for 15, then a 1 for 2) until it became Leader Capital. Because of all the reverse splits, Leader had thousands of shareholders holding only a few shares, so in 2007 they did a 1 for 50 reverse split followed immediately by a 50 for 1 forward split. Those holding more than 50 shares were unaffected, but those holding under 50 shares were paid cash for their shares. Considering the stock at that time was trading for about 25 cents, we are not talking much money to you after the reverse splits. Maybe 75 cents total for your original 1000 shares of Lobo Mines.

Lumsden was cease-traded by Ontario in 1980, and that order remains in effect, which suggests the company never fixed their problems, and there is no current value.