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Question
I HAVE A "BISON PETROLEUM & MINERAL LIMITED STOCK CERFIFICATE" THAT IS DATED "NOVEMBER 28, 1960" AND WAS WONDERING IF THERE IS ANY VALUE TO IT?

         THANK YOU,

         WALTER C. CLARY

Answer
Walter, Bison is one of the most asked about companies, which is not at all surprising due to it having a very large number of shareholders in the 1970's and early 1980's, and the fact that the company subsequently reverse-split most of those shareholders out of existence but left most of the old certificates floating around.

In 1987, the Company changed its name to United Bison and did a 1 for 100 reverse stock split immediately followed by a 100 for 1 forward split. The reason for the two splits was the huge number of company shareholders with under 100 shares. If they had less than 100 shares, the reverse split would result in them having less than 1 new share, and they would receive cash in lieu of the new shares. I believe the payment was less than 50 cents per pre-consolidation share for the shares.

If the original certificate was for more than 100 United Bison shares, then the United Bison would have become Nalcap Holdings on the basis of 1 Nalcap share for every 7.7 United Bison shares. Nalcap then became Arbatax International on the basis of 1.5 Arbatax for every 1 Nalcap share. Arbatax became MFC. In 2005, MFC changed its name to KHD Humboldt Wedag which assumed its NASDAQ listing. KHD later split into two companies, plus distributed shares of a third, some of which trade overseas.

Because of the complexity and international nature of the reorganizations, I suggest you might want to contact a broker to assist you in determining if these shares have any current value. If so, they can contact the various transfer agents in the multiple countries on your behalf.  

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