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Canadian Stocks/Lomega Mines, LTD; Crown Trust, LTD

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Question
Mr. Taylor,

My father recently passed away and while going through his things I noticed a stock certificate for 500 shares of Lomega Mines, LTD issued by Crown Trust, LTD of Toronto, Canada. The certificate was transferred to my father in 1985 by a public attorney in Cincinnati, Ohio by the name of Mr. C. W. Lowther.

I saw another answer you gave in 2010 saying that Lomega had gone out of business in the 1960s. I don't know if my father paid any money for this certificate. Strange he never mentioned it to me. Probably worthless but says that it had a value of $20 per share in 1985. Thought it would be so cool if this turned out to be one of those fairytales where someone unsuspecting (me) inherits something very valuable.

Any comment?

Answer
Edward, the Company did go out of business in the 1960's. No current value.

If the certificate was transferred by an attorney, it is unlikely that your father paid any money for it. The regular purchase and sale of stock certificates do not involve lawyers. Instead, it sounds like it was an extraordinary transfer - probably part of an estate, or perhaps a gift. Which means that since he almost certainly did not pay anything for the shares, he ultimately did not lose anything.

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