selling my stocks

[jonesg]

I have some stocks that were given to me a few yrs ago, my name is on them but I don't know where my partner bought them, I never paid much attention to them. She died several yrs ago and I forgot about them.

10 shares of British Airline doesn't sound like much but they're worth over $2500 , how do I go about turning them into cash ?

 

[lncoop]

Re: selling my stocks

As long as they're in your name you can take them to any brokerage and sell them. They'll probably have you sign something called a stock power and endorse the back of the certs. You'll have to open an account to deposit them into and wait ten days or so for everything to be squared away, then you can pull the trigger. It takes so long because they have to be sent off to a spirit in the sky called DTC and converted to an electronic record. Three business days after the sale you can get your cash. Piece of cake.

 

[aspeck]

Re: selling my stocks

. Three business days after the sale you can get your cash. Piece of cake.

Less commission, of course, but quick, easy, painless.

Or, if YOU know someone who wants them, get their money, fill in the back of the certificate and send them back to the company who will reissue in the new owner's name. Either way will work, but the brokerage firm will be able to sell them quicker and easier. Doing it yourself really only works if you KNOW an investor that wants to buy them, and usually they will try to get you to discount them because it will take 2 - 3 weeks to get the certificates back in their name.

 

[Huron Angler]

Re: selling my stocks

Are the shares in your name alone? I hope so for your sake.

If the other person's name is still on them that will complicate things a bit. You may need to contact the transfer agent and have new certificates issued if they were held jointly.

British Airways stock here in the states actually represents 10 shares of the real shares that trade in London, hence 10 shares being worth more than you'd think.

Also it sounds like you may need to estimate your cost basis since you don't know when or where they were purchased. Otherwise the IRS will claim that you made 100% profit and take you to the cleaners on the capital gains.

A CPA can help you there if you need to establish a purchase price.

 

[dave11]

Re: selling my stocks

Take them to a brokerage house, get your cash, take your boat out on a remberance cruise.

 

[jonesg]

Re: selling my stocks

British Airways stock here in the states actually represents 10 shares of the real shares that trade in London, hence 10 shares being worth more than you'd think.

.

say wha..?

So you say my 10 shares are actually 100 London shares?
Its selling for 214 pounds per share London price, US price is around $300.
They're on strike right now so its down a bit.

I might just sell them to my wife to keep it simple.

 

[Huron Angler]

Re: selling my stocks

say wha..?

So you say my 10 shares are actually 100 London shares?
Its selling for 214 pounds per share London price, US price is around $300.
They're on strike right now so its down a bit.

The US shares trade 1/10 of the London. US closing price yesterday was 32.11/share. London price in lbs was 210.70/share.

21.70 in British lbs is worth about 32.06 dollars at the current exchange so they are at parity almost.

That strike has been hurting them I agree.

 

[Mr Crabbs]

Re: selling my stocks

Sign the back of them and send them to me, I'll take care of eeeeeeverything for you!