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Thread: New here..Need advice on a Particular Stock Issue

  1. 01-20-2005, 08:44 PM #1
    Msblondie2002
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    My husband was employed with Kmart for 26 years and has stock. Has the recent bankruptsy affected this or is it still good? We are not stock wise at all and would like input.
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  2. 01-20-2005, 09:52 PM #2
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    MS

    All stock was voided and reissued...if you own shares of the old stock...they are worthless.

    Good luck!

    Tuxx
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  3. 01-20-2005, 11:35 PM #3
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    Unfortunately, Tuxx is correct. Under U.S. federal bankruptcy law, holders of common stock of a company in Chapter 11 are the lowest in priority in bankruptcy and are after secured and general unsecured creditors in terms of their ability to receive a recovery on their claim. In Kmart’s case, there wasn’t enough money to distribute to the other creditors to allow for shareholders to be eligible to receive a recovery.

    (see http://www.kmartcorp.com/corp/investor/general/faq.stm)
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  4. 01-21-2005, 01:31 AM #4
    Rolo
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    [align=right]"K-mart sucks"[/align]
    [align=right] -Rain Man[/align]
    [align=left][/align]
    [align=left]My condolences. I hope that wasn't the only thing in yourportfolio/retirement. [/align]
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  5. 01-21-2005, 01:39 AM #5
    learning
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    No the stock would not be good. People would have made money that sold the stock short. They would have sold stock they never owned and would not have to buy any. That happens when a company goes bankrupt. Sellinig short is Very, VEry, VERy, VERY.... Dangerous:s You can lose it all.
    Careful it is your retirement!
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