I got to thinking about the stock certificates for Studebaker or Studebaker-Packard that come up for sale all the time. I assume that the stock value is gone, but how does that happen? If Studebaker was absorbed by another company in the 1970s, was each person supposed to turn in their stock certificated for new ones issued by the new company? That doesn't seem fair, because there are always people that just put their stock away and don't really follow it for years. Are the stock certificates the actual stock or something else?
Logically, it seems to me that Studebaker stock certificates should still have value as stock as long as the company assets were forwarded to the next holder of the corporation. How does a person with 10,000 shares of Studebaker stock in 1965 end up with nothing after all these years, even if he has the proof of stock ownership? If the corporation is now owned by a living organization, doesn't the stock value continue?
Were the newer companies that held Studebaker obligated to issue new stock certificates in place of the Studebaker stock, thus simply rendering the old stock certificates as obsolete?
Logically, it seems to me that Studebaker stock certificates should still have value as stock as long as the company assets were forwarded to the next holder of the corporation. How does a person with 10,000 shares of Studebaker stock in 1965 end up with nothing after all these years, even if he has the proof of stock ownership? If the corporation is now owned by a living organization, doesn't the stock value continue?
Were the newer companies that held Studebaker obligated to issue new stock certificates in place of the Studebaker stock, thus simply rendering the old stock certificates as obsolete?
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