Looks me like the Certificate holders are totally
Post# of 2067
(Total Views: 365)
Posted On: 09/02/2022 5:07:27 PM
Looks me like the Certificate holders are totally screwed. Most have probably not removed the R Restriction so that'll be problem - having that removed and then the bigger problem is finding a way to get them declared invalid. Mexus will totter along maybe forever but it could be years where there is some activity and Certificate holder won't be able to move the certs to brokerage. Until the company folds completely i don't believe you can harvest the loss. So the Certs will be in limbo- worthless but also IRS won't recognize that without a broker's statement. Maybe there's a workaround. Hope so for my (stupid) self and others.
There's is considerable hassle in doing anything with Certificates. Need a "source document" from Company - just try and get that - and a lawyer's opinion of lawful ownership. Try getting that for a defunct company and from Atty Koehnke. If you could it would cost hundreds in his fees alone to harvest the loss . Worth if to try if the losses are large but I am not sure it would ever be successful. Someone tell me you've already done it and I'll be heartened.
Even those with trading shares can be caught in a bind as once a stock goes gray and stops trading there is no bid/ask and no way to show the loss -- my understanding from TD Ameritrade. If there's a bid/ask TD Ameritrade has a form to sign and they will buy the defunct shares for a penny and then they can show the loss on a broker's statement. No bid/ask and that doesn't work.
There's is considerable hassle in doing anything with Certificates. Need a "source document" from Company - just try and get that - and a lawyer's opinion of lawful ownership. Try getting that for a defunct company and from Atty Koehnke. If you could it would cost hundreds in his fees alone to harvest the loss . Worth if to try if the losses are large but I am not sure it would ever be successful. Someone tell me you've already done it and I'll be heartened.
Even those with trading shares can be caught in a bind as once a stock goes gray and stops trading there is no bid/ask and no way to show the loss -- my understanding from TD Ameritrade. If there's a bid/ask TD Ameritrade has a form to sign and they will buy the defunct shares for a penny and then they can show the loss on a broker's statement. No bid/ask and that doesn't work.
(0)
(0)