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    cookew59's Avatar
    cookew59 Posts: 2, Reputation: 1
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    #1

    Aug 8, 2005, 01:58 PM
    Knowing if stock is worthless
    We bought 10,000 shares of stock in the late 90's in a "startup" company through a Canadian broker (we are in U.S.) which, as best we can tell, went belly-up. The brokerage gave us the stock certificate a few years ago. It is not traded anywhere. I would like to write it off as worthless stock.

    1) My husband thinks another company could have bought them and if so then we'd have shares of the new stock, and doesn't think we should write off.
    But if that were true wouldn't we have been contacted? All I turn up through Google is some info on the leaders of the company were involved in some other scam, but no proof that the company is just GONE. How do I prove the stock is worthless?

    2) Can I still write this off as it went worthless (by MY understanding) several years ago?

    The company name was Sports, Entertainment & Learning Network, Inc, incorporated in the state of Nevada
    Thank you!
    cookew59's Avatar
    cookew59 Posts: 2, Reputation: 1
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    #3

    Feb 27, 2006, 12:52 PM
    Thanks but I'm not smart enough to know what this means. I see the symbol change, but the SPEL symbol seems to dead- end, though the one article mentions the SP&L symbol being bought by another company. (are SPEL and SE&L the same? ) main question, is this stock worthless as I have assumed? OR do I have any stake in the company (VPMD? ) that bought SE&L?
    Thank you
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #4

    Feb 27, 2006, 02:37 PM
    Wow, you came back after about 7 months!

    Why not contact your current stock broker. They might be best equipped to find the information for you.

    I agree with your husband, check to see if the stock is worth something before writing it all off.

    And only write if off if you have other capital gains to report. No sense writing it off now if you don't have capital gains to offset it.
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