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Bruce Byfield reports: <<Having just finished dealing with a client who
tried to pay me partly in stock options, I started totalling all the
worthless options I've accumulated in the last few years. To my surprise,
the total is over 63,500.>>
Don't assume that a stock option is worthless simply because the company is
out of business. According to an article in the Globe and Mail's Report on
Business Magazine (several years ago, so I can't cite the actual article),
there have been cases in Canada at least where the stock itself retained
value because as a shareholder, you therefore owned part of the company's
intellectual property. When another company purchased that intellectual
property from the bankruptcy liquidators (or the venture capitalists who'd
funded the company), the stock suddenly became worth something again because
each share was still entitled to some proportion of that purchase price.
Whether stock _options_ have the same legal standing is something I'm not
qualified to comment upon, though they'd certainly seem to be a lien on the
company. Perhaps this is a good question for Raycomm's "Ask the Lawyer"
column!
Bruce, if any of those 63K options turn out to be worth big bucks, you owe
me a beer! <g>
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