Overseas Former Employee Stock Recovery
Large Block of Stock Owed to Family
Large Holder Escheatment Refund for Retailer
Life Insurance Demutualization Stock Recovery
We have represented multiple non-US residents that were employed by US Companies. In one case an employee in Sweden was employed by a company that merged with a large US Tech firm, and he was granted restricted and unrestricted shares. Over time and some administrative changes, along with an address change - those shares were escheated to the State of California. We were engaged to assist with the recovery process to recover approximately $405,000 of proceeds from stock and dividends owed to this former employee.
Another example is a former employee who had purchased stock options in the tech firm that he was employed by, before they went public. He left their employment, and moved back to China - in subsequent years the company went public, and eventually escheated his shares, now worth over $900,000, as they did not have current contact information in China for him. Revenue Discovery Advisors spent an extensive amount of time documenting his employment and constructing a very detailed claim package to prove entitlement.
Revenue Discovery Advisors identified a large block of stock (valued over $1 million) owed to heirs of a former life-long employee of a large financial services firm. The heirs (adult children) had no idea that this stock existed. The reason notifications never got to them were related to typographical errors in the name/address of the deceased parent. Revenue Discovery Advisors tracked down the entitled heirs, and provided extensive guidance in how to navigate proving entitlement and maximizing the family’s recovery.
Revenue Discovery Advisors worked with a large national law firm to help a national retailer receive a multi-million dollar refund from a State Treasurer for overpayment of unclaimed funds over the prior 20 years. Revenue Discovery Advisors analyzed the property categories which were escheated and determined that this retailer remitted property types that were not required in this particular state. Over the course of a decade this amounted to well over $2 million, that we were able to document and help them recover.
Demutualization is the process of converting a mutual life insurance company, which is owned by its policyholders, into a publicly traded stock company owned by shareholders. We have identified and assisted many companies that have been merged or dissolved that paid for key man life insurance going back decades, and were subsequently entitled to shares of stock, that they did not know about. Some of these were very significant amounts due to the length of time the policies were in force and the sum of premiums paid. One of the larger demutualiation stock recoveries that we handled in the past year, was valued over $600,000 in stock and accrued dividends, owed to a Massachusetts company that had been dissolved 15 years prior. We assisted the former officers/investors with documenting their entitlement, and with recovery of the asset for distribution.