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kitty81

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Can anyone shed some light on the above please? I have done a search to no avail.

My spouse (20 + years ago) vaguely remembers buying a small amount of shares in Vodafone and done no more with them.

A letter arrived this week from the State of Delaware Unclaimed Property asking to log in and make a claim. What are they asking with this.....is it to redeem any money due and give up the shares or is it something different?

We have attempted the site but it doesn't seem straight forward and to be honest not very clear (for very green 'investors', like us)!

It also does not indicate the value, other than saying the 'claim' is above $50.

If anyone has any idea what all this is, i would appreciate any information.

We are certain there is no big winfall here but would like to understand what we are doing before proceeding!

Thanks
 
I'd also be interested in this!
I got the exact same letter from the office of unclaimed property, department of finance, Delaware! When I went onto the site it just said that it was over the value of 50 dollars. In the letter it said this property was reported to Delaware by Verizon Communications as belonging to me. Many years ago I bought those Eircom shares which were a disaster. Since then I've often received letters in the post - not from the USA- regarding it but seem to be worth next to nothing.
Could anyone shed light on what this is about? What I should do?
 
I emailed regarding it and this is the reply I got:
'Our outreach letter you received is to inform you of unclaimed property from VERIZON COMMUNICTIONS INC in your name in the custody of the State of Delaware. If you want this property returned please follow the instructions in the letter to begin the process.'
 
We are not investors so have no clue how to work through any of this! It would really put me off ever investing seriously in something! Incredibly hard to understand it all!

Hopefully someone else knows what its all about!
 
Eircom owned a mobile telecom subsidiary called Eircell.

Eircom sold Eircell to Vodafone.

Vodafone paid in cash + Vodafone shares.

So all Eircom shareholders became Vodafone shareholders.

Time passed.

Vodafone sold their US operation to Verizon.

Vodafone paid out some of the proceeds to shareholders.

I think some of the consideration paid by Verizon was Verizon shares.

So now Eircom s/h received some Verizon shares.

I choose the option to sell my Verizon shares straight away.


Have you been receiving communications all along?
 
Eircom owned a mobile telecom subsidiary called Eircell.

Eircom sold Eircell to Vodafone.

Vodafone paid in cash + Vodafone shares.

So all Eircom shareholders became Vodafone shareholders.

Time passed.

Vodafone sold their US operation to Verizon.

Vodafone paid out some of the proceeds to shareholders.

I think some of the consideration paid by Verizon was Verizon shares.

So now Eircom s/h received some Verizon shares.

I choose the option to sell my Verizon shares straight away.


Have you been receiving communications all along?
 
Starting to make a little bit sense with your notes above Protocol. Thanks.

A couple of communications arrived in the past but had no call to action as far as I remember.

This time though it is quite specific that we are log on and claim this 'unclaimed property' but as above does not provide any info on what that is and I'm curious to the 558 days allowed to make the claim.

Does it mean we have no option but to claim or lose whatever it is after the 558 days.
 
Just got the same letter. Seems legit, have googled for similar scams but nothing coming up. As its a letter, I am more trusting of it. I might try entering details and see what I get back.
 
Mrs Doyle said:
Just got the same letter. Seems legit, have googled for similar scams but nothing coming up. As its a letter, I am more trusting of it. I might try entering details and see what I get back.
Click to expand...

It is - I looked up the State of Delaware site and was able to trace the claim.

It's their "escheatment office" which is the US term for lost (financial) property essentially. You seem to just make a claim on the item they have in your name and I assume if they need proof of identity they'll come back to you
 
What happens if the letter is sent to a person who is now deceased? Who claims it then,
 
joe sod said:
What happens if the letter is sent to a person who is now deceased? Who claims it then,
Click to expand...
The estate / family members.
This is effectively the US version of our 'dormant accounts', and dealt with at State level. They deal with this every single day - it's their only job. So they have processes in place for dealing with claims for deceased people.
The contact details will be in the letter you received.
 
RedOnion said:
This isn't correct. The assets are held in perpetuity until the rightful owner is found.
Click to expand...

I'm not sure that is accurate - open to correction though. Unclaimed assets are a significant portion of Delaware's state revenues. I'll have a look later
 
RedOnion said:
But I've already corrected you...
Click to expand...

Open to correction with evidence ... Delaware revised escheatment in 2017. There might be an 18 month expiry after assets have been escheated (for financial assets). The letter sent out quoted an 18 month period as well
 
EmmDee said:
Open to correction with evidence ... Delaware revised escheatment in 2017. There might be an 18 month expiry after assets have been escheated (for financial assets). The letter sent out quoted an 18 month period as well
Click to expand...

They should update their own website so....
"Once property has been reported and remitted to the State, Delaware will maintain custody of the property in perpetuity until the rightful owner(s) come forward to claim the property."


Here's a summary of the impact of the 18 months limit:
"Limited Liability for State. If a claim for a security is filed within 18 months after notice is sent by the State Escheator, the state will return the security or will provide a replacement security or the market value of the security at the time the file is claimed. However, if the claim is filed more than 18 months after notice was mailed, owner is only due net proceeds from the sale of the security."

Baker Tilly | Advisory, Tax and Assurance - Baker Tilly

Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow.
www.tpctax.com www.tpctax.com

Enough evidence?
 
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I got the letter today. It had been sent to the last Irish address I lived in which I left 23 years ago. Thankfully they were able (and bothered) to find me and let me know.

So I went through the first step and now I have a Claim Form to fill out and upload back to their website.

Forget about having backup documentation, I can't even remember how many shares I bought. We shall see what happens.
 
So for me anyway, it's "some" shares and dividend cheques. Need to go through a few hoops to find out how many and how much. Worth following up on for sure.
 
EmmDee said:
I'm not sure that is accurate
Click to expand...
Well, any details on how my post was inaccurate so we can correct the record?

Or is this another example of you telling me I'm wrong about something and then ignoring the thread when you realised you were wrong?
 
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