For those of you interested in what I’ve been reading this weekend:
1. You can click here to read an article about a guy that bought some Palmer Oil stock and argued that it was worth 1.8 million shares of Coca-Cola by tracing a complex set of mergers. This would have entitled them to hundreds of millions in Coca-Cola stock, but alas, the Marohn family did not adjust for the extremely dilutive reverse stock splits when Palmer Oil became Palmer-Stendel Oil and then Petrocarbon Chemicals, which made the stock nearly worthless by the time it merged with Taylor Wine (which eventually got merged into Coca-Cola in 1977).
All along, Coca-Cola contended that the shares were worthless. Unfortunately, they did not include their rationale for claiming they were worthless, and the family dropped the claim once it became clear that in a best case scenario the shares would not have been … Read the rest of this article!