$130 Million Of Coca Cola Shares Found At Garage Sale
With the summer garage sale season starting – you might want to re-think what you pass over as “junk”.
A Coke stock shakedown may be worth $130 million, according to Tony Marohn’s family, who demands that they be paid for an old stock certificate found in 2008.
Although the certificate was not for Coke stock, but for Palmer Union Oil Company, the family of the late Marohn patriarch insists that their claim is legitimate. Tony Marohn found the 1917 certifcate at an estate sale, and since Palmer Union merged with another company that then merged with Coke, he felt entitled to 1.8 million shares, worth $130.5 million today.
Obviously, the Coca Cola company isn’t amused with the claim and they’re refuting the find as “worthless”.
Coca-Cola, after discovering the dubious claims, sued Marohn the next year. Although his California-based family has tried to continue the legal battle in his name, Coca-Cola said it’s a futile effort, as the claims are “factually and legally meritless.”
“The claim of Mr. Marohn’s estate that it is entitled to millions in Coca-Cola stock- based on a cancelled stock certificate for a long-defunct oil company he purchased at an estate sale- is factually and legally meritless, not to mention completely unfair to the Company’s millions of legitimate shareholders,” said the 120-year-old company in a statement.