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Thanks for nothing Disney

February 3rd, 2010 at 01:19 am

And I really do mean that.

As part of my DRIPs I own some Disney stock, not too much, in the range of $1500 worth. Anyway, about two years ago Disney was buying part of some radio network called Citadel Broadcasting. Instead of just buying what they wanted, there was some type of stock swap involved (supposedly to cut down on stockholder taxes - though I didn't buy that even then). So because of this I became the new owner of 4 shares of Citadel's stock (which I think was $6/share back then). So I looked at this and said do I want to pay a stockbroker to get $24 less whatever commision I would have to pay (probably most of the $24), or just keep the junk. So I kept the 4 shares.

Now it looks like I should of just sold them and got whatever money I could (basically the stockbroker would have made money, not me!) I got a letter today that the company is now going into Chapter 11. At least I didn't lose much money with that fiasco, but couldn't they have figured if the number of shares was below a certain number (say 50?) they would just give the shareholders money instead as it wouldn't be practical?

So as I said, thanks so much for thinking about us small shareholders. Its great to know you really care. :P

3 Responses to “Thanks for nothing Disney”

  1. whitestripe Says:
    1265166538

    aaah well. you win some you lose some.

  2. homebody Says:
    1265207608

    I had the same thing happen with Bristol-Meyer-Squibb when they bought umm.... what did they buy.. some company that makes ortho devices... man I must be getting old I cannot remember it. Anyway I got 4 shares of that and am kicking myself for not buying more when it was offered!

  3. Broken Arrow Says:
    1265212028

    Ah, that's a toughie, but at least it's not a huge loss eh?

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