[OT] Financial Type Question

[Wacka]

I had 8000 shares of stock in options from a company I used to work for. After two reverse splits, I ended up with about 800 shares.

If I could have exercised all my options and they had no splits, I would have had a nice bundle of cash.

They had an IPO last month and I want to get rid of the shares and get the $ (which I need).

The options were excercised before 2002 , so I think, the long term capital gains rules hold.

 

How do I go about selling the stock?

Can I get an online broker and have them sell my shares? Do I go through the company?

I never did this before. All I have are IRAs and 403(b )s. All I've received from the company is a letter for me to submit my option shares for common stock and that they had a reverse split just before the IPO.

 

The preferred shares, which the execs get, didn't have a final split.

[stuckincincy]

I had 8000 shares of stock in options from a company I used to work for. After two reverse splits, I ended up with about 800 shares. 

If I could have exercised all my options and they had no splits, I would have had a nice bundle of cash.

They had an IPO last month and I want to get rid of the shares and get the $ (which I need).

The options were excercised before 2002 , so I think, the long term capital gains rules hold.

 

How do I go about selling the stock?

Can I get an online broker and have them sell my shares? Do I go through the company?

I never did this before. All I have are IRAs and  403(b )s.  All I've received from the company is a letter for me to submit my option shares for common stock and that they had a reverse split just before the IPO.

 

The preferred shares, which the execs get, didn't have a final split.

223[/snapback]

 

Be careful. You may get shoved into the federal AMT (Alternative Minimum Tax) penalty box. I'm not sure how you were able to exercise an option and not be liable for taxation in that year - constructive receipt and the required forking over some estimated tax money.

 

'd recommend contacting a local bunch of theives to handle the trade. Compare commissions. And make sure they issue you a check for the proceeds, pronto. Ask them about that up front. Check 'em out with the BBB and the SEC. Don't know about the company handling the transaction. Maybe they will, maybe not.