You don’t know how dark my sense of humor is. I had a really shitty childhood and to me at least it’s mostly hilarious.
Dogecoin becoming the global currency would be the funniest thing in a long long time.
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Tonight on a call with her folks, MrsWookie referred to “stonks” and not “stocks.” It was accidental but unironic.
Mission accomplished.
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Is there an exploitable surge of cannabis stocks around April 20?
My goal in life is to figure out how to get the iOS Stocks app to show up as Stonks instead.
When my ex-stepdad died, he left everything to me, and then I was supposed to distribute 1/3 over time to each of his 2 crazy cousins to “look after them”. But because he had something called “pay upon death” on his bank account that he probably forgot about, the crazy cousins got all $225k in the account, which was almost all of his net worth.
So that royally sucked. But at least I didn’t have to deal with the crazy cousins, which would have been a nightmare. Then my mom was going through all of his papers and found an annuity in my name. It wasn’t $75k, but it was enough to help me put a down payment on my first place.
What happens if she doesn’t find that paperwork? I’m guessing the bank just keeps the money? I wonder if that happens often enough to be part of their business model.
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but how did she pronounce it?
Rhymes with “honks?” Didn’t think there was any other way to pronounce it.
They are supposed to send it to the state’s unclaimed property fund/department after it’s been inactive for X number of years. Each state has one. I’d go search your particular state and run your info through their database to see if there’s anything else you might be missing.
Thanks. Didn’t find anything.
This happens ALL THE TIME. It is so stupid. People have no idea these POD designations trump their wills and their estate inevitably ends up going to someone they didn’t intend. Ex-spouses get 401k accounts and random bank/investment accounts all the time because people forget to change the beneficiary designations when they divorce.
In America you need a social security number to open a bank account. When a person dies a search is conducted by SSN to find all their accounts.
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My first credit card that got me started on a lifetime of glorious revolving debt was from the Leavenworth VA Credit Union (my mom worked there). I had to deposit $25 to get the card with $500 credit line.
For years I got quarterly updates on how my $25 in savings was doing. 20 years later I think it was up to $27. Also they were the only credit card that never tried to raise my rates to 27%+ any time my credit balance got high.
They got sold to another credit union, who also kept sending me a new card every year, which I never used. In 2018 that new credit union got sold to an even bigger one, and then the new cards stopped coming. Now no one has any record of my card or my $25.
It’s not much money but it pisses me off. I’m sure if I had a balance they would have found a way to keep track of me.
Holy shit - They’ve got like 155 million in-the-money warrants outstanding, so it’s effectively a $2 billion deli. This is truly amazing.
Hat tip to Matt Levine’s Money Stuff, which is easily the best newsletter I’ve ever signed up for:
Actually I am sorry to tell you this, but the valuation is really much higher than that. From Hometown’s Form 10-K, filed last month:
On April 15, 2020, the Company issued to each shareholder of record on said date: (i) five Class A Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.25 per share (the “Class A Warrants”), (ii) five Class B Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.50 per share (the “Class B Warrants”), (iii) five Class C Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $1.75 per share (the “Class C Warrants”), and (iv) five Class D Warrants, entitling the holder thereof to purchase five shares of the Company’s common stock at an exercise price of $2.00 per share (the “Class D Warrants”), with each warrant expiring on April 15, 2035 (collectively, the “Warrants”).
The simple valuation math is that Hometown is worth $13.01 (yesterday’s closing price) times 7.8 million (the number of shares outstanding), or about $101 million. But ordinarily companies are valued based on their fully diluted equity value, taking into account stock options and warrants. Here, there are 7.8 million shares, but also an absurd 155.9 million warrants. That represents a fully diluted equity value of almost $1.9 billion.[1]
Edit: OMG, footnote 1 points out that he’s (appropriately) using the Treasury Stock Method for calculating the effect of the warrants - not just adding them to the share count. I love Matt Levine so, so much.
Apparently the world is going to hell again.
How does something like this happen?
oh my god DFV just rolled all but $3.5 million of his expired options into more GME:
What a degenerate.
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What the hell happened to Netflix (-10%)? Did someone on Wall Street wake up and watch their terrible programming?