Old AMR Stock?

[eolesen]

I'm referring to the option to buy company stock thru Super Saver.

It was like a mutual fund, except that fund only bought shares of AMR. You'd contribute X into that option, and then stock would be bought at some fictional price based on the average price over the month.... At least that's how I remember it. I recall that fund was closed down, although it might have just been closed to new contributions. Regardless, I don't have the documentation anymore... threw it out when I rolled that into an IRA.

 

[OldGuy@AA]

I'm referring to the option to buy company stock thru Super Saver.

It was like a mutual fund, except that fund only bought shares of AMR. You'd contribute X into that option, and then stock would be bought at some fictional price based on the average price over the month.... At least that's how I remember it. I recall that fund was closed down, although it might have just been closed to new contributions. Regardless, I don't have the documentation anymore... threw it out when I rolled that into an IRA.

I didn't buy them through supersaver.  I got them through payroll deduction.  I should have saved the letter telling me I was the proud owner of 6 whole shares of the new stock but I was so aggravated I tossed it.  I guess I should figure out how to find them and sell them so I'll be rid of it all.  6 Shares ought to get me about $240.

 

[Bob Owens]

Did they bring back the ESPP after 2006? The shares I'd bought thru the old ESPP were sold off back in 2003.

ESPP shares weren't ever handled the same way that shares bought on the open market or shares issued thru a grant or option. You essentially were in a mutual fund that bought shares, and was managed by a trustee. Pretty certain that's what the fine print said when I signed up for it...

Thats how I bought it. When they terminated the plan I told them to send me the stock certificate. Came out to 51 shares and its dated April 1, 2003. 

 

[Bob Owens]

I didn't buy them through supersaver.  I got them through payroll deduction.  I should have saved the letter telling me I was the proud owner of 6 whole shares of the new stock but I was so aggravated I tossed it.  I guess I should figure out how to find them and sell them so I'll be rid of it all.  6 Shares ought to get me about $240.

Thats the ESPP

 

[Salty Dog]

I'm talking about symbol AMR. Before it went to AAMRQ

 

[FWAAA]

I'm talking about symbol AMR. Before it went to AAMRQ

AMR simply changed its ticker symbol to AAMRQ when it filed for Ch 11; It's the same stock.

As posted above by MAH4546, your 200 shares of AMR/AAMRQ is worth about 148 shares of new stock: AAL. A tiny distribution was made to holders of the old stock when the merger closed last December and then larger distributions were made on days 30, 60, 90 and 120. As of now, each share of old stock is worth about 3/4 of a share of new stock.

 

[Salty Dog]

As far as I can tell from talking to people here and at Payroll is those stocks just went poof and disappeared worthless. I'm not sure who else to ask about it.

 

[scorpion 2]

Like I posted earlier I had about 300 shares in my 401. I reallocated funds from one account to purchase company stock. No payroll deduction just a one time movement of funds from one account to the company stock fund. A lot of employees that had done the same as me had these shares removed when they made loans from supersaver. The company's position was that company stock accounts (AMR) would be targeted first when new loans were made which would either lower or zero out those accounts first. I never took out a loan after I made the transfer so my shares stayed intact right up until the bankruptcy.  I went to check the status of my company stock fund when the rumors started about replacing old stock with new stock.   It was gone.   When I contacted HR about this they told me that the fund balance had been reallocated to other accounts within my 401. HR said that their advisors had told them this is how other companies dealt with company stock funds held in supersaver type accounts. I emailed back and said it was my stock and my choice to let it ride through the BK process. Never heard back from them. Not sure if this is your scenario or how many employees had the same thing happen to them. The funds in the company plan were considered units not stock but somewhere maybe the company treasury there should have been stock held to represent the units in the 401. What happened to those shares and who benefited from the units being erased from the 401 accounts?

 

[eolesen]

Exactly. You held ESU's in a 423 plan (Section 423 of the IRS code), not individual shares.

In a 423 plan, you don't have the right to tell the trustee to hold 'em. The trustee (not the company) acts on your behalf, which is buried in all the fine print you were probably asked to read when you got the prospectus about the plan in the mail...

You can ask that your views be proportionally respected when it comes time to voting at the annual meeting, which I've done on occasion (e.g. when there was a shareholder initiative to force Disney to separate the CEO and Chairman roles).

What likely happened is your AMR shares were sold on the open market, and the plan trustee (again, not the company) distributed the prorated value of the proceeds into another fund that you were already participating in.


The plan I was participating in was liquidated back in 2003.

Are you really just noticing now?...

 

[scorpion 2]

 
Exactly. You held ESU's in a 423 plan (Section 423 of the IRS code), not individual shares.

In a 423 plan, you don't have the right to tell the trustee to hold 'em. The trustee (not the company) acts on your behalf, which is buried in all the fine print you were probably asked to read when you got the prospectus about the plan in the mail...

You can ask that your views be proportionally respected when it comes time to voting at the annual meeting, which I've done on occasion (e.g. when there was a shareholder initiative to force Disney to separate the CEO and Chairman roles).

What likely happened is your AMR shares were sold on the open market, and the plan trustee (again, not the company) distributed the prorated value of the proceeds into another fund that you were already participating in.


The plan I was participating in was liquidated back in 2003.

Are you really just noticing now?...

Like you said the plan you were participating in.  My amr stock fund had a balance until 2011. 

 

[eolesen]

Then they brought it back? Hadn't heard that confirmed until now.

Unless you requested (and paid) to have your shares moved out of the trust like Bob did with his, the rest of what I said still should hold true if the new plan was a 423.

 

[scorpion 2]

It could have just set in a state of flux for all I know but It had a balance that went up and down with the stock price. I have no idea if it was a 423 or whatever. It doesn't EFN matter at this point though just passing along my story about old AMR stock. Don't get your panties in a wad over it.   

 

[eolesen]

Gee, sorry for trying to explain where your money went so you don't make the same mistake a second or third time.

 

[scorpion 2]

Not sure you explained anything considering your plan was liquidated in 2003. I had a balance that fluctuated with the price of the stock until 2011. It didn't zero until then.  I'm not saying it wasn't in a 423 plan because I don't have a clue i just know it was in my 401 under the AMR stock fund.  Its water (money) under the bridge at this point and some clown posting his view point on an open forum isn't going to sway my future investment considerations.     

 

[Bob Owens]

As far as I can tell from talking to people here and at Payroll is those stocks just went poof and disappeared worthless. I'm not sure who else to ask about it.

Those were probably your options from 2003. You never had the stock, you had the option to buy it at a predetermined price (IIRC $5). The option had an expiration date so if you failed to exercise it prior to that date you lost the option.
 
I had one guy claim that he tried to exercise the option after they declared BK and it was above $5 but he hasn't produced anything to back it up.