Family Buys Coca-Cola Stock at Garage Sale, Claims It's Worth $130 Million
Well, this is one very profitable garage-sale purchase: a California man bought an antique Palmer Union Oil Co. stock certificate in 2008 for a "nominal" amount, only to track Palmer Union to the one and only Coca-Cola Company.
Now, the Marohn family is asking for a $130 million stake in the company from Coca-Cola, about 1.8 million shares, Reuters reports.
A Coca-Cola statement called their claim "meritless and unfair to the Company's millions of legitimate shareholders." Delaware Chancery Court has yet to decide which side to favor (the stock certificate was endorsed and signed, but with the transferee information left blank), but if the Marohn family wins they'll be the largest non-institutional share-holders of Coca-Cola.