.jpg)
Assets/Exemptions - Non-vested stock
I have had a valley trustee interested in non-vested stock. Argument: it
has value today, even if it cannot be exercised until later. Hale
t_mannis
Sent: Friday, July 30, 2010 12:05 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Assets/Exemptions - Non-vested stock
Preparing Chap 7...has not been filed...to quote directly from the client's
e-mail in response to a few of my questions...
"The stock - it is restricted stock
- In 2009 I received 711 shares, they will vest on 1/14/2013, so I can't do
anything with them until that date. Value $23,988
- In 2010 received 912 shares, they will vest on 1/13/2014, so I can't do
anything with them until that date. Value $30,744"
I know I've had this issue in the past, and I'm reasonably sure it was a
non-issue given how much time must elapse until they vest, but better safe
than sorry, especially when there's not enough wild-card to save the day.
Is this a potential problem, or does the fact that they won't vest for 3-4
years keep the trustee away.
Yahoo! Groups Links
The post was migrated from Yahoo.
Trustee may hold estate open, and wait.
Sent from my iPhone
On Jul 30, 2010, at 12:04 PM, "t_mannis" wrote:
Preparing Chap 7...has not been filed...to quote directly from the client's e-mail in response to a few of my questions...
"The stock - it is restricted stock
- In 2009 I received 711 shares, they will vest on 1/14/2013, so I can't do anything with them until that date. Value $23,988
- In 2010 received 912 shares, they will vest on 1/13/2014, so I can't do anything with them until that date. Value $30,744"
I know I've had this issue in the past, and I'm reasonably sure it was a non-issue given how much time must elapse until they vest, but better safe than sorry, especially when there's not enough wild-card to save the day. Is this a potential problem, or does the fact that they won't vest for 3-4 years keep the trustee away.
Trustee may hold estate open, and wait.Sent from my iPhoneOn Jul 30, 2010, at 12:04 PM, "t_mannis" <toddlaw@dslextreme.com> wrote:
Preparing Chap 7...has not been filed...to quote directly from the client's e-mail in response to a few of my questions...
"The stock - it is restricted stock
- In 2009 I received 711 shares, they will vest on 1/14/2013, so I can't do anything with them until that date. Value $23,988
- In 2010 received 912 shares, they will vest on 1/13/2014, so I can't do anything with them until that date. Value $30,744"
I know I've had this issue in the past, and I'm reasonably sure it was a non-issue given how much time must elapse until they vest, but better safe than sorry, especially when there's not enough wild-card to save the day. Is this a potential problem, or does the fact that they won't vest for 3-4 years keep the trustee away.
The post was migrated from Yahoo.
Is the restricted stock in a public corp.? If so it does have value? It
just cannot be exercised until the date. You need to look very carefully
what the specific restrictions are. i.e., cannot be sold, traded..
Jonathan
My Card
Jonathan D. Leventhal, Esq.
This email and any attachments thereto may contain private, confidential,
and privileged material for the sole use of the intended recipient. Any
review, copying, or distribution of this email (or any attachments thereto)
by others is strictly prohibited. If you are not the intended recipient,
please contact the sender immediately and permanently delete the original
and any copies of this email and any attachments thereto.
The post was migrated from Yahoo.
Preparing Chap 7...has not been filed...to quote directly from the client's e-mail in response to a few of my questions...
"The stock - it is restricted stock
- In 2009 I received 711 shares, they will vest on 1/14/2013, so I can't do anything with them until that date. Value $23,988
- In 2010 received 912 shares, they will vest on 1/13/2014, so I can't do anything with them until that date. Value $30,744"
I know I've had this issue in the past, and I'm reasonably sure it was a non-issue given how much time must elapse until they vest, but better safe than sorry, especially when there's not enough wild-card to save the day. Is this a potential problem, or does the fact that they won't vest for 3-4 years keep the trustee away.
The post was migrated from Yahoo.