Any financecels here?
1 2020-02-19 by professorshillphd
So my mom has been calling me because her husbands grandmother died and his family owns a large amount of shares in a private bank in Florida with assets totaling hundreds of millions of dollars.
What happened is his grandmother had left him thousands of shares in this bank, and now they're contacting him trying to pressure him into selling at lower value than what they claim the stock is worth. Does this seem like a con to anyone else?
The context here is his family has close ties with this bank and actually helped found it, and they've been involved in shady dealings and ratfuck attempts for years. I told her to tell him not to sell. Was this the correct advice?
58 comments
1 SnapshillBot 2020-02-19
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1 EasySchmitty 2020-02-19
Did she own a significant portion of shares to have a decent amount of voting power? Sounds like the Board or management wants to buy it back as treasury stock or something.
That or they realized you would be the eventual beneficiary later in time lmao
Most likely case is they don’t want the shares to be inherited by someone incompetent whose voting actions would ultimately kill the bank. Something like a founding member dying and their kid being a deadbeat.
1 professorshillphd 2020-02-19
I'm pretty sure his family basically owns the bank to some extent. The guy that runs the bank started out as a bag boy.
The family basically gave them the money to found the bank.
1 EasySchmitty 2020-02-19
Sounds about right. Unless her inheritors have been actively involved in the bank’s affairs or have experience in the industry, it’s not uncommon at all for banks to try to buy back stocks to mitigate disaster.
Also hundreds of millions is small fry for banks, and with more and more banks merging and acquiring one another today, it could be a measure to prevent voting for/against acquisitions.
Unless of course your family member got murdered.
1 professorshillphd 2020-02-19
Well, I've actually learned more it seems. The family is fighting over the money hardcore, and the grandmother, I guess, was worth over 100 million dollars.
The guy that works for the bank with their family is shady and acting really weird now that they're trying to get the money. This, while he attempts to buy stock back from the grandkids.
1 EasySchmitty 2020-02-19
If he’s not bluffing I’d probably HODL tbh
1 DaeshMeOutside 2020-02-19
It’s not uncommon, actually. Depends on how much they’re discounting, of course, but they’re looking to consolidate and so they’re offering to buy it all at once. How much under was their offer?
1 professorshillphd 2020-02-19
Over 20 dollars a share under.
2 habeshamuscle 2020-02-19
What the fuck does that mean. What's a share worth. What's the percent discount you mong
2 professorshillphd 2020-02-19
It's almost 50% under valued.
1 EyeOfTheWitch 2020-02-19
Whether or not that is fair depends on how liquid the stock is. There isn't just a 'price' of a stock, there is a market. Some people are bidding and others are offering. When you go and sell some of that stock, the price moves against you generally (you are creating supply, you are taking out the bids and you need time for other bidders to come in, people see there is a seller and bid less aggressively etc). The more you want to sell, the more you will move the price. If this is a company that trades say X shares per day and you only need to sell .01X, then of course 50% haircut is ridiculous. You could send it to a broker algo and maybe except to move the price well under 1% against you, or do the trade slowly and basically not move the price at all. Its probably ridiculous in general.
However, if this is some penny stock that trades X shares per day and you want to sell 10X, then you wont be able to without moving the price drastically, or you have to do it verrrrry slowly over many months even. In that case, if you want to move quickly, its perfectly reasonable to do a block trade at a discount to the last trade price or mid (average of bid and offer).
1 [deleted] 2020-02-19
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1 DaBigKahuna77 2020-02-19
Make a counter-offer.
1 RememeberNotToThink 2020-02-19
Time to call your mother's husband daddy.
1 professorshillphd 2020-02-19
I have my own money from the death of a rich relative bud. Don't need to.
1 RememeberNotToThink 2020-02-19
Imagine not being progressive enough to not want to have 2 daddies in current year.
1 Kaiser-romulus 2020-02-19
Oh now you are rich too? Is that how you fund your kid diddling?
1 IraqiLobster 2020-02-19
Low-energy Mitt Rommy has one joke
It’s not funny anymore man
1 Kaiser-romulus 2020-02-19
Nigga it ain’t a joke. He admitted to it.
1 IraqiLobster 2020-02-19
He could admit to 9/11 and his worst crime would be being a milquetoast boring neolibtard
Get a new joke
1 [deleted] 2020-02-19
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1 Whaddaulookinat 2020-02-19
Probably trying to limit capital gains honestly.
1 gunowner63 2020-02-19
Isn't it weird that you are active on reddit from 4pm to 4am every single day? Reminds me of when I was 16 but with 4chan. Get some help
1 professorshillphd 2020-02-19
What else am I gonna do?
1 gunowner63 2020-02-19
Sleep during the night and have a job during the day loser.
1 professorshillphd 2020-02-19
I'm financially stable, well off even and I sleep fairly often.
1 gunowner63 2020-02-19
Of course, your mom buys you everything you need. And you seem to sleep about 12 hours a day based of reddit activity so I don't doubt the second part.
1 professorshillphd 2020-02-19
Don't sleep anywhere near 12 hours a day and the mon thing is wrong, but you're trying and that's all that matters.
1 gunowner63 2020-02-19
Even if what you're saying is true, any person who spends 12 hours a day on reddit is a loser. Especially if its arguing the same 5 arguments between the hours of 4pm and 4am.
0 professorshillphd 2020-02-19
Yeah it's pretty time consuming to have 3 monitors and just type in 1 while doing other stuff.
1 gunowner63 2020-02-19
Gee bill, your mom let you have 3 monitors?
Legitimately might be the worst flex I have ever seen.
1 professorshillphd 2020-02-19
Is it a flex? Most people probably have multiple today.
1 gunowner63 2020-02-19
I mean it's three monitors michael, what could it cost? 10 dollars?
3 professorshillphd 2020-02-19
Pretty cheap these days.
2 gunowner63 2020-02-19
I understand that you don't know the price of your precious gaming rig because mommy bought it for you, but everybody's knows you're being a try hard fag right now.
1 professorshillphd 2020-02-19
I know exactly what my computer costs and what each part was.
You're trying real hard right now and kind of bombing out tbh. Not that impressive.
1 gunowner63 2020-02-19
Of course you built it yourself, you just used mommies checkbook. My mistake.
>no u
Oh fuck you got me good
1 professorshillphd 2020-02-19
Do you have some point to make here or what? My time is limited and I don't really have all day to entertain a child foaming at the mouth yelling random insults into the void.
1 gunowner63 2020-02-19
Yea you're really busy arguing on other parts of reddit right now. As you will be for about the next 12 hours. Sorry to interrupt
I suppose my "point" is that all the pointless lies you tell on the internet are just like you. They will never amount to anything in the real world.
1 professorshillphd 2020-02-19
Ok, no problem.
1 gunowner63 2020-02-19
Wait I'm confused, didn't you start out by asking what else you were going to do with your time? But now you are too busy to keep refreshing your inbox all the sudden?
1 professorshillphd 2020-02-19
Why are you still msging me bud? I said ok thanks, in case you didn't catch it, that means we're done.
1 gunowner63 2020-02-19
So no answer then, another argument you've lost I guess.
1 professorshillphd 2020-02-19
You can believe whatever you'd like.
1 gunowner63 2020-02-19
I don't understand why you replied, I thought you were done now that you've lost?
1 [deleted] 2020-02-19
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1 wellhellotherefellas 2020-02-19
Shut up, fag.
1 gunowner63 2020-02-19
I don't remember asking you a goddamn thing
1 wellhellotherefellas 2020-02-19
Shut up
1 throwaway_at_ 2020-02-19
He’s really just a group of various people playing a role.
I think that was a meme here at some point but I’m not sure.
1 [deleted] 2020-02-19
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1 trapochaphouse 2020-02-19
He should sell, then spend all the money and leave you nothing.
1 snowkarl 2020-02-19
The most obvious way this is untrue is that pizza would never ever ask anyone's advice on ANYTHING, even pretending to in order to humble brag
nice try though!
1 professorshillphd 2020-02-19
I don't think you know a lot about me. I know my own limits, I know enough to know that I don't know everything, and I know asking people that know more than myself about various subjects is the best way to learn.
I'm not a conservative, I use my brain.
1 6r15movement 2020-02-19
Why the fuck is the guy who cucked your dad asking you, a kid, for financial advice. And why are you now asking reddit.
1 respaaaaaj 2020-02-19
NGL if I was on the board of a bank and realized that I was one car crash away from having to deal with you as the majority share holder I'd be trying to force a buy out too.
1 redditor1138 2020-02-19
In general, selling large quantities of a stock tends to lower its value, while buying large quantities tends to raise its value.
For that reason, it is typical for offers to buy or sell companies to put some kind of differential into the per-share price.
1 Seattle_Bussy_Lmao 2020-02-19
Have you considered eating them?