The time is now for filing ownership claims with the court-appointed certified public accountant regarding the Conway Golf Club stock certificates.
The sale of the club was followed by a lengthy process of clearing up all past debts, and the CPA who is handling the club’s finances is down to the final remaining creditors.
In February, My Horry News reported that due to the drop in the sales price of the land to Forrest Beverly with Beverly Homes, the projected value of each share was estimated at about $1,000, down from the earlier $1,500 estimate.
Clark Vereen estimates that at this point after paying all the bills, each share is worth around $650.
“It will be dependent upon how many people file a claim or if a judge puts a drop-dead date on it,” said financial advisor Clark Vereen.
According to the court-appointed CPA Edward Farmer of Myrtle Beach, the best way to handle a claim is for owners of stock to provide a copy (front and back) of any stock certificates they have in their possession. He requests that no original certificates be sent.
Owners can also provide copies of any other documentation that substantiates ownership, such as receipts, letters, emails, canceled checks and death certificates.
“Where owners have passed away, their death certificate and perhaps other possible deceased heirs’ death certificates may be required and should be provided, too,” Farmer said via email.
Vereen said the records are so poor, there probably won’t be a mailing because too many letters will likely be returned.
“Some people never updated their own certificate with survivors, and that is going to cause a lot of problems,” Vereen said.
Farmer asks that stock holders submit copies, no originals, of everything with a dated and signed letter explaining their situations in detail. He said color copies are not necessary.
“Everybody’s situation is different, but the main thing is to explain it in the letter of request to the CPA,” Vereen said.
Farmer said the packets will be reviewed and crosschecked with shareholder records, and holders will be contacted if more information is required. Even if stockholders have contacted the court directly, they are asked to resubmit their packets via regular mail, email or fax to the CPA at: Edward M. Farmer, CPA 1004 29th Ave. N, Ste. A, Myrtle Beach, S.C. 29577, email@example.com call (843) 448-2019 or fax (843) 448-8589.
Although Farmer said there is no final date to file yet, Vereen says a judge might set that date, so they ask that stockholders waste no time sending in their information.
Depending on how many people respond, Vereen said this could end up being a two settlement process.
“Everybody who filed gets so much, then they do a final payout based on how many didn’t file,” Vereen said. “They’re trying to make it as simple as possible.”
Editor Kathy Ropp contributed to this report.