Kmart stock certificate 2002 cancelled bankruptcy shares "Financial Disaster"

Description

Kmart stock certificate
Dated 2002
Cancelled bankruptcy shares
"Financial Disaster" Source: Wikipedia
The Chairman Charles
Conaway "accepted "full blame" for the financial disaster."
Machine printed digital signature of Charles Conaway
There is no trading or redemption value for this certificate for two reasons:
First, it represents bankruptcy shares.
According to CBS MarketWatch, in 2003, after the bankruptcy, there was nothing left for the shareholders
Second, the shares are cancelled.
More info courtesy of Wikipedia:
Kmart filed for Chapter 11 bankruptcy protection under the leadership of its then-chairman Charles Conaway and president Mark Schwartz. Conaway, who successfully expanded CVS Corporation, accepted an offer to take the helm at Kmart along with a loan of million (equivalent to .47 million in 2024).
In a scandal similar to that involving Enron, Conaway and Schwartz were accused of misleading shareholders and other company officials about the company's financial crisis while making millions and allegedly spending the company's money on airplanes, houses, boats and other luxuries
. At a conference for Kmart employees on January 22,
Conaway accepted "full blame" for the financial disaster. As Kmart emerged from bankruptcy, Conaway was forced to step down, and was asked to pay back all the loans he had taken.
[Source: Wikipedia]
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