PDA

View Full Version : Altec Corporation stock worth anything these days?



Tex
10-30-2004, 09:34 PM
While sorting through some old papers of my now deceased parents today, I found a stock certificate for some shares of Altec Corporation stock. From what I can gather from searching online, it may not be worth anything. The stock was issued in 1979. Can anyone lend any insight to whether the stock has any value? I can't even find a stock symbol for Altec. I do know that LTV once owned them.


Thanks.....

Don McRitchie
10-30-2004, 09:55 PM
My guess is that it is worthless. Altec was spun off from LTV as a publicly traded company in 1972. Altec's fortunes declined through the late 70's, culminating in Chapter 11 bankruptcy in 1984. In 1985, the company was sold to Gulton Industries. Gulton was later purchased by Mark IV a few years later. In the mid 90's, Mark IV sold off the audio divisions of their corporation, including the Altec brand to Greenwich Capital, a private investment partnership. They subsequesntly sold the rights to the Altec brand to Altec Lansing Technologies in 2000.

Tex
10-30-2004, 10:36 PM
Originally posted by Don McRitchie
My guess is that it is worthless. Altec was spun off from LTV as a publicly traded company in 1972. Altec's fortunes declined through the late 70's, culminating in Chapter 11 bankruptcy in 1984. In 1985, the company was sold to Gulton Industries. Gulton was later purchased by Mark IV a few years later. In the mid 90's, Mark IV sold off the audio divisions of their corporation, including the Altec brand to Greenwich Capital, a private investment partnership. They subsequesntly sold the rights to the Altec brand to Altec Lansing Technologies in 2000.


Thanks... For a brief moment earlier today, I thought I might really have something. At one time, the Altec stock symbol was "ALE."

http://www.altecpro.com/about_heritage.asp?section=70

" 1972: Introduced the first low priced 100W Control Console for musicians, the model 1214A. LTV spins-off LTV Ling Altec; the new Altec Corporation is formed. The new company's stock is traded on the American Stock Exchange under the symbol ALE."


ALE stock is selling for over 30 dollars a share, but it turns out that ALE now denotes another company. Or can stock symbols actually be reused? I have no idea...

GordonW
10-30-2004, 11:00 PM
ALE == Minnesota Power, currently. Definitely a case of a re-cycled stock symbol, AFAIK...

http://www.quotelinks.com/companies/ale.html

Regards,
Gordon.