How long should I have to wait to receive my inheritance?

Hoenir

Curious66 said:

 They do not know I have been in contact with the company where the shares are held and they say the executor was unrealistic and wanted too much for shares.

By way of explanation the existing shareholders have the executor over a barrel. 

What's the company worth? 

Curious66

Marcon - Thank you. I will do this.

Thanks everyone.  Really helpful advice.

After almost six years of this, closure is needed.  Who knows what the value of the shares would have been had the executor sold straight away.  And who knows how much their actions have cost the beneficiaries.

Hoenir

What was the original offer from the other shareholders to buy the stake? 

What was the value used for probate ? 

Curious66

Hoenir - Unfortunately the beneficiaries were not told any of these values.  Then or now.

Marcon

doodling said:

Hi,

Marcon said:

Keep_pedalling said:

Shares in unlisted private companies are often very difficult to value and sell. You could always request that you have the share transferred to you so you have control of the sale.

Very sensible idea - but check that the company's Articles of Association would permit that. Many place restrictions on how and to whom shares can be transferred.

I'm not sure it is a sensible idea unless the OP wants to get into the entertainment industry.

They don't have to - but owning their own shares means they are free to accept whatever offer they wish to accept for those shares.

doodling said:

If the shares represent a significant holding in the company then might be possible to increase the value of the shares by the executor involving himself in the business (e.g. at shareholder meetings) to the point that the other owners get sufficiently fed up that they are willing to pay an acceptable price.  Whether that is a viable approach will depend on the circumstances.

There's a limit to shareholder involvement, especially in a private company. Suggesting a shareholder effectively sabotages their own company isn't going to increase the share value one iota...

doodling

Hi,

Marcon said:

doodling said:

Hi,

Marcon said:

Keep_pedalling said:

Shares in unlisted private companies are often very difficult to value and sell. You could always request that you have the share transferred to you so you have control of the sale.

Very sensible idea - but check that the company's Articles of Association would permit that. Many place restrictions on how and to whom shares can be transferred.

I'm not sure it is a sensible idea unless the OP wants to get into the entertainment industry.

They don't have to - but owning their own shares means they are free to accept whatever offer they wish to accept for those shares.

As is the executor on their behalf.  It is quite possible that a transfer in ownership to the OP would not be permitted by the company in any event and attempting it it just seems like it further muddies the water.

It is always possible that the issue is the ability of other shareholders or another investor to actually raise the cash to buy the shares - has the executor considered a phased sale which would allow some interim distributions to be made whilst not requiring the buyers to find the cash in one big lump?

doodling said:

If the shares represent a significant holding in the company then might be possible to increase the value of the shares by the executor involving himself in the business (e.g. at shareholder meetings) to the point that the other owners get sufficiently fed up that they are willing to pay an acceptable price.  Whether that is a viable approach will depend on the circumstances.

There's a limit to shareholder involvement, especially in a private company. Suggesting a shareholder effectively sabotages their own company isn't going to increase the share value one iota...

I think you misinterpret me, I'm certainly not suggesting sabotage. At the moment the directors (who are presumably also the other shareholders) are in the very happy situation where someone has invested a load(?) of money and is not taking any interest in what they are doing with it.  It does no harm for the executor to exercise whatever rights the shares confer (if any of course!) to understand and question what is being done with the shareholders' money.  Doing so might cause the directors of the company to give some thought as to how the matter might be resolved as no-one likes an outsider looking over their shoulder.

As I said previously, whether there is any merit in this depends on the circumstances - not least whether the original offer was fair (if it was then you almost certainly won't improve it)  but also things like the personalities involved and the ability of the other shareholders to buy the shares (or to find another investor who wants them).

Hoenir

Curious66 said:

Hoenir - Unfortunately the beneficiaries were not told any of these values.  Then or now.

Worth asking the question then. Collectively with the other beneficiaries. As appears to be an impasse. With the other shareholders dictating events. 

Have you looked up the filed annual acconts on Companies House website ? 

MeteredOut

Is the executor also one of the beneficiaries?

Curious66

Hi Hoenir.  Sorry for the lateness of my reply.  I didn't think I could look up their accounts due to it being a private company?  Thanks.

Curious66

Hi MeteredOut - Sorry I am just replying, but the answer to your question is Yes, they are also on of the beneficiaries. Thanks.