I wrote before on how I purchased a stock from a company I had worked at long ago. They had kept pushing me to buy the stock when I was there.
I hated the job, most of the people I worked with and for. There was no way I was going to buy into the business. I saw it for what it was a scam. I couldn’t get out of there fast enough. But I had been unemployed before I was at Waste Management, and with their downsizing. I jumped at employment at the first chance I got.
I chose poorly…
But, this company had since been delisted from the exchanges and I bought 7,000 shares at $.085 per share. When I worked for them my options were always under water at $19.00 per share.
So I splurged and invested about $600 with costs. The plan was to ride it to $.17 a share and sell half and then play with the houses money.
SO I rode the stock down to the $.05 to $.06 range. My son who runs this account (my name his money started when he was 16) wanted me to bail ASAP.
I had faith. They were about to settle a major class action lawsuit for fraud. Yes, I am certain they were guilty, why do you think I wanted out. The woman I worked for had here GED and was running a “college”. She didn’t even have one of their bullshit degrees.
After the settlement the stock rose and I expected.
SO I instructed my son to put in a sell order once it went to $.17 for half of the shares.
He ignored part of my order. He sold them all. Now I have a gain to recognize on my taxes. But I am investing the proceeds from one shitty institution into my son’s college education. He wants to take two more classes at Oakton for a total of 7 classes this semester for a total of 22 credit hours. So this gain paid for over half of the additional bill.