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#16 | |
Playmaker
Join Date: Nov 2006
Location: Richmond
Posts: 3,261
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
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If it was a fluxuating stock price i would get not have the price listed right on the main page. But for the main page to offer something for sale as complex as a supposed financial instrument and not show the price is deceiving to me. If youre selling fake "common stock" you should at least be upfront with the price.
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#17 | |
\m/
![]() Join Date: Feb 2004
Location: NY
Age: 51
Posts: 99,427
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
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Plus they state this right up front: COMMON STOCK DOES NOT CONSTITUTE AN INVESTMENT IN “STOCK” IN THE COMMON SENSE OF THE TERM. PURCHASERS SHOULD NOT PURCHASE COMMON STOCK WITH THE PURPOSE OF MAKING A PROFIT. Not sure I'm seeing the deception. |
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#18 |
Uncle Phil
Join Date: Feb 2004
Posts: 45,256
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Maybe it's because it's I've been following this story for months now but $250 stock with no voting rights has been pretty common knowledge. But maybe it was only to me.
Either way, I don't think there was any intent to deceive
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#19 |
MVP
Join Date: Feb 2004
Location: Seattle
Age: 44
Posts: 10,069
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
What a worthless racket of a stock. Sure you get a right to vote but so do millions of other shareholders and your voting rights are limited to what management wants you to vote on.
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"The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins |
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#20 |
MVP
Join Date: Feb 2004
Location: Seattle
Age: 44
Posts: 10,069
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
The deception is that they call this sale a common stock sale.
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"The Redskins have always suffered from chronic organizational deformities under Snyder." -Jenkins |
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#21 |
\m/
![]() Join Date: Feb 2004
Location: NY
Age: 51
Posts: 99,427
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
I don't think people are buying a share with the intent of being a major player in the decision making of the team.
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#22 |
Living Legend
Join Date: Jan 2008
Posts: 22,221
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Don't people understand this is more of a souvenir?
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#23 |
Pro Bowl
Join Date: Feb 2004
Location: Ft. Lauderdale, FL
Age: 53
Posts: 5,006
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
You forget the fantasy football mentality that some fans have and they actually believe they should have a 'say' for their $250. It's a fun gimmick to say you are part owner of a team. If you want to do it, do so. If not, keep it moving. Must everything devolve into a debate?
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#24 |
A Dude
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 44
Posts: 12,416
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Any investor with a modicum of knowledge about financial markets would be outraged at this, including me.
Stock is equity in a company entitling you to a share of the profits. Green Bay is calling this a Common Stock - which is a specific financial term - and then saying on the page that it doesn't entitle you to any profits. It's incredibly confusing, even if the Packers didn't intend to deceive.
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#25 |
A Dude
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 44
Posts: 12,416
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
You can't refer to it as Common Stock then.
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God made certain people to play football. He was one of them. |
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#26 |
A Dude
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 44
Posts: 12,416
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
And I'm sure there's a good many people reading this thread and rolling their eyes at the outrage over this, but I'd bet a lot of money that the SEC will have a problem with this.
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God made certain people to play football. He was one of them. |
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#27 | |
A Dude
Join Date: Feb 2005
Location: Newtown Square, PA
Age: 44
Posts: 12,416
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
The stock offering document reads this:
Quote:
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God made certain people to play football. He was one of them. |
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#28 |
Uncle Phil
Join Date: Feb 2004
Posts: 45,256
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Jeez. I never suspected this would cause such a response. I thought it was pretty common knowledge that the Packers every several years or so sell "souvenir stock" for lack of a better word.
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#29 | |
Playmaker
Join Date: Nov 2006
Location: Richmond
Posts: 3,261
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Quote:
Well said. If you call something a Common Stock and charge 250 dollars for it many people will believe it is worth something. Its purely a souvenir and a fund raising gimmick, which is fine, but to not clearly disclose that is deceptive.
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#30 | |
Gamebreaker
Join Date: Apr 2006
Posts: 13,654
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re: Own a Piece of Paper Implying Stock That Has No True Value Yet Ceremoniously Says You Own a Piece of the Packers. Or Don't. What Do I Care.
Quote:
P.S....also a question, does it pay a dividend .....most don't but some have.
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....DISCLAIMER: All of my posts/threads are my expressed typed opinion and the reader is not to assume these comments are absolute fact, law, or truth unless otherwise stated in said post/thread. Last edited by Giantone; 12-06-2011 at 12:11 PM. |
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