IBJNews

Six bidders in line for Indianapolis Indians stock

Back to TopCommentsE-mailPrintBookmark and Share

The state of Indiana on Wednesday awarded eight unclaimed Indianapolis Indians shares to six bidders who offered as much as $27,505 for a piece of the minor league team.

The Indiana Attorney General’s Unclaimed Property Division received a total of 12 bids. Two of the six highest bidders are in line to get two shares each. Bidders will be officially notified no later than Friday and will have until June 9 to pay for the shares.

Winning bidders:

— Bryan C. Elliott, Indianapolis, two shares for $27,505 each

— Roger E. Werner, Greenwood, $27,100 for one share

— E. Chris Iverson III, Indianapolis, $27,000 for one share

— John M. Farrar, Indianapolis, $26,260 for one share

— Douglas D. Chokey, Bloomington, two shares for $25,500 each

— James M. and Janett B. Lowes, Indianapolis, $25,500 for one share

Indians management turned the unclaimed shares over to the state to sell after spending years trying to locate the rightful owners. According to state law, property is considered unclaimed when the owner of an asset cannot be found.

Shares of the minor-league baseball team are difficult to come by—only 755 are outstanding, with nearly 40 percent owned by team Chairman Max Schumacher.

Only one share has changed hands in the past six months, and that sale occurred in December, for $25,000. The state sought a minimum bid price of $25,000 for each share.

Proceeds from the auction will be placed in a state account. Share owners or their heirs now have 25 years to claim their money from the state.

The team began selling shares to the public in 1956, when 6,672 people paid $10 per share and bought 24,488 shares of stock in the city's struggling minor-league baseball team. The move was designed to take the money-losing team off the hands of its owner, the Cleveland Indians, and keep it in Indianapolis.

The Indians, now the Class AAA affiliate for the Pittsburgh Pirates, are valued at about $20 million by Baseball America magazine.



 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

ADVERTISEMENT