Bidders for baseball stock awaiting auction results

June 2, 2010

Die-hard Indianapolis Indians fans who bid on shares of the minor-league baseball team's stock will soon know if they own a piece of the club.

As IBJ reported last month, eight shares of Indians stock ended up in the Indiana Attorney General's Unclaimed Property Division after Indians management turned them over to the state to sell. The team had spent years trying without luck to locate the shares' rightful owners.

The state's Unclaimed Property Division set a minimum price for each share of $25,000 and accepted sealed bids through May 31.

The state will review the offers Wednesday and notify successful bidders by the end of the week. Payment is due by end of day June 9.

Shares of the minor-league affiliate for the Pittsburgh Pirates are hard to come by—only 755 are outstanding, with nearly 40 percent owned by team Chairman Max Schumacher. Until late last year, the team's board of directors had been snapping up the stock and retiring it in a buy-back offer to give stockholders a larger piece of ownership.


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