Ann: Trading Halt, page-41

In recent years I had stock in a company where the key shareholders decided to delist it. I couldn't sell my shares. After some time I received a buyback offer from the company at a fraction of the price the shares last traded at. Despite not being able to sell them any other way I decided to sit it out and see what happens. About a year later I got another buyback offer, again at a ridiculously low price. I think this happened three times.

Eventually after several years there was a vote to wind up the company and eventually those of us that remained got paid out several times more than those that took the lowball buyback offers, but still well below what they were trading at when it was still listed. In the end I wished I had sold before the delisting and taken the tax loss.

The only people who did well out of this situation were management who continued to get paid.