Brought to you by WBIW News and Network Indiana
Last updated on Thursday, June 3, 2010
(BLOOMINGTON, IN) - Six Hoosiers have paid nearly $212,000 to become shareholders in the Indianapolis Indians.
The minor-league affiliate of the Pittsburgh Pirates turned over eight shares of team stock to the attorney general's Unclaimed Property Division.
That was after mailings to the owners started coming back undeliverable, and more than two years of searching failed to locate them.
Attorney General Greg Zoeller opted to put up the shares for sealed bids, setting a minimum bid per share of $25,000.
10 bidders from Indiana and one from Detroit made a try for a piece of the team.
The minimum needed to come away with a share turned out to be $25,500.
In all, the sale produced $11,860 more than the state's $200,000 minimum for all eight shares.
The original owners still have more than 22 years to come forward and claim the proceeds.
After that time, the money is turned over to the state.
Zoeller says the unclaimed property fund has more than $350 million in assets waiting to be claimed.
Two bidders from Indianapolis and Bloomington snapped up two shares each in the Indians, with three bidders from Indy and one from Greenwood purchasing one share each.
Indians Director of Special Projects Bruce Schumacher says shareholders receive a pair of tickets to one game each season, and any dividends the team's board of directors decides to pay out.
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