Anyone remember Global Marine?

[FEDUKE404]

I am trying to reconstruct some cost basis information for a client who originally purchased Global Marine (QGLM ??) in 1986. After many changes, the stock is now Transocean, Inc. For 2007, there was a "cash+stock" exchange.

The IR department of Transocean states they have no "historical" company data.

It appears that around 1991 the bankruptcy activities resulted in the "old" stock becoming the "new" stock at an exchange ratio of roughly 0.11 (such as 4000 shares became 440 shares).

The big problem is that some additional shares (slighly less than half of the total) later appeared, possibly as exercised warrants? Was this part of the reorganization?

I do have the ratio of 0.665 for the later Global Marine -->> GlobalSantaFe Corp exchange in 2001.

Here's hoping that someone out there may have dealt with this type of exchange some years past. I have all of the original cost basis information for the Global Marine shares (pre-bankruptcy) but am stumped by where the "extra" shares came from after the reorganized shares were issued.

(FYI - I am dealing with the deceased client's spouse.)

Thanks!

FE

[DaveO]

I noticed that stock on a basis worksheet recently

From a Smith Barney Tracking account. If you have a SB rep you are friendly with maybe he can help.

[FEDUKE404]

Stock + warrants aspect

Dave,

You may be thinking of the 2007 events with GlobalSanteFe morphing into Transocean, as described here (all is one link):

http://library.corporate-ir.net/library/11/113/113031/items/272260/Tax_Website_Announcement.pdf

Further facts have shown my original statement was not quite correct: It looks as if, emerging from the bankruptcy proceedings in late 1990, that a Global Marine stockholder received common stock at a ratio of roughly 0.0525 plus (at the same time) roughly double that amount of warrants.

It is the "cost" of the shares obtained through those warrants that is creating the gap...

FE

[taxxcpa]

Global Marine

Here is a link:

http://www.subsea.org/company/listdetails.asp?companyid=155

Global Marine used to be traded on the stock market with the symbol GLM.

It has now either been taken private or taken over by another comany.

[FEDUKE404]

GLM is long gone....

Here is a link:

http://www.subsea.org/company/listdetails.asp?companyid=155

Global Marine used to be traded on the stock market with the symbol GLM.

It has now either been taken private or taken over by another comany.

Unfortunately, I don't think the link has anything to do with a company.....looks more like an industry/job web site.

FYI: The old Global Marine Company [ symbol GLM ] came out of bankruptcy in late 1990, and was eventually (2001?) merged into GlobalSanteFe Corp. During 2007, that company also merged and those very old Global Marine shares are now Transocean, Inc. (The link to that activity was in my earlier message.)

It appears the post-bankruptcy shares took the pre-bankruptcy shares and replaced them with a package of new common stock and warrants that would have expired in 1996.

FE