The verdict against Overstock likely means that Delaware will further scrutinize companies utilizing similar giftco structures and could possibly subject them to litigation or audit, even forcing some to re-domesticate outside of Delaware to avoid such scrutiny. Gift card holders should be overly cautious and be prepared to defend their organizational structures to the state.
Despite the best of intentions, many organizations fall victim to the complexities and difficulties of unclaimed property reporting. With this in mind, how many of these unclaimed property reporting pain points is your organization currently experiencing?
Barbara Rice, Keane’s State Compliance Liaison, who previously managed the unclaimed property programs in both Ohio and South Carolina, recently reached out to multiple state unclaimed property administrators to inquire as to the types of information that they wish that holders knew prior to filing reports. This is their “Wish List”.