The town of Portola Valley has begun selling 100,000 shares of stock that were donated to the town to reserve naming rights for the renovated baseball field at Town Center.
In April 2008, the shares of CAMAC Energy -- now listed under CAK -- had a value of $2.3 million, but by the time selling restrictions were lifted, the stock had plunged in value, Councilman Ted Driscoll told the Almanac.
The town didn't need the cash and was advised to hold the stock, Mr. Driscoll said, adding: "In hindsight, I wish we had sold it earlier."
In May, the council authorized a broker to begin selling it. On June 25, the stock closed at 63 cents a share, according to an online quote. That would put the value of the donation at $63,000.
With naming rights for the ballfield set at $1 million, the field remains without one.