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Realty ReFund Trust Stock Certificate (Alfred Lerner, Cleveland Browns)

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Seller: stocklobster (12,737) 100%, Location: Cold Spring, New York, Ships to: Worldwide, Item: 302829408180 Realty ReFund TrustWarrant Certificate The Realty ReFund Trust was incorporated in Ohio in 1971 by Alfred Lerner, a cigar chomping, self made millionaire who also played a major role in the Cleveland Browns football teams' move to Baltimore. Lerner's first job was selling furniture, earning $75 a week. He eventually saved enough money to buy an apartment building in Cleveland. His real estate portfolio grew and in 1990, he became a major shareholder in MNC Financial, a small Baltimore bank. Struggling with real estate loans in the midst of the savings and loan crisis, MNC soon needed leadership and Lerner stepped in as chief executive officer. He tried unsuccessfully to sell the bank's most successful unit, credit card issuer MBNA, to raise cash. In 1991, he took MBNA public, investing $100 million of his own money to ensure the success of the initial sale of stock. Controversial MBNA would blossom into the second largest credit card issuer. He was also the chairman of Town and Country Trust, which owned and operated more than 15,000 apartment units in the mid-Atlantic region. In 1998, Lerner purchased the franchise rights of Cleveland Browns of the National Football League paying $530 million, a record for a sports franchise at the time, outdistancing the next closest bid by $30 million. The runner-up bid was from Cablevision Systems chairman Charles Dolan and his brother and future Cleveland Indians owner Larry Dolan. Prior to that, Lerner held a 5% stake in the old Cleveland Browns franchise. In 1995, he assisted his friend at the time Art Modell, former owner of the Browns, in moving Modell's NFL franchise rights from Cleveland to Baltimore. Lerner introduced Modell to Baltimore financiers of the deal, and he sat behind on the podium at the press conference Modell announcing the team's move. However, many Browns fans were angered after word leaked that Modell’s deal to move the Browns to Baltimore was signed on Lerner’s private jet. The two stopped talking shortly thereafter. In 1997, Modell paid $32 million to buy out Lerner's stake in the Baltimore Ravens, which had grown to 9%. After his death, his wife and son Randy Lerner took over the Browns franchise. Lerner's initials were stitched on the sleeves of the Browns' jerseys every season until the 2013 NFL season when they were removed from the jerseys under Jimmy Haslam's new ownership of the team. Realty ReFund Trust was one of Lerner's many business holdings. The company specialized in debt refinancing on successful buildings. These certificates contain a printed signature of Alfred Lerner as the company Chairman. All certificates are sold only as collectible pieces, as they are either canceled or obsolete. All pieces sold are originals - no reproductions! Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. Unless otherwise indicated, images are representative of the piece(s) you will receive. When a representative image is presented in one of our listings, you will receive a certificate in similar condition; however dating, denomination, certificate number and issuance details may vary. We offer flat rate shipping - whether you order 1 certificate or 100 - you pay only the published flat rate. To take advantage of our flat rate shipping offer, you must add all of the pieces you would like to your eBay cart and perform a single checkout. If you use "Buy It Now" for each individual certificate, you will be charged a shipping charge each time - this is an unfortunate limitation of the eBay system.

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