hi all im after a bit of advice please..

back in october 1998 my nan gave her son (my dads step brother) $50,000 of funds which he invested in a Mainstay High Yield Corp bond fund (at a cost of 8.05 each) around 6200 shares.

We have records of the purchase and of dividends being paid out from these (around $360/month for the first year). The promise was that the shares would be kept and the dividends each month would go to her.

We have just found out that for the last 10 years she has not been getting anything (she now lives in the UK and hadnt wanted to tell anyone but has now had to as shes run out of money).

Her son is ignoring our calls and when we did talk to him he said that he couldnt sell them as they were worthless now and also she would have to pay 40% on the total amount. Looking on mainstays site we can see that they are worth 5.69 now so a fair drop, however if our maths is correct, with the dividends being paid out, this loss should have been covered meaning that in theory she could sell her bonds and coupled with the saved dividend payments for 10 years should have around the $50,000 left

Both her and her son were named on the account when it was opened but we are concerned that he may have stolen the money and this is why he is avoiding us.

My question really is based on what I've said, and assuming he has kept to his word, what would the funds likely be worth now, how much would have been paid out in dividends over the 11 years and is he right about the 40% fees ?

Also whats her best course of action?

Any help would be greatly appreciated!