Word: cashes
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Dates: during 1980-1989
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...whom his company owes $122.6 million. Only a year ago Wall Street speculators were pouring money into the Beverly Hills-based firm, but it lost $20.5 million during the six months ending in August, thanks in part to such flops as Tai-Pan and King Kong Lives. To raise cash, the company is struggling to find buyers for its library of more than 350 movies and its 32-acre studio in North Carolina...
...Hollywood moguls had a New Year's wish, it would be that every week was Christmas. This season, box-office cash registers have been ringing like sleigh bells, to push the 1987 theatrical take toward a record $4.2 billion, up 11% from 1986. Even more encouraging for industry executives was the return of a species that had looked endangered throughout the year: the comedy...
...Witches of Eastwick) and an oddly amoral Michael J. Fox comedy (The Secret of My Success -- sort of Wall Street for the Smurf set). But all these films traded in physical or emotional degradation; they left an acrid aftertaste. One began to wonder how long Hollywood could continue to cash in on its own and the nation's cynicism...
...when the market started to fall sharply on Oct. 14, customers began bailing out of Fidelity's 75 stock funds. Caught off guard with not enough cash on hand to meet the flood of redemptions, Fidelity was forced to sell shares heavily. On Oct. 19 alone, it sold nearly $1 billion worth of stock and thus helped to intensify the crash. Because Lynch is an aggressive fund manager who is usually light on conservative stocks, the Magellan Fund was especially hard hit by the collapse. An investment of $1,000 made on Sept. 30 is now worth...
Lynch did learn some lessons though. For one thing, he never intends to be caught again without enough cash on hand. From now on, he will keep 3% to 5% of Magellan in money-market instruments or other cash equivalents, at least three times as much as in the past. Says he: "If $300 million wants to go out in a day now, I want to be ready." That way, if the market falls and redemptions suddenly run high, he will not be forced to sell stocks that he expects will rebound later...