Word: cornfeld
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Like a brooding King Lear, Bernard Cornfeld sat in the forbidding, gray stone, mock medieval Villa Bella Vista on the shores of Lake Geneva. The villa, which used to echo with the pop of Moët et Chandon corks and the giggles and squeals of female employees, was hushed. Every day last week, the 23 directors of Investors Overseas Services Ltd., holding company for Cornfeld's $2 billion European mutual-fund complex, sipped black coffee and mineral water well into the night as they sought a way out of the company's financial crisis. They were trying...
Comedown for Cornfeld...
...Bernard Cornfeld, the Midas of mutual funds, recently jetted to Acapulco for a summit conference with Hugh Hefner. Naturally, both were accompanied by aides, mostly female. While Hefner's playmates competed with Bernie's bunnies for poolside attention, the two middle-aged millionaires discussed the possibility of combining on a business venture, perhaps to build a hotel in Acapulco. The trouble is that Cornfeld's fortunes have lately fallen into a spin...
...European securities markets, the publicly owned common stock in Corn feld's Geneva-based I.O.S., Ltd. has dropped as much as 50% in two weeks and shaken public confidence in Cornfeld's $2 billion mutual fund complex, whose shares are sold separately from those of I.O.S. itself. When I.O.S. shares were first offered to the public in Europe at $10 last fall, eager investors quickly bid the price to a peak...
...splattered speculative theories all over Western Europe. The British press printed gossip that I.O.S., short of cash, was unloading large blocks of its securities portfolio. Mass-circulation German dailies aired tales (equally untrue) that I.O.S. President Edward Cowett and Sales Chief Allen Cantor were attempting to force out Chairman Cornfeld...