Word: funded
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Dates: during 1980-1989
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...battle was Sanofi. The second largest French drug company, which manufactures everything from Nina Ricci perfumes to pills that fight hardening of the arteries, will pay $3.08 billion. The price includes $600 million for a 58% interest in Robins and $2.48 billion that will be put into a trust fund to pay damages to Dalkon Shield claimants...
...Irish friends at Doyle's, one of the country's best-known seafood restaurants, but he cannot remember what he ate. As the Dow plummeted a record 508 points, 500,000 calls jammed Fidelity's toll-free number. Many customers were buying, but many more were selling, and the fund lost an additional $150 million...
...worst was over. The market kept gyrating during the next few weeks, but there were no more crashes. Lately, the inflow of new investments has started to outpace redemptions, and Lynch is pleased that only 50,000 out of the 1 million-plus Magellan customers have abandoned the fund completely. Even after the crash, Magellan investors are 2% ahead for 1987 as a whole. According to an independent study by Lipper Analytical Services, investors who have been in Magellan for three years have earned 68% on their money as of the end of November. Over the same period the Standard...
Lynch's peers in the money-management business think that he came through the crash remarkably well, considering the enormous size of the fund he had to handle. Says Barton Biggs, a global strategist for Morgan Stanley: "Lynch is still the most consistent mutual-fund manager in the country, even if he does not outperform the market every time. None of us are supermen in a prolonged bear market." Agrees Anthony Thatcher, a portfolio manager at Scudder Stevens & Clark: "Lynch's reputation, though somewhat tarnished, is not obliterated...
CAPTION: FIDELITY MAGELLAN FUND...