Word: ltd
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Dates: during 1970-1979
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HARRY M. MILLER Harry M. Miller Attractions Pty. Ltd. Sydney, Australia
Because of Cornfeld's weakness at administration, his Investors Overseas Services, Ltd. was top-heavy with costly employees, expenses outraced income, and the whole structure almost collapsed. Last week Denver Millionaire John King (see following story) signed a deal to give I.O.S. a $40 million transfusion in return for effective control of the company. But the terms revealed were so vague and incomplete that the agreement seemed shaky. Suspicious Europeans rushed to cash in their shares in I.O.S. funds, heightening doubts about the future of the company. In turn, I.O.S. was reportedly forced to dump some...
...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 to do so without surrendering control to the various European...
...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...
...moves to capture a rising nationalistic mood, largely directed against what Canadians see as growing U.S. domination. Trudeau has no intention of driving out existing capital, and he considers much of the mood mere "chauvinism." Even so, he moved swiftly last month to block the sale of Denison Mines Ltd., Canada's biggest uranium producer, to a U.S.-controlled firm, and to limit foreigners to one-third ownership of uranium companies. That formula may become standard in many fields...