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Only three months ago, Bernard Cornfeld's beleaguered I.O.S., Ltd., the biggest of the foreign mutual fund empires, teetered on the brink of collapse. Last week financial misfortune struck the second largest offshore investment complex, Gramco Management Ltd. and its USIF,* Real Estate. Swamped by the equivalent of a run on the bank, the directors of the Nassau-based USIF "temporarily" suspended sales and redemptions, thus freezing the assets of 23,000 European, Latin American and Asian investors who had put up $276 million. The closedown leaves the future of the fund in considerable doubt; to some degree...
Coming so soon after the near foundering of Bernard Cornfeld's Investors Overseas Services Ltd., the mess is sure to heighten European misgivings about all U.S.-controlled financial institutions. More important, the bank's closing will doubtless influence the Swiss Senate, which begins debate this week on a bill to tighten the country's banking regulations. "The scandal can only help make the changes in the law more severe," says R.C. Harpham, First National City Bank's vice president in Switzerland...
...Summerthing ignored the Council's request, as did Harvard. And the merchants, not satisfied, came together again the following Wednesday to try to find out a way to get back to the profitable Cambridge they had known. Stores like Krackerjacks, J. August, Saks Fifth Avenue, and Bobbi Baker Ltd. had been hit hard. Krackerjacks had lost $2400 in windows, and as its manager said, "You have to sell a lot of bluejeans to make up for that." Many of these were little stores, not parts of chains, without big capital to build them back up if they fell down...
...skills that home-owned industries cannot teach. Rollei, for example, is already bringing groups of workers from Singapore to its main plant in Braunschweig for training in camera making. Westerners have been impressed by how swiftly unskilled Asians respond to such training. George A. Needham, head of Motorola Korea Ltd., says that it takes only six weeks to teach girls in Seoul to assemble transistors-or two weeks less than the training period for girls hired by Motorola's other semiconductor plant in Phoenix. His explanation: "These girls need the work more and the discipline in Korea is harder...
...essence, the 34-year-old Vesco will be making a hefty bet on an I.O.S. comeback. In return for the loan, which will pay an initial 10% a year interest, I.C.C. will get warrants to buy up to 7,500,000 shares of stock in parent I.O.S. Ltd. at $2 a share. Last week the price of those shares rallied from $2.22 to $2.82 in London. I.C.C. stands to snare a profit of $7,500,000 for every $1 that I.O.S. stock rises above $2. Vesco in addition will have what he calls "veto power over I.O.S.'s checkbook...