Word: wunderstock
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Hailed in the early 1970s on Wall Street as a wunderstock and in the business press as "a savvy marketer to the Third World," ISC is today in deep trouble. In the past two years, it has piled up losses totaling more than $50 million. In February, the American Stock Exchange suspended trading in ISC, after auditors found serious irregularities in the firm's financial records. The company's longtime chairman, J. Thomas Kenneally, 52, was ousted two weeks ago, and the few employees remaining in ISC's lavish skyscraper headquarters have been busy tagging the antique...
...American Exchange, Resorts had been a Wunderstock that had risen as high as $69.50 a share this summer. But after the report came out, it dropped almost eight points, closing the week at $23.62. The shares did not take more of a drubbing because even a negative ruling from the Casino Control Commission, which plans to begin hearings next month on granting Resorts a permanent license, could put several hundred million dollars in the company treasury. If Resorts lost its license, a state-appointed "conservator" would sell the casino and turn over the money to Resorts. The sale price would...
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