Word: cornfeld
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When Bernard Cornfeld's mutual-fund empire came tumbling down in a spectacular mid-1970 crash, his main company, Investors Overseas Services, sank so low that moneymen might well have figured it had nowhere to go but up. Not so. Under Cornfeld's successors, I.O.S.'s troubles have been endless. The several mutual funds that it manages have gone on dwindling in value, to about $982 million last week, from $2.3 billion in the late 1960s. Roughly 300,000 investors, mostly Europeans, still have money tied up in I.O.S.-and they are hurting. Anybody...
...three I.O.S. officers on charges of "dishonest business practices" and held them in jail for one night before releasing them on bail. Among the trio was New Jersey Entrepreneur Robert Vesco, 36-year-old chairman of an electronics firm called International Controls Corp., who wrested control of I.O.S. from Cornfeld's group in 1970, and is now chairman. The charges were dropped recently...
...success while facing the fact of failure? As courts and tax investigators across the country unravel the intricacies of King's finances, the story behind his comfortable penury is beginning to emerge. King's decline began in mid-1970 with the much-publicized collapse of Bernard Cornfeld's Investors Overseas Services; in 1969 I.O.S. had provided King Resources with 35% of its revenues by buying oil-exploration and drilling services. As Cornfeld's empire foundered, worried creditors began pressing King Resources and Colorado Corp. for repayment of loans, and King was besieged by his personal creditors...
...them was a fascinating detailed study of Double Agent Kim Philby, the Soviet spy who nearly became chief of the British Intelligence Service. Currently a U.S. bestseller is Do You Sincerely Want to Be Rich?, the team's story of the rise and fall of Bernard Cornfeld and his Investors Overseas Services...
...financier's wizardry. Both are men of great physical dexterity and enormous ego, disciplined and unforgiving. One Houston pediatric surgeon said of them: "You take these guys out of surgery and put them in business or industry, and they'd be Ross Perot or Bernie Cornfeld. Wait, make that Tom Watson or Henry Ford...