HIGH FINANCE: Hadacol Hangover

As an old horse trader, Louisiana's Dudley J. LeBlanc likes to say that the man who buys a horse has only himself to blame if the horse keels over and dies. Only six weeks ago, a group of Manhattan traders bought the odd-looking business animal that LeBlanc had raised on Hadacol, a patent medicine comparable to a vitamin-enriched Manhattan cocktail (TIME, Sept. 10). This week it looked as if the horse they bought was about dead.

In Manhattan's federal court, Hadacol's purchasers filed a voluntary petition for financial reorganization. After paying LeBlanc $250,000 down (previously announced as $1,100,000) for the...

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