CORPORATIONS: Waltham Ticks Again

As the onetime star salesman for the Gruen Watch Co., Teviah Sachs, 49, knows the watch business as intimately as a watchmaker knows a 17-jewel movement. But when Sachs offered to put up $100,000 of his own money two years ago, to keep the bankrupt Waltham Watch Corp. from closing, it looked as if he had let his prudence run down. In return for his investment, Sachs got 1) 400,000 shares of common stock, 2) a chance to boss the reorganized company† as president, and 3) a suit from protesting stockholders. Last week the U.S. Supreme Court tossed out their...

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