HIGH FINANCE: Fast Switching at Lionel

When Manhattan Lawyer Roy Cohn turned up as head of an investors' group that took control of the money-losing toy train company, Lionel Corp., last fall, Wall Streeters wondered how he had financed the deal. Last week a Lionel Corp. proxy statement revealed that Cohn, onetime chief counsel of the late Senator Joseph McCarthy's Subcommittee on Investigations, was no babe in the jungles of high finance.

Lightfooting it around the globe, Cohn juggled loans from U.S. and foreign moneylenders, borrowing from one to pay another. With his associates, Cohn last October borrowed $339,000 from the Mastan Corp. in Manhattan at...

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