High Finance: Cohn's Costly Toy

When Roy Marcus Cohn at 32 bought control of Lionel Corp. in 1959, he was something like a little boy with a big toy. He switched the profitless model-train maker into everything from electronics to parachutes, brought in former Army Missile Chief John B. Medaris as president. Lionel turned into the black in 1960, but then some of Cohn's costly schemes began to sour. The company lost $2,500,000 in 1961, another $4,000,000 in 1962; Cohn shucked off several of the new subsidiaries and eased out General Medaris. Last week the word went...

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