Mutual Funds: MUTUAL FUNDS Can All the King's Men Put I.O.S. Together Again?

"I set out to build up a big business in the mutual-fund field, and I think I succeeded," said Bernard Cornfeld last week. "But I like to live well, I like the good life and—let's face it—I'm a lousy administrator."

Because of Cornfeld's weakness at administration, his Investors Overseas Services, Ltd. was top-heavy with costly employees, expenses outraced income, and the whole structure almost collapsed. Last week Denver Millionaire John King (see following story) signed a deal to give I.O.S. a $40 million transfusion in return for effective control of the company. But the terms revealed were so vague and incomplete...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!