INVESTMENT: Rebirth of Some Fallen Angels

The torrid stock market of the 1960s produced dozens of "hot issues"—young companies whose stocks soared on dazzling dreams of instant wealth. Many collapsed just as quickly, falling victim to mismanagement, unrealistically high expectations or, in some cases, outright fraud. Some survive only as names in the memory of angry investors. Stirling Homex (modular housing) no longer exists; King Resources is still in bankruptcy proceedings; and Bernie Cornfeld's Investors Overseas Services is in the terminal stages of liquidation.

But a few of the fallen angels have risen again under new managers and...

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