WALL STREET: Shutting the Back Door

To get a listing on the Big Board of the New York Stock Exchange, a corporation must meet some stiff requirements. The company must prove that it is stable, show net earnings of at least $1,000,000 the preceding year, have at least 1,500 stockholders. But there is a back door to a listing that has been much easier to slip through. Unlisted companies have bought up the corporate shell of a firm listed on the exchange, thus picked up the listing with no trouble. In other cases companies have sold out everything but...

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