"The last time I saw something like that," commented one wry old hand, swigging a gin and tonic, "was when Drexel Burnham Lambert issued advertisements three days running denying they were insolvent. Of course, on the third day they went under..."
Hong Kong's business and banking elite were stunned by Peregrine's rearguard press action on October 27. Rumours about the firm were very bad indeed. But no-one expected the full-page advertisement in major newspapers denying them.
The ad, issued by order of the board, had a last paragraph printed entirely in capital letters. It stated: "Rumours of...
You must be a trialist or subscriber to view this content
Please Subscribe or take a Free Trial below.
Already a subscriber? Log in here.
Subscribe online today
- Euromoney magazine in print
- Unlimited access to Euromoney.com
- Over a decade of archived content
- All the latest industry news, analysis and commentary
- Access to all our survey and award results
- More than 30 specialist supplements a year
- Personalised email news feeds
Subscribe
Free 48 hour access
- Online access to Euromoney.com
- Comment and in-depth analysis of the international capital markets
- The best of our editorial comment by email
- Complimentary digital magazine sample
Start Trial
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888