Whose nadir? Polly Peck International. (control of company's assets)

The Economist (US) | November 12, 1994 | Copyright

THE four years since the collapse of Polly Peck International (PPI), a London-based conglomerate built by Asil Nadir, a Turkish- Cypriot entrepreneur, have been long on drama and short on cash for creditors and shareholders. Later this month those unfortunate people should receive a report from the joint administrators, Coopers & Lybrand and Touche Ross, which will claim that progress has at last been made. Shareholders hoping to see some money, however, will find little new to cheer them up--even though they might get a belated windfall from earlier asset sales, the proceeds ...

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