DEATH DUTIES
man who in just ten years turned a failing casino company into a powerhouse that dominated the industry.”11 After dropping initially, the stock finished up a quarter-point on the day.
Analysts credited the shares’ resilience to Goldberg’s success in assembling a strong management team. Be that as it may, investors who relied on the company’s disclosures during Goldberg’s 1999 hospitalization, while ignoring rumors of a potentially fatal illness, failed to capitalize on information that influenced the stock and ultimately proved to be correct.Park Place Entertainment might be criticized for tardiness in divulging Goldberg’s health problems, but at least its disclosure was more punctual than that of Sun City Industries under similar circumstances. On May 29, 1997, the food-service distributor announced with deepest regret the death of its president, Gustave Minkin. This initial disclosure of Minkin’s passing came four days after the event. For investors who have noticed that seniorlevel personnel changes often affect the value of a stock, somewhat prompter reporting is desirable.
Source:
Fridson M., Alvarez F.. Financial Statement Analysis. John Wiley & Sons, Inc.,2002. — 413 p. 2002
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