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December 6, 1987

FOUNDER BUSBY, BURNED ON BLACK MONDAY, SELLS HALF HIS QMS INC STOCK

By CBR Staff Writer

One of the many victims of the Wall Street crash on Black Monday was QMS Inc founder James Busby, who has had to sell about half his 1.4m shares in the Mobile, Alabama printer company to cover some $6m of losses on his trading in naked or unhedged options – index options not protected by holding of the underlying securities. He sold 563,863 shares at an average $13 to raise $7.2m. Before Black Monday, QMS shares, now just $11.375, stood at $26.

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