MELBOURNE, Australia — Shares in companies controlled by Australian tycoon Alan Bond fell from already-depressed levels today after a ruling that he is unfit to run his nationwide broadcasting empire.
Bond has vowed to fight the ruling by the Australian Broadcasting Tribunal, issued Monday, that he and his Bond Media group are not "fit and proper" to hold broadcasting licenses.
But the markets swiftly gave their own verdict. Stock in the flagship Bond Corp. fell 9 Australian cents to a five-year low of 92 cents (70 cents U.S.) in early trading.
Bond, Australia's hero when he won the America's Cup yachting challenge six years ago, has seen hard times recently. After emerging relatively unscathed from the October, 1987, stock market crash, Bond has been struggling against claims that Bond Corp. is faltering under huge debts.