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A Half-Century of Greatness

by David H. Hendrickson

Delia Bennett was incorporated fifty years ago this day. For over two decades, she exhibited the behavior of many growth stocks: boundless potential but scant, almost imperceptible, results.

She was acquired by Thomas McNulty, a merger based on the most unfavorable of terms, the McNulty board assuming complete control and its shareholders receiving all profits.

The Delia Bennett division, renamed Delia McNulty, produced two promising assets, Michael and William. No longer considered to possess growth potential herself, she was reorganized to fulfill the internal service needs of the conglomerate.

After many years, Michael and William spun themselves off, growth stocks of great potential. With the change in corporate structure, divestiture fears within the Delia McNulty division rose. New acquisitions appeared imminent.

As a result, on this fiftieth anniversary of her incorporation, Delia McNulty announces that she is spinning herself off. Her board concedes a mixed outlook with possible lean years before she becomes profitable but remains optimistic that growth potential remains.

Prospectus available upon request.

Copyright © 2008 by David H. Hendrickson

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