Movie System Flops Polaroid stock soared on expectations of explosive growth that proved unfounded, then plummeted.
He also said a large block of Polaroid stock was held by arbitragers, whose desire for short-term gain would presumably lead them to back Shamrock.
Polaroid stock was up 25 cents a share today, at $42, on the New York Stock Exchange.
"Some guys who own Polaroid stock may want to reserve judgment till then," one analyst said.
After Mr. Disney's latest offer, Polaroid stock slid $1, to $42.125.
Yesterday, Polaroid stock rose 37.5 cents, to $41.25.
The shares were selling for about $30 each last February when rumors first began circulating that Mr. Disney was buying Polaroid stock.
Mr. Stein, who is now 61, loaded up on Polaroid stock and it took off, along with Dreyfus.
The suit seeks to prohibit Shamrock from acquiring Polaroid stock and asks that the company sell the 4.9 million shares it already owns.
After the agreement with Shamrock was announced, Polaroid stock plunged $4.50, to $36, in heavy trading on the New York Stock Exchange.
