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MOSCOW () -- The MMM joint-stock company sharply devalued its shares and tickets Thursday as it followed up a promise made by MMM President Sergei Mavrodi to resume the redemption of paper issued before Nov. 1.
Mavrodi announced Nov. 1 that the reputed pyramid scheme would stop redeeming pre-November shares and tickets, which came to be known as "old" shares, until Jan. 1, 1995. The tickets, each worth 0.01 of a share, were issued last year to circumvent regulations on share issues.
On Thursday, MMM offices in Moscow offered to buy back the shares, which have a face value of 1,000 rubles (28 cents) and at the pyramid's peak in August were trading at 125,000 rubles, for 175 rubles each.
MMM Devalues Shares
06 January 1995
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