Someone--perhaps a vexed investor--couldn't wait for September debt-rescheduling talks at Eurotunnel, the English Channel tunnel's cash-squeezed operator. A bogus Eurotunnel press official phoned two wire services on Aug. 22 to announce a deal with banks. The stock jumped 7.3% on the reports--after falling 17% the day before on a false rights-issue rumor. Many Eurotunnel holders, meanwhile, remain underwater: Shares have dropped to $2.25, from $15 in 1989.

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