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To: rjm2 who wrote (13479)	12/23/2001 11:55:04 PM
From: Madharry	Respond to of 78596

sorry I cant- but you got the gist of it. If you want to see an interesting case of sanctioned looting- read some of the IGEN saga. It is more esoteric but pretty facinating- the gist of it being that the company funded the operations of a joint venture which would be coowned with an entity owned by the CEO's son and wife. There was supposedly an agreement in place where for a certain amount of money IGEN would own 50% of the son and wife's entity. even though they funded all the research and transferred technology somehow they did not end up with an interest in the other company. finally after extensive negotiation- but apparently with no advisory letter or investment banking advice they ended up with a 32% interest in the other company, had to commit to additional funding and to golden parachutes for the son. No explanation was ever offered by the company or by the directors who negotiated the deal, most of whom are foreigners, as to why a 50% interest declined to a 32% interest or for the delay in formalizing the agreement took place. BTW this is not a company flush with cash and the funding agreement requires a relatively large amount of the company's cash flow. One institution sued the company over this issue but I dont think it has come to trial yet.