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   Strategies & Market TrendsSpeculating in Takeover Targets

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From: richardred3/25/2008 7:43:10 AM
   of 6272
Bank of China says to pursue M&A abroad in 2008
Tue Mar 25, 2008 6:44am EDT

BEIJING (Reuters) - Bank of China (3988.HK: Quote, Profile, Research) (601988.SS: Quote, Profile, Research), the country's premier foreign exchange lender, expects growth of new loans in 2008 to roughly match last year's 13 percent, and said it intended to actively pursue overseas acquisitions this year.

The bank on Tuesday posted slim fourth-quarter net profit growth of 3.9 percent after booking $1.3 billion of 2007 pro

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From: richardred3/25/2008 7:45:11 AM
   of 6272
UPDATE 1-Deals of the day -- mergers and acquisitions
Tue Mar 25, 2008 5:17am EDT

March 25 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Tuesday.

(For Reuters columns on deals, click on [DEALTALK/])

** ArcelorMittal SA (ISPA.AS: Quote, Profile, Research) (MT.N: Quote, Profile, Research), the world's largest steelmaker, said it will increase to 49.95 percent its stake in Noble International Ltd (NOBL.O: Quote, Profile, Research), a provider of parts, component assemblies and services to the auto industry. [nWEN4651]

** Packaging firm Ess Dee Aluminium's (ESDA.BO: Quote, Profile, Research) founder said he has pledged 22.5 percent of his stake to IL&FS Trust for 1 billion rupees as a guarantee for the revival of ailing India Foils (IFLS.BO: Quote, Profile, Research). [nBOM31838]

** Fuels and petrochemicals group Sasol (SOLJ.J: Quote, Profile, Research) will sell a 10 percent stake to black investors in South Africa's biggest black economic empowerment transaction to date worth 25.9 billion rand ($3.19 billion). To read more, please double click on [nWEB9530]

** Oil tanker group Frontline (FRO.OL: Quote, Profile, Research) said it and firms directly controlled by its main owner John Fredriksen have a 5.2 percent stake in Overseas Shipholding Group (OSG.N: Quote, Profile, Research) and a forward contract on 4.4 percent more. [nL25161775]

** Inchcape Plc (INCH.L: Quote, Profile, Research) said it bought remaining 24.9 percent stake in its St Petersburg business, in continued expansion into Russia, for a total cash consideration of $54.8 million from existing facilities. [nWLB8941]

** Polish insulin maker Bioton BOTN.WA said it had put on hold its acquisition of Ukrainian firm Indar after it learnt the Ukrainian state had lost control over the stake it had sought. [nL25273784] (Compiled by Neetha Mahadevan in Bangalore)

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From: richardred3/25/2008 7:56:17 AM
   of 6272
Chinalco may spend over $4 bln for acquisitions
Mon Mar 24, 2008 8:55pm EDT

HONG KONG, March 25 (Reuters) - China's state-owned aluminium giant Chinalco may spend 20-30 billion yuan ($2.82-4.23 billion) or more this year on acquisitions at home and abroad, the South China Morning Post reported on Tuesday.

"The group will focus on resources acquisition and control both in China and overseas," Chinalco's president, Xiao Yaqing, told the paper. "The investment may be even bigger than between 20-30 billion yuan."

Xiao did not disclose specific targets but told the paper non-ferrous metals would be the main focus.

Chinalco last month teamed up with Alcoa (AA.N: Quote, Profile, Research) from the United States to buy a $14 billion stake in Rio Tinto Plc (RIO.L: Quote, Profile, Research) in what is seen as an attempt to prevent the mining giant from being taken over by its rival, BHP Billiton (BHP.AX: Quote, Profile, Research) (BLT.L: Quote, Profile, Research).

Xiao said last week that Chinalco had assets worth more than 300 billion yuan ($42.26 billion) and that it had hired advisers for possible domestic and foreign acquisitions involving base metal resources.

Chinalco is the parent of Aluminium Corp of China (Chalco) (601600.SS: Quote, Profile, Research) (2600.HK: Quote, Profile, Research).

(Reporting by Nao Nakanishi; editing by Ken Wills)

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From: richardred3/25/2008 7:58:46 AM
   of 6272
China Life buys Visa IPO shares for US$300m
Natalie Chiu
Mar 25, 2008
China Life (SEHK: 2628, announcements, news) Insurance has invested US$300 million in Visa's initial public offering, making it the first mainland insurer to make a pre-listing investment in a multinational company....

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To: richardred who wrote (2029)3/25/2008 8:11:47 AM
From: richardred
   of 6272
China Firms Sink Roots Across the Globe

Sunday, March 23, 2008

By JUSTIN PRITCHARD, Associated Press Writer

Amid the torrent of clothes, electronics and toys surging out of China comes a little-noticed export: international companies.

For centuries, individual Chinese have sought their fortunes abroad, creating Chinatowns around their restaurants and shops. Now, Chinese firms are going global, pushed by a government turned capitalist, pulled by untapped markets and armed with bundles of money from a thriving economy back home.

Auto plants are popping up in Latin America. A sprawling commodity bazaar promises a provincial Swedish city new life. A car parts distributor is snapping up ailing companies in the U.S. Rust Belt, a TV factory hums in South Africa and a high-tech firm is landing contracts to revamp the Persian Gulf's telecommunication networks.

Just as the earlier arrival of Japanese companies changed U.S. manufacturing, over time Chinese companies could affect how their Western rivals approach innovation, competition and business itself.

"We not only consider ourselves pioneers," says Sean Chen, who at 26 is overseeing the construction of a $100 million electrical parts plant and industrial park in the American South. "We also consider ourselves explorers."

Chen and his fiancee, Joy Chen _ both took American first names _ moved from Shanghai to Atlanta to set up shop for General Protecht Group Inc., a company controlled by his father. While the goal is profits, Sean Chen and his father view the venture almost as a social experiment _ its aim, he said through an interpreter, is to marry the best Chinese and American work practices.

"I want to have the efficiency and execution normally shown by the American employees and the brotherhood that a Chinese company normally shows," Sean Chen says. "There are capitalists and there are socialists and I want to see whether they can get along."

The Chinese corporate presence is still small overseas, but it's growing fast:

_ Chinese companies invested more than $30 billion in foreign firms from 1996 to 2005, nearly one-third in 2004-05 alone, according to an analysis by Usha Haley, a professor of international business at the University of New Haven. Computer maker Lenovo Group helped launch the frenzy in December 2004 by announcing it would acquire IBM Corp.'s personal computer unit for $1.75 billion.

_ In the United States and Canada, Chinese firms now have about 3,500 investment projects, compared to 1,500 five years ago, according to an estimate by Maryville University professor Ping Deng. Large state-owned companies jumped ahead; medium and small private firms are catching up.

Total investment in the U.S. is between $4 billion and $7 billion, Ping estimates. In Europe, Chinese acquisitions last year alone totaled $563.3 million, according to research company Dealogic.

_ Last year, 29 Chinese firms debuted on U.S. stock exchanges, just two shy of the total for the previous three years combined, according to the Bank of New York Mellon Corp.

_ The number of U.S. visas issued to Chinese executives and managers who transfer to U.S. posts within their companies nearly doubled to 2,043 between fiscal years 2004 and 2007. The current fiscal year is on pace to top that, U.S. State Department statistics show.

Chinese businesses are not just establishing offices and factories overseas. They also are developing and selling products under their own brands, rather than simply supplying Western firms in search of cheap manufacturing.

The competition may make it harder for American and European firms to milk early profits from cutting-edge products before reducing prices and releasing them to the mass market. Vulnerable sectors include high-definition TVs, portable DVD players, medical technology, and perhaps even cars, according to Peter Williamson, a professor of international management at the University of Cambridge with extensive China experience.

At the Detroit Auto Show in January, one mid-sized SUV from China with goodies including a leather interior was priced at just $14,000 _ less than half what many comparable cars cost. Models could be available by early next year in nine states.

Chinese firms can use their low-cost manufacturing advantage to pile on additional features. And they can do that by copying taste-making Western firms, circumventing the expense of product development. If the quality is high enough, the strategy can be devastating.

"It will pull to pieces the profit models of their competitors," Williamson says. "It's a classic case of attacking your competitor where you know they're reluctant to respond, because it's very costly."

The dynamic recalls how Japanese auto makers forced their U.S. competitors to make options such as power windows and air conditioning standard.

Unlike the Japanese, whose 1980s arrival in the U.S. was at first greeted as a threat, Chinese businesses are being courted by states including Michigan, California, Illinois and Georgia.

Not that all arms are open.

Congressional scrutiny has dogged several investments, including the billions of dollars that government-owned funds are investing in top Wall Street institutions. National security concerns have scuttled several deals, including the attempted 2005 purchase of oil giant Unocal Corp. and a $2.2 billion bid to buy the tech company 3Com in February.

In the Swedish coastal city of Kalmar, labor union and media criticism has been the backdrop for delayed Chinese plans to open a hotel and wholesale warehouse for Chinese-made commodities. Project manager Angie Qian tromps around, trying to get things done at the speed she was used to in Shanghai.

"China is developing very quickly and so people work very fast and don't plan very far ahead," says Qian, herself a study in constant motion. "In Sweden everything takes a much longer time."

The $160 million project, going up on the site of a shuttered chocolate factory, could help revive a city abandoned by car maker Volvo and train maker Bombardier Transportation.

It wouldn't be the first project of its kind. Dubai boasts an enormous Dragon Mart shopping mall and residential complex; Chinese centers with other backers have opened in Eastern Europe, Italy, England and Russia.

But the Kalmar project faces problems.

Fanerdun Group, the company bankrolling the project, has reportedly not received Chinese government approval to transfer funding from China to Sweden. The company has said it will pay wages of Chinese workers into Chinese bank accounts instead of Swedish accounts.

The national construction workers' union and local media have criticized Fanerdun for not paying some of the Chinese workers who helped prepare the site at all. The issue has delayed construction.

Elsewhere, miscalculations have led to early, and sometimes spectacular, failures. There was the Splendid China theme park in Florida that no one really visited. A group of investors never recovered from the fiasco of trying to evict poor tenants from the downtown Los Angeles hotel they planned to refurbish.

Chinese companies that wither often see the first branch as a trophy, and neglect the long-term strategy that can lead to greater profits, according to business professor Ping. He based his survey on 400 Chinese companies doing business in the U.S. and Europe.

Drastic differences in business culture also can hobble a venture. Western managers can demand more authority than Chinese bosses are accustomed to, and official directives can alienate workers.

For all their energy and drive, many Chinese managers and executives lack formal training. That is changing.

At UCLA's Anderson School of Management, for example, Chinese applications more than doubled from 87 in 2005 to 180 in 2007. The 2007 class had 14 Chinese students, the most in the school's history.

Wife and husband Stella Li and Steven Zhu quit high-profile careers in China to study in Los Angeles. Li is slated to graduate this spring _ Zhu got his MBA last year and landed at Google doing data-driven sales analysis. Both see an opportunity to gain a sophistication in finance and strategy they couldn't get working back home.

"We definitely want to take all the experience and the things we learned in the U.S. back to China," Li said. "But short term, we would like to get more exposure in business here."

Chinese firms are still learning the kinds of data-driven market analysis, branding and other business practices that are commonplace in the West.

"What's scary to think of is when they marry cost consciousness with U.S.-style just-in-time inventory management," says Charles Freeman, a China specialist at the Washington-based Center for Strategic and International Studies, who recalls talking to a cell phone maker that was storing 100 million headsets behind its factory.

Few Chinese companies have been in the U.S. longer than the American subsidiary of the auto parts giant Wanxiang Group, which incorporated in 1993. The founder of the home company is one of China's richest men. His son-in-law, Pin Ni, led the Chicago-area subsidiary from cheap parts supplier up the value chain by buying or working with companies that were distressed _ owing to competition from China.

Wanxiang America Inc. has been welcomed for saving manufacturing jobs. Illinois has proclaimed a Wanxiang Day and Michigan offered the company subsidies.

Pin talks exactly like what he is _ an executive who's part of a multinational. It's all about core competence and optimizing strength and horizontal integration. He casts himself as a matchmaker who spots what disparate firms do best to create as efficient a manufacturing process as possible.

"Even today you want to say, is there enough Chinese companies in the United States?" Pin asks. "I would say no.

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To: richardred who wrote (1931)3/25/2008 11:47:30 AM
From: richardred
   of 6272
Citigroup says Microsoft likely to raise Yahoo offer
Tuesday March 25, 9:40 am ET

(Reuters) - Citigroup said it is likely Microsoft Corp (NasdaqGS:MSFT - News) will raise its $31-per-share offer for Yahoo Inc (NasdaqGS:YHOO - News) and upgraded Yahoo shares to "buy" from "hold."

The brokerage also raised its price target on Yahoo's stock to $34 from $31, saying it believed Microsoft remained committed to its offer and "is capable of and willing to" increase that bid to conclude the deal.

"While we continue to see no other competing bidders, we believe Yahoo is aggressively pursuing strategic alternatives," analyst Mark Mahaney said in a note to clients.

One possibility is a tie-up with Time Warner (NYSE:TWX - News), whereby Time Warner would contribute its online content assets to Yahoo in exchange for a stake, the analyst said.

"We believe this could serve as a forcing function to a higher Microsoft bid."

Citigroup said it continues to view a Microsoft-Yahoo deal as the most likely outcome.

Yahoo shares closed at $27.52 Monday on Nasdaq.

(Reporting by Jennifer Robin Raj in Bangalore; Editing by Vinu Pilakkott)

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To: richardred who wrote (1893)3/26/2008 12:06:13 AM
From: richardred
   of 6272
Multi Packaging Solutions Announces Acquisition of Innovative Creative Packaging Solutions
Tuesday March 25, 10:12 am ET

NEW YORK--(BUSINESS WIRE)--Multi Packaging Solutions, Inc. (“MPS”), a specialty print and packaging company, and a portfolio company of BSMB, today announced that it has completed the acquisition of Innovative Creative Packaging Solutions.

Innovative Creative Packaging Solutions (“Innovative”), headquartered in South Plainfield, NJ, is a high-quality supplier of custom folding cartons, promotional packaging and digital labels for the Pharmaceutical, Nutraceutical, Medical Devices, and Cosmetic markets. The acquisition provides Innovative Creative Packaging Solutions with product and technology synergies and offers MPS complementary capacity to support its growing customer base. MPS simultaneously signed the acquisition agreement and closed the transaction on March 20th. Terms of the transaction were not disclosed.

Marc Shore, Chief Executive Officer of MPS commented, “Innovative Creative Packaging Solutions strongly complements our existing offering by expanding our manufacturing footprint to include a strategic presence in the Northeast for our healthcare and cosmetics clients. They have an experienced and entrepreneurial management team with a proven track record of customer focus and innovation. We look forward to working with them for continued growth in our target markets.”

Shawn F. Smith, President and CEO of Innovative Creative Packaging Solutions, stated, “We are excited about joining Multi Packaging Solutions, which allows us to offer a comprehensive product line with multiple plant locations, leading ink and coating technologies along with extensive creative and technical resources to new and existing customers.”

“Innovative is a great fit with Multi Packaging Solutions" said Phil Carpenter, Senior Managing Director of BSMB. "We are pleased to continue to support MPS and our management team in executing their organic and acquisition growth strategies.”

About Multi Packaging Solutions:

Multi Packaging Solutions is a leading print and packaging company with sales in excess of $375 million. MPS offers an array of print and packaging for the cosmetic, healthcare, horticultural, media, and value added consumer markets. MPS has 11 production facilities throughout the United States. Founded by Marc Shore with the financial backing of BSMB, MPS has a seasoned management, sales, and design team with vast experience in print and packaging. Unlike traditional packaging companies, MPS is unique in its depth of industry experience, breadth of technologies and range of resources. More information is available at

About Innovative Creative Packaging Solutions:

Innovative Creative Packaging Solutions is a specialty print and packaging company that serves the healthcare and cosmetic markets. Innovative’s cGMP certified facility in South Plainfield, NJ, features offset, flexographic, and digital printing technologies and a full range of finishing equipment. More information on Innovative Creative Packaging Solutions can be found at

About BSMB:

BSMB invests private equity capital in compelling buyouts, recapitalizations and growth capital opportunities alongside superior management teams. Since its formation in 1997, BSMB has been an investor in 67 portfolio companies. BSMB manages over $5 billion of private equity capital. More information about BSMB is available at


Multi Packaging Solutions
Erin Willigan, 646-885-0157
Brunswick Group
Melissa Daly, 212-333-3810

Source: Multi Packaging Solutions, Inc.

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From: richardred3/26/2008 1:50:53 PM
   of 6272
M&A Activity Up in Brazil
Wednesday March 26, 10:03 am ET
Mergers and Acquisition Activity Up Nearly 15 Percent in Brazil

SAO PAULO, Brazil (AP) -- The value of the merger and acquisition transactions that took place last year in South America's biggest economy was nearly 15 percent higher than the figure posted in 2006, Brazil's National Association of Investment Banks said on Tuesday.

The association said in its annual report that M&A operations totaled 114.2 billion reals ($65 billion) -- 14.9 percent higher than the 99.4 billion reals ($56.50 billion) posted one year earlier.

A total of 135 transactions took place in 2007 compared to the 66 one year earlier. The figures include mergers and acquisitions, corporate restructurings and buyouts, the association said.

"The increased activity seen on Brazilian capital markets in 2007 prompted more M&A operations," the association said its report.

In 2007, Brazilian companies raised 143 billion reals ($81.25 billion) in the debt and equities markets, compared with 120 billion reals in 2006.

According to the association, the industry with the largest volume of M&A deals was the financial sector, representing 31.5 percent of the total, followed by oil and gas, with 12.4 percent.

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To: richardred who wrote (1384)3/26/2008 11:18:46 PM
From: Glenn Petersen
   of 6272
It looks like the Clear Channel deal has finallu fallen apart. It is now time for the lawyers to make a lot of money.

Clear Channel, Bain, Lee Sue Banks Over Buyout Plan (Update3)

By Don Jeffrey and Phil Milford

March 26 (Bloomberg) -- Bain Capital LLC and Thomas H. Lee Partners LP sued a group of banks led by Citigroup Inc. to force them to honor an agreement to finance the buyout firms' $19.5 billion acquisition of Clear Channel Communications Inc.

Bain and Thomas H. Lee filed complaints in New York state court in Manhattan today, claiming the banks breached their funding commitments. Clear Channel joined the private-equity firms in a suit filed in Texas state court in San Antonio, where the company is based, alleging the banks interfered with the takeover by refusing to provide loans.

The banks ``competed energetically in 2006 for the opportunity to provide more than $22 billion in financing,'' Lee and Bain, both based in Boston, said in one of the New York lawsuits. ``The banks have balked at their obligations due to a simple case of lenders' remorse.''

Citigroup, Deutsche Bank AG, Credit Suisse Group, Morgan Stanley, Royal Bank of Scotland Group and Wachovia Corp. stand to lose at least $2.7 billion because loan prices have tumbled since they agreed to finance the transaction last April. Clear Channel's stock has traded below Bain and Thomas H. Lee's $39.20-a-share offer as credit-market turmoil raised investor concern that the deal wouldn't be completed.

The banks said in a statement that the lawsuits are without merit. In New York, the purchasers asked a judge to order the banks to provide the promised loans. In Texas, Clear Channel asked for an order banning the banks from interfering with the merger agreement and sought more than $26 billion in damages.

`A Deal Is A Deal'

``The financial risk to the banks in this suit dwarfs any risk they think they have in funding the debt,'' Clear Channel Chief Executive Officer Mark Mays said today in a statement.

The buyers said the banks tried to change terms of the lending agreement, including replacing six-year financing with a three-year bridge loan. The banks are attempting to impose terms that ``no responsible purchaser could ever accept,'' Bain and Thomas H. Lee said today in a statement.

Michael Kelly, a managing partner at McCarter & English in Delaware, said the banks will have a hard time defending against the suits.

``A deal is a deal, and you have sophisticated people on both sides,'' Kelly said. ``There's no escape clause in an agreement that says `if the market crashes we get to get out of the deal.' They signed the agreement. If they don't like it now, there's not a lot they can do about it.''

Stock Drop

Clear Channel, the largest U.S. radio broadcaster, had its biggest drop in New York Stock Exchange composite trading in almost 19 years today before the lawsuits were announced. The shares fell $5.64, or 17 percent, to $26.92 at 4:15 p.m.

In late trading Clear Channel rose 8.1 percent to $29.10. At that price, the stock is trading at a 25 percent discount to the buyout offer.

The buyout, announced in November 2006, was initially criticized by large investors as being priced too low. Clear Channel approved the purchase after Thomas H. Lee and Bain boosted their bid and offered investors a 30 percent equity stake in the new company. Shareholders voted in favor of the deal in September 2007. Breakup fees are as much as $600 million.

``The bank group presented the sponsors with credit agreements fully consistent and compliant with the commitment letter,'' according to a statement issued by Citigroup spokeswoman Danielle Romero-Apsilos on behalf of the bank group. ``The bank group has been and remains prepared to honor the obligations as set forth in that letter. We believe the suits are without merit and will contest them vigorously.''

Pennzoil Lawyer

Clear Channel said it hired Texas litigator Joe Jamail to handle its lawsuit, which demanded a jury trial. Jamail successfully defended Pennzoil in its 1985 suit against Texaco Inc. over Texaco's acquisition of Getty Oil Co.

Clear Channel filed a lawsuit in Delaware last month against Providence Equity Partners Inc. after the LBO firm sought to back out of the $1.23 billion purchase of 56 television stations. Providence Equity, in turn, sued its lender, Wachovia Corp., which is based in Charlotte, North Carolina. Providence Equity settled the dispute with Clear Channel on March 14, agreeing to buy the stations for a reduced price of $1.1 billion.

Banks retreated from most leveraged buyout lending in June after losses on subprime mortgages began to rise and as much as $400 billion in debt sat unsold and falling in value on their books.

Free-flowing debt allowed buyout firms to undertake a record $745 billion of transactions last year, according to data compiled by Bloomberg. That's changed so far in 2008, with $56 billion of announced deals, a 71 percent drop from a year earlier.

More Suits

The Clear Channel lawsuits follow unsuccessful attempts by SLM Corp., United Rentals Inc. and Alliance Data Systems Corp. to force completion of takeovers after buyers backed out of the deals.

SLM, the Reston, Virginia-based student-loan company better known as Sallie Mae, dropped a lawsuit in January that sought to require a group led by New York-based buyout firm J.C. Flowers & Co. to pay $900 million in breakup fees. Flowers abandoned a planned $25.3 billion purchase in September.

United Rentals, the largest U.S. construction-equipment rental company, lost a bid in December to get Cerberus Capital Management LP to complete a $4 billion takeover. A Delaware judge ruled the buyout agreement allowed New York-based Cerberus to pull its offer. Cerberus ultimately paid a $100 million breakup fee to the Greenwich, Connecticut-based company.

Alliance Data, a Dallas-based credit-card processor, sued Blackstone Group LP in January, claiming the buyout firm was using regulatory obstacles as an excuse to back out of a $6.6 billion takeover. The company dropped the suit the next month after being convinced that New York-based Blackstone would work to complete the transaction. Alliance accused the firm again on March 17 of breaching its agreement to work with regulators. The deal hasn't been consummated.

The main New York case on the Clear Channel buyout is BT Triple Crown Merger Co. v. Citigroup, 08600899, New York State Supreme Court, County of New York (Manhattan). The Texas case is Clear Channel Communications Inc. and CC Media Holdings Inc. v. Citigroup, 2008CI04864, Texas District Court, Bexar County, Texas.

To contact the reporters on this story: Don Jeffrey in New York at; Phil Milford in Wilmington, Delaware, at

Last Updated: March 26, 2008 20:06 EDT

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To: Glenn Petersen who wrote (2034)3/27/2008 12:10:50 AM
From: richardred
   of 6272
Yes, and they maybe have the Genesco trail ruling that could set some precedence.

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