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Thursday, January 29, 2004

Welshing and Stumble Bumming

In December, an investor audit committee caught his Lordship with his fingers in the cookie jar to the extent of US$7.2M. "I'll pay it back immediately," huffed the disconcerted Duke and, with a flourish, signed and delivered to the investors a promissory note for $7.2M payable on January 29. "Thank God that's paid," said He, with obvious relief. On January 16, Black met with the investors. Black claims to be a student of Napoleon. Only a stumblebum general would signal his moves in advance to his enemies. But that is exactly what Black did - he haughtily told the investors he would welsh on the note and that he was going to sue them. Napoleon could have told him what would happen next - the U.S. investors struck first - sued he and his buddy David Radler for US$200 million - forced Black into a retreat bordering on a rout.

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