According to the N.Y. Times report: the business deal from hell began to crumble even before the
Champagne corks were popped. The deal, the $580 million sale of a highflying
technology company, Dragon Systems, had just been approved by its board and
congratulations were being exchanged. But even then, at that moment of
celebration, there was a sense that something was amiss.
The Dragon CEO had received a congratulatory
bottle from the investment bankers representing the acquiring company, a
Belgian competitor called Lernout & Hauspie. But he hadn’t heard from
Dragon’s own bankers at Goldman Sachs. “I
still have not received anything from Goldman,” the executive wrote in an
e-mail to the other bank. “Do they know something I should know?”
More than a decade later, that question is still
reverberating in a brutal legal battle between Goldman and the founders of Dragon
Systems — along with a host of other questions that go to the heart of how
financial giants like Goldman operate and what exactly they owe their clients….
Read more at http://www.nytimes.com/2012/07/15/business/goldman-sachs-and-a-sale-gone-horribly-awry.html?_r=2&ref=technology
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