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September 14, 2005

The "Dream Team" IPO

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Posted by Dominic Basulto

A funny item from Bloomberg: Ontario-based textbook company Apollo Publication filed for a $3.6 billion IPO with the SEC, but a few items within the registration statement tipped off regulators that something might be amiss -- like a "dream team" of directors that included U.S. presidents Jimmy Carter and George H.W. Bush, a former Canadian PM, Federal Reserve Chairman Alan Greenspan, and Washington insiders James Baker, Joseph Lieberman, Paul O'Neill and John Snow. Oh, and the company claimed that shareholders in the company included Dick Cheney, Al Gore, Bill Clinton, John Kerry and Ted Kennedy. In fact, everything about the deal smacked of either fraud or just plain lunacy -- like the claim that the company served a market of 70 billion people.

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