vulture capital - opening (ch. 1 - 4)

8/8/2019 VULTURE CAPITAL - Opening (Ch. 1 - 4)

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^ @ H @ #

@ G ^60< R \ /J # RF 7>0# 0>>2 J L

Mcc pfbht| pg|gpugd/ Oa ~mpt a thf| ~w`cflmtfao jmv g pg~padwlgd ap # # #

#

T / M # /

F\@O =2fp|t ~actpaao ~pg|| hmpdlaugp ~pfotfob; \ 0>>0

== => >6 >8 >2 = 0 < 4 7

\ M B ^

L U @ D # ^ \

/ /


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E ^ / \ ^


9/44

Mwthap Mod ~hatabpM~hgp| oatg

hg mwthap rf|hg| ta thmoi hf| gccar DC # J ^ # K P

Uwctwpg Lm~ftmc / T C @ # \ E P A

/ M # #

/Cfigrf|g# thg jmkapftv a thg ~hatabpm~h| mpg tpwg ~aptpmvmc| a

thg \mo Epmolf|la @mv Mpgm calmcg| rhgpg thg mltfao tmig| ~cmlg# wt

# x /

Efomccv# `ath thg mwthap mod ~hatabpm~hgp (mcthawbh thgv mpg &

jfbhtfcv rfth thg tgxt# mod thg ~hatabpm~hgp ap hgp rfccfobog|| ta hgc~ * } @


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11/44

~pacabwg

I UL rm| thg |tmtfao/ Mjgcfm Lpgo|hmr rm| */ H # H 08> M

# * x

H P / M * * * @JR \WU #

thg a *pmj~/ \tpmod| a Mjgcfm| cwxwpfmot jmog egr w~# gj`gddfob { *

Mjgcfm Lpgo|hmr ap EWLI- |mfd Mjgcfm m| thg hmfp lmjg fota hgpjawth/ \hg twpogd paj thg lmjgpm mod ~afotgd thg jflpa~haog mtthg ~padwlgp cfig m bwo/ F tacd vaw thf| rm| m |tw~fd fdgm# Hmc/ Rhv

1Hmc# m lmcj# |ca~g*|hawcdgpgd jmo rfth |hapt hmfp mod mo

# / H dm``gd rfth m lattao `mcc mt m ~cmlg ao hgp lhggi rhgpg thg pgd

/ M 1

M /H

/ R / \


12/44

JMPI LABBFO\

P H / H / O /Fo m ~pmltflgd bg|twpg# Mjgcfm |jaathgd thg jmtgpfmc a hgp

* # * x * /

D \ == dat*laj jmpigt# |hg `gbmo# Ugotwpg Rfpg pg~aptgd tadmv thmt~go|fao wod|# wofugp|ftv godarjgot| mod rgmcthv fodfufdwmc| hmug

$04/4 lca|gd fo thg |glaod }wmptgp a thf| vgmp/ Tmt| w~ |hmp~cv paj$=8/4 /

M k 1 M / F

thmt rfpgcg|| dguflg| mod fatglhoacabv hmug pg~cmlgd thg Fotgpogt m|

{ \ H PJgoca mpi# Lmcf apofmthg calmtfao rhgpg jmov ugotwpg lm~ftmcf|t| /

M }wmptgp jfcg w~ thg hfbhrmv# m jfdofbht cwg Egppmpf dpa~~gdpaj thg m|t cmog mcc thg rmv daro ta thg gxft cmog/ A`cfufaw|#

M # @ |ggifob wodfob daot hmug thgfp rapi lwt awt ap thgj/ Tg Egppmpf

/ T # \ U

U L /T #

M * / R ap thg |tmod*w~# |hg |tmj~gd hgp hggc mod twpogd ta vgcc mt thg

/P U /


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JMPI LABBFO\

|appv# hg |mfd/ F rm| kw|t raodgpfobrhmt f| thg mdumotmbg a 1

Baad/ Vg|/ Tmt f| m baad }wg|tfao# |mfd thg bmobcv vawob/ F / H x

cm~ta~ laj~wtgp# hg pg~gmtgdcv dg~pg||gd m igv ta mdumolg thg |cfdg| / H # P

Fo pmpgd fo Mwtajmtfl Ecw|h Umcug| rm| ~pakgltgd ao thg |lpggo /

M # # lcgmp*lwt mdumotmbg| a pmdmp augp fo pmpgd/ Efp|t# fo pmpgd rapi|

* * / T fo ~cmfo ufgr ogmp thg rm|h`m|fo ap wpfomc thmt ft| jgmot ta laotpac/F # #

/ A # fo|tmccgd movrhgpggugo `ghfod ~aplgcmfo xtwpg|# tfcg ap jm|aopv/ M

Tg vawob jmo wj`cgd m cm|gp*~afotfob dguflg awt a hf| pgm|t / F

hg |mfd `pgmthcg||cv# pmdmp f| lm~m`cg a dgtgltfob m japg |w`tcg / M #

/ F `ggo w|gd rfdgcv ap wpfomc| glmw|g thg dglf|fao a rhgo ta ew|h f|

; @wt rhgo m ~gp|ao w|g| m tafcgt# thgpg f| oa caobgp m fompvF jgmo#

x L # * #

@ # / H U

R # # / @


16/44

UWCTWPG LM^FTMC

gd Umcjaot |jfcgd mod |haai hf| hgmd/ Mlpa|| thg tm`cg# Jmpv R / \

# P # / F /

T / V / T tmig*mrmv# a lawp|g# f| thmt rfth pmdmp ft| ~a||f`cg ta dgtgpjfog thg pfbht

/ V # # # R 1 L /

1 R 1

U =60> hf| rpf|t/ Ft rm| =0;


17/44

JMPI LABBFO\

L / F ^ # / H

/gd Umcjaot |tmpgd daro mt Lmppfg| |f{g == emt|/ Vaw tacd hfj F 1 /

V # # F / @ / H L /

U / H

cg|| ap mo wolaj aptm`cg jajgot/ ^wt hfj ao thg cfog fo thg |jmcc # # / F

/Lmppfg mlioarcgdbgd thg pg}wg|t rfth m tpwolmtgd oad mod

/ M F O \ x

# / U x

hg hmd gxftgd mod ~wccgd thg daap |hwt/ Hg rgot augp ta m bpmv#* /

/ M 1Fj ogugp pgmccv mcc hgpg# mj F gd1 |mfd m uaflg cfig gd

Umcjaot|# `wt oat cfig ft; dgg~gp# pawbhgp modkw|t mt thf| / U

H # 1V / T F /Jm|hfob m iowlicg fota thg lgotgp a hf| |tajmlh# gd Umcjaot

# L L / D 1

M # / O #dfdot/ \hg kw|t ~mligd hgp wlifob mb| mod |owli awt fo thg jfddcg

/ O # ; / @ F / F


18/44

UWCTWPG LM^FTMC

/ V O /

U / F Jmv mod m| cmtg m| \g~tgj`gp/ Tf| f| pg|gmplh mod dgugca~jgot# oat

/ F /A # 1 R F

; / A # M /

^ # D / O

1 R F Fj bafob ta m `ampd jggtfob tadmv# |a F |hawcd bgt mo

w~dmtg/ @wt vaw ioar thgpg| oa bwmpmotgg vawcc `g |gcgltgd ap /

gcc thgj thgv hmug ta tmig jg/ Vaw ~wt jaogv fo thg/

Rgug ggo augp thf| mcpgmdv/ Fcc da jv g|t# wt thgpg| aocv |a F / F V - O

/ O / T

/ U

thg lao gpgolg paaj tm`cg/ wtmfo dg jgpdg- hg `mpigd# mod / H

J L mpgm ~mogcgd rfth lhgppv mod m|h raad| mod fccwjfomtgd v dpmjmtfl

lacwjo| a cfbht `gmjfob daro paj tpfmobwcmp |ivcfbht| ogmpcv /

M pglg~tfaof|t |mt `ghfod m W*|hm~gd dg|i rfth m ~mfp a lpa||gd / T

{{ / @ U


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=> JMPI LABBFO\

# U # 1 { /

gd Umcjaot ~w|hgd thpawbh tmcc# daw`cg bcm|| daap|# thgo~mw|gd ta |cf~ ao m ~mfp a jfow|lwcg aumc |wobcm||g|/ Hg rgot

/ H

`cwg Egppmpf E/ H # *

/O # /

M x / # R F \ / F

D /

M x / F \ / M 1 F

x / T / F

\ /Lmppfg| lcf~~gd |~gglh ccgd thg lmp/ @a||# Dp/ gttf`aog |mv| hg

F } { T U / P

hg |mfd |hmp~cv# lwttfob a thg jg||mbg/ Lmppfg# vawug bat tabgt thmt ~pg|lpf~tfao pg ccgd ap jg/ F lmot |gg Dp/ ^gttf`aog aoT x / F F


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==UWCTWPG LM^FTMC

# / / H /Ao \hapgcfog Mugowg fo Jawotmfo Ufgr# hg awbht cwolh*hawp

L Gx H =>= wotfc hg lmjg ta Lhmpcg|tao Pamd/ Ewtwpf|tfl wfcdfob| paj m umpfgtv a hfbh tglhoacabv laj~mofg| cfogd Lhmpcg|tao# folcwdfob thg fjftm*tfao |~mlg~apt thmt laj~pf|gd thg lap~apmtg hgmd}wmptgp| a \fcflaoB / ^ { # U

* O \ x / H

/ F =;=>/H @ # }

/ @ x * / H

/ E # / R /

gd Umcjaot pmo hf| taobwg |~glwcmtfugcv augp hf| cargp cf~ / I

/ T / H / F /

1 W 1@gttv pmf|gd hgp gvg`par| fo m caai a aplgd lmodap mod oaddgd

~pglf~ftaw|cv/ Gugpvaog |hg |twj`cgd augp thg rapd/ Gugpvaog|/ T / U x

/ O J L

# } O \ x / H golg paaj mod laotfowgd ta m lca|gd aog wpthgp daro/ Hg ioaligd

# #


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bggi @g baog

@ampd jggtfob mt m |tmpt*w~1 Tfoi lhfcdpgo| |allgp jmtlh/Gugpvaog |rmpj| thg `mcc rfthawt pgbmpd ta thgfp m||fbogd ~a|ftfao| rfthawt pgbmpd# thmt f|# eap thg caob tgpj/

L * # F *

Fo|fdg thg paaj# thg |awod a m / U

{ / J * * #

/ H # x /\appv Fj cmtg# |mfd gd Umcjaot rfth thg mfp a |ajgaog

/ F F k /

T / U #

hfj m|# Lhwli DgJmpla# LGA Gxtpmapdfomfpg mod jaugd mpawod / L

# # F /


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=4 JMPI LABBFO\

Mcmo Empp# |mfd thg jmo# ~pa gpfob m hmod rfth caob# lwpfaw|cv k / F

U # U / F /E D J # U

Fug bat m ~pg|gotmtfao mod m |hapt ufdga ta |har vaw# hg |mfd/

T F # U # x

Rg thawbht rgd |tmpt rfth Mcmo| ~pg|gotmtfao# |mfd DgJmpla# x /

Mod hgpg F thawbht vaw cfigd jg ap pgm|ao| athgp thmo/

A # # # / @ U

thmt rg mdjfpg/ Ft rawcd `g |a hmpd ta f|acmtg aog gcgjgot paj /Pfbht# |mfd gd Umcjaot# cgmugofob thg rapd rfth fpaov/

R R # 1 F k 1 M D J / O #

F D / O / T M / H

} /gd Umcjaot caaigd mlpa|| thg tm`cg ta Empp# mod rmtlhgd m| thg

/ F U / F R

1 T /D J / R

/ O F LGA L \

/ F / O # 1 R /\ # U # / C


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=7UWCTWPG LM^FTMC

DgJmpla jatfaogd Empp ta thg athgp god a thg tm`cg rhgpg ULP k / E

/ H ;

Rhmt vawpg bafob ta |gg oar f| m dgjao|tpmtfao a pglgot rapi / T

=0 # / T

#

gcgltpadg| thmt |tfjwcmtg |gcgltgd ogpug paat| kw|t gcar thg pgmi fo / ^

} /@v pg~cflmtfob jatap |fbomc| |got `v thg `pmfo fo oapjmc pm``ft|#

rg rgpg m`cg ta m pglpgmtg m lao|fdgpm`cg pmobg a jatfao fo thg{ / E / T

/Empp cargpgd thg cfbht| fo thg lao gpgolg paaj mod thgo ~pg||gd

thg ~cmv `wttao ao thg ULP/ Tg fjmbg ~pakgltgd ao thg |lpggo / F

/ H #

Mcthawbh thg pm``ft `cfoigd mod trftlhgd ft| gmp|# ft| paot cgb|

/Tg paaj rm| |wddgocv ugpv }wfgt/ gd Umcjaot cgmogd mli fo

hf| lhmfp mod pw``gd thg ~ft a hf| |tajmlh rfth m ~mfogd gx~pg||fao /Empp lcgmpgd hf| thpamt/ Oar rgcc |gg thg pg|wct| a m |gpfg|

/ M


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= JMPI LABBFO\

} ; # # # /

gd Umcjaot parogd fo thg dmpi/ Hg rmtlhgd m| m lm~tfao ; R / T

dwcwj ao m tfpgd jgtpaoajg/ Tg lm~tfao ap thg cg t cgb jaugjgot#

k / T

aw| jaugjgot a `ath |ggjgd movthfob `wt; aog a thg pm``ft| k

M # E

ULP/H # / M # # / @

{ # x #

/ U / Gx # / F

{ F

vawp rapd ap thmt/ @wt F da ioar m`awt thg pg|t a ft/ RmppgoO {

=8 / T /

Tg ~foi lacap dpmfogd paj Empp| mlg/ Tg caob obgp| a

/ R # * { / R

/ M R


26/44

=UWCTWPG LM^FTMC

^ # M # U / F Fj bfufob vaw thg thfpd dgbpgg/ @wt Rmppgo bafob a ta m aog

k /E L D J

/O / T

paaj|hapt# dwj~v rfth bacd rfpg*pfjjgd pgmdfob bcm||g| omccv

/ E K # V # L

B / H U /T R O /

U / J 1 Gxmltcv har jwlh a thf| Iaac*Mfd rgpg vaw bafob ta cgt jg dpfoi#

L 1 R F 1T # U a / Tmoi| ap mccfob ao thg hmod bpgomdg# Gpofg# `wt thf| f|

F L /DgJmpla laligd hf| hgmd ta aog |fdg mod jmdg m lca|g |twdv a # / F

/ M F # O O / H

D J U / V # / V / H / T

a cfig thf|# mod Fj |wpg ft raot g thg cm|t/ @wt thmt| mcja|t g|fdg / ] # O

M x M / @ ; R F /

G D J / T x /


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=UWCTWPG LM^FTMC

O /

G Hg caaigd augp mt DgJmpla# rha hmd |ta~~gd ~mttfob hf| hmfp# / V # #

/V / R R }

ogugp bgt m~~paumc paj jv ~mptogp| ap moathgp pawod a wodfob/DgJmpla a~gogd hf| jawth ta |~gmi/ Daot gugo àthgp# |mfd gdUmcjaot }wflicv/ Vaw da oggd Ofg`whp mod vaw oggd hfj rapifob

/ T F k / M tgcc# vawpg wpthgp paj lajjgplfmcf{fob thg tglhoacabv tadmv thmo

/ M $=0 /

Vawpg ~mfotfob rmv taa cgmi m ~fltwpg# |mfd DgJmpla/ Rgug

/ R / R /Ah vgmh1 Cgt| m|i awp LEA hgpg màwt cm|t }wmptgp/ Har # G 1 L

1G

pg|tgd/ Vg|# hg |mfd pgcwltmotcv/ Fj m pmfd |a/ Rg hmd |mcg| a $=/0 x >I fo thg `moi# mod F lmo ~pa`m`cv àppar

7>> # M /


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> JMPI LABBFO\

D J / M # U / V / O

1 ^ O 1 @ #

/gd Umcjaot caaigd mt DgJmpla mod |haai hf| hgmd/ Rm|

Jmombgjgot eap Dwjjfg| 1 F thg ~acflgrgcc ~m|t tfjg/ \gttfob m|fdg thg fj~mlt ao Ogwpa\tfjfx#

R 1 H # k /@ # C # G

# / \ gd Umcjaot ~wt hf| hmod augp hf| jawth mod ~pg||gd hf| obgp| / R

/ M # F hgp/ Mod F lmo m|i mpawod mt thg rfogpvjmv`g hg |ta~~gd fo/ H LEA/ F # F

R # /V # G /D J / H

@wt rhmt m`awt thg omolfob# gd1 Vaw hgmpd rhmt Gpofg |mfd / R

M /gd Umcjaot cgt awt mo gxm|~gpmtgd bparc/ Oa ~pajf|g|/

E R /Hg |taad w~ m`pw~tcv mod caaigd daro mt DgJmpla/ Fj bafob/

@wt thgpg| aog cm|t thfob; f vaw gugp tpv ta lao jg m`awt thg ~gp ap* # F

\ U E G / V 1D J / H /


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=UWCTWPG LM^FTMC

Emccfob fota thg dpfugp| |fdg a thg Egppmpf m gr jfowtg| cmtgp# gdU x/ H

#


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4 JMPI LABBFO\

x* U x

/Hgcca Mplhfg# |mfd thg vawobgp jmo/ F lmjg m| |aao m| F lawcd

/ H 1 Mplhfg |tg~~gd ta aog |fdg/ M| rgcc m| lmo `g gx~gltgd# hg |mfd

# U / {

/L 1

Mplhfg oaddgd lwptcv mod gcc fota m cgmthgp |a m ~a|ftfaogd / U

O k / H ;Lhpf|tv pgmccv cg t thg rmv hg dg|lpf`gd1 aai a fo thg jfddcg

1 M x

/ H U / \# / @

MRAC /Jw|lcg| fo gd Umcjaot| mlg tfbhtgogd/ Rhmt da vaw

1F /T /T / F

k /gd Umcjaot| gvg| `glmjg laac mod dgcf`gpmtg/ Vawpg rapifob

ap jv `pathgp# Mplhfg# oat hgp/ Vaw jfbht rmot ta igg~ thmt fo/ M 1

M @glmw|g F daot rapi ap vaw gfthgp# gd/ F fj rmot| vaw ta ioar

/


34/44

7UWCTWPG LM^FTMC

gd Umcjaot `cfoigd mod `pawbht `ath hmod| ta thg ~cmlg / H / V # M

kw|t rf|h thgv hmdot battgo jmppfgd |a gmpcv/ Lhpf|t# thgv rgpg aocv k /

Mplhfg |mfd oathfob ap m jajgot# rappvfob mt m caa|g thpgmd fothg m`pfl a hf| |rgmtgp rfth thfli obgp|/ Jmv`g ft rm| gttgp thmt

/ M / H / W 1

gd Umcjaot |jfcgd tg~fdcv/ Vgmh/ @fb ogr| thgpg/ Hg |fbhgd#lcgmpgd hf| thpamt mrirmpdcv/ CaaiF m~acabf{g ap rhmt F |mfd kw|t

/ F / O ~wt hf| hmod awt mod Mplhfg |taad ta tmig ft/ Vaw ioar F m~~pglfmtg

/ C # 1

Mplhfg em|hgd m bacd*taathgd bpfo mod thpgr m|fdg gd Umcjaot|hmod/ Vawpg rgclajg# gd# mod# oa# F daot oggd mov japg jaogv/F { /

U #

lcf~~fob|# lgptf lmtg| mod jgdmc|# mcc hwob `gcar gvg cgugc/ Hg|ta~~gd rhgo hg lmjg ta m pmjgd ogr|~m~gp lcf~~fob cvfob ao

x x # / H / J

2# =66> \ D # ;

T O T Gx~cadG mT WLcm JGGT

Umcjaot rfo| mig Efp|t ^cmlg fo Dfufob mod \rfjjfob

G U

/ D /


35/44

JMPI LABBFO\

M / F daro thg hmcc# ft lajjmodgd# Hajg/ R*R*R*Dat*O*G*R*J*A*@*F*C*F* *V*D *L*A*J/ G /

gd Umcjaot pgtwpogd thg lcf~~fob ta thg eaap mod jaugdta ~ggp thpawbh thg daaprmv/ Fo|fdg rm| m ~mcg# bmwot# |~fodcg*cfj`gd ugp|fao a hfj|gc # |tpm~~gd fota m hgmuv gcgltpfl rhggclhmfp/T * # * # |mjg fotgo|ftv# `wt thg aolg hmod|ajg gmtwpg| rgpg gtlhgd mod

{ / M # # U \

\ H #

/ R # # @ / T

/ U / M

# # C* / T

* #

Hgv# fj# hg |mfd tgotmtfugcv/ Baad ta |gg jv |~gglh pglabof*

/fj |rfugcgd hf| hgmd mpawod# thgo oat |a jwlh bpm|~gd m|

k * /

bpggtfob ta hf| pathgp/ Tg Jflpa|a t ugp|fao f| m hgcc a m cat gttgp U # / T

/ T /\ / T / E


36/44

UWCTWPG LM^FTMC

M / M F apj oap woltfao# da F1 Hg trftlhgd thg rhggclhmfp lca|gp/ Dfd vaw

F V # # F /R # # # F

# / H / F

# #

# # # # #

L / * U

/ M rmtgp |}wgg{gd paj thg lapogp| a hf| pgd*pfjjgd gvg|/ Tf| lmot

# # / V / M |tpfligo caai lmjg augp gd Umcjaot| mlg/ Hg hg|ftmtgd# *

mpawod hf| |hawcdgp mod hgmd/ fj thpw|t hf| hgmd fo gd Umcjaot|# /

R # e lmjg paj dgg~ fo|fdg/ Hm| thgpg ggo mov ~pabpg|| mt Ogwpa\tfjfx1

R 1Jw|lcg| ioattgd fo gd Umcjaot| |hawcdgp|/ Hg lca|gd hf| gvg|

mod pgmthgd |hmccarcv thpawbh hf| jawth/ Ft| bafob rgcc# hg |mfdfo m |gc *~a||g||gd taog thmt cfgd gugo japg thmo hf| rapd|/ Tgvug

{ /T 1

U / H } { / O #

/ F /


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thg ~aca jabwc

Tgpg f|# ae lawp|g# m rfdg|~pgmd fj~pg||fao fo thg gotpg~pgogwpfmc rapcd thmtmcc >> ugotwpg lm~ftmcf|t| fo thg fodw|tpv mpg mppabmot#ioar*ft*mcc# hgmuv*hmodgd# laotpac*apfgotgd kgpi|/

Epgdgpfli K/ @g|tg FFF# Ugotwpg Lm~ftmcf|t# Jfd*MtcmotflU E

gd Umcjaot rgot daro m lappfdap mt @ U # C @

/ M # /

F # \ / M * ta `g apjmttgd gxmltcv 20 lhmpmltgp| fo rfdth/ Tf| g*jmfc vaw

8> / R1 @ * 1 H F / F x

# / M thgpg| m cfttcg |ajgthfob ao vawp laj~wtgp lmccgd m |~gccfob lhgligp/W -

T k * / \ U

# F /


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JMPI LABBFO\

gd Umcjaot |jfcgd mod oaddgd hf| mbpggjgot mod thgo ~aigdhf| hgmd thpawbh thg daaprmv ta ~ggp fo|fdg/ Cmppv @pggo |mt ghfod

# / H *

x # UH #

/ @ # # * /

Ogfthgp jmo mlioarcgdbgd thg athgp/ gd Umcjaot rmcigd

/ B

; M@ J@M H # KD Vmcg/ M| lao|~flwaw| m| thg|g m~~gmpgd# thgv pg~pg|gotgd m jgpgf|cmod fo thg |gm a ~aca ~mpm~hgpomcfm |wppawodfob thgj/ Tgpg # * / T

GT # #

@ / T # # # # # #

/

@pggo laotfowgd tv~fob ap |gugpmc jfowtg| japg# mod thgo U {

rm| ~pg|got/ Rgcc# hgcca thgpg# gd# hg |mfd bgofmccv/ Hmug F |haro 1gd Umcjaot twbbgd ao hf| gmpca`g mod bpfoogd/ Fj oat /

Ah# F thfoi vawd pgjgj`gp f vawd |ggo thf|/ mig m bmodgp/@pggo ~w|hgd mo a`caob# Cwlftg ~pf|j aprmpd ao hf| dg|i/ Tg~pf|j |mt ao m rmcowt m|g mod hmd m par a lacapgd CGD| gj`gddgd / F

/ F # 1 /


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< JMPI LABBFO\

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vulture capital - opening (ch. 1 - 4)

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