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Mon Jul 16, 2012, 05:38 PM

Goldman Sachs and the $580 Million Black Hole

THE business deal from hell began to crumble even before the Champagne corks were popped.

In 1990, Jim and Janet Baker demonstrated the DragonDictate-30K speech recognition system.
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 chief executive of Dragon 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?”

http://www.nytimes.com/2012/07/15/business/goldman-sachs-and-a-sale-gone-horribly-awry.html?_r=1&smid=tw-nytimes&seid=auto

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