A second hurdle arises when a fund owns stocks of money-losing companies.

He would acquire money-losing companies for their valuable assets.

But money-losing companies are not always the least efficient.

In fact, lots of money-losing companies with good stories to tell manage to go public now.

By the end of 1998, he said, the number of such money-losing companies had been reduced to 5,121, either through bankruptcy or improved management.

They agreed to speed up privatization and close money-losing companies, while cracking down on corruption, an official statement said.

It spent billions of dollars and lavished management attention on the money-losing company before bailing out six years later.

And no one can explain why the heads of new commercial banks should be any more willing than these officials were to liquidate money-losing companies.

The money-losing company sought the sale to raise cash.

Lack of a buyer could force a money-losing company to close.