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"We recognize that it is now virtually impossible for us to prevail in the proxy contest due to the dilutive transaction in question," Mr. Icahn said on Monday.
The transaction in question found its genesis in an entity known as LJM Cayman, a partnership controlled by Mr. Fastow that was created to do deals with Enron.
The United States Supreme Court ruled in a 1985 test case that Congress should have voted on the transaction in question, which governed a single 900-acre parcel.
These opinion letters effectively state that, based on the information available to the law firm, the transaction in question appears legal and proper.
"We recognize that it is now virtually impossible for us to prevail in the proxy contest due to the dilutive transaction in question," Mr. Icahn said in a statement.
If the events constituting the transaction in question happen before the lawyer is consulted, he can only advise on their legal significance and perhaps suggest methods of overcoming legal deficiencies in what has been done.
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Andersen had been instrumental in approving most of the transactions in question.
"The transactions in question had been reviewed with our auditors and the accounting was proper".
Lord Black has said he did nothing wrong and the transactions in question were approved by the Hollinger International board.
Mr. Summers said that the Treasury Department would review audits of the transactions in question before he supported further I.M.F.
He also said the transactions in question were often in the tens of thousands of dollars range and denominated in dollars, euros, British pounds and yen.
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value in question
investment in question
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trade in question
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transaction in court
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