All investors are created equal ...

... but some are being treated far more equally than others.

Welcome to Corporate Governance 101. Day 1.Class 1. The first lesson is Treat all shareholders the same. No exceptions, no divisions, no classifications, no omissions.

This elementary lesson seems to have been forgotten in recent deals to have come out of Asia. In many recent equity and equity linked deals, companies have been structuring their transactions so that different classes of shareholder receive different treatment.

In Korea, the division between local and foreign shareholders is keenly felt. Recently there was the debacle of the Korea Development Bank's sale of its remaining 6.84% stake in Posco. This ADR offering to foreign institutional investors was signed, sealed and ready to go on June 20th at a...

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