Ann: NEXBIS RESPONDS TO FAIRFAX ARTICLE , page-3

Perhaps Lowe Lippmann? They provided the Independent Advisors report for the initial investment in Nexbis (Nov 2007) which concluded the transaction was not fair but was reasonable. "Reasonable" was based on market studies and revenue projections from Malaysia, Thailand and the Middle East as provided to them by management.

Somewhat oddly, the NPV was based purely on three years of forecast revenues and didn't include any further costs - on that basis, I too could create a business worth $100m in the space of a couple of hours... :-)