Date: 2012-10-05 11:01 am (UTC)
That is the question of the age.

A longer answer will follow shortly.

In the particular case of the rail franchise I think the business they were actually in was active counter-party for a series of geographically spread rail operations, rather than the business I think they thought they were in, which was the occassional letter of rail franchises and receiver of rents.

If I may draw an analogy, they thought they were letting a number of small flats on long leases, what they were actually doing was running a small hotel.
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danieldwilliam

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