Trotters take test drive on Chester Downs track
Tim Logue
Daily Times, Aug 29, 2006
There was no money on the line, but Bobnoxious and Corporate Rrraider seemed to enjoy the honor of being the first horses to ever trot at Harrah’s new racetrack. "We warmed them up and got them exercised a little bit," said Corporate Rrraider’s driver, Sam Beegle, a director with the U.S.Trotting Association. "It’s going to be a beautiful track. They are doing a wonderful job down there."
Both horses are expected to compete when the track opens for business Sept. 10. It will mark the first harness race in the Delaware Valley since the closing of Brandywine Raceway in 1989 and first new racetrack built in the area since Philadelphia Park in 1974.
While the facility awaits a gaming license from the Pennsylvania Gaming Control Board, Harrah’s will front most of the purse money for the racing season, which runs Sundays, Mondays and Thursdays through Dec. 18.
Harrah’s officials expect the casino’s 2,750 slot machines to open for business early next year.
"Our purses are going to average $70,000 per day at the start and once the slot machines go online, we expect the purses to increase significantly," said Michael Tanner, director of racing operations. "The (slots) are crucial to the success of the whole facility. Our goal is to marry the best in slot machines with the world class harness racing in a way that has never been done before."
County and city officials are also hoping for a happy marriage between Harrah’s and the people of Chester.
"There’s the $10 million revenue piece for the city which isn’t going to come until they have the slots," said Jim Turner, Chester’s director of economic development, "but, in the bigger picture, we want to see how (Harrah’s) helps businesses -- from restaurants to banks to hotels and other service entities.
"The more of these types of businesses we can attract, the better it will be for Chester and its residents."
Turner could not estimate the number of Chester residents hired by Harrah’s, "but I have seen a preliminary list of people who have been offered jobs and I recognize a lot of the names," he said. "A lot of the jobs are in food service, simulcasting and landscaping. The Harness Racing Commission hired 20-30 people just to work around the horses."
Turner said the snack bar in the paddock area will be run by a Chester business. A local company will also provide many of the floor mats for the facility. "They are definitely working with Chester businesses," he said.
Cheryl Stevens, owner of Cheryl’s Southern Style, a popular takeout restaurant in the 500 block of Welsh Street, did not fare as well.
"I put in an application for a snack bar location but I wasn’t selected," she said. "They said they were going in a different direction but would keep my information if there was a need for catering."
Stevens said she has received lunch orders from Harrah’s employees and hopes her close proximity to the Chester Transportation Center will yield new customers as they come and go from the track and casino.
"We’ll have to wait and see how things unfold," she said.
All five members of Delaware County Council made the trek to the track Monday and took in the views of the Delaware River from Harrah’s 20,000-square-foot outdoor deck.
"Harrah’s will be a great boost to the county’s revitalization of our waterfront communities," said council Chairman Andrew Reilly.
The county expects to rake in between $6 million and $10 million annually once the slot machines are up and running.
"Seeing the racetrack and casino become a reality from the ground up is a very positive sign for Chester and Delaware County," said council Vice Chair Linda Cartisano, a Chester resident.
Beegle believes Delaware County residents will take to harness racing on the riverfront. "Thoroughbred racing is called the sport of kings but harness racing is the sport for everyone else," he said.
Tanner, who spent 12 years among thoroughbreds at Gulfstream Park in Hallandale Beach, Fla., is also looking forward to watching the trotters in Chester.
"It’s a uniquely American sport, developed in this country," he said. "If you have ever watched NASCAR drivers draft and plot their moves, it’s the same thing here, except they are going 30 mph instead of 180 mph."
While some harness tracks are thriving, Tanner said horseracing no longer monopolizes the gambling dollar the way it did in the 1960s, when Las Vegas and the local bookie were the chief alternatives for bettors.
"But you never know what could happen," he said. "Everyone thought poker was dead five years ago and now it’s the trendiest thing going. Times change."
Wednesday, August 30, 2006
Wednesday, August 23, 2006
Confessions of a self-made multimillionaire
Confessions of a self-made multimillionaire
Stefan Stern
The Financial Times August 22 2006
“How To Get Rich: The Distilled Wisdom of One of Britain’s Wealthiest Self-made Entrepreneurs” By Felix Dennis, Ebury Press, $32.40
Know thyself, the Delphic oracle instructed her visitors. The German poet Goethe refused to follow her advice. “This has always seemed to me a deception practised by a secret order of priests, who wished to confuse humanity with impossible demands,” he said.
I feel almost the same way about Felix Dennis’s new book How To Get Rich. On the cover he grins out at readers, with confidence written all over his face. The word “rich” is printed in two inch-high red capitals.
In the course of 275 pages Dennis offers some very helpful advice, based on hard-won experience. You cannot fault the clarity of his writing, the sincerity of his views or the validity of the many and varied examples he provides.
And Dennis is very rich indeed – one of the 100 richest people in the UK, according to the famous “rich lists” (more of them later). Publishing has proved fruitful for him. He used to own Personal Computer World and MacUser, and still owns Maxim, Auto Express and The Week among other titles. Dennis feels unable to put a precise figure on his wealth, estimating it to lie somewhere “between $400m and $900m of net worth before tax”. So, pretty rich.
And yet, towards the end of the book, we read this: “The rich are not happy. I have yet to meet a single really rich happy man or woman – and I have met many rich people.... Am I happy? No. Or, at least, only occasionally....”
It is not until page 239, after we have learnt all there is to know about overcoming fear, “cutting loose”, focusing on execution not ideas, maintaining 100 per cent ownership of every venture, “living small and thinking big”, that the truth about this quest to be rich is revealed: “Seeking substantial wealth is almost always a fool’s game,” Dennis says. “Ask me what I will give you if you could wave a magic wand and give me my youth back. The answer would be everything I own and everything I will ever own.”
Before this gloom comes the good advice. Getting rich will almost certainly require extraordinarily hard work: there is no real luck involved. He quotes Seneca approvingly: “Luck is what happens when preparation meets opportunity.”
Fear of failure is what holds people back. “If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand very little chance of ever getting rich,” Dennis says.
You do not need a great idea to get rich. You do need to able to put ideas into practice. Not giving up is vital. Here Churchill is the author’s guide: “If you are going though hell, keep going,” the old man said.
Be ruthless on costs. “Keep payroll down to an absolute minimum,” Dennis says. “Overhead walks on two legs.” Every cost and outlay should be scrutinised. “Never buy a business meal if the other side offers to. You can show off later.” That applies to other misguided acquisitions too: “If it flies, floats or fornicates, always rent it. It’s cheaper in the long run.”
Never allow your self-belief to falter. “Without self-belief nothing can be accomplished,” Dennis says. “With it, nothing is impossible.” Hire talented people and then delegate as much to them as you possibly can. Cling on to 100 per cent ownership of your ventures: “Ownership is not the most important thing. IT IS THE ONLY THING THAT COUNTS.”
All Dennis’s homilies and nuggets of advice are well-founded, based on his own 30 years as a successful entrepreneur. He has even identified what the psychologist Abraham Maslow discovered about motivation and our “hierarchy of needs” – although Dennis does not mention Maslow by name. Do not waste money trying to “incentivise” people who are not interested in money, Dennis says. Try courtesy, praise and fairness instead.
Having lived the life he has, there are few subjects on which Dennis cannot speak with some authority. “There’s nothing intrinsically wrong with orgies, parties, narcotics and booze – but they will kill you in the end,” he warns.
Dennis sends us these thoughts from his home in Mustique (one of several around the world). But just how rich is rich really? Dennis says the richer you are, the harder it is to know how much you are worth.
“If our paid armies of accountants cannot agree upon a figure, then compilers of lists and financial journalists certainly cannot do so with any real accuracy.” But he does know that he is rich in time.
In the end, the reader puts this book down richer (metaphorically speaking), but also sadder. “Never have I met a self-made rich man or woman whose family or relationships were not plagued by the burden of creating a fortune, even a small fortune,” the childless Dennis writes. “Somewhere in the invisible heart of all self-made wealthy men and women is a sliver of razored ice.”
“Know thyself?” Goethe said. “If I knew myself I’d run away.” I get the feeling that this is what Felix Dennis would like to do, too.
Stefan Stern
The Financial Times August 22 2006
“How To Get Rich: The Distilled Wisdom of One of Britain’s Wealthiest Self-made Entrepreneurs” By Felix Dennis, Ebury Press, $32.40
Know thyself, the Delphic oracle instructed her visitors. The German poet Goethe refused to follow her advice. “This has always seemed to me a deception practised by a secret order of priests, who wished to confuse humanity with impossible demands,” he said.
I feel almost the same way about Felix Dennis’s new book How To Get Rich. On the cover he grins out at readers, with confidence written all over his face. The word “rich” is printed in two inch-high red capitals.
In the course of 275 pages Dennis offers some very helpful advice, based on hard-won experience. You cannot fault the clarity of his writing, the sincerity of his views or the validity of the many and varied examples he provides.
And Dennis is very rich indeed – one of the 100 richest people in the UK, according to the famous “rich lists” (more of them later). Publishing has proved fruitful for him. He used to own Personal Computer World and MacUser, and still owns Maxim, Auto Express and The Week among other titles. Dennis feels unable to put a precise figure on his wealth, estimating it to lie somewhere “between $400m and $900m of net worth before tax”. So, pretty rich.
And yet, towards the end of the book, we read this: “The rich are not happy. I have yet to meet a single really rich happy man or woman – and I have met many rich people.... Am I happy? No. Or, at least, only occasionally....”
It is not until page 239, after we have learnt all there is to know about overcoming fear, “cutting loose”, focusing on execution not ideas, maintaining 100 per cent ownership of every venture, “living small and thinking big”, that the truth about this quest to be rich is revealed: “Seeking substantial wealth is almost always a fool’s game,” Dennis says. “Ask me what I will give you if you could wave a magic wand and give me my youth back. The answer would be everything I own and everything I will ever own.”
Before this gloom comes the good advice. Getting rich will almost certainly require extraordinarily hard work: there is no real luck involved. He quotes Seneca approvingly: “Luck is what happens when preparation meets opportunity.”
Fear of failure is what holds people back. “If you are unwilling to fail, sometimes publicly, and even catastrophically, you stand very little chance of ever getting rich,” Dennis says.
You do not need a great idea to get rich. You do need to able to put ideas into practice. Not giving up is vital. Here Churchill is the author’s guide: “If you are going though hell, keep going,” the old man said.
Be ruthless on costs. “Keep payroll down to an absolute minimum,” Dennis says. “Overhead walks on two legs.” Every cost and outlay should be scrutinised. “Never buy a business meal if the other side offers to. You can show off later.” That applies to other misguided acquisitions too: “If it flies, floats or fornicates, always rent it. It’s cheaper in the long run.”
Never allow your self-belief to falter. “Without self-belief nothing can be accomplished,” Dennis says. “With it, nothing is impossible.” Hire talented people and then delegate as much to them as you possibly can. Cling on to 100 per cent ownership of your ventures: “Ownership is not the most important thing. IT IS THE ONLY THING THAT COUNTS.”
All Dennis’s homilies and nuggets of advice are well-founded, based on his own 30 years as a successful entrepreneur. He has even identified what the psychologist Abraham Maslow discovered about motivation and our “hierarchy of needs” – although Dennis does not mention Maslow by name. Do not waste money trying to “incentivise” people who are not interested in money, Dennis says. Try courtesy, praise and fairness instead.
Having lived the life he has, there are few subjects on which Dennis cannot speak with some authority. “There’s nothing intrinsically wrong with orgies, parties, narcotics and booze – but they will kill you in the end,” he warns.
Dennis sends us these thoughts from his home in Mustique (one of several around the world). But just how rich is rich really? Dennis says the richer you are, the harder it is to know how much you are worth.
“If our paid armies of accountants cannot agree upon a figure, then compilers of lists and financial journalists certainly cannot do so with any real accuracy.” But he does know that he is rich in time.
In the end, the reader puts this book down richer (metaphorically speaking), but also sadder. “Never have I met a self-made rich man or woman whose family or relationships were not plagued by the burden of creating a fortune, even a small fortune,” the childless Dennis writes. “Somewhere in the invisible heart of all self-made wealthy men and women is a sliver of razored ice.”
“Know thyself?” Goethe said. “If I knew myself I’d run away.” I get the feeling that this is what Felix Dennis would like to do, too.
Tuesday, August 22, 2006
The CEO Fast Track
The CEO Fast Track
By Constance Gustke
BusinessWeek, Summer 2006
Like many recent MBA graduates, Joshua Greenberg wanted to run a company. There were just two problems: He didn't have a bright idea that he could turn into a business, and he didn't have the money to buy someone else's company and install himself as CEO.
Greenberg didn't let those minor details stand in his way. Instead, he teamed up with former classmate John Fowler to launch what is known as a search fund. The two Stanford University grads raised $400,000 from 12 investors, mostly members of Stanford's robust alumni network, to start San Francisco-based Montebello Capital. Their mission: buy a company, help it grow substantially, sell out in five to seven years, and distribute big gains all around.
Greenberg and Fowler, both 34, scouted for companies in the logistics industry, hoping they would find a diamond in the rough. Eighteen months later they bought Aero Logistics, a 10-employee trucking company in South San Francisco, for $4 million. "The owner wanted to cash out," says Greenberg, who was a strategy analyst with Charles Schwab before getting his MBA. "We could step in with a fresh set of eyes and see untapped potential. We wanted to rebuild the sales force, rebrand the company, and standardize accounting procedures."
For aspiring entrepreneurs who are short on ideas but big on connections, search funds can be a quick route to CEO-dom. Since H. Irving Grousbeck, professor of management at Stanford University's Graduate School of Business, hatched the idea in 1984, some 71 funds have been formed. Twelve are operating now. So far, the idea hasn't spread beyond the campuses of elite MBA programs, but the method could be copied by anyone with access to investors and deep industry knowledge. "The funds have a proven track record of helping young entrepreneurs take the helm of operating companies," says Jim Ellis, a lecturer in management at Stanford who mentors many searchers.
The search fund model is straightforward: Searchers tap their networks to raise about $200,000 to $400,000 in first-round funding. That money supports them as they comb fragmented industries -- such as trucking, waste management, and sprinkler systems companies -- hoping to find businesses in the $5 million to $20 million range that have sticky succession issues but solid growth prospects. When they find a good candidate, searchers go back to their investors for a second round of financing that will enable them to buy the company. A 2005 study by Stanford's Center for Entrepreneurial Studies found that the funds had an average annualized rate of return of 37.3%.
The promise of high returns makes finding investors the easy part. Landing a company that is profitable, growing, and has an aging founder willing to sell to a couple of fresh-faced MBAs is much trickier. Deals often collapse near the finish line. Many searchers make bids only to find bogus financials or CEOs with cold feet. Rich Kelley, a principal at private-equity firm Search Fund Partners in Menlo Park, Calif., who invested in Greenberg's fund, says heated competition for small companies has driven up prices in recent years. "It takes unbelievable determination" to buy one of these companies, says Kelley. "The mechanics of doing the deal are tricky, and there's a lot of competition." In fact, about one-quarter of search funds closed without making an acquisition, according to the Stanford study. "The actual search is like boot camp," recalls Greenberg. "It's nerve-racking, and the bank accounts get drained. It's lonely and long."
THE RIGHT TEAM
The grueling process is one reason most searchers form partnerships. The partners then develop a formal proposal to woo investors, including an executive summary, company criteria, and a hoped-for timeline for exiting the business. First-round financing should be enough to cover a two-year search, the amount of time Grousbeck thought was needed to find a company. Money goes to salaries of around $75,000, office expenses, and bare-bones travel. "Searchers are notoriously frugal," says Janet M. Dunlap, an attorney at Goodwin Procter in Boston who prepares offering documents for searchers."One client was living in his mom's basement."
Most searchers se-cure first-round funding within five months, according to Ellis. Investors typically plunk down $25,000 in the first round, says Dunlap. In return, they get equity positions of 5% to 10% in the fund.
Savvy searchers look for investors who will bring more than money to the table. Marshall Johnson, 36, started a search fund called North Point Capital Partners with fellow Duke University MBA Frank Young in the spring of 2005. To help him scour deals, Johnson enlisted investors who were ex-CEOs, including Joe McErlane, a former head of health-care reinsurer National Benefit Resources. Johnson also brought in Arthur Monaghan, a principal at Granite Equity Partners in Minneapolis, whom he met through a classmate. Now Monaghan is alerting the searchers to potential deals. He has shown Johnson and Young six so far. "We can insert Marshall [Johnson] in a company because we've already vetted him as part of our due diligence for investing in his fund," he says. "That gives us leverage."
After homing in on an industry, searchers can shorten their learning curve by finding an expert to open doors for them. "Find a river guide," counsels Ellis, one who will allow you to use his name while setting up meetings and who can educate you quickly about a sector's ins and outs. Narrowing a search by geography is also common. Johnson and Young, who have raised $400,000 from 14 investors in three months, are scouting for companies in the recycling industry in the upper Midwest.
Malte Bernholz decided to cast a wider net. Before launching his Boston-based fund in August, 2004, with partner Joel Milne, Bernholz interviewed 40 searchers who had been through the process. Once they learned that limiting a search regionally had hurt some funds, they decided instead to look at candidates nationwide. And because most searchers have at least one deal crumple, Bernholz decided he would keep searching for the right fit -- even while negotiating. "There's a risk of settling for deals that aren't good," he says. Early on, Bernholz, 34, and Milne, 31, focused on litigation support companies. "The industry is growing 11% a year and is very fragmented," says Bernholz. The partners raised $600,000 to finance their search. A year and a half later, they went back to their investors and raised enough money to buy Action Legal Document Services in Charlotte, N.C., in January. "The company had good management, was profitable and revenues were growing over 20% a year," says Bernholz.
As early as possible, advises Ellis, searchers should size up sellers. Are they willing to write a term sheet? They should also allow you to talk to customers and employees, as well as to collect financial information. And searchers shouldn't get caught up trying to snag a bargain. "Pay a good price for a good company," says Ellis. "And don't try to be a good manager in a bad industry."
THE PAYOFF
Staying open to possibilities that may not be in your original plan can help your odds of success. Ellis offers his own experience as an example. In 1993 he and partner Kevin Taweel launched a search fund and started targeting towing companies. Their research eventually led them to dispatch services, and they bought Houston-based Road Rescue for $8 million in 1995. The company blossomed into Asurion, a wireless player as well as dispatcher, with revenues of more than $700 million. "We were able to expand our products, tap into wireless growth, and make acquisitions," says Ellis. "That accounts for our success." And it's the kind of payoff that makes many searchers' entrepreneurial boot camp all worthwhile.
By Constance Gustke
BusinessWeek, Summer 2006
Like many recent MBA graduates, Joshua Greenberg wanted to run a company. There were just two problems: He didn't have a bright idea that he could turn into a business, and he didn't have the money to buy someone else's company and install himself as CEO.
Greenberg didn't let those minor details stand in his way. Instead, he teamed up with former classmate John Fowler to launch what is known as a search fund. The two Stanford University grads raised $400,000 from 12 investors, mostly members of Stanford's robust alumni network, to start San Francisco-based Montebello Capital. Their mission: buy a company, help it grow substantially, sell out in five to seven years, and distribute big gains all around.
Greenberg and Fowler, both 34, scouted for companies in the logistics industry, hoping they would find a diamond in the rough. Eighteen months later they bought Aero Logistics, a 10-employee trucking company in South San Francisco, for $4 million. "The owner wanted to cash out," says Greenberg, who was a strategy analyst with Charles Schwab before getting his MBA. "We could step in with a fresh set of eyes and see untapped potential. We wanted to rebuild the sales force, rebrand the company, and standardize accounting procedures."
For aspiring entrepreneurs who are short on ideas but big on connections, search funds can be a quick route to CEO-dom. Since H. Irving Grousbeck, professor of management at Stanford University's Graduate School of Business, hatched the idea in 1984, some 71 funds have been formed. Twelve are operating now. So far, the idea hasn't spread beyond the campuses of elite MBA programs, but the method could be copied by anyone with access to investors and deep industry knowledge. "The funds have a proven track record of helping young entrepreneurs take the helm of operating companies," says Jim Ellis, a lecturer in management at Stanford who mentors many searchers.
The search fund model is straightforward: Searchers tap their networks to raise about $200,000 to $400,000 in first-round funding. That money supports them as they comb fragmented industries -- such as trucking, waste management, and sprinkler systems companies -- hoping to find businesses in the $5 million to $20 million range that have sticky succession issues but solid growth prospects. When they find a good candidate, searchers go back to their investors for a second round of financing that will enable them to buy the company. A 2005 study by Stanford's Center for Entrepreneurial Studies found that the funds had an average annualized rate of return of 37.3%.
The promise of high returns makes finding investors the easy part. Landing a company that is profitable, growing, and has an aging founder willing to sell to a couple of fresh-faced MBAs is much trickier. Deals often collapse near the finish line. Many searchers make bids only to find bogus financials or CEOs with cold feet. Rich Kelley, a principal at private-equity firm Search Fund Partners in Menlo Park, Calif., who invested in Greenberg's fund, says heated competition for small companies has driven up prices in recent years. "It takes unbelievable determination" to buy one of these companies, says Kelley. "The mechanics of doing the deal are tricky, and there's a lot of competition." In fact, about one-quarter of search funds closed without making an acquisition, according to the Stanford study. "The actual search is like boot camp," recalls Greenberg. "It's nerve-racking, and the bank accounts get drained. It's lonely and long."
THE RIGHT TEAM
The grueling process is one reason most searchers form partnerships. The partners then develop a formal proposal to woo investors, including an executive summary, company criteria, and a hoped-for timeline for exiting the business. First-round financing should be enough to cover a two-year search, the amount of time Grousbeck thought was needed to find a company. Money goes to salaries of around $75,000, office expenses, and bare-bones travel. "Searchers are notoriously frugal," says Janet M. Dunlap, an attorney at Goodwin Procter in Boston who prepares offering documents for searchers."One client was living in his mom's basement."
Most searchers se-cure first-round funding within five months, according to Ellis. Investors typically plunk down $25,000 in the first round, says Dunlap. In return, they get equity positions of 5% to 10% in the fund.
Savvy searchers look for investors who will bring more than money to the table. Marshall Johnson, 36, started a search fund called North Point Capital Partners with fellow Duke University MBA Frank Young in the spring of 2005. To help him scour deals, Johnson enlisted investors who were ex-CEOs, including Joe McErlane, a former head of health-care reinsurer National Benefit Resources. Johnson also brought in Arthur Monaghan, a principal at Granite Equity Partners in Minneapolis, whom he met through a classmate. Now Monaghan is alerting the searchers to potential deals. He has shown Johnson and Young six so far. "We can insert Marshall [Johnson] in a company because we've already vetted him as part of our due diligence for investing in his fund," he says. "That gives us leverage."
After homing in on an industry, searchers can shorten their learning curve by finding an expert to open doors for them. "Find a river guide," counsels Ellis, one who will allow you to use his name while setting up meetings and who can educate you quickly about a sector's ins and outs. Narrowing a search by geography is also common. Johnson and Young, who have raised $400,000 from 14 investors in three months, are scouting for companies in the recycling industry in the upper Midwest.
Malte Bernholz decided to cast a wider net. Before launching his Boston-based fund in August, 2004, with partner Joel Milne, Bernholz interviewed 40 searchers who had been through the process. Once they learned that limiting a search regionally had hurt some funds, they decided instead to look at candidates nationwide. And because most searchers have at least one deal crumple, Bernholz decided he would keep searching for the right fit -- even while negotiating. "There's a risk of settling for deals that aren't good," he says. Early on, Bernholz, 34, and Milne, 31, focused on litigation support companies. "The industry is growing 11% a year and is very fragmented," says Bernholz. The partners raised $600,000 to finance their search. A year and a half later, they went back to their investors and raised enough money to buy Action Legal Document Services in Charlotte, N.C., in January. "The company had good management, was profitable and revenues were growing over 20% a year," says Bernholz.
As early as possible, advises Ellis, searchers should size up sellers. Are they willing to write a term sheet? They should also allow you to talk to customers and employees, as well as to collect financial information. And searchers shouldn't get caught up trying to snag a bargain. "Pay a good price for a good company," says Ellis. "And don't try to be a good manager in a bad industry."
THE PAYOFF
Staying open to possibilities that may not be in your original plan can help your odds of success. Ellis offers his own experience as an example. In 1993 he and partner Kevin Taweel launched a search fund and started targeting towing companies. Their research eventually led them to dispatch services, and they bought Houston-based Road Rescue for $8 million in 1995. The company blossomed into Asurion, a wireless player as well as dispatcher, with revenues of more than $700 million. "We were able to expand our products, tap into wireless growth, and make acquisitions," says Ellis. "That accounts for our success." And it's the kind of payoff that makes many searchers' entrepreneurial boot camp all worthwhile.
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