This value differs from a market value appraisal, which assumes an arms-length transaction in which neither buyer nor seller is acting under duress.

Meanwhile, the shareholders are seeing their property valued at a price that is arguably far less than they might receive in a totally arms-length transaction.

Most assumed that Adelphia was selling stock in normal, arms-length transactions, thus replenishing its capital.

This transaction was essentially the bulk purchase of all of the Pilots' players in an arms-length transaction with no restrictions.

Mr. Gillies said the foundation had had the book appraised "so it would be an arms-length transaction."

That way, the logic goes, the independent investor will ensure that any deals between the company and the off-the-books entity are legitimate arms-length transactions.

He writes: "markets allocate resources through arms-length transactions among decentralized actors.

"It was a long, hard, arms-length transaction," Williams said of the sale.

The Federal Election Commission ordered the party to repay the government $117,000 for not doing arms-length transactions.

"This was an arms-length transaction and there was no fraud," he said.