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It can sometimes be difficult to distinguish between an imaginary country, which does not even attempt to make any colourable claim to sovereignty, and a micronation, which does.
He does, however, reckon there is a strong case - or a "colourable claim" as he calls it - against Fuld and the firm's three finance chiefs in its final 12 months: Chris O'Meara, Erin Callan and Ian Lowitt.