Still, enough financial buyers looked at Stratus to suggest that technology is an area they are now more willing to explore.

In fact, some sellers even discourage financial buyers.

This unique strategy means the firm often acts more like a strategic buyer of companies than a financial buyer.

"That suggests to me that financial buyers will be very cautious."

But on the positive side, a financial buyer rarely meddles much in the operational side of a working business.

"Maybe some of the financial buyers who took a look at the company evaluated it in a different way," he said.

Thus a sale to a financial buyer might prove attractive.

Still, a financial buyer could sell off Polygram's money-losing film operation with its library of 1,500 films.

"The typical financial buyers are in there," said an individual who is familiar with the bidders.

In effect, financial buyers have become consumers of oil, contributing to the persistence of high prices.