"In fact, many of the consents that Perle signed as an executive committee member approved related-party transactions that unfairly benefited Black and Radler, and cost Hollinger millions."

All related-party transactions must be approved by the shareholders.

Lay approved the arrangements under which Enron permitted Fastow to engage in related-party transactions with Enron and authorized the Rhythms transaction and three of the Raptor vehicles.

"Sherron told me that she was concerned about the propriety of accounting for certain related-party transactions," Mr. Hecker wrote in a memo to the file the next day.

Real estate experts here say many developers create project companies and engage in related-party transactions, partly for tax reasons.

In addition, the company admitted to repeatedly using "related-party transactions," which some feared could be too-easily used to transfer losses that might otherwise appear on Enron's own balance sheet.

For a while, the loans seemed harmless, if sometimes excessive, and many remain buried in the back of proxy statements under headings like "related-party transactions."

The special committee is also looking into some related-party transactions.

The danger of such "related-party transactions," Ms. Meritz said, is that they can allow a company to camouflage problems.

It argues this will permit it to issue the 953 million shares to Glencore, even though the deal is a related-party transaction between Katanga and one of its major shareholders.