Certain companies, such as mining or oil drilling often take several years before they can generate positive income, while many of them will go under.
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LTCM brought more problems for Scholes in 2005, when he was implicated in the case of Long-Term Capital Holdings v. United States, being accused of having used an illegal tax shelter in order to avoid having to pay taxes on profits from company investments.
The tax shelter had been designed by Babcock & Brown for Long-Term Capital to shelter their short-term trading gains from 1997.
Seippel also is known for the 2004 IRS tax shelter controversy and subsequent case Seippel v. Jenkens & Gilchrist against the Sidley Austin Brown & Wood law firm.