DHL Corporation and Subsidiaries - Page 117

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          their advisers’ reports and advice.  The $50 million offer was              
          part of a letter of intent to DHL, offering to purchase the                 
          worldwide DHL trademark.                                                    
               JAL and Nissho Iwai initially thought that the DHL trademark           
          should be transferred to an entity owned by them, but they were             
          also agreeable to the DHL trademark’s being owned by an entity in           
          which the selling shareholders retained an interest, if the                 
          sellers bore a proportionate share of the $50 million purchase              
               On June 21, 1989, the DHL shareholders advised the foreign             
          investors of their disagreement with some of the terms of the               
          letter of intent, and the price offered by the foreign investors            
          was the key issue concerning the DHL shareholders.  After that,             
          the parties began negotiating a joint venture arrangement where             
          the DHL shareholders would retain a 40-percent interest in DHLI             
          and MNV.  Additionally, Hillblom wanted to retain an interest in            
          the DHL trademark if the joint venture arrangement were                     
          implemented, and he wanted to retain an interest in DHLI and MNV            
          because of concern about future stock value if he relinquished              
               During discussions of a joint venture between the DHL                  
          shareholders and the foreign investors in July 1989, the DHL                
          shareholders advised that they wanted a put with a floor for                
          their minority share, and they refused to grant JAL and Nissho              
          Iwai a call on the remaining 40-percent interest, but they were             

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