Even a commercially minded lender could not sit by as peers opened their wallets.

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So far two legal firms have signed up: the upmarket Mishcon de Reya, and Prolegal, a commercially minded new entrant.

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Asif Ali Zardari, Pakistan's commercially minded president, seemed to recognise this.

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They want the company to remain independent and keep its tradition of craftsmanship, which they fear would be lost in a big, commercially minded group like LVMH.

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Around two-thirds of the apartments enjoy below-market rents protected by New York's notorious rent-control laws, and many tenants fear that a new, more commercially minded owner who has paid top dollar for the properties will make their lives less comfortable.

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