The value to any entity, public or private, of having another ditch dug by hand is extremely low.

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Those are all goodwill considerations and ESPN most likely appreciated the fact that goodwill is an intangible asset that enhances the value of an entity.

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We certainly see the value in being a global entity.

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But ESPN is a for-profit business, not a governmental entity, attempting to protect its brand and shareholder value.

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Thus, Arizona courts have interpreted the gift clause to mean that if the state or one of its municipal governments gives money to a private business entity, the public must get something back of equivalent value.

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You create long-term value for yourself, not for a larger corporate entity.

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The U.S. Person owns, directly or indirectly, more than 50% of a corporation (vote or value), partnership (profits or capital) or other entity that owns the foreign financial account.

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The announcement comes as a special sting to investors who held some hope Friday their investment, which has lost 77.2% of its value over the past year, would see some measure of return from an entity like KDB.

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In both cases what really makes the entity valuable and successful is the very special way the intangibles and tangible assets come together to generate a present value of future net income.

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