We take a look at one of the worst connected transactions of 2000, in which Century City International Holdings proposed to spend US$317m on 27% of a fibre optic project from a company controlled by its Chairman. The share swap, priced at 712 times net assets, is hanging over the company and the Chairman has the option to complete it whenever he likes, to avoid dilution if and when the company seeks to reduce its 193% gearing with fresh equity.