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The mid-90s were very good to Emmanuel Lagos and his newly formed business, Phone Accessories Inc. (PAI), a manufacturer of cell phone accessories--leather cases, belt clips, etc.--based in Baltimore. The cell phone industry was riding a tremendous growth wave and business was booming; PAI could hardly keep up with the demand, even though sales were limited to just the surrounding Mid-Atlantic region. As Manny looked ahead, he was excited by the prospects for expansion: first up and down the East Coast and then westward; just thinking about it brought a smile to his face.
Unfortunately, as the '90s wound down, demand began to soften while the competition ...