61.  But marketing has always been very much an internal story in the privately held company.

62.  But now, with the majority of Americans owning shares in publicly held companies, the concept is hotter than Microsoft stock used to be.

63.  But TerraNet, a privately held company which declined to release its revenues, serves up an impressive meal of ultrafast Internet links, cutting-edge graphics and client dedication.

64.  But that is changing as the third generation moves into key positions in the privately held wine company.

65.  But the privately held company is no dream come true for its investors or for customers who had to provide cash and other concessions to keep it afloat.

66.  But the privately held company, based in Ann Arbor, Mich., stumbled badly, executives now acknowledge.

67.  But the two owners of this privately held company have little inclination to open their books.

68.  But the mainstay of the privately held company, with headquarters in Short Hills, N.J., is rental apartments.

69.  But TNA International Ltd., a privately held company based in Toronto, does not make its money from intimacy.

70.  But, she said, because FMR is a privately held company, it felt no compunction to disclose the change.