This article focuses on a case study of business combinations that are accounted for as pooling of interest that occurred during the winter of 1966 to 1967. The American Institute of Certified Public Accountants' Accounting Principles Board (APB) has determined that the so-called "pooling of interests" alternative for accounting for business combinations is to be continued at least until it gets around to reconsidering the entire subject of accounting for business combinations. the Board has determined to perpetuate its approval of the pooling of interests concept despite the demonstration in the recent Westec fiasco that this procedure lends itself to distortions. While the Board is considering the entire subject of business combinations (while explicitly continuing its dispensation for the pooling method) the process of shareholder delusion through share dilution continues unabated. The acquiring corporation's shareholders can now be seen to be getting something less than what appears on the first reading of the financial statements.