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Was Made-off Legit As Late As 2001?

In July of 2001, Tremont announced it had agreed to be acquired by Oppenheimer. This followed, of course, diligence by Oppenheimer pursuant to pursuing a transaction. A little bird tells us that Oppenheimer, represented by Goldman and Weil Gotschal, spent three days at Made-off's office running through the books before, it would seem, signing off. The announcement contained one of those platitudes straight out of the Corporate Communications 202 textbook that you grow used to reading:

"We are pleased to be joining forces with a leader in the alternative investment
business," said John V. Murphy, Chairman and CEO of OppenheimerFunds. "We
believe Tremont's multi-manager, funds-of-funds approach to hedge fund investing
will appeal to many of our high-net-worth shareholders. Tremont's unique product
offerings in combination with our distribution network will open up the world of
alternative investing to a new segment of investors."

It sure did that.
Did they just miss the issues? Or was Bernie still straight back then?
Tremont Reaches Agreement To Be Purchased [secinfo .com]