The Deal's annual Year in Review issue offers comprehensive essays that provide insight on 2005's most significant deals that transformed or realigned industries and otherwise supported the belief of an improving global economy.

As editor in chief Robert Teitelman writes, 2005 was filled with scandals and tragedies but was a lucrative year for those involved in the deal economy, notably investment bankers, deal lawyers, hedge funders, those in private equity and venture capital, and most especially the buyout crowd. "Despite big federal deficits, failing pension plans and cries of pain from corporates, the world is awash with liquidity and, generally, in America at least, profits are robust, growth and productivity are strong, and the deal economy is humming," Teitelman states.

The special report ties together 20 essays plus a Deal Life column on those who also double as model railroad enthusiasts. As Thomas Groppe, executive editor of electronic media, comes to find out, it is a hobby that requires plenty of skilled help, long hours and money.

The issue also includes a special report on philanthropy featuring dealmakers who contribute their time and money to charities that support everything from the impoverished to the arts, to minority groups and local communities.

The following essays by The Deal's editors, senior writers and reporters collectively capture the activity, challenges, struggles, scandals and successes that made 2005 a pivotal year:
• "The dreaded 'B' word," by David Carey. Investors are raking it, but are things just too good to last for private equity?
• "Preseason markdowns," by Jonathan Braude. The buyout shop spending spree in British retail may be slowing.
• "Grandson of junk," by Matt Miller. Hedge funds have piled into second-lien loans, but what about a bankruptcy wave?
• "Comp stomp," Peter Edmonston. Will the new bankruptcy law take a whack out of executive pay?
• "Shoot the moon," by Joshua Jaffe. Internet and media companies see nothing but opportunity online. That spells trouble.
• "Everything rising must converge," by Danny Fortson. An evolving Web offers more narrow content customizing. Therein lies the challenge.
• "Reach out and watch," by Chris Nolter. The grownup baby bells pursue cable, laying down huge bets with global repercussions.
• "Shake, rattle, roll," by Olaf de Senerpont Domis. The advent of online video threatens the long hegemony of broadcast TV, and much more.
• "Devils and details," by Alex Lash. Deals between biotechs and big pharma are becoming ever more complicated.
• "Calm after the storms," by Claire Poole. Hurricanes and recalcitrant states quashed the post-puhca deal before it started. • "March of the mini me's," by Richard Morgan. Instead of blaming new media, maybe old-media exec should look in the mirror.
• "Fight or flight," by Lou Whiteman. Embattled U.S. airlines fear opening the skies to global competition.
• "Villepin's gall," by Paul Whiteman. France's prime minister hammers through privatizations. But is he a closet protectionist?
• "Russian winter," by Nick Watson. The Kremlin's assault on the private sector has its limits. But what are they?
• "Price of obscurity," by Soma Biswas. Buyout shops and strategics flocked to niche-food auctions. Lure of the mini-carrot.
• "Addicted to capital," by Vipal Monga. Banks, hedge funds and others eagerly finance LBOs. How long will the liquidity last?
• "Neverland," by Stacey Higginbotham. The corporate tech market is maturing, but the main players still dream of high growth.
• "Lifesaver?" by Tara Croft. Battered big pharma may hope that device companies can cure their blues.
• "Old world calling," by Brian Cattell. European telecoms, spurred by deal-hungry PE firms, emerge from hibernation.
• "Drama queens," by Bill McConnell. As the theater of politics subsumes all, government grinds to a halt.

Addendum: Alix Partners; Allied Capital; America's Growth Capital; Andrews & Kurth LLP; ARC Investment Partners LLC; Aurora Capital; Berkery Noyes; Bingham McCutchen; Blake, Cassels & Graydon; Brinks Hofer Gilson & Lione; CapitalSource; Churchill Capital; CSG Investments Inc.; D.F. King & Co., Inc.; Dickstein Shapiro Morin & Oshinsky; First Industrial Realty Trust; Fitzmaurice Companies; FTI Consulting; GE Energy Financial Services, Inc.; GE Global Financial Sponsorship Group; GE Retail Finance; Glass & Associates; Goodwin Proctor; Gryphon Investors; Harbour Group; Harris Williams; Haynes & Boone LLP; Herrick, Feinstein LLP; Hunt Special Situations Group LP; Intralinks; Jefferies & Co., Inc.; Jenner & Block; JH Cohn; Lane Berry; Lexington Properties Trust; Lockton Companies; Loughlin Meghji + Company; Merrill Corporation; Miller Mathis & Co.; Nolet Spirits USA (Ketel One Vodka); Norwest Equity Partners; Orrick, Herrington & Sutcliffe; PRC Innovations LLC; Preston Gates & Ellis LLP; PriceWaterhouseCoopers; Rabobank International; RBC Capital Markets; Realty Income Corp.; Schulte Roth & Zabel; Sonnenschein Nath & Rosenthal LLP; TA Associates; The Riverside Company; W. P. Carey; Wells Fargo Foothill; William Blair & Company and Wine Markets International.

About The Deal LLC
The Deal LLC is a diversified media company that is the authoritative voice of the deal economy. We serve the global deal community - corporate and financial dealmakers, advisers and institutional investors - by providing business and financial news and information that offers fresh insights on the deal economy, a set of interrelated activities, focused on dealmaking of all kinds, whose purpose is to generate corporate growth in a continually changing global market. We offer a comprehensive line of print and electronic product and services for both readers and advertisers, including The Deal, The Daily Deal, TheDeal.com, Corporate Dealmaker, Tech Confidential, Corporate Control Alert, Auction Block, Bankruptcy Insider, Deal Focus and VCDeal.com. Investors in The Deal, a privately held company, include majority owner U.S. Equity Partners, a private investment fund sponsored by Wasserstein & Co. LP, and Rustic Canyon Ventures, one of the largest venture capital funds in Southern California.