No problem. Looking back at it again now, I can see the intent of the original sentence where "it had an operating business" refers to i4i, but "in a manner th

No problem. Looking back at it again now, I can see the intent of the original sentence where "it had an operating business" refers to i4i, but "in a manner that was..." refers to Microsoft. I didn't get the change of subject at that point. Maybe an additional comma would have been all that I needed to figure it out: "even though it had an operating business, in a manner that was..."