arcgis desktop - Creating duplicate features based on many-to-one conversion of related table?

I need to create duplicate features (in this case parcels), using a related table to populate ID fields. In essence, I need to use a related table of parcel owners to create duplicate parcels, each with its own unique ID from the related owner table. The related table already contains the many-to-one link to parcels, I just want to force a one-to-one relationship between the owners and parcels, by creating a duplicate parcel for each owner record.

I'm using ArcGIS Desktop 9.3.1.