America On-Line (AOL) Message Board

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Technology Stocks : America On-Line (AOL)

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To: Sly_ who wrote (36772)	1/10/2000 9:08:00 AM
From: Rascal	Read Replies (1) of 41369

Sly, you are correct. AOL is in the catbird seat. I was at Manufacturer Hanover when they had a "merger-of-equals" with Chemical Bank. At the time Cehmical's balance sheet was better then MannyHanny's. Chemical was in the catbird set then and the Chemical guys started in the top spots and kept the top spots. Evereyone was "layered-in". Eventually, the Mht people got squeezed between the layers. (Eventually Chemical got "layered" by Chase.) I am not saying this is the case here but it probably is. The reason one says it is a "merger-of-equals" is for political face-saving. Aol was twice the size of TWX yesterday and they still are. Corporations are still hierarchical and make no mistake, being layered between Case and Pittman is face-saving and not a place I would want to be if I thought I was going to weild the power. This is a good exit strategy for Levin because he can show where he took the company and bow out a winner. He's tired. The "telling" point is that the Company is aoltwz NOT twxaol and AOL will be the ticker symbol. This is very symbolic and shows who is in the driver's seat. This positions the company as new media, not old media. Brilliant deal.

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