Brother Don: Re:Business Week Article:...Music...Music...Music...
([and these bozos didn't even wait for his first earnings report
( which they should have, of course, so that they'd be better informed <ggg>),
before writting it up ].
Message 14123366
First The Entree'
Wendt, of course, arrives with
-a formidable reputation and
-all the expertise he amassed building and fixing businesses at GE Capital.
There, within a dozen years,
- he transformed a fledgling financial-services division into
-a behemoth
-that was producing 40% of GE's overall profits when he left.
-...and built Stamford (Conn.)-based GE Capital into General Electric Co.'s largest and most profitable business .
We move on,
And already, he says he is confident that Conseco's elaborate,
debt-laden holding company can't overwhelm the underlying businesses of
life insurance and financing mobile-home and home-equity loans.
Says Wendt: ''That's my assessment.''
''NO FIRE SALES.''
"We're going to maximize shareholder value. "
Longtime Wendt-watchers give him a strong shot at pulling off a turnaround.
''Gary's been through plenty of fire in his career,'' says former GE auditor and analyst N. Heymann
at Prudential Securities Inc.
''Ultimately, in those situations, the best determinant of success is negotiating skill.
Gary possesses exceptional negotiating skills.
He has the best prospects--of anybody--to sort Conseco out.''
The insurance and mobile-home finance businesses are healthy and profitable,
insists Wendt. Indeed, its Green Tree Financial Corp unit,
a subprime and manufactured-home lender,
was such a tough competitor that it knocked GE Capital out of mobile-home finance.
. It now has a commanding 30% market share.
Wendt, whose combed-back red hair and compact build blend with an intense,
direct manner, quickly takes issue with the suggestion that he might have taken an
early exit from his noncompete contract with GE merely to shepherd Conseco into bankruptcy.
Can he avoid it? ( BK ).Says Wendt: ''The answer is an emphatic yes!
Granted, by taking on the challenge at Conseco, I'm also taking on a very large financial risk.
I've tackled a job where I will receive no salary or bonus for two years.
If we can deliver substantial rewards to shareholders at the end of those two years--and
I believe we will--then I'll be well-compensated for my efforts.''
------------------------------------------------------------------------
My comments to this :
His new job will be far tougher, though.
Without the luxury of GE's strong balance sheet behind him,
Wendt is largely on his own this time.
Answer: There are gazillion people out there
willing to give Wendt their money to manage
based on his previous sterling reputation
Go Gary GO!!! Music...Music...Music...
I will remove myself now don from the PC.
But....I'll be back!!!!
cheers
TA@ShortSqueeze.com
-------------------------
you said
Message #2025 from donjuan_demarco at Jul 28, 2000 7:53 AM
Brother Tunica that Business Week article is pure poetry.
And now Irwin the Liquidator is pitching in with the old "short squeeze" gambit.
Take your profits quickly, Brother, for there is no pot of gold at the end of this rainbow.
"When investors start hoping for a short squeeze, you know the end is near."
-- Jimmy Cagney
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