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Non-Tech : Morrison-Knudsen (MRN)
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To: Jack L. Dlugach who wrote (19)6/30/1996 11:30:00 AM
From: Paul Weiss   of 27
 
Jack: If I can read the MK eulogy, I'd say it was an untimely death. The cause can be atributed to a high-profile management with a cavalier attitude towards debt. There may have been some innocents on the board, now unfairly tainted with the stink of association with the rascals, but it bothers me that a world-class organization could be so easily destroyed. There's a lesson here for me, to be wary of rising debt; to be wary of charismatic CEOs that lack common sense. Eastern Airlines stir any memories? Tiphook was (is) a similar story. Debt, a grand vision, and a golden voiced orator= one wary investor. Regards, Paul P.S. I have made a few adjustments to my portfolio recently, taking profits and scaling back where I deem appropriate.
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