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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Lizzie Tudor who wrote (52562)8/27/2002 4:10:48 PM
From: paul_philp  Read Replies (2) of 54805
 
Lizzie,

There is a world of difference between Gemstar and Peregrine. IMO, Peregrine wrote the book on handling financial scandals. Peregrine broke the news itself. The day they broke the news they announced that the CEO and CFO had been fired as well as the firm's auditors. They announced the size of the problem and the details of the problem. From the first day of their scandal Peregrine's board appeared both open and decisive. They acknowledge the issues straight up and dealt with them head on.

If you could invert the above paragraph you would get Gemstar. In addition to the financial scandals, the value of Gemstar's intellectual property has recently come into question. Combine a closed management team with a rapidly declining competitive advantage and a sell recommendation seems sane to me.

Paul
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