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Non-Tech : Tyco International Limited (TYC)
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To: SPSEIFERT who wrote (3585)9/26/2002 10:59:29 AM
From: James Calladine  Read Replies (1) of 3770
 
Is it not a widely discussed view that the modus operandi of
"the Koz" was to:

-- buy companies largely for TYC paper
-- gather up all possible expense out of the operations of
the to be acquired company, even out of future months of
operation
-- take massive write-offs on a one-time charge basis
-- by virtue of paying a lower multiple of earnings in
TYC shares to the previous owners than the market was
according to TYC, steadily increasing TYC eps
-- by virtue of writing off FUTURE expense in the acquired
company, be able to show great earnings from the get-go
in each new acquisition
-- keeping the shell game going by more and more acquisitions.

IF this has been the game-plan in the past, is there anything to suggest that it is a game-plan that will fly in the future?

IF this has been the game-plan in the past, is there any feeling that there may be some leftover financial GARBAGE
thay may have to join the write-off pile?

Is there any feeling that IF such a process takes place with a vengeance that it might have a bearing on debt ratings?

Since it is now a matter of record that "the Koz" and some of his cronies (maybe many of his cronies....?) were crooks, is there any sense that the operation of these crooks may have been more widespread than has yet been
learned?

I am neither long or short TYC, but these are the sorts of questions that cause me to pause.

Namaste!

Jim
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