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Non-Tech : Tyco International Limited (TYC)
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To: Howard Salwen who wrote (3601)10/27/2002 7:19:14 PM
From: Sr K  Read Replies (1) of 3770
 
The Boies firm, represented on the conf call by David Boies, was not supposed to be part of management, I thought. You refer to "management is making a serious effort to uncover all irregularities" but it is largely Boies' firm's efforts that the shareholders and ratings agencies are relying on to discover any that remain or have been concealed. When Boies speaks as management and when the 3 speak as one, that is not independence. If you were going to hide something, would you put it in the biggest, most obvious place, or tuck it away somewhere that doesn't get looked at too often or too carefully? 60% done doesn't mean anything to me. And Boies' newfound lack of independence bothers me. But having all of those people at all of those locations looking around, seems fair and likely to find things that were characterized as "not major". These days the market doesn't care about misses and restatements. Other times, 1 cent under was a big deal.
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