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Non-Tech : Cendant Corporation (NYSE:CD)
CD 6.330+3.1%1:26 PM EST
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To: chirodoc who wrote (1214)7/25/1998 2:55:00 PM
From: PashaBear  Read Replies (4) of 3627
 
Disappointed as everyone else who owns this stock -
but I do not feel that vilifying Forbes is the full story.

My hunch is that "we" (e.g., the boards) are being used
in Silverman's battle with Forbes for control.

The story of switching leadership in 2000 never quite rang
as true to Silverman's style.

It is certainly true that as CEO of CUC, Forbes (at the
very least) "should have known" about the questionable
accounting. OTH - it can also be said that Silverman as
an experienced take over artist should have uncovered it
as part of his due diligence. The fact is that both
executives have materially lied to the putative owners
of this company (e.g., shareholders).

One of my reasons for investing in this company was that I
valued Forbes long-term vision of on-line shopping. If the company
loses that, it will have lost something important.

Of course, I wish that I had paid attention to the cockroach
theory - where there is one cockroach, there are likely to
be more - and not bought in when the bad news first broke.

On the whole, I am holding my nose, and holding on. But if this
company can't get its act together and work - one way or another -
as an undivided team, the prognosis isn't great.

Good luck to all.

HD
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