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Technology Stocks : Network Associates (NET)

NET 186.26

-2.7%

Nov 21 3:59 PM EST

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To: Edwarda who wrote (4289)	3/17/1999 11:37:00 AM
From: Chuzzlewit	Read Replies (1) of 6021

Edwarda, one final comment (I promise!) on the subject of accounting for M&A: You noted: ... but it might stop acquisitions that are wise strategically because companies are afraid that analysts may penalize them for dilution in the near term. (And we know that all too many behave as though they have never seen a balance sheet!)? I guess that argument really makes my point. I would think that a merger that doesn't get done because of the accounting is one that shouldn't get done. After all, the accounting is supposed to be a representation of the truth. But, as we well know, it is not the truth. So my rejoinder to you is this: does old current accounting system allowing one time restructuring costs (which are after all future costs) better represent the merger, or does writing those costs off over time better represent the truth? Don't we need to look at the real strategic implications and the real costs? What do you think? TTFN, CTC

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