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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (130)	2/22/2001 7:28:02 PM
From: cnyndwllr	Read Replies (1) \| Respond to of 23153

Raymond. I agree. On a different subject, does anyone see anything noteworthy in this? biz.yahoo.com <<Janus managers will sell approximately 197,000 shares of Janus stock, amounting to an estimated $200 million, back to parent company Stilwell Financial (NYSE: SV - news), Janus announced Thursday. Those shares represent about 2% of Janus shares outstanding. The sales come less than a month after Janus chief Tom Bailey announced his decision to sell half his Janus stake to Stilwell. In both cases, Janus said that the sales would free up shares to incentivize key employees and to attract new talent to the firm. ``We have a long-term incentive plan and this enhances it,'' Janus spokeswoman Jane Ingalls said of the recently announced sale. ``We can use these shares to broaden stock ownership in the company.'' Some Stilwell watchers are less sanguine about the news, however. The stock has skidded $2.17, or 6.4%, this morning, amid concerns that the sales could indicate that the key Janus managers who sold the shares intend to depart the firm. At the very least, the thinking goes, the sales indicate that top Janus fund managers have less at stake in their funds', and the firm's, success. Janus' Ingalls denies that the share sales foretell any manager defections, however. ``I don't have any reason to believe that any portfolio managers will be leaving because of this,'' she said. It's hard to blame Janus investors for feeling skittish, however. Most Janus funds saw devastating losses in 2000, which have continued into 2001 amid a tough investment climate for Janus' favored technology and telecommunications stocks. Meanwhile, the firm has seen substantial tumult behind the scenes. The firm engaged in a very public spat with former parent company Kansas City Southern (NYSE: KSU - news) over the latter's decision to spin off Janus with its other financial-services units. (Kansas City Southern went ahead with the spin-off in early 2000, however.) And former chief investment office Jim Craig stepped down from the firm in August to run a family foundation. Janus replaced Craig with an investment committee composed of top Janus portfolio managers, including Worldwide (NA: JAWWX) and Overseas (NA: JAOSX) manager Helen Young Hayes and Twenty (NA: JAVLX) manager Scott Schoelzel.>> Are the rats exiting the ship before she starts to list? Just another piece of info to put in the old right brain file. Ed