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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (3672)	4/3/2001 3:19:14 PM
From: Logain Ablar	Respond to of 33421

John: A couple of comments. 1) The good will. Not sure of this impact. Especially when you consider many companies now report "pro forma" income excluding the goodwill charge that is reported in GAAP & SEC reportable earnings. Many of the finance companies (insurance banking) like the goodwill asset on the balance sheet (helps surplus, the other side of the entry for writing business although NAIC for insurance isn't changing the goodwill rules) just not the amortized expenses. I've been away from the M&A side for a while (since 89) to really add any valuable input here. 2) ARBA / CMRC. Remember CMRC has a different revenue model with the recurring revenue slowly starting to kick in. Not to mention its service revenue. Not saying it will make the #'s but it is in much better shape than ARBA (of course, much better is a relative term).

To: John Pitera who wrote (3672)	4/3/2001 3:19:14 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 33421

John: A couple of comments. 1) The good will. Not sure of this impact. Especially when you consider many companies now report "pro forma" income excluding the goodwill charge in GAAP & SEC reportable earnings. Many of the finance companies (insurance banking) like the goodwill asset on the balance sheet just not the amortized expenses. I've been away from the M&A side for a while (since 89) to really add any valuable input here. 2) ARBA / CMRC. Remember CMRC has a different revenue model with the recurring revenue slowly starting to kick in. Not to mention its service revenue. Not saying it will make the #'s but it is in much better shape than ARBA (of course, much better is a relative term).