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To: Les H who wrote (1990)	5/25/2002 12:43:17 AM
From: Les H	Read Replies (1) \| Respond to of 29594

from the TYC board: Finally Tcyo gets an offer for CIT, rejoice all longs! Tyco is burning the furniture to stay alive. Oh wait a sec, the offer is: 1. 2 bil less than the "planned" IPO, 2. its from from the lead underwiriter, which means even the lead underwriter thinks CIT may be worth less than 5 bil. 3. and the offer turns out to be bogus. They are so desperate for an offer the best they could is a bogus offer from LEH. How pathetic. how conflicted is LEH!! Will Tyco sue them, gee what a wonderful headline that would make. ok, lets review: CIT makes so much money Tyco has to sell it. Hmmmm, why doesn't Tyco just keep CIT if it makes money?????? If CIT does not make money the IPO is bound to fail. Selling CIT would leave Tyco with the winners like Tycom, Electronics and Plastics. Recall they couldn't even get audited statements for plastics. Loss of Tyco will reduce revenue by how much?? D/E, ROC, ROE and other ratios will be impacted too. So it seems inevitable Tyco will take several more multi billion dollar hits to earnings. Does Tyco have any credibility left at all, I mean any, even a tiny shred?? Just what Tyco needed, another debacle.I wonder what the press will have to say about this debacle.