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To: RMP who wrote (26603)	12/13/2005 2:09:18 PM
From: bob zagorin	Read Replies (1) \| Respond to of 57684

GS on FOXH FOXH announced that CEO Robert Thomas would be retiring at year end. This announcement was unexpected by the Street and is likely to be received with concern as Thomas leadership has been key in the success of the SilverHawk launch. In the interim, FOXH founder, Dr. John Simpson, will be stepping in as acting CEO until a replacement is named. Although we believe there could have been other, perhaps more preferable, ways that the CEO transition could have been effected, it appears that appropriate controls and governance remain intact. Additionally, management clearly stated there has not been any change in the companys strategy and, in fact, reaffirmed 2005 guidance and prior 2006 guidance. As a result, with no changes to forecasts or the outlook, we maintain our IL/N rating on FOXH shares. We estimate fair value estimate of $50 and would be opportunistic on any weakness in the shares.