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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (57625)	7/12/2006 10:09:35 PM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

You worked for a big bank. You know that at large companies, certain actions and decisions can't be taken by one idiot. It involves an entire chain of command of idiots and the company attorney's. This situation where: a major vendor bill has not been paid; a substitute vendor has been hired; and Lennar has publicly offered to pay the employees of the former vendor directly. You have to understand that the CEO and Executive Committee of Lennar have personally approved these actions. When I sat in the monthly project review meetings at Pardee, we heard about any problem Pardee was having with a vendor as it was happening. Our head of Purchasing, Mr Spider, would lay out the problem and if he wanted to take some action against the vendor, our Executive VP who chaired the meeting would leave the room to brief the CEO and the two re-entered the conference room together. The CEO would ask questions of many of us, including his legal counsel, and tell the VP of Purchasing what actions to take. There is absolutely no possibility that the CEO of Lennar did not direct these actions against Veemak. Veemak is history. The Veemak board can sue Lennar, and I guarantee you that Lennar is ready for them if they do. If Veemak is correct, they will win damages. But I don't think a lawsuit will be filed, and if it is, it won't get very far. A major public corporation doesn't take actions like this capriciously. .