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To: Lee who wrote (49643)	7/2/1998 12:42:00 PM
From: Chuzzlewit	Respond to of 176387

Hi Lee, ** M&A musings and general dyspepsia Yes, I think in part it is shenanigans. Here's how you do it. You leverage your expected growth by superimposing it on a company that has lesser growth and hope that no one will notice. You always use stock instead of cash to make these deals work. I hate them. These deals are frequently intended to enrich management at the expense of the shareholders. I don't know that the General Re deal fits into this mold, but I am very leary of any merger involving a stock swap. TTFN, CTC TTFN, CTC