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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: chirodoc who wrote (1019)	7/14/1998 8:49:00 PM
From: agent99	Read Replies (2) \| Respond to of 3627

Having heard a tape of today's conference call, one of the things that stood out was the poor showing that Walter Forbes made on the call. When asked to comment on the rumor that he had hired a PR firm his response was confusing and unsatisfying. Here's a transcript of the exchange: F = Forbes Q = Questioner When asked about the truth to the rumor that Forbes had hired a PR firm: F: We have been using some additional advice Q: And the advice pertains to? F: Well, just to get the company's message across and, ya know, that's all Q: So this is actually an extra firm hired by Cendant? F: No. The firm was hired by the CUC directors to help get the message across Q: OK. Thank you...wait...what is the message, Walter? F: What's been said today...that Cendant is a good company with strong cash flows. It's vision is intact, and that, ya know... Q: This is not a corporate activity? F: Ya. I happen to be the Chairman of the Board of the corporation... Q: You just referred to CUC Board members as the one who hired the firm and Henry [Silverman] specifically said that there are no CUC members...that this is a Cendant board. I'm a little confused as to the nature of the hire... F: I think i've been clear to make sure that the message gets across that Cendant is a great company and that the original premise of the merger is intact. I really don't have anything to add to that. Q: So it was not hired by the CUC board members you just referred to... F: Yes Q: So we are making a distinction between CUC board members and HFS board members? F: I don't think that distinction is really relevant to the message we're trying to get across which i think we've done a good job on this conference call. Cendant is a strong company. Q: We're just, as investors, trying to understand the nature of certain activities. I think what you said is not entirely consistent in terms of who's been hired in terms of what we heard is the domain of the board currently. F: I really don't have anything to add Q: Thanks. I appreciate your thoughts.