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

To: ParPlusAccrued who wrote (1369)	7/30/1998 12:27:00 AM
From: chirodoc	Read Replies (1) \| Respond to of 3627

<<<<What about the rumor that a small fraction of Cendant, specifically Sierra Online and Books That Work will spin off from Cendant ..imho silverman is pissed ....he takes this personally .....watch for him to buy and sell assets to again return shareholder value ....this man takes his job seriously and feels wounded by forbes and his idiots .....you might be right .......but get ready for lots of this kind of action curtis

To: ParPlusAccrued who wrote (1369)	7/30/1998 12:44:00 AM
From: jim shiau	Read Replies (2) \| Respond to of 3627

News from CNBC: Where do Cendant's holders go now? Walter Forbes' departure sets the stage for the next chapter in this saga July 29 - Now that Walter Forbes has resigned - and investors are free from the fear that he will inherit the CEO mantle at the company - the focus is on what lies ahead. For those who have waded into the mess that is Cendant in recent weeks, the hope now is the company can detail its growth path once again, win back the confidence of investors, and make some interim moves to bolster the stock price further. FORBES, OF COURSE, is leaving anything but empty handed - rewarded with a `See ya later' package that amounts to $47 million in cash and stock. Perhaps just as remarkable is the departure of nine directors from Cendant's board. So where does the company go from here? The first move may be some asset sales. Such sales could include units bought by the former CUC International, such as Davidson Software and Sierra Associates. Those purchases now appear to have been made to shelter expenses from operations at CUC. There is also hope that Cendant's pending purchase of American Bankers Insurance for $67 in cash and stock will be changed to a larger cash component in order to bring less dilution. ABI's CEO Gerald Gaston told me a short time ago that he and his board will certainly listen to any proposals Cendant Chairman and CEO Henry Silverman might have to change the components of the deal to favor cash. Gaston, added, however, that he has not spoken to Silverman about such a change. Silverman is expected to attend ABI's board meeting on August 14th. While ABI does have a large number of shareholders who would prefer that the deal stay tax-free, Gaston said that shareholders might also listen to any Silverman proposal for a mostly, or all cash deal. As for analysts, most of them are staying on the sidelines at this point. The company has yet to give them clear numbers to plug into financial models - and that keeps many analysts nervous. Although the company has endorsed a growth rate of above 20 percent in earnings (and if it were to achieve the $1.25 to $1.30 a share that growth implies), it is clearly selling at a discount to its growth rate - something you don't see too often in this market.