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

To: L. Michael who wrote (1444)	8/5/1998 10:18:00 AM
From: timbur	Read Replies (1) \| Respond to of 3627

I can't believe it, but I'm going to have to side with VALUESPEC on this one. What possible good could Silverman/HFS obtain from continuing with the merger once they knew of the accounting problems? I can a scenario wherein sometime after the merger, some junior-level CUC manager or accountant decided to spill the beans to an HFS executive. In that case, Silverman would have known of the problems before the audit. I'm not sure whether selling his shares after this time would be illegal or merely unethical, but I certainly can't blame him for doing so. God knows, I'd try to if I were in his shoes! (Ethics has little place in a market economy.) Cheers, Tim