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

To: Benkea who wrote (2996)	2/4/1999 9:05:00 AM
From: Larry S.	Read Replies (1) \| Respond to of 3627

Benkea, at risk of incurring your wrath, I have a lot of respect for HS. Yes, he made MAJOR blunder in the whole CUC acquisition. But he has accepted responsibility for it and has taken major steps to regain the companies credibility. Cancelling the ABA deal, setting stock buyback, selling software, getting rid of the whole CUC board, complete co-operation with restating the books. As for the re-pricing of the stock options, i agree that it does smell fishy, but how much did it amount to , and was it necessary to keep the key HFS people in place and attract the personnel needed to run the company. CD is one of my largest holdings, and i expect to make a lot more money from my investment in it. Larry

To: Benkea who wrote (2996)	2/4/1999 12:34:00 PM
From: J Bertrand	Read Replies (2) \| Respond to of 3627

Benkea, Thank you for your posts. I sincerely appreciate the feedback. I do agree that the options reprice was handled poorly. Regarding trusting Mr. Silverman: I don't think of the word trust when I think of him. I think of the word "greed". If the common stock doesn't go up, then his networth doesn't improve either. He is completely aligned with the shareholders IMHO. As long as Silverman doesn't sell large blocks, then there is nothing to worry about. When I analyze a stock, I think about what motivates management. Are their interests in line with mine and etc. I have studied Mr. Silverman very carefully. He is a proud man. He likes being thought of as a Wall Street genius. He likes watching the common stock go up because it is a scoreboard for him. Wallstreet is a game. Money is the score. It is in Mr. Siverman's best interest to make quarterly earnings and to bring this company back to respectability. He wants to look good again to his Wallstreet friends. That's preciously why I don't spend anytime looking back into the HFS-CUC past. You see, I think Mr. Silverman was honestly caught off guard by CUC. I don't blame him for that debacle. I think, however, that this major snafu has so deeply embarrassed Silverman that he will do anything to get the stock price back up. Therefore, I don't worry about trust because it is his "greed" and "pride" that ensures we will all have a successful investment. That is how I see it. I enjoy your comments both on this board and on Yahoo. Jeff Bertrand