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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Peterson who wrote (6945)	4/25/1999 5:21:00 PM
From: James Clarke	Respond to of 78531

CD: Silverman's Board gave him a big raise after a disastrous year in which they also repriced his options. The guy has something like $400 million of in the money options. That is excessive, to say the least, for a company that has shot the lights out. But this stock is 50% off its high. Why? Complete and total management incompetence on the biggest deal they'd ever done. CUC's accounting history was hardly a secret - that's the kind of company you due triple due diligence on if you are going to negotiate with them at all. And does the board make him pay even a little for that mistake? No, they rewarded him even more. The stock may be a buy, but Silverman and the board of this company belong in jail in my opinion. On principle, I do not join class action suits if I lose money on a stock. But this is one case where I would have broken that rule. Fortunately, I didn't own the stock at the time. JJC