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...1990s stock-market boom. The company expanded into real estate, then rental cars (Avis). Its share price rose almost 2,000% in four years, and Silverman's net worth rocketed toward $1 billion. He was hailed as a genius. Then, in 1997, he merged HFS with direct-marketer CUC to form Cendant. CUC was an e-commerce pioneer, giving Silverman a tangential link to the Internet bubble. Under CEO Walter Forbes, now awaiting jail, CUC was also a pioneer at fabricating earnings, Silverman later discovered. This was the first of the big end-of-the-century accounting scandals, and though...
This trip from private equity to public conglomerate and back wasn't pointless. According to company calculations, if you count every spinoff and asset sale--plus a $2.8 billion shareholder lawsuit payout in the wake of the CUC mess--a dollar invested in HFS when it went public in 1992 would be worth more than $14 now--a 22% annual return, or more than double the performance of the S&P 500. Which means Silverman is probably worth listening to on one of the great questions of our day: Is it better for a company to be traded...
...Quyen fell in love with her country's wildlife almost by accident. In 1996, after graduating from university with a geography degree, she took a summer job in Cuc Phuong National Park with the NGO Fauna & Flora International. She was put in charge of educating villagers to respect the park's wildlife, rather than hunt it. But by 2000, Quyen began planning a Vietnamese conservation group that could make the nation more self-reliant. "We can't expect foreigners to come and save our country," she says. "The work should be done by Vietnamese...
...autumn, I am coming home." Fritz Schröder never came home, and never met his newborn son. On Oct. 4, 1944, two months after Romania declared war on Germany, he was killed, reportedly by a Katyusha rocket, while fighting in a bunker just south of Ceanu Mare. Anica Cuc, 88, was 28 at the time. Taking a break in her garden from some afternoon weeding last week, she recalled an ox-drawn wooden cart pulling up outside the village church after the battle, where it deposited "eight or nine" bodies that were buried by German soldiers. "It was good...
...second chance? Put Dunlap in charge of a bloated company in trouble, and I'd buy the stock. (I'd also sell it within a year.) I also believe Henry Silverman, CEO of the marketing firm Cendant, will fix things in the wake of a disastrous merger with CUC International. His may be the ultimate display of agility. Silverman is selling chunks of the company he built, which is now worth more in liquidation than its value in the market...