Word: cuc
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Dates: during 1990-1999
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...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...
...weren't alone. Cendant, the result of last year's merger of HFS, a franchise company whose brands included Howard Johnson and Avis, and CUC, a kind of discount-shopping club, dazzled many a portfolio manager. After downplaying its accounting "irregularities" last April, the company last week revealed that the CUC side of the business had actually fabricated nearly $300 million in revenues over three years. The stock, which had rebounded to $25, quickly retreated to the high teens. It has since gone lower. And why shouldn't it? Most of the "earnings" that had jacked up the stock were...
Both Silverman and Cendant chairman Walter Forbes, (the former president of CUC) say they saw no hint of the fraud until very recently. Whether I believe them is less important than this: I had a chance to get out after the stock rallied on the first assurances, and I didn't. I wanted to be made whole--a costly impulse in these situations...
...there, developers not only must compete for consumers' attention but they also have to pay retailers to stock their wares. That might cost $50,000 this Christmas season for a promotion at a regional chain. The casualties last week included the edu-tainment company Knowledge Adventure, being sold to CUC International (1995 sales: $1.9 billion), and Edmark, sold to IBM for $80 million. Last summer Humongous Entertainment, which makes the popular Freddi Fish series, merged with powerhouse GT Interactive. "I think it would have been very difficult to retain our market share through the Christmas season without GTI's help...
This new comes in the wake of Lee's recent resignation from CUC International, the firm for which he has worked since he graduated from Harvard...