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	Cendant may sell travel unit -- OrlandoSentinel.com
		Cendant Corp. said it received several offers for its travel business, which includes Orbitz and CheapTickets.com, and may sell the unit rather than spinning it off as part of a planned breakup.
		Cendant had been set to spin off the division to help revive a stock that never recovered from an accounting scandal about nine years ago.
		Cendant shares have fallen 10 percent since the breakup was announced in October.
	www.orlandosentinel.com /technology/orl-cendant2506apr25,0,2413381.story?coll=orl-technology-headlines (0 words)

	Cendant
		Cendant announced in April of 1998 that it had discovered "accounting irregularities", initially estimated at $115 million, but which later turned out to total $300 million.
		Cendant announced on April 15, 1998 that it had discovered "accounting irregularities" and expected to lower its 1997 earnings, which had originally been reported at $872 million, by $115 million.
		December 1997: Cendant is created from the $11 billion merger of HFS, an owner of hotel chains and real estate brokers, and CUC International, a direct marketing company.
	www.erisk.com /Learning/CaseStudies/Cendant.asp (707 words)

	Cendant says former exec delays payments - Boston.com
		Cendant Corp. accused former Vice Chairman E. Kirk Shelton of delaying tactics to shield his assets after he was ordered to pay $3.27 billion restitution for an accounting scandal.
		Attorneys for Cendant, which is suing Shelton and others, argued in court papers filed Thursday in federal court that his request was a delaying tactic to give him time to further squander his assets that could help satisfy the restitution.
		The Cendant allegations were among the first in a series of corporate accounting scandals in recent years that sparked outrage from investors.
	www.boston.com /business/articles/2006/08/25/cendant_says_former_exec_delays_payments (512 words)

	Special Feature, 12/17/98: The 1998 Year In Review, Loser - Cendant Corp.
		The good news is that most of the executives and directors Cendant derived from CUC have been ousted, including former Cendant Chairman Walter Forbes, who was chairman and CEO of CUC.
		Cendant has been purged of its base elements, and with former HFS finance staff handling all of the accounting, its books from here on out are likely to be squeaky clean, especially because the company knows its accounting methods will be scrutinized by investors, analysts, and SEC officials.
		Cendant the Defendant -- Fool on the Hill -- 7/14/98
	www.fool.com /Features/1998/sp981217YearInReview_loser01.htm (1055 words)

	Travel, real estate giant splits brands
		Cendant, whose stock price never fully recovered from a 1998 accounting scandal, is the latest conglomerate to decide its separate businesses are worth more split apart.
		Cendant's split, which was approved over the weekend by the company's board of directors, will occur next summer when the company spins off 100 percent of the equity of the three new companies to its shareholders.
		Cendant has been working for more than a year to shed holdings that did not fit easily into real estate and travel categories, divesting itself of its tax preparation, mortgage and fleet management businesses.
	www.azcentral.com /arizonarepublic/business/articles/1025cendant25.html (425 words)

	Oligopoly Watch
		Cendant is becoming a dominant force in the travel industry in the US and in Europe.
		Cendant is a name made up in 1998, a modish name with the "-ant" or "-ent" ending typical of that era (Viant, Scient, Versient).
		Cendant is under some, stress due to fraudulent accounting scandals, with some former employees having been indicted and some shareholders suing the company.
	www.oligopolywatch.com /2004/10/23.html (504 words)

	Realty Times - Agent News and Advice (Site not responding. Last check: )
		Currently, Cendant's investment in NRT is reflected on its balance sheet as a preferred stock investment in the amount of $384 million.
		Cendant owns preferred stock, convertible into 20% of Trilegiant, which was written off in the third quarter of 2001 as an operating expense.
		In addition, Cendant has provided Trilegiant a $35 million revolving line of credit of which advances under the facility are at the sole and unilateral discretion of Cendant.
	realtytimes.com /rtapages/20020206_bitcendant.htm (1457 words)

	Cendant: Privacy Policy
		Cendant may disclose some or all of Your Personal Information to business partners or sponsors, but this use will be specifically described to You prior to data collection or prior to transferring the data.
		Cendant may disclose or access account information when We believe in good faith that the law requires it and for administrative and other purposes that We deem necessary to maintain, service, and improve Our products and services.
		Cendant and Cendant-affiliates do not control such Web sites, and, therefore, are not responsible for their contents or the hyperlinks or advertising they choose to place on such Web sites.
	www.cendant.com /legal/privacy.html (0 words)

	Cendant Can't Move Lending Arm
		Cendant (CD - news - Cramer's Take), the consumer-services conglomerate, is having trouble unloading its mortgage business, and some observers think it might be out of luck if Countrywide (CFC - news - Cramer's Take) ends up taking a pass on the billion-dollar portfolio.
		Cendant, the source said, hired Goldman Sachs (GS - news - Cramer's Take) last year to find a buyer for the operation, which is the nation's 10th-largest residential lender.
		Cendant is looking to get out of the mortgage business because it doesn't consider it a core part of its business.
	www.thestreet.com /_tscana/markets/matthewgoldstein/10150536.html (361 words)

	Cendant splitting into 4 companies \| The San Diego Union-Tribune
		While Cendant posted $2.1 billion in net income on $19.8 billion in revenue in 2004, the company's third-quarter net income of $514 million was down from $593 million a year earlier.
		Cendant has been working for more than a year to shed holdings that did not fit easily into real estate and travel categories, divesting itself of its tax preparation, mortgage and fleet management businesses, among others.
		In August, former Cendant Vice Chairman E. Kirk Shelton was sentenced to 10 years in prison and ordered to pay $3.27 billion to the company for inflating revenue by $500 million at Cendant's predecessor, CUC International, to drive up the stock price.
	www.signonsandiego.com /uniontrib/20051025/news_1b25cendant.html (732 words)

	Cendant Plans Initial Public Offering of Its Wright Express Subsidiary; Proceeds Of Over $1 Billion Anticipated
		Cendant shareholders will continue to directly benefit from the earnings of these businesses through their ownership of PHH shares subsequent to the spin-off.
		Cendant Mortgage is not expected to be a discontinued operation due to the anticipated ongoing joint venture between that business and Cendant.
		Cendant also said that it expects EPS for 2005 to be between $1.35 and $1.45, growing in 2006 to between $1.62 and $1.72.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-23-2004/0002499235&EDATE= (1397 words)

	Cendant Report
		Cendant's earnings per share have grown 22% over the last 5 years and they expect to grow EPS 19% over the next 5 years.
		Cendant is a global leader in what they do and they are in the right place at the right time.
		Cendant is attractive for the short term because the price is still overly-depressed from the accounting scandal, so there is not much risk in it right now compared with the rich stock prices of other world leaders.
	www.hedge-hog.com /sub/gicd.html (1179 words)

	Cendant May Put Travel Unit Up for Sale - New York Times
		Cendant is planning to put its travel business, which includes Orbitz, CheapTickets.com and Galileo International, up for sale today, according to people briefed on the company's plans.
		Cendant's chairman and the architect of its current structure, Henry R. Silverman, is a former partner at Blackstone.
		Cendant's decision to pursue a sale of the unit rather than a spinoff is largely because private equity players, flush with cash and the ability to leverage it at increasingly higher rates, are expected to be able to pay more for the division than the public markets may have valued it at, these people said.
	www.nytimes.com /2006/04/24/business/24cendant.html?ex=1303531200&en=7ac078c859a68a2e&ei=5088&partner=rssnyt&emc=rss (987 words)

	01-5205 -- Horn v. Cendant Operations Inc. -- 07/03/2003
		Horn argues the district court erred in granting Cendant's motion for summary judgment and in denying her motion for summary judgment, because that court erred in determining Cendant's acts and omissions did not constitute a breach of fiduciary duty.
		Cendant was required to conduct its duties "with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims." Id.
		Horn informed Cendant about her health problems and inquired about disability benefits, Cendant had an affirmative duty to provide complete and accurate eligibility information, including the "actively at work" requirement, that Cendant knew or should have known as a fiduciary which was material to Ms.
	www.kscourts.org /ca10/cases/2003/07/01-5205.htm (3268 words)

	CENDANT (Site not responding. Last check: )
		Cendant may disclose some or all of Your Personal Information to business partners or sponsors, but this use will be specifically described to You prior to data collection or prior to transferring the data.
		Cendant may disclose or access account information when We believe in good faith that the law requires it and for administrative and other purposes that We deem necessary to maintain, service, and improve Our products and services.
		Cendant and Cendant-affiliates do not control such Web sites, and, therefore, are not responsible for their contents or the hyperlinks or advertising they choose to place on such Web sites.
	www.cendantnewbrunswick.com /privacy.html (1629 words)

	Cendant Corporation, Case No. 98 CV 2055 - COMPLAINT
		Cendant is a corporation organized and existing under the laws of Delaware, with its principal executive offices at 6 Sylvan Way, Parsippany, New Jersey, 07054 and 707 Summer Street, Stamford Connecticut, 06901.
		Record owners and members of the Class may be identified from records maintained by CUC and Cendant and/or their transfer agents who may be notified of the pendency of this action using the form of notice similar to that customarily used in securities class actions.
		Cendant announced, on a diluted earnings per share basis, record results of $.28, excluding one-time charges related to the merger between HFS and CUC and other unusual charges, representing a 47 percent increase over the $.19 earnings per share reported for the same quarter in 1996.
	securities.stanford.edu /1002/CD98/003.html (4350 words)

	Trilegiant Parent Cendant Carves Itself Up
		In a statement, Cendant's CEO, Henry Silverman, criticized Wall Street for "not fully recognizing" the potential of the company, and predicted that splitting the corporation into four "pure-play" divisions would be the best way to improve its global profile.
		Cendant had previously spun off or publicly traded several businesses that were not "good fits" with its travel-centered mission, including tax services firm Jackson Hewitt, another frequent target of consumer complaints.
		Cendant's former vice-chairman, E. Kirk Shelton, used the potential profits from the sales of memberships to unwitting customers to drive up the stock price of the company, falsely inflating the company's value.
	www.consumeraffairs.com /news04/2005/cendant_split.html (0 words)

	Cendant News
		The former Cendant Corp. vice chairman convicted in a massive accounting scandal denied he is hoarding cash to avoid paying more than $3 billion in restitution, according to court papers.
		Former Cendant Corp. Vice Chairman E. Kirk Shelton was ordered to report to prison after losing an appeal of his conviction in a $3 billion accounting scandal at the travel and real estate company.
		A former chief financial officer of the Cendant Corporation was spared jail time Tuesday as he became the final defendant sentenced in an accounting scandal that began nine years and three trials ago.
	www.topix.net /com/cd (739 words)

	Real Estate News and Tips for Buyers, Sellers & Investors - Inman News
		Cendant Corp. plans to cut costs at real estate brokerage company NRT Inc. by about $50 million this year through a cost-cutting strategy that includes office closures, Cendant chairman and CEO Henry Silverman said today during an earnings presentation.
		Cendant plans to split its operations into four separate public companies, and the real estate spin-off should occur in June, Silverman announced.
		Total revenue for Cendant's settlement services division was down 1 percent in fourth-quarter 2005 compared to fourth-quarter 2004, and total revenue for the company's relocation division was down 2 percent.
	www.inman.com /inmannews.aspx?ID=50022 (0 words)

	Aberdeen Group: Cendant Leverages Spending Analytics as First Step in Global Procurement Excellence
		Without extensive dedicated spending analysis expertise in-house, Cendant wanted to turn to a third-party expert, but it also wanted to work with professionals focused on procurement, not just business consulting.
		From August 2002 through early 2003, Cendant engaged Silver Oak Solutions to fulfill its requirements after a test pilot of the Boston-based company's PRISM application.
		According to David Watkins, Cendant's global procurement director, his group was able to customize the solution to fit the complexity of the Cendant conglomerate, and continue to use it once the initial eight-month engagement was complete.
	www.aberdeen.com /summary/report/case_study/CS_Cendant_2715.asp (0 words)

	Cendant's Credibility Problem
		To be sure, Cendant, a growth-by-acquisitions success story until it merged with a company riddled with accounting fraud in 1997, is dirt cheap by several measures.
		Excluding Cendant's assets under management -- chiefly its rental car operations, which are pledged against secured debt and therefore distanced from shareholders -- the company's goodwill of $12 billion at yearend 2005 actually exceeded stockholders' equity of $11.3 billion, Lee calculates.
		There is, of course, another way for Cendant to escape its troubles: the private-equity route, whether through a leveraged buyout or the piecemeal auctioning of assets to buyout firms.
	www.businessweek.com /magazine/content/06_11/b3975078.htm (1503 words)

	The Seattle Times: Business & Technology: Ex-Cendant exec found guilty in fraud case
		Walter Forbes, former chairman of Cendant, was convicted in federal court.
		The Cendant case was among the first in a series of corporate accounting scandals that sparked outrage from investors in recent years.
		His co-defendant, former Cendant Vice Chairman E. Kirk Shelton, was convicted last year of conspiracy, mail fraud, wire fraud, securities fraud and making false statements to the SEC.
	seattletimes.nwsource.com /html/businesstechnology/2003333950_cendant01.html (385 words)

	Cendant Corporation Securities Litigation (detailed background)- Bernstein Litowitz Berger & Grossmann LLP
		Cendant also announced that the Audit Committee of its Board of Directors had retained the law firm of Wilkie Farr and Gallagher ("WFandG") as special legal counsel to investigate the accounting irregularities, and that WFandG had retained the accounting firm of Arthur Andersen LLP ("AA") to perform an independent investigation.
		At that time, Cendant revealed its finding that a widespread fraud had occurred at CUC that included improperly recognizing fictitious revenues, falsely coding services sold to customers and fraudulently manipulating merger reserves.
		The Cendant settlement amount alone is over three times larger than the next largest recovery achieved to date in a class action case for violations of the securities laws, and approximately ten times greater than any recovery in a class action case involving fraudulent financial statements.
	www.blbglaw.com /cases/cendantfactsheet.html (1225 words)

	Cendant Completes Acquisition Of Avis
		About Cendant Corporation Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors.
		Cendant is among the worldâs leading franchisers of real estate brokerage offices, hotels, rental car agencies, and tax preparation services.
		Cendant is also a provider of outsourcing solutions to its business partners including mortgage origination, employee relocation, customer loyalty programs and vacation exchange services.
	www.avis.com /AvisWeb/JSP/global/en/aboutavis/press_room/2001-011.jsp (0 words)

	Cendant Mortgage - All About Cendant Reviews & Ratings
		The Cendant Corporation is a New York-based provider of business and consumer services, primarily within the real estate and travel industries.
		Cendant is also providing multiple distribution services that helps travel suppliers and sellers to increase sales volume while reducing total distribution costs.
		The representatives of this company are very pleasing and they are very polite towards their customers.They are always prepared for any sort of queries of the customers.
	www.cendant.mortgagelendersweb.com (0 words)

	USATODAY.com - Cendant will morph into four separate companies (Site not responding. Last check: )
		Cendant plans to spin off three units — real estate, hotels and travel services — into separate, publicly traded companies.
		Cendant disclosed in 1998 that CUC was involved in what was then the largest accounting fraud in history, having overstated earnings for several years.
		Cendant's move reflects a corporate trend to downsize as a way to "unlock" value for business units.
	www.usatoday.com /money/industries/2005-10-24-cendant_x.htm (484 words)

	Business: Cendant to break up, drop name
		Cendant becomes the latest in a series of complex conglomerates to be broken up in hopes that investors can more easily evaluate their moving parts.
		Although details were not spelled out, Cendant shareholders will get a stake in each of the new companies, but the corporate debt will be refinanced or lumped into selected units.
		Kirk Shelton, who resigned as Cendant vice chairman at the time of the scandal, was sentenced to 10 years in prison in August.
	www.sptimes.com /2005/10/25/Business/Cendant_to_break_up__.shtml (739 words)

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