[CANSLIM] Andersen defections and Worley's Weekend Review

From: "Duke Miller" <dukemill@tampabay.rr.com>
Subject: [CANSLIM] Andersen defections and Worley's Weekend Review
Date: Fri, 8 Mar 2002 15:29:58 -0500

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Tim:

From this morning's St. Pete Times:

"Lost fees from the five departed blue-chip clients -- Merck, Freddie Mac,
Delta, SunTrust and Enron, which fired Andersen in January -- amount to
between $75-million and $100-million based on 2001 totals, according to
industry analyst Arthur Bowman. In a sign of potential future defections,
Bowman said three other large Andersen clients -- Georgia Pacific, FedEx and
Southern Baptist Convention -- all have invited other accounting firms to
submit proposals. "They are in dire straits," he said. "Probably the only
option at this point is to merge with another firm that will salvage them."

University of Toronto accounting professor Ramy Elitzur said Andersen is
being treated as the industry's pariah despite its stellar past reputation
and the fact that other top firms also have been involved in cases of
negligence.

Maybe WON needs to add a new rating to the Stock Checkup.  Based on A
through E, with E being the highest propensity for the company to have
Enronitis!

With that, happy weekend all.  It's 81 degrees here on the island and I
gotta get outta here!

Duke

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<DIV><SPAN class=3D661061620-08032002><FONT =
face=3DArial>Tim:</FONT></SPAN></DIV>
<DIV><SPAN class=3D661061620-08032002><FONT =
face=3DArial></FONT></SPAN>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002><FONT face=3DArial>From this =
morning's St.=20
Pete Times:</FONT></SPAN></DIV>
<DIV><FONT face=3DArial></FONT>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002>"</SPAN>Lost fees from the five =
departed=20
blue-chip clients -- Merck, Freddie Mac, Delta, SunTrust and Enron, =
which fired=20
Andersen in January -- amount to between $75-million and $100-million =
based on=20
2001 totals, according to industry analyst Arthur Bowman. In a sign of =
potential=20
future defections, Bowman said three other large Andersen clients -- =
Georgia=20
Pacific, FedEx and Southern Baptist Convention -- all have invited other =

accounting firms to submit proposals. "They are in dire straits," he =
said.=20
"Probably the only option at this point is to merge with another firm =
that will=20
salvage them." </DIV>
<DIV>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002>University of Toronto accounting =
professor=20
Ramy Elitzur said Andersen is being treated as the industry's pariah =
despite its=20
stellar past reputation and the fact that other top firms also have been =

involved in cases of negligence.</SPAN></DIV>
<DIV><SPAN class=3D661061620-08032002></SPAN>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002><FONT face=3DArial>Maybe WON needs =
to add a=20
new rating to the Stock Checkup.&nbsp; Based on A through E, with E =
being the=20
highest propensity for the company to have =
Enronitis!</FONT></SPAN></DIV>
<DIV><SPAN class=3D661061620-08032002><FONT =
face=3DArial></FONT></SPAN>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002><FONT face=3DArial>With that, =
happy weekend=20
all.&nbsp; It's 81 degrees here on the island and I gotta get outta=20
here!</FONT></SPAN></DIV>
<DIV><SPAN class=3D661061620-08032002><FONT =
face=3DArial></FONT></SPAN>&nbsp;</DIV>
<DIV><SPAN class=3D661061620-08032002><FONT=20
face=3DArial>Duke</FONT></SPAN></DIV></BODY></HTML>

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