[LTPC-discussions] Results of Discussions with Progeny/Dan T.
ltpc-disc@ltpcalums.com
ltpc-disc@ltpcalums.com
Fri, 11 Jul 2003 12:00:58 -0400
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After taking the time to consider my requests, Dan T. decided that he =
was NOT willing to make any changes to Progeny's policies regarding the =
shutdown of LTPC.
Two interesting facts came out in the conversation/email dialogue with =
Dan T.:
1. The consideration, discussion and planning of shutting down LTPC =
began in June of 2002. That's right, a FULL YEAR before the shutdown =
actually occured.
2. Progeny took NO STEPS to seek out a buyer and did NOT hire an =
investment banking firm (common practice if a company wants to sell a =
division, etc). All offers made for LTPC were proactively made by other =
parties and Progeny took no active role in selling the company.
MY CONCLUSIONS:
For veterans like myself, we definitely benefitted from our time with =
LTPC. We were trained well, compensated fairly and many of us now have =
successful careers in LTCI sales. As such, I have not been damaged =
nearly as much as folks who were hired in the last year.
For folks who were hired in 2002 or after, I feel that you have been =
taken advantage of because you had little or no chance to get vested, =
the training that you received was clearly inferior and the company =
stopped investing in proper lead generation activities during most of =
your tenure.
I feel that there is a very good chance that LTPC engaged in fraud by =
continuing to tell the agents as late as early 2003 that "all was well" =
and to "stay the course" when in fact plans were being made to shut the =
company down.
As a former participant in Cendant's Employee Stock Purchase Program =
(former stockholder), I would have to question Dan T's actions. Since =
Dan T. is an offer of a publicly traded company is it not his =
responsibility to do what was best for Cendant? Would he not have =
gotten more return for Cendant if he sold the company?
As a former participant in Cendant's Employee Stock Purchase Program =
(former stockholder), I question Progeny's handling of the shutdown of =
LTPC as it relates to Robert Forman and LTC Associates. It is not hard =
to see the apparent conflict of interest that took place -- Robert is =
supposed to be charged with running the LTPC division and "turning it =
around" and yet he knows at the end of the line, he will be in a =
position to market his family owned (I assume) company to LTPC agents =
and have a unique advantage. At the last, Robert should have been =
required to follow the same 18-month non-compete requirement that we =
would have had to follow if we left LTPC. Please understand what I'm =
saying - I think this is an indication that Dan T. did not act in the =
best interests of Cendant. I'm not blaming Robert Forman for anything.
WHERE DO WE GO FROM HERE?
I think that litigation should be an act of last resort. I feel there =
is more value in "calling attention" to these potentially fraudulent =
actions of Progeny/Dan T. than calling out the lawyers. As such, here =
is what I plan to do:
1. I am going to be contacting Cendant Corporate to register my =
complaints and concerns
2. I am going to be contacting the members of the Board of =
Directors of Cendant if I can't get action from the Cendant corporate =
folks.
3. I am going to be contacting large shareholders (pension =
plans/mutual funds) if I can't get action from Cendant's board
4. I am going to be contacting the SEC and other regulatory =
agencies if I can't get action from Cendant's board
5. I am going to be contacting members of the media and analysts =
who cover Cendant if I can't get action from Cendant's board
6. And lastly, I am going to get on with my life... The best thing =
we can all do once we've done all we can do is sell lots of LTCI and =
make lots of money.
As such, I am announcing a change to this mailing list. Please see my =
next message.
Please Note: Everything in the message is my OWN OPINION except for the =
two facts mentioned above. I am not an attorney and I cannot prove =
fraud. I am only suggesting that this needs to be looked into by the =
proper authorities and parties.
Thanks,
Doug
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<DIV><FONT face=3DArial size=3D2>After taking the time to consider my =
requests, Dan=20
T. decided that he was NOT willing to make any changes to Progeny's =
policies regarding the shutdown of LTPC.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Two interesting facts came out in the=20
conversation/email dialogue with Dan T.:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>1. The consideration, discussion =
and planning=20
of shutting down LTPC began in June of 2002. That's right, a FULL =
YEAR=20
before the shutdown actually occured.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>2. Progeny took NO STEPS to seek =
out a buyer=20
and did NOT hire an investment banking firm (common practice if a =
company=20
wants to sell a division, etc). All offers made for LTPC were =
proactively=20
made by other parties and Progeny took no active role in selling the=20
company.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>MY CONCLUSIONS:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>For veterans like myself, we definitely =
benefitted=20
from our time with LTPC. We were trained well, compensated fairly =
and many=20
of us now have successful careers in LTCI sales. As such, I have =
not been=20
damaged nearly as much as folks who were hired in the last =
year.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>For folks who were hired in 2002 or =
after, I feel=20
that you have been taken advantage of because you had little or no =
chance to get=20
vested, the training that you received was clearly inferior and the =
company=20
stopped investing in proper lead generation activities during most of =
your=20
tenure.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I feel that there is a very good chance =
that LTPC=20
engaged in fraud by continuing to tell the agents as late as early 2003 =
that=20
"all was well" and to "stay the course" when in fact plans were being =
made to=20
shut the company down.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>As a former participant =
in Cendant's Employee=20
Stock Purchase Program (former stockholder), I would have to question =
Dan T's=20
actions. Since Dan T. is an offer of a publicly traded company =
is it=20
not his responsibility to do what was best for Cendant? Would he =
not have=20
gotten more return for Cendant if he sold the company?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>As a former participant =
in Cendant's Employee=20
Stock Purchase Program (former stockholder), I question Progeny's =
handling of=20
the shutdown of LTPC as it relates to Robert Forman and LTC =
Associates. It=20
is not hard to see the apparent conflict of interest that took place -- =
Robert=20
is supposed to be charged with running the LTPC division and "turning it =
around"=20
and yet he knows at the end of the line, he will be in a position to =
market his=20
family owned (I assume) company to LTPC agents and have a unique=20
advantage. At the last, Robert should have been required to follow =
the=20
same 18-month non-compete requirement that we would have had to follow =
if we=20
left LTPC. Please understand what I'm saying - I think this is an=20
indication that Dan T. did not act in the best interests of =
Cendant. I'm=20
not blaming Robert Forman for anything.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>WHERE DO WE GO FROM HERE?</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>I think that litigation should be an =
act of last=20
resort. I feel there is more value in "calling attention" to these =
potentially fraudulent actions of Progeny/Dan T. than calling out the=20
lawyers. As such, here is what I plan to do:</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2> 1. I am going =
to be=20
contacting Cendant Corporate to register my complaints and =
concerns</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> 2. I am going =
to be=20
contacting the members of the Board of Directors of Cendant if I =
can't get=20
action from the Cendant corporate folks.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> 3. I am going =
to be=20
contacting large shareholders (pension plans/mutual funds) if I can't =
get action=20
from Cendant's board</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> 4. I am going =
to be=20
contacting the SEC and other regulatory agencies if I can't get action =
from=20
Cendant's board</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> 5. I am going =
to be=20
contacting members of the media and analysts who cover Cendant if I =
can't get=20
action from Cendant's board</FONT></DIV>
<DIV><FONT face=3DArial size=3D2> 6. And lastly, =
I am going=20
to get on with my life... The best thing we can all do once we've =
done all=20
we can do is sell lots of LTCI and make lots of money.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>As such, I am announcing a change to =
this mailing=20
list. Please see my next message.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Please Note: Everything in the =
message is my=20
OWN OPINION except for the two facts mentioned above. I am not an =
attorney=20
and I cannot prove fraud. I am only suggesting that this needs to =
be=20
looked into by the proper authorities and parties.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>Thanks,</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Doug</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV></BODY></HTML>
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