[LTPC-discussions] So you think us newcomers got ths shaft?
Jerry
ltpc-disc@ltpcalums.com
Sat, 12 Jul 2003 06:58:04 -0400
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Hey Dave: I agree, We have a GREAT opportunity!!!!!!
-----Original Message-----
From: ltpc-disc-admin@ltpcalums.com
[mailto:ltpc-disc-admin@ltpcalums.com] On Behalf Of David Latch
Sent: Friday, July 11, 2003 7:55 PM
To: ltpc-disc@ltpcalums.com
Subject: [LTPC-discussions] So you think us newcomers got ths shaft?
As one who joined the fold in 2002 I'd like to comment.
Bottom line up front.I feel very concerned for those who've been
involved and are vested both in terms of dollars and years with the
company. There's no getting around the point that those people have
some difficult times ahead, and we all should support each other. But
as for the new people, we have been given a terrific opportunity and
it's up to each of us to decide how we're going to embrace that
opportunity. Let me explain.
I went to the Sep 02 school after Gary Keith gave me the "once over" and
decided to bring me on. OK, maybe the company had ulterior motives, and
maybe they planned to exploit us in some goofy way.fine..BFD!
Lets look at the other side of the coin. For those who came onboard
over the past 6-9 months, we were trained.and trust me, I've seen some
non-LTPC agents at some seminars recently, including a Haslett
member..needs help!
We did receive some decent training compared to a lot of independent
shops out there. Now here we are all "out there flappin" because of the
closure of the company. For those new people who decided to take their
new found skills and apply themselves, the world is their oyster. Think
about it..we can do what we want, the way we want to thanks to the
training we received, and we have little to no financial risk so we
could care less what Progeny thinks.
As for being lied to.Ok, the leads in my area did suck! (60-80% direct
mail). All that meant was I had to learn to adapt and make the best of
the situation. What does that mean..we had to develop NEW SKILLS! Now
we can use those skills to further our new careers.
Just my 2 cents
Dave L.
-----Original Message-----
From: ltpc-disc-admin@ltpcalums.com
[mailto:ltpc-disc-admin@ltpcalums.com] On Behalf Of S T Cuscovitch
Sent: Friday, July 11, 2003 3:38 PM
To: ltpc-disc@ltpcalums.com
Subject: Re: [LTPC-discussions] Results of Discussions with Progeny/Dan
T.
Doug:
The whole affair appears to have been Progeny scripted: from the
decision to boost the number of agents by +25%; (supposedly) lowering
the standards of new agent hiring (to include anyone who could breath,
walk & casually demonstrate an interest in LTC); contract [revision]
that looked "amateurishly designed" (& marked as such) for an eventual
close-down.
<...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...>
What was so bad about the training? Agree on the other stuff, except...
Not <...taken advantage of...> if you are good at card reading.
<...Would he not have gotten more return for Cendant if he sold the
company?...>
Progeny works in the best interests of Cendant if:
[1] Cendant or Progeny (c/p) steadfastly affirm they "own" policyholders
as clients, AND
[2] c/p sells off client [asset] base as a:
(a) financial derivative (see a prior post on "securitization"), or,
(b) a complete "book-of-business" to an agency of who serve clients, or
(c) doesn't sell off, but maintains business (this is least likely IMO
since Dan T expressed what a lousy business it is in the Nashville
BizJournal).
A CFO type (ie a Cendant solution) solution would prefer no customer
maintenance and an immediate cash-out --therefore preference towards
2.a. All other LTPC assets (eg. intellectual property) can be easily
distributed separately/elsewhere if need be.
Whether it's 2.a.,b., or c. (or some variation), be forewarned that
Cendant may be unsympathetic on action steps [1] - [5] -- so that others
might try a completely orthogonal approach. If you do strike a chord on
any of [1] - [5], you may have isolated a problem to "Progeny".
<...potentially fraudulent actions...>
FRAUD - international misrepresentation, concealment, or omission of the
truth for the purpose of deception of manipulation to the deteriment of
a person or an organization. Fraud is a legal concept and the
application of the term in a specific instance should be determined by a
legal expert -- Source: Dictionary of Finance and Investment Terms,
Barron's, Sixth Edition ISDN 0-7641-2209-6
Doug, great work.
----- Original Message -----
From: doug@dougburg.com
To: ltpc-disc@ltpcalums.com
Sent: Friday, July 11, 2003 12:00 PM
Subject: [LTPC-discussions] Results of Discussions with Progeny/Dan T.
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 class=3DSection1>
<p class=3DMsoNormal><i><font size=3D2 color=3D"#993366" face=3D"Book =
Antiqua"><span
style=3D'font-size:11.0pt;font-family:"Book =
Antiqua";color:#993366;font-style:
italic'>Hey </span></font></i><i><font size=3D2 color=3D"#993366"
face=3D"Book Antiqua"><span style=3D'font-size:11.0pt;font-family:"Book =
Antiqua";
color:#993366;font-style:italic'>Dave</span></font></i><i><font =
size=3D2
color=3D"#993366" face=3D"Book Antiqua"><span =
style=3D'font-size:11.0pt;font-family:
"Book Antiqua";color:#993366;font-style:italic'>: I agree, =
We have
a GREAT opportunity!!!!!!</span></font></i></p>
<p class=3DMsoNormal><i><font size=3D2 color=3D"#993366" face=3D"Book =
Antiqua"><span
style=3D'font-size:11.0pt;font-family:"Book =
Antiqua";color:#993366;font-style:
italic'> </span></font></i></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>-----Original =
Message-----<br>
<b><span style=3D'font-weight:bold'>From:</span></b>
ltpc-disc-admin@ltpcalums.com [mailto:ltpc-disc-admin@ltpcalums.com] =
<b><span
style=3D'font-weight:bold'>On Behalf Of </span></b>David Latch<br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> </span></font><font =
size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;font-family:Tahoma'>Friday, July
11, 2003</span></font><font size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;
font-family:Tahoma'> </span></font><font size=3D2 face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>7:55 =
PM</span></font><font size=3D2
face=3DTahoma><span style=3D'font-size:10.0pt;font-family:Tahoma'><br>
<b><span style=3D'font-weight:bold'>To:</span></b> =
ltpc-disc@ltpcalums.com<br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> =
[LTPC-discussions] So you
think us newcomers got ths shaft?</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>As one who =
joined the
fold in 2002 I’d like to comment.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>Bottom line up
front…I feel very concerned for those who’ve been involved =
and are
vested both in terms of dollars and years with the company. =
There’s
no getting around the point that those people have some difficult times =
ahead,
and we all should support each other. But as for the new people, =
we have
been given a terrific opportunity and it’s up to each of us to =
decide how
we’re going to embrace that opportunity. Let me =
explain.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>I went to the =
Sep 02
school after Gary Keith gave me the “once over” and decided =
to
bring me on. OK, maybe the company had ulterior motives, and maybe =
they
planned to exploit us in some goofy =
way…fine..BFD!</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>Lets look at the =
other
side of the coin. For those who came onboard over the past 6-9 =
months, we
were trained…and trust me, I’ve seen some non-LTPC agents at =
some
seminars recently, including a Haslett member….needs =
help!</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>We did receive =
some
decent training compared to a lot of independent shops out there. =
Now
here we are all “out there flappin” because of the closure =
of the
company. For those new people who decided to take their new found =
skills
and apply themselves, the world is their oyster. Think about =
it….we
can do what we want, the way we want to thanks to the training we =
received, and
we have little to no financial risk so we could care less what Progeny
thinks. </span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>As for being =
lied
to…Ok, the leads in my area did suck! (60-80% direct mail). =
All
that meant was I had to learn to adapt and make the best of the
situation. What does that mean….we had to develop NEW =
SKILLS!
Now we can use those skills to further our new =
careers.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>Just my 2 =
cents</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'>Dave =
L.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:.5in'><font size=3D2 =
color=3Dnavy face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;color:navy'> </span></fo=
nt></p>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>-----Original =
Message-----<br>
<b><span style=3D'font-weight:bold'>From:</span></b> =
ltpc-disc-admin@ltpcalums.com
[mailto:ltpc-disc-admin@ltpcalums.com] <b><span =
style=3D'font-weight:bold'>On
Behalf Of </span></b>S T Cuscovitch<br>
<b><span style=3D'font-weight:bold'>Sent:</span></b> </span></font><font =
size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;font-family:Tahoma'>Friday, July
11, 2003</span></font><font size=3D2 face=3DTahoma><span =
style=3D'font-size:10.0pt;
font-family:Tahoma'> </span></font><font size=3D2 face=3DTahoma><span
style=3D'font-size:10.0pt;font-family:Tahoma'>3:38 =
PM</span></font><font size=3D2
face=3DTahoma><span style=3D'font-size:10.0pt;font-family:Tahoma'><br>
<b><span style=3D'font-weight:bold'>To:</span></b> =
ltpc-disc@ltpcalums.com<br>
<b><span style=3D'font-weight:bold'>Subject:</span></b> Re: =
[LTPC-discussions]
Results of Discussions with Progeny/Dan T.</span></font></p>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Doug:</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>The whole affair appears to =
have
been Progeny scripted: from the decision to boost the number of agents =
by +25%;
(supposedly) lowering the standards of new agent hiring (to include =
anyone who
could breath, walk & casually demonstrate an interest in =
LTC); contract
[revision] that looked "amateurishly designed" (& marked =
as such)
for an eventual close-down.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'><...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...></span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>What was so bad about the =
training?
Agree on the other stuff, except... </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Not <...taken advantage =
of...>
if you are good at card reading.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'><...Would he not have =
gotten more
return for Cendant if he sold the company?...></span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Progeny works in the best =
interests
of Cendant if: </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>[1] Cendant or Progeny =
(c/p)
steadfastly affirm they "own" policyholders as clients, AND =
</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>[2] c/p sells off client =
[asset]
base as a: </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>(a) financial =
derivative (see a
prior post on "securitization"), or, </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>(b) a complete
"book-of-business" to an agency of who serve clients, or =
</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>(c) doesn't sell off, but =
maintains
business (this is least likely IMO since Dan T expressed what a lousy =
business
it is in the Nashville BizJournal). </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>A CFO type (ie a Cendant =
solution)
solution would prefer no customer maintenance and an immediate =
cash-out
--therefore preference towards 2.a. All other LTPC assets (eg.
intellectual property) can be easily distributed separately/elsewhere if =
need
be.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Whether it's 2.a.,b., or c. =
(or some
variation), be forewarned that Cendant may be unsympathetic on action =
steps [1]
- [5] -- so that others might try a completely orthogonal approach. =
If you
do strike a chord on any of [1] - [5], you may have isolated a problem =
to
"Progeny".</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'><...potentially =
fraudulent
actions...> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>FRAUD - international
misrepresentation, concealment, or omission of the truth for the purpose =
of
deception of manipulation to the deteriment of a person or an =
organization.
Fraud is a legal concept and the application of the term in a specific =
instance
should be determined by a legal expert -- Source: Dictionary of Finance =
and
Investment Terms, Barron's, Sixth Edition ISDN =
0-7641-2209-6</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Doug, great =
work.</span></font></p>
</div>
<blockquote style=3D'border:none;border-left:solid black =
1.5pt;padding:0in 0in 0in 4.0pt;
margin-left:3.75pt;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt'=
>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>----- Original Message =
----- </span></font></p>
</div>
<div style=3D'font-color:black'>
<p class=3DMsoNormal =
style=3D'margin-left:1.0in;background:#E4E4E4'><b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial;font-weight:
bold'>From:</span></font></b><font size=3D2 face=3DArial><span =
style=3D'font-size:
10.0pt;font-family:Arial'> <a href=3D"mailto:doug@dougburg.com"
title=3D"doug@dougburg.com">doug@dougburg.com</a> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>To:</span><=
/font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> <a
href=3D"mailto:ltpc-disc@ltpcalums.com" =
title=3D"ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</a>
</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>Sent:</span=
></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> </span></font><font =
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>Friday, July 11,
2003</span></font><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> </span></font><font size=3D2 face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>12:00 PM</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><b><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial;font-weight:bold'>Subject:</s=
pan></font></b><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>
[LTPC-discussions] Results of Discussions with Progeny/Dan =
T.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Two interesting facts came =
out in
the conversation/email dialogue with Dan T.:</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>MY =
CONCLUSIONS:</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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?</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>WHERE DO WE GO FROM =
HERE?</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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:</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 1. =
I am
going to be contacting Cendant Corporate to register my complaints and =
concerns</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 3. =
I am
going to be contacting large shareholders (pension plans/mutual funds) =
if I
can't get action from Cendant's board</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 4. =
I am
going to be contacting the SEC and other regulatory agencies if I can't =
get
action from Cendant's board</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 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</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'> 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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>As such, I am announcing a =
change to
this mailing list. Please see my next message.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>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.</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Thanks,</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D2 =
face=3DArial><span
style=3D'font-size:10.0pt;font-family:Arial'>Doug</span></font></p>
</div>
<div>
<p class=3DMsoNormal style=3D'margin-left:1.0in'><font size=3D3 =
face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> </span></font></p>
</div>
</blockquote>
</div>
</body>
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