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After Cendant Corp.’s infamous April 1998 admission of accounting improprieties that would reduce operating income by $110 to 115 million, CEO Henry Silverman was able to stabilize the company. But long after the accounting mess was cleaned up, he was unable to convince investors that keeping his company together made sense. Like so many conglomerates, Cendant fell out of favor with Wall Street and began selling off assets. Two years ago, under Silverman’s leadership, the company’s board approved a plan that would split the company up. Today, all that remains of the merger that created Cendant is a legacy of litigation.

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