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Kansas City Southern Message Board

  • portfoliopro portfoliopro Jun 29, 2000 3:09 PM Flag

    mhirschey

    Are you the Mark Hirschey - a finance professor author of numerous academic articles in finance? just wondering since you mentioned students in Italy.

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    • Yahooligans:

      Yes, I am the mhirschey from
      KU.

      As far as I know, there is only one Mark hirschey
      publishing books and teaching finance at the university
      level in the U.S. (Thank you for so kindly mentioning
      my research record. I'll be happy to send
      reprints.)

      I am in Asolo, Italy for the next month teaching
      about global finance.

      Of course, my class is
      becomming increasingly interested in KSU.

      Like all
      companies, KSU has intriguing elements of value tied to the
      Internet and global markets.

      In terms of Stilwell,
      the Internet is compelling as an obvious potential
      channel of distribution. Janus will sell a lot of funds
      on the Internet. It will also effectively service
      those accounts using Internet
      technology.

      Stilwell will also benefit from active bidding by European
      buyers for the franchise.

      KSCI, the "Nafta"
      railroad, has obvious global opportunities.

      From
      Asolo, Italy, I send

      Best wishes,
      Mark
      Hirschey

      • 1 Reply to mhirschey
      • Yahooligans:

        KSU management seems to be on
        the right track in splitting the railroad from the
        financial services companies.

        I assume you
        agree.

        However, many continue to question the form of the
        split-off and the naming of the new financial services
        company.

        Let's presume, for a minute that the shrewed KSU
        management got the form of the split-off right from the
        perspective of ensuring a tax-free seperation.

        Why do
        you think they call it Stilwell?

        Why not call
        it Janus Capital, Inc. and take advantage of the
        wonderful brand name equity attached to the name
        Janus?

        Everybody knows Janus is a name with real brand name
        equity. However, in the financial press I see a common
        refrain:

        "I don't know why they call it
        Stilwell."

        This leads to a common conclusion:

        "KSU
        management does not know what they are doing."

        Hmm.
        Maybe it is the financial press (Morningstar, et al.)
        that doesn't know what shrewed KSU management is
        doing.

        My surmise is that the KSU/SV split off is Act I in
        a three-part play:

        Act II. Janus will be
        split off from Stilwell in the near future, when it can
        be done so on a tax-free basis.

        Act III.
        Stilwell merges with DST, the only entity that can
        engineer a no-tax acquisition of Stilwell's stake in
        DST.

        KSU management is smart. The average Morningstar
        journalist is no smarter...

        Sit back and relax. The
        show has just begun.

        From Asolo, Italy, I
        send

        Best wishes,
        Mark Hirschey

    • Regarding spinoff, reverse split etc. Just think
      about the various scenarios rationally. If you come up
      with a scenario where the parts are worth ALOT more
      than the whole, your logic is wrong. I'm not implying
      FUTURE values, but right now.

 
KSU
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