Owns many well-known brands; Leader in residential real estate; Solid position in the car rental industry; Good position in hospitality; Generates substantial discretionary cash flow; and The expectation that the credit risk profile of the company's existing corporate level lenders will not be negatively affected by the proposed separation plan. Historically aggressive growth strategy; Several businesses are sensitive to economic cycles; and Recent operating results impacted by difficult operating conditions. On Oct. 24, 2005, Cendant Corp. announced that it was proceeding with a plan to split itself into four separate publicly-traded companies. The proposed split-up would be effected through the spin-off to shareholders of three businesses from Cendant, its Real Estate Services, Travel Distribution Services, and Hospitality Services segments, with
