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http://www.insightmag.com/news/229690.html
Issue Date: April 29, 2002
Broken Wings
Posted April 8, 2002
By Kelly Patricia O�Meara
U.S. troops prepare a Blackhawk helicopter for air support.
Blowing the whistle on outrageous moral and ethical misbehavior by employees
of one of the federal government's biggest and most profitable contractors
is serious business. But when complaints are raised by employees of that
same contractor about the safety and quality of work on which American lives
depend, the issue inches up a few notches to deadly serious.
While Insight expected to receive feedback concerning its Feb. 4 cover
story, "DynCorp Disgrace," this magazine could not have anticipated the
number of DynCorp employees who would seize the opportunity to voice alarm
and express concern about what they say is their company's shaky performance
on government contracts. As one employee put it, "There has been a dramatic
drop in experience and competence, replaced by ignorance, inexperience and
downright unsafe maintenance practices."
(See Link for Full Story)
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http://www.washingtontechnology.com/news/17_1/datastream/18030-1.html
DynCorp considers sale offers
DynCorp executives are considering merger and acquisition offers from a
�few� companies, a DynCorp spokeswoman said.
The company told employees March 15 that the board of directors has given
management permission to evaluate the offers, said Charlene Wheeless, vice
president of corporate communications of the Reston, Va.-based company. In
2001, the company had about $2 billion in revenue.
DynCorp, which is employee owned, wanted to inform its workers of the buyout
potential before the company�s quarterly trading day April 8, Wheeless said.
Employees are only allowed to buy or sell the company�s stock once a
quarter.
The stock is valued at an all-time high of $46.25, and DynCorp officials
were concerned employees would sell the stock and miss out on a potentially
bigger payoff if the company is sold in the next few months, she said. A
year ago, the stock was valued at about $31.
Wheeless declined to comment on the potential suitors. �The offers are
serious enough to consider, but we haven�t made a decision to merge or
sell,� she said.
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