Question: Cendant was formed on December 18 1997 via the merger
Cendant was formed on December 18, 1997, via the merger of CUC Inter- national and HFS, Inc. The company owns the rights to franchises and brands including Avis, Century 21 Real Estate, Coldwell Banker, Days Inn, Howard Johnson, and Ramada. The consolidated entity got off to a bad start when it was revealed that CUC International executives had been committing “widespread and systemic” accounting fraud with intent to deceive investors. When the company announced that it had discovered “potential accounting
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