I waited a few days to put in my $.02 but still haven't
cooled off. How did Walter Hewlett get demoted from "son"
to "an heir"? What idiot is trying to build credibility
by distancing the man from his dead father? Walter's letter
did not get personal. Her letter is signed by 8 people
that have gotten way out of line.
  So Hewlett is a musician and academic. She majored
in MRS!!!! (Mrs.)

                     Bob J. -- Ideal Computer Services
                     http://www.icsgroup.com


Wirt Atmar wrote:
>
> Bob asks:
>
> > Okay, maybe it's a form letter but someone in Mr. Hewlett's
> >  employ felt that soliciting my puny number of stockholder votes
> >  was worth the price of a stamp. Did anyone get mail from "her"?
>
> You will. Here's its content, in advance of the actual letter:
>
> ========================================
>
> Dear HP Shareowner:
>
> Your Board of Directors and management team have completed a thorough and
> deliberative strategic process aimed at improving Hewlett-Packard's
> competitive position and delivering greater shareowner value.
>
> As a result of this two-year process, we are convinced that merging with
> Compaq Computer Corporation is by far the single best way to reclaim a
> leadership role at the center of our industry, and the best and fastest way
> to increase the value of your investment in HP.
>
> THE NEW HP: STRONGER IN EVERY BUSINESS
>
> In the technology industry, market leadership drives growth. By merging with
> Compaq, we become the market leader in servers, storage, and management
> software -- the essential components of business infrastructure. In one move,
> we dramatically improve our ability to offer the end-to-end solutions
> customers demand -- enhancing our prospects in existing accounts and opening
> doors to new ones.
>
> We immediately double the size of our services business and become a tier-one
> player in this important, fast-growing segment. We double the size of our
> sales force, bolster our research and development budget,and extend our reach
> into more than 160 countries.
>
> The merger will enable us to quickly address HP's current challenges in the
> personal computer business by reducing costs, improving operating margins and
> leveraging Compaq's successful direct distribution capability.
>
> Improving the profitability of our other business segments will enable us to
> continue to increase our investment in innovation and R&D in our
> market-leading printing and imaging business. Investment is critical to
> maintaining our leadership in this business, particularly as we enter
> emerging high-growth markets such as digital imaging and digital publishing.
>
> The merger will materially improve HP's earnings power through significant
> cost savings and operating efficiencies. In fact,we expect cost savings to
> reach more than $2.5 billion annually, adding $5 to $9 of present value to
> each HP share. Importantly,these benefits will enable us to achieve higher
> operating margins and profit growth than HP could achieve on its own.
>
> This sounds like a good deal because it is.
>
> In a single strategic move, merging with Compaq will allow HP to accelerate
> our strategy, strengthen all of our businesses, achieve market leadership in
> a dynamically changing industry, increase opportunities for our employees and
> create value for our customers and shareowners. At the same time, we are
> convinced that if we fail to quickly capitalize on the opportunities and
> address the challenges confronting our company and our industry, shareowner
> value will be jeopardized.
>
> WALTER HEWLETT: HE OFFERS NO PLAN TO CREATE VALUE
>
> You may have received a letter from Walter B. Hewlett opposing HP's proposed
> merger with Compaq. Walter Hewlett, an heir of HP co-founder Bill Hewlett, is
> a musician and academic who oversees the Hewlett family trust and foundation.
> While he serves on HP's Board of Directors, Walter has never worked at the
> company or been involved in its management. His motivations and investment
> decisions are likely to be very different from your own.
>
> Mr. Hewlett is the ONLY member of HP's Board of Directors who believes that
> resting on our legacy is better than building on it.
>
> The problem isn't just that he is saying "no" to the merger -- he's giving us
> nothing to say "yes" to. While opposing the merger, he has failed to propose
> any alternatives that your Board hasn't already analyzed, debated and
> rejected because they fail to create sufficient shareowner value.
>
> While Walter Hewlett has a right to disagree, we strongly object to his
> flawed presentation of the merger, which misleads rather than informs
> shareowners. Now, he is asking you to ignore the collective vision, wisdom
> and experience of his eight fellow Board members and the HP management team.
> This team represents more than 300 years of business and management
> leadership,and its members have successfully overseen many large, complex
> transactions.If Walter Hewlett has his way,we believe this company and your
> investment will be damaged. Clearly, there is too much at stake for our
> shareowners to let him prevail.
>
> In the coming weeks, you will be receiving proxy materials from Walter
> Hewlett that will argue against the proposed merger. We urge you NOT to
> return the proxy card that you receive from this dissident shareowner.
>
> Instead, we invite you to read the detailed information we will be sending
> you in the near future about the merger and learn why an increasing number of
> shareowners, analysts, customers and employees believe this merger will
> transform our industry and provide the best value for shareowners.
>
> "TO REMAIN STATIC IS TO LOSE GROUND"
>
> Bill Hewlett and Dave Packard understood that in the face of change, HP could
> choose to lead or to follow. Always,they chose to lead. In the words of Dave
> Packard, "Continuous growth was essential for us to achieve our other
> objectives and to remain competitive. Since we participate in fields of
> advanced and rapidly changing technologies,to remain static is to lose
> ground."* Today,our industry is again in the midst of profound transformation
> driven by technical advances, intensified competition and changing customer
> requirements.To stand still -- in these times, of all times -- is to fall
> behind. Now is not the time to retreat. Instead of resting on HP's legacy,
> let's build on it.
>
> Sincerely,
>
> Members of Hewlett-Packard's Board of Directors
>
> Philip M. Condit
>
> HP Director
>
> Patricia C. Dunn
>
> HP Director
>
> Carleton S. Fiorina
>
> HP Chairman of the Board and Chief Executive Officer
>
> Sam Ginn
>
> HP Director
>
> Richard A. Hackborn
>
> HP Director
>
> George A. Keyworth II
>
> HP Director
>
> Robert E. Knowling Jr.
>
> HP Director
>
> Robert P.Wayman
>
> HP Director, Executive Vice President and Chief Financial Officer
>
> *"The HP Way," p. 141
>
> =======================================
>
> Wirt Atmar
>
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