In 2002, the biggest merger n the technology industry was completed
             when Hewlett-Packard Development Company (HP) merged with Compaq Computer
             Corporation. Since then, the merger has had an impact on employees,
             investors, consumers and the business world in general. Among the most
             visible predicted outcomes of the merger were these: a $500 million cost
             savings during fiscal 2002,and a 15,000-person workforce reduction, experts
             For employees, the silver lining in that envelope of bad news was that
             only two-thirds of the reduction was to happen before November 1, with the
             rest for the following fiscal year. And much of the reduction was
             predicted to come through voluntary retirement. Of course, it didn't quite
             work out that way, and job reductions at the Palo Alto, Calif. HP
             facilities were happening faster than predicted and were expected to cost
             $2.1 billion in severance and site-closing charges. (Direct newsline, 2002)
             Additional savings were also predicted, $2.5 billion in fiscal 2003
             and $3 billion in fiscal 2004. (Direct newsline, 2002) This would be
             predicted to have a salubrious effect on share prices.
             That stood to be good news for shareholders who had been caught in the
             acrimony between Carly Fiorina, CEO of HP, and Walter Hewlett, son of one
             of the founders who bitterly opposed Fiorina's merger. He and his brother
             David both announced their opposition, and the family foundation also
             opposed it, conceivably because Fiorina had forgotten' to tell the Packard
             Foundation about it before the announcement was made. In any case, Wall
             Street responded to the rancor and the forgetfulness by driving down the
             value of HP's shares. And, as well, it was agreed among observers before
             the merger that at least 18% of the HP shares outstanding would be voted
             against the merger. (Lashinsky, 2002)
             By August, 2003, some of the fallout of the completed merge...