December 1997, Vol 22, No 3
Abstract: This case is based on a series of roll-up proposals that have been offered institutional investors over the last year. As with most good cases, there is no single, preferred solution to Western’s quandary. Western clearly has opened a Pandora’s Box by announcing the roll-up and must now move quickly to prevent the loss of assets to competitors and perhaps the destruction of the organization they have worked so hard to assemble. The pressure for “action” inherent in the roll-up situation creates a crucible in which assets, careers, and fortunes may be made or lost in a relatively short period of time.