Mark Mutkowski, senior lodging analyst at BT Alex. Brown, said the arbitragers would like more cash to justify the risk they have taken.

Two years later, in 1999, BT Alex. Brown was acquired by Deutsche Bank.

"It's almost hard to imagine a better environment than the one we have right now," said William Paternotte, a market strategist at BT Alex. Brown.

William L. Paternotte, an investment strategist at BT Alex. Brown, has a very different view.

BT Alex. Brown also says it has realized some sought-after synergies.

Snyder, which expects revenue of $1 billion in 1999, has hired BT Alex. Brown as its financial adviser to manage the transaction.

"This is not a young company with half its portfolio less than a year old," said Mark Alpert, an analyst with BT Alex. Brown.

"There is so much momentum in this market for Sony," said Larry Marcus, an analyst with BT Alex. Brown.

Mr. Cohen was offered an internship with BT Alex. Brown last summer.

Mary McCaffrey, an analyst at BT Alex. Brown, estimates that the company will not return to profitability until the third quarter.