But at the same time, executives know that the board is obligated to put the shareholders' interests first. Though KKR controls one-fourth of the board, some investors say it has been a fairly chummy group that showed confidence in Hyatt and his mentor, Jim Walter, who served on the board as chairman emeritus. Analysts say it's hard to assess the marketability of the subsidiaries because the market for each one is so different. The water-pipe division, which caters to cities across the country that need to replace aging infrastructure, would seem likely to attract a good price. Other operations carry some heavy baggage.
Some experts fear the nation's building boom has peaked.
Selling the coal-mining operation doesn't seem to be an option because no one is buying coal mines now. And it might be tough to sell the petroleum coke division for a profit because some think the company paid too much for it in 1997. That hasn't worked. And if it decides that selling off subsidiaries isn't a good idea, the only other option might be to go private. That would have pluses and minuses.