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COBOL Re-host vs COBOL Translation (to Legible Java or C#)

(Lets hope re-hosters keep their test routines, they'll be needed again)

Recently there has been a lot of activity in the Re-hosting world, as evident in quarterly reports of MicroFocus as well as the big rehosting companies.

But why would anyone rehost as oppose to translate? lets look at the pros and cons of each solution ...