Teaching Philosophy Statement :: Education Teachers Essays

Teaching Philosophy Statement Children by nature are human sponges. They absorb information on many different levels, intellectually, emotionally, physically, etc. Their lives are mapped out by experiences, what they learn, and where they learn it. School is the first opportunity for children to learn, to experience, and to see where their lives are headed. All children have the right to an education. One that focuses on their individual needs and an education that will make them learn and feel good about themselves. School should always be challenging. Children need to understand that they are responsible for who they are and who they become. They need to be taught that school is the beginning step to success. The more you learn and absorb the more power and opportunities you will have later in life. Between knowledge and self-esteem (that should be taught in schools), kids should be able to walk away from high school with the knowledge that they have developed and a head full of ideas on where to go from there. People as a society need to raise the bar on our educational standards. The teaching styles that were seen as exceptional in the 1950’s should not be seen as exceptional today. Kids need to be taught that they can reach for the stars and beyond. Everyone is special and with work can have the same opportunities as anyone else. Education is a tool that provides many aspects of learning into a nicely gift-wrapped package. Education teaches skills that help children move from grade to grade but also from childhood into adulthood with acute readiness. Education is important not only for the knowledge that is obtained, but also for the value it holds in today’s society. Jobs are not as obtainable as they once were without some form of higher education. Education is also important because it brings people together. Families are able to communicate with more ease. Nations are able to trade and help in times of need. Learning is education and the education of learning starts in the classroom. In my classroom I hope to accomplish all the textbook materials for the grade I am teaching so that my students may advance to the next grade level with ease. I also hope to accomplish new fun ways of teaching my students self-discipline and self-esteem. Teaching children at such a young age is crucial. I believe that early education teachers help to pave a student’s road through school and life.

Crossing the Rubicon Essay

Crossing the Rubicon By: Emalie Von Douche In Crossing the Rubicon: The Decline of the American Empire at he End of the Age of Oil, there are three main points where Mr. Ruppert tries to blame the entire tradjety of September 11, 2001, better known as 9/11, on the acting Vice President at the time, Dick Cheney. At first glance this seems to be a bold if not insane accusation against the Vice President of the United States of America, but Ruppert does make a few points that will make you think. The first point of Ruppert is Dick Cheney had the Ability to pull off this plan if he wanted to. According to Ruppert, Cheney was acting as Commander in Chief on 9/11 due to the terrible threat on the United States. This means he was in control and was calling the shots. Ruppert also has reason to believe that Cheney was leading a â€Å"completely separate chain of Command & Control via the Secret Service, assuring the paralysis of Air Force response on 9/11. The Secret Service has the technology to see the same radar screens the FAA sees in real time. (Kane) Ruppert claims that President Bush was kept out of a leadership position on purpose by the Secret Service men around him as he was reading to school children the morning of 9/11. He also claims that the Secret Service, acting through Cheney, had control over the FAA, Airforce (including the Fighter Jets), and President Bush. One question I would ask Ruppert is â€Å"Why? † Why would Cheney and the Secret Service go throu gh all of this trouble to attack his own country? The answer, according to Ruppert, is simply Oil. Cheney’s plan was to start a never-ending war to take control of the Middle Eastern oil and use it for American purposes. Ruppert claims that there was a peak in the oil reserves around the world from 2000-2007. After 2007, oil will become more rare and extremely more expensive. â€Å"By way of confirmation, people in and close to the oil industry are reporting that increased drilling is not resulting as yet in significantly increased supply. † (Ruppert) Upon hearing of this news, Cheney had to go into action. He just needed the right time to plan his so called â€Å"Attack†. According to Ruppert, the â€Å"right time† was any time that Cheney chose because as of May 8, 2001, Dick Cheney was put into control of all training exercises of all branches of military and government. This means he could set up â€Å"fake† hijackings by calling them training situations just in case anyone would ever want to hijack airplanes and fly them into buildings. Cheney did call for these training simulations, except he did it on the morning of 9/11. Also, Cheney called for another training simulation that send all the fighters from D. C. into Canada and Alaska to train just incase an attack came from Russia. This meant that the Air Force could not do anything to prevent the hijacked airplanes from crashing into anything they pleased. Also, the Secret Service had control over the FAA flight path screens and put fake hijacked airplanes in the air to confuse air traffic control. At one point the FAA thought there was 11 hijacked airplanes. All of this was put into motion by Dick Cheney and people taking orders from Cheney. He is guilty for singlehandedly putting this plan into motion and being successful. The scary part if these accusations by Ruppert are true, is that Bush and Cheney were re-elected the following term.

American Icon: Johnny Cash

The man in black, as he was called, was an artist idolized by millions in his time. He wrote songs that inspired his fans, and was one of the most influential country singers in history. Born the son of a poor cotton farmer, he overcame poverty to become an American icon and one of the most recognizable names of both his genre, and outside of it. He lived an unruly life, riddled with drug abuse and addiction. He suffered pains that many people could only imagine, but he still managed to make it to the top.Even then, trouble seemed to follow him, but his fans loved him in spite of his hardships. In death, he lives on, immortalized by his music. His fans continue to worship him, we continue to sing along to the songs he wrote, and his face will be etched into our memories for all of eternity. Other than his musical genius, Johnny Cash was not a man that most would consider a role model. He did not lead an honorable life, in fact in his youth his behavior was seemingly uncontrollable. S o what was it then that took him from a simple poor boy in the south and shot him up to iconic status?While he was a rebel, it was not his rebellious attitude. Even though he was famous, it was not necessarily his fame or the amount of money he had earned. Instead, it was more of the connection that he had with his audience. With his success, Johnny left his impoverished life behind him, but he never could separate himself from his roots or his past. He represented the all of things inside of us that we are ashamed of, and he encompassed a sense of sympathy for those flaws that touched everyone who saw his face or heard him sing.Johnny Cash is an icon because he was a real person, and he never acted like anything else. Johnny Cash started his life in the cotton fields of Arkansas. His family was a poor, struggling farming family. His situation was typical for the time. He and his family were hard working people trying to pull out of the depression, stressed to make ends meet. After high school, he enlisted in the military and served in Germany, returning a few years later to be married. He worked hard, and soon he was signed by a record label and making the hits we all know and love.He toured the country, led a very busy life, and after a while drugs began to take over. After cheating on his wife, the two were divorced, leaving Johnny to spin out of control. His drug use took its toll, he spent nights in jail, and his career began to suffer because of his addiction. Eventually though, he got back on his feet when he married his second wife, June Carter. Against all odds, he managed to overcome his own downfalls to live a truly successful life. He became famous for songs such as ‘Folsom Prison Blues’, ‘I Walk the Line’, ‘Ring of Fire’, and ‘Man in Black’.Johnny Cash was even eventually awarded for his career by an induction in to both the Rock and Roll Hall of Fame and the Country Music Hall of Fame. Following his death, the film version of his life was made entitled, ‘Walk the Line’. His story is one that we can all relate to, the classic guy who battles the troubles of life to end up on top. Everyone wants their life to end up the way that Johnny’s did. He was an American dream poster child. While his story is indeed inspiring, it is not the primary reason that so many people loved him, and continue to love him today.Instead, it is more the result of this interesting life that Johnny portrayed on stage, both in his appearance and in the words he spoke and sang. The secret to his success, and therefore his iconic status in our country, was the fact that he never forgot the problems of his past. He was true to them, and he wore them on his face and in the way he dressed. He sang and spoke of them, and he loved the people who had made mistakes just as he had. Johnny Cash was called the man in black, and is famous by the nickname. The only color he ever wore was black, from head to toe.He even wrote a song entitled, ‘Man in Black’, in which he spoke of the poor, the homeless, prisoners, and people who never knew Jesus. He wrote about the dead and the good people who die each day. He told the world that he wore black for the people in unfortunate situations, understanding each one of them, and feeling their pain. He wore black to remind us all of the people who were living such terrible lives. He connected with people in this way, drawing them in, and forcing them to love him despite the mistakes he had made himself. His face never cracked a smile.Instead it was gloomy and sorrowful. His entire appearance gave off the impression that he had experienced a life full of pain and suffering, and it was easy to recognize those feelings in some of the music that he wrote. He was real, unlike the stars we tend to look up to today who never acknowledge the mistakes that they have made. Rather than putting up a fake exterior, Johnny was never af raid to be true to who he was, hence allowing others to feel comfortable with him, and to be as real as he was. More importantly, Johnny never thought that he was better than the people who idolized him.He was no different from his fans, nor did his life hold any more value than theirs. He did not act as though he was any different from anyone that he sang to. In the height of his career he visited Folsom Prison and San Quentin, and even recorded while he was there. The prisoners adored him just as much as everyone else did because to them, it seemed as though Johnny was just a regular guy. That is how he came across to everyone, and most likely that is the reason that his fans could relate to him the way they did.He was a typical guy, who had lived a difficult life, and who had worked hard to become the idol that he was. People respected him, tossing aside the mistakes that he had made because he was down to earth and real. He did not hide his flaws. Rather he inspired others to em brace their own imperfections and to rise above them. Johnny Cash was an amazing man, and that is why he has become an American icon. In today’s society, musicians tend to think that they are better than the people who brought them to fame in the first place. Johnny however, welcomed his fans.He used his dark, dreary outward appearance to portray a life of bad decisions. He was mysterious, but sympathetic in that he knew that each person in the audience had made mistakes just as he had, and he used that truth to connect with people. He sang songs in which he spoke of his past, rather than hiding from it. Most importantly, he treated others as though they were no different than he was, no matter how famous he became. Johnny Cash is and forever will be an American icon simply because he was a real person who did not pretend to be anything other than who he was.

Marvel

Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement. Marvel Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement.

China, India, and Wal-Mart: Issues of Price and Sourcing

Case 3: China, India, and Wal-Mart: Issues of Price, Quality, and Sourcing Introduction: Wal-Mart was the largest retailer in the United States and the largest corporation in the world because of the crusade, which meant all US products on the shelves by its creator, Sam Walton (Weiss, 2009, pp. 471). However, after he died in 1992, crusade evaporated, instead of US products, 98% of all of shelves throughout Wal-Mart (Weiss, 2009, pp. 471) are manufactured in China, Vietnam, South Korea, Taiwan and India. Too-cheap-to-beat Chinese products are killing the US manufactories, which cannot afford to make products anymore and still make a profit.Someone said that the Wal-Mart’s goal is only get the lowest price without regarding the quality which means Wal-Mart’s products from global markets are taking an increasingly vigorous public trashing because of product safety and quality concerns. Nonetheless, Wal-Mart still expands its purchases of Chinese goods (Weiss, 2009, pp. 4 72). Ethical Issues: According to this case, Wal-Mart’s ethical business management is related to the global environment, which consists of financial markets, cultures, technologies and government policies (Weiss, 2009, pp. 18). As the case indicates, the market also consists of hypercompetition from different countries such as China and India and regional players in the global environment. China has low cost offshore labor in the â€Å"flat world†, so that Chinese imports are so inexpensive to enter in U. S. So many factors lead most US manufactories to close the doors and eventually jobs are lost accelerate. The United States’ economic outlooks vary with regard to the global economy (Weiss, 2009, pp. 420).In my opinion, the labor force is one of technologies in a developing country and it supports the globalization process. China as a global manufacturer and U. S. partner is a great source of world-class offshore technology services. Wal-Mart has its own exter nal and internal stakeholders. The largest benefit able external stakeholder is a customer. As Wal-Mart, it sacrifices product quality in order to offer customers low prices. It is hard to justify that Wal-Mart is unethical without further investigation of overall impacts that brings to the customers.As its internal stakeholders, the employees have more job opportunities because of expending its business scope and shareholders can benefit more in the global trade. In my opinion, moreover, the government as its external stakeholder, it can control the quality when the products import to the U. S. The technological environment comprises factors related to the materials and machines used in manufacturing goods and services. Wal-Mart has no control over its international suppliers, which should be controlled by the U. S. overnments, although it has ability to control its threats in the global environment. In conclusion, globalization makes hypercompetition and challenges to new and cont inuing leaders and professionals in organizations (Weiss, 2009, pp. 423). As the case indicated, the critic asserts that U. S. must stop Wal-Mart to continue to grow. However, I think it is not practical in a â€Å"flat world†, it provides the lowest price of the products for the customers after all. References Weiss W. Joseph. Business Ethics: A Stakeholder & Issues Management Approach. 5e

Best Buy CEO Chairman Relationship Research Paper

Best Buy CEO Chairman Relationship - Research Paper Example 17). As expounded, the reported improper relationship, despite the allegations being denied by both Dunn and the employee, has caused a damaged morale within the organization, supposed distractions, and speculations on the true nature of the relationship. Issues Being Addressed The issues being addressed in this case are violations of transparency, violations of conformity to ethical and moral standards, and failures to disclose critical information to the Board of Directors, which could assist in addressing the issues in a more professional manner consistent with the standards posed under corporate social responsibility. The World Business Council for Sustainable Development (WBCSD) has defined corporate social responsibility (CSR) as â€Å"the continuing commitment by business to contribute to economic development while improving the quality of life of the workforce and their families as well as of the community and society at large" (WBCSD par. 4). Obviously, the violations and i ssues noted from the case at Best Buys undermined ‘improving the quality of life of the workforce’ due to causing apparent distractions and speculations. Likewise, the improper relationship of Dunn, a married man, with a 29-year old employee caused conflicts in the marital relationship with Dunn’s spouse and the relationship with his children. The relationship is deemed as violating the standards of ethics and moral codes. The situation was exacerbated by Schulze’s failure to disclose the investigations made by him to the Board based on previous reports, which was an apparent violation of the rules of transparency and the rules on partnering to stop misconduct (Best Buy, n.d.). Rules According to the report written by Clifford (2012) and published in The New York Times, the rules and company policies on adherence to ethical and moral codes of conduct have apparently been applied to all employees except the CEO. As cited, â€Å"the C.E.O.’s relation ship with this employee led some employees to question senior management’s commitment to company policy and the ethical principles the company champions† (Clifford par. 17). Best Buy has a Code of Business Ethics that explicitly states rules on responsibility to each other, responsibility to shareholders, and responsibility to the company’s business associates – the areas where some violations have been noted. Analysis Upon closer examination of Best Buy Code of Business Ethics, the violations noted were on the rules pertaining to the following: (1) responsibility to each other, particularly honoring our differences; (2) responsibility to our business associates, particularly conflict of interest; (3) gift giving; (4) partnering to stop conduct. The Code of Business Ethics stipulated that â€Å"one of our values is to show respect, humility and integrity. Creating a positive work environment supports this value† (Best Buy 14). The actions of Dunn an d the female employee have been reported to cause conflicts in the work environment that apparently led to low morale. Likewise, the inability of Schulze to disclose the information immediately was a weakness on his character, pursuant

Describe in Detail any Garden or Landscape Design Surrounding a House Essay

Describe in Detail any Garden or Landscape Design Surrounding a House from the Period Covered by the Coursee period covered by t - Essay Example It must be stated that if one desires to ignore other gardens that were also in existence during the period, one should not ignore the Vaux-le-Vicomte. The Vaux-le-Vicomte alone is enough to explain the principles of gardening of the splendid and graceful age in which it was constructed. The chateau qualifies it as the most significant work built on the European continent in the mid seventeenth century. The house also stands as one of the grandest building in France that was built after Chateau de Maisons. For such a grand structure, one would expect to encounter a similarly grand landscape and garden. As far as this is concerned, Vaux-le-Vicomte does not disappoint in any way. Vaux-le-Vicomte is a nice building that has pavilions surrounding it. The structure also has a fortification in the form of a large moat around it. Many of the chateaux to the north of France are surrounded by a moat, which is rectangular in colour on three sides. This is also the case with Vaux-le-Vicomte, on ly that in the case of Vaux-le-Vicomte, the axial arrival avenue continued across a bridge, leading to a public space. In line with the norm during the period when the structure was constructed, the layout is symmetrical and firmly incorporated, with a somewhat projecting central block and ending marquee, and two returned wings that project forward. 2 The gardens of Vaux-le-Vicomte are so grand that it covers about three kilometres. As far as the gardening tenets of that period were concerned, the landscaping of Vaux-le-Vicomte is a great advancement. One of the most amazing, yet pleasing, features of the structure, that is, the buildings and the gardening, is that there is a successful blend of architecture with the environment; this may not have been a feature that was coming during the seventeenth century. In the garden, there is an enormous area which is divided into a succession of terraces. These terraces form diverse assemblage of pattern based on shrubberies, lake and founta ins, Turkish carpets and so on.2 Vaux-le-Vicomte On entering into the Vaux-le-Vicomte, one is greeted by a wide green space. The green space extends to a length to about 5000 feet. This is evidence to show that green occupies a significant position in the mind of those that designed the gardens.3 The unique way in which the garden is designed is such that the viewer would make the embrace or better still literarily the garden along to anywhere they would like to go. This is the case because of the outstanding use of optical illusion and perspective. On gaining entry into the property, one would observe grotto which would be very close to a lake. However, on gaining entry into the property, the same grotto which appeared to be close initially would be far. In fact, the planning that was done is such that the grotto is more than six hundred feet away from the canal which is on the other side. As a result of the largeness of the property, there are electric cars to aid transportation. Vaux-le-Vicomte Another part of the garden that is affected by this motif is the pool. When standing at the back of the chateau, the reflecting pool is more tapered at the closest point than when standing at the uttermost point; standing at the uttermost part makes them appear nearer to the point of view. What one then observes is that when the landscape is viewed from a particular angle, the distortion which was intentionally premeditated into the scenery essentials produces a forced