...GENERAL GROWTH PROPERTIES: TO THE BRINK AND BACK December 6, 2011 Students: Yu (Cherry) Chen, Kevin Connolly, Bill Davis, Stephen Duncan, James Faello, Michael Hazinski, Noah Johnson Faculty Supervisor: Joseph L. Pagliari, Jr. Copyright © 2011 The Real Estate Group at The University of Chicago Booth School of Business All Rights Reserved This case study has been prepared solely for academic purposes. It should not be construed as a judgment about or an endorsement of any particular business matter. Moreover, the information contained herein has been obtained from sources we believe to be reliable; however, we make no representation or warranty as to its accuracy. TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................... - 1 GENERAL GROWTH BACKGROUND ............................................................................ - 7 2004: A Historic Year for General Growth........................................................................ - 9 2005-2006: Secured Mortgages and Increasing Debt ..................................................... - 16 Simon vs. GGP - Capital Markets Strategy ..................................................................... - 24 IMPACT OF THE CREDIT CRISIS .................................................................................. - 31 GGP Faces Liquidity Challenge .................................................................................
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...NEVADA DEPARTMENT OF TAXATION Capitalization Rate Study Principles of Development Calendar Year 2012 For the 2014-2015 Secured & 2013-2014 Unsecured Tax Year Valuation In the Department’s capitalization rate study, four capitalization criteria are considered: 1.) 2.) 3.) 4.) The estimate of the equity cost of capital must comport with common sense. The company’s equity risk premium should be reasonably stable over short periods of time. The estimate of the cost of equity should apply for the long term. The estimation procedure must be sufficiently straightforward so that it can be easily understood, applied, and even adjusted by educated practitioners. “The duration of the cost of equity should approximately match the duration of the dividend stream.” “Estimating the Cost of Equity Capital” (Bradford Cornell, John I. Hirshleifer, and Elizabeth P. James, Contemporary Finance Digest, Vol. 1, Number 1, Autumn, 1997). “With the respect to the oldest and most established model, the capital asset pricing model (CAPM), the academic consensus, to the extent that there is one, is that it does not work. Furthermore, there is no widely accepted alternative that does. (Cornell, p. 7) The Department’s capitalization rate model uses comparables, and: 1.) It provides development of “pure plays*”. 2.) It uses comparables to reduce measurement error, however, there is a trade-off between the reduced measurement error that averaging makes possible and the potent bias that it introduces. “There...
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...The Four Musicians of Bremen In the story a donkey, a dog, a cat, and a rooster, all past their prime years in life and usefulness on their respective farms, were soon to be discarded or mistreated by their masters. One by one they leave their homes and set out together. They decide to go to Bremen, known for its freedom, to live without owners and become musicians there. On the way to Bremen, they see a lighted cottage; they look inside and see four robbers enjoying their ill-gotten gains. Standing on each others backs, they decide to perform for the men in hope of gaining food. Their 'music' has an unanticipated effect; the men run for their lives, not knowing what the strange sound is. The animals take possession of the house, eat a good meal, and settle in for the evening. Later that night, the robbers return and send one of their members in to investigate. It is dark and he sees the eyes of the Cat shining in the darkness. He reaches over to light his candle, thinking he sees the coals of the fire. Things happen in quick succession; the Cat swipes his face with her claws, the Donkey picks up his hooves and kicks him, the Dog bites him on the leg, and the Rooster crows and chases him out the door, screaming. He tells his companions that he was beset by a horrible witch who scratched him with her long fingers (the Cat), a man with a knife (the Dog), a monster who had hit him with a club (the Donkey), and worst of all, the devil who screamed from the rooftop (the Rooster)...
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...Destination: LAUNDROMAT Clue card reads:It doesn’t take LOADS of brains for this place to be found,Though this clue might take you round and round.Driving down Maple St this place can be seen,You will go in feeling dirty, but come out feeling clean. | | The answer is a laundry mat located on Maple Street, of course you’ll replace the street name with the one in your own town. Before the party talk to the owner and ask if you can use one dryer for a few hours. If they agree, collect a bunch of funky clothes to have waiting for the teams in the dryer when they arrive. You can put together your own set of funky clothes. We used 3 pair of extra large sweat pants, 5 goofy extra large shirts, 1 sweater, 2 knitted winter hat, 1 baseball cap, 2 scarves, and a pair of thick gloves. Have the challenge details card taped to the outside of the dryer door so they know what they are looking for. On the note they will find the challenge: Each player must put on all of the articles in this dryer AT ONCE and have their picture taken. When everyone is finished with the task your team will receive the next clue. DETOUR!! Detour clue card reads:You are on your way to winning this race,Hopefully this detour won’t slow your pace.From two challenges you must choose,Make sure to choose wisely and you can’t lose! | | The challenge details read: Ok players, here are the two challenges, remember you only have to complete one. You also have the option of changing your mind at any point and...
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...0 ICFAI UNIVERSITY Dehradun Internship Program III Report On Supply Chain & Operation Management In this report I had mentioned the brief about the Supply Chain & Operation Management production line of Different Caps & bottle, raw materials, machinery used and more. 2013 Mahaveer Prasad Mawaliya 09/12/2013 A Report A Study on the Supply Chain & Operation Management At Super Packaging Pvt. Ltd. A REPORT ON A STUDY ON THE SUPPLY CHAIN & OPERATION MANAGEMENT By Mahaveer Prasad Mawaliya ID: 101CC00047 AT Super Packaging Pvt. Ltd. An Internship Program III station of FACULTY OF SCIENCE & TECHNOLOGY The ICFAI University, Dehradun (December, 2013) A REPORT ON A STUDY ON THE SUPPLY CHAIN & OPERATION MANAGEMENT By Mahaveer Prasad Mawaliya ID: 101CC00047 Computer Science Prepared in partial fulfillment of the IP401 Internship Program – III Course AT Super Packaging Pvt. Ltd. An Internship Program III station of FACULTY OF SCIENCE & TECHNOLOGY The ICFAI University, Dehradun (December, 2013) ICFAI INSTITUTE OF SCIENCE AND TECHNOLOGY Internship Program Division Station: Super Packaging Pvt. Ltd. Center: Selvas (Dadar) Duration: From July 02, 2013 to December 14, 2013 Date of Start: July 02, 2013 Date of Submission: December 14, 2013 Title of the Project:...
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...ever think one word but a different one comes out of your mouth?... Well, yeah, I guess… Does reading sometimes give you headaches?... I nod, more nervous… When you look at letters, do they ever seem to move?... I'm confused. Of course they do… They do?... He is wide-eyed. I nod but I'm not sure if I should.” This quote proves that you need to face your problems/fears because in this quote, Ally has to face her fears and tell her teacher about her problems in reading. She hasn’t told a teacher before. The theme of this book is persevere. I know this because on page 154, it says, “The woman takes out a pointed white hat. ‘Now this is something teachers began to use in schools toward the end of Noah Webster’s life. It was called a dunce cap. As a punishment for misbehavior, a child would have to wear it and stand in the corner facing the wall… There’s a head wearing a dunce hat and ‘Ally’ is written underneath.” This quote relates to the theme perseverance because Ally has to learn how to face her fears. After a girl name Shay teases Ally that she needs a dunce hat, Ally runs away and cries. Ally needs to learn how to face her problems and fight her fears. This is why the theme of the this book should be perseverance. Setting: The setting usually takes place in Ally’s classroom. If the setting didn’t take place in the classroom, her teacher would have never found out that Ally has trouble reading. There wouldn’t be story without her teacher finding ou that she had dyslexia....
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...Crown Cork & Seal in 1989 Teaching Note I introduce the class by remarking that John Connelly ran Crown Cork & Seal for over 30 years and followed essentially the same strategy for the entire period. The total return to shareholders over the 32-year period was just under 20% compounded. Now that Connelly has stepped down as CEO and given control to William Avery, is it finally time for a change? I begin by asking what are the key strategic issues facing Avery in the summer of 1989. Question 1. What are the key strategic issues that Avery needs to consider? What strategic options are open to him? Here I just want to develop the list and save the analysis of the issues until the end of class. The list of issues should include some of the following: (1) The old Continental Can is apparently for sale either in whole or in part. Should Avery consider bidding on some or all of the business? (2) Metal containers are very slow-growth and plastics is forecast to make significant inroads. Should Avery consider entering plastics? If so, in what segments, and should they build their capability or acquire someone? Who? (3) Expand the product line to a full line of metal containers, not so focused on beverage and aerosol? (4) Diversify into other packaging materials and product categories? (5) Diversify into other less-related businesses? (6) Exit, or sell the business? How should we go about addressing these issues? Presumably we should analyze the appropriateness...
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...1 To what extent is the cork industry guilty of complacency and a lack of innovation? The cork industry is guilty of complacency and lack of innovation because they failed to recognize the changes in the wine industry. The wine industry was experiencing a revolution where new producers from Australia, California and Chile had new and different requirements. It took only a matter of years for the industry to change completely and the cork industry did not jump on the band wagon when it needed to. It allows the competition to get the edge. 2 If consumers love corks, why are the producers not providing what their customers want? The reason being is because the wine industry has changed significantly over the past twenty years. The historical dominant producers of Europe – France, Germany, Italy, and Spain – are being challenged by new wine producers such as California, Australia, New Zealand, South Africa, Chile, etc. The new producers have developed international wine brands which have changed the wine market. The international brand has demanded a consistent product with little variation. Unlike the traditional wine product which had a degree of variety dependent on the grape, the climate and production. Also they buyers were changing due to supermarket chains. 3 Is it wine quality or costs that have driven producers to synthetic? It has a combination of a bit of both however if I had to choose one it would be that producers are driven by cost. The reason I say this...
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...E-Mail Netiquette Typing in all caps is used in an email for shouting or yelling and it is rude. If you just use capital letters where they belong then it sounds more as if you are having a conversation, asking simple questions or simply answering a question in a polite non demanding or judgmental way. Therefore, writing in all capitals in an email or any type of letter is known to be poor netiquette or rude. One of the most evaluated way that we are looked at as people, is what we say to some one, or how we say it. When it comes to a business e-mail or letter, you need to make the impression that you are professional, and will be someone that can be a pleasure to work with. You also don’t want any one to get the wrong first impression of who you are or who you represent. One of the first things that people see in an e-mail is the subject, it indicates what the e-mail is about, so keep it short and straight to the point, but all capital letters or all lower case letters can be made out as an unprofessional impression. If you are sending an e-mail that is work related and it pertains to more than just yourself, it is respectful to attach the people over you and the people in your office or work place to the e-mail. It is not only respectful but it is also so that they can see what is being said within that conversation. That way you don’t have to keep relaying messages and they can just read the conversation themselves. For example, one of your superiors is in the e-mail...
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...facilities, trainers or staffs. Negotiations between the owners, led by commissioner David Stern, and the players, led by director Billy Hunter and president Derek Fisher of the labor union National Basketball Players Association (NBPA), began in early 2011 and continued through November. The main issues dividing both sides were the division of revenue and the structure of the salary cap and luxury tax. Owners proposed to reduce the players’ share of basketball related income (BRI) from 57% to 47%, but the players countered with 53% of BRI. Owners wanted to implement a hard salary cap and a harsher luxury tax, hoping to increase competition among teams, whereas players wanted to keep the current soft salary cap structure intact. As both sides failed to reach an agreement, the NBA canceled the preseason and all games through December. On November 14, the players dissolved the union, allowing them to file anti-trust lawsuits against the league. On November 26, both sides reached a tentative agreement to end the lockout. The new CBA calls for a revenue split of 49-to-51.2% and a flexible salary cap structure with harsher luxury tax. After the tentative deal was reached, owners allowed players to have voluntary workouts at team sites starting December 1. After the deal was ratified on...
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...The Enduring Symbols of Revolution: The Emotional Connection to French Republican Art History 2: Revolutions December 15, 2011 Towards the end of the 18th century, Immanuel Kant and many other influential philosophers during the Enlightenment stated that people should be rational in their approach to life, including politics, economics, and society. Rationalism was one of the main themes of the Enlightenment, and it played an important role in the French Revolution. One aspect of rationalism that was important in the French Revolution were rational symbols of power. However, these rational symbols of power ultimately were disfavored in revolutionary France in favor of more enduring artistic symbols of the Revolution. Although the revolutionaries also sought to regenerate French society through rational symbols of power, their use of Roman, Greek and republican art, were the most enduring symbols of a new French society because of their stronger portrayal of liberty, fraternity and equality. The rational symbols of power that the revolutionaries sought to introduce into French society included the revolutionary French Republican calendar, the revolutionary French Republican clock, and the metric system. For the reasons noted below, each of these symbols ultimately were not accepted in French society. Even though the revolutionary French Republican calendar, one of the important rational symbols, did have a strong basis in reason, it lacked public support and was not...
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...main base which houses the motor and blade assembly. The bottom of the blender jar is open to allow the blade access to do its job. Though many blender jars are made of glass they can also be plastic and metal. 2. BLENDER JAR LID * The jar lid covers the top of the blender jar allowing you to safely operate the blender without your ingredients exploding from the jar. 3. JAR LID CENTER CAP * The center cap is that small plastic thing found in the center of the lid. It helps to keep liquids in but also allows you to add ingredients easily. 4. BLENDER BLADE CUTTER * The blender blade cutter is the stainless steel blade that does all of the crushing, stirring, pureeing and anything else your blender functions do. 5. O RING SEAL * This is a flat piece of rubber that sits between the blender blade cutter and blender jar. It creates a seal so that food particles and moisture do not get inside the motor and cause damage. 6. BOTTOM SCREW CUP * The bottom screw cap is important to the proper functioning of a blender. The bottom screw cap is what holds the blender blade cutter in place during operation. 7. BLENDER RUBBER DRIVE CLUTCH * Made out of rubber; this rests on top of the motor and on the bottom of the blade assembly. 8. MOTOR * This is hidden in the base of the...
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...Assignment Requirements 1. Look up other database-naming conventions. Is there one that makes the most sense to you? Explain why. 2. Look for Entity Relation Diagrams. What other ways of diagramming entities and relations did you find? Describe any similarities and differences between them. Solutions 1. A naming convention is important when working with databases in order to provide a clear structure and format; especially in team environments. By using these conventions the database can be understood by anyone applying these conventions; thus increasing maintainability. These are not rules but guidelines that can be adapted to any working environment. All names should be in camelcase with the first letter in lower case. Separate name parts by using camel case and NOT underscores or spaces. This provides better readability and you will not have to use quotes when doing SQL statements. Prefixes or namespaces are the ONLY parts of names that should be separated by underscores. This defines a clear separation between names and areas. Do not use numbers in names. This is poor design, indicating divided table structures. Do not use dot (.) separator between names, remember use camel casing. This way you will avoid problems when doing SQL statements as fields are accessed using dot notation. It goes without saying, do not use reserved database words in any name. Always try to use names that make sense and are descriptive of their purpose. Avoid abbreviations whenever possible...
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...Tamil Keyboard) jkpo; ilg;gpq; topfhl;b (jkpo; fP NghHl;) A. Tamil Alphabets Chart / jkpo; vOj;Jfspd; gl;bay; Special letters / tpNr\ vOj;Jfs; • Aydham (sound - Ahk) - / • Sri (sound - Sri) - = B. Tamil Keyboard Layout / jkpo; fzpdp fP NghHl; Note / Fwpg;G • Every key button on the tamil keyboard has TWO type of tamil alphabet. jkpo; jl;lr;rpy; xt;nthU fP gl;lDf;Fk; ,uz;L tpjkhd vOj;J mikg;Gfs; cz;L • The tamil alphabet that is in purple colour, can only be typed if “SHIFT” key button is pressed. mjpy; cj tHzk; vOj;Jf;fs; mikg;G “rpg;l;” gl;ld; mOj;jpdhy; fpilf;Fk; • The tamil alphabet that is in red colour, can be typed normally without “SHIFT” key or “CAPS LOCK” key buttons. rpfg;G tHzk; vOj;Jf;fs; mikg;G “rpg;l;” gl;ld; my;yJ “fhg;]; yhf;” gl;ld; gad;gLj;j njit ,y;iy. • Example / cjhuzkhf: If press key “a” (No shift key button) “a” tamil alphabet will form If press key “A” (With shift key button) “A” tamil alphabet will form “a” vd;w vOj;jpw;F (rpg;l; gl;ld; jl;l Ntz;lk;) “a” Tk; “A” vd;w vOj;jpw;F (rpg;l; gl;ld; jl;lTk;) “A" Tk; cs;sJ Please try to type other tamil alphabet as directed above. Ntw jkpo; vOj;ij ilg; nra;a Nky; cs;s topia gpd;gw;wNthk;. • Other example / Ntw cjhuzk;: To type “fp” first press key button “f”(No shift key button) then press key button “p” (No shift key button). “fp” vd;w vOj;ij...
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...The existing collective bargaining agreement between the National Hockey League and its players expired on September 15, 2004. Each side had failed to negotiate a new collective bargaining agreement. The NHL Commissioner Gary Bettman locked out the players by cancelling the season. The key issues at hand were the league’s demand for a salary cap and linking the salaries to the league’s revenues. The NHL Players did not like these demands. The NHL is a popular past time for both the Americans and the Canadians. Both the NHL & players should have been able to reach an agreement earlier in the year. This lockdown lasted over five months, and then the season was cancelled. Another reason that both sides should have agreed is that NHL is a profit making business. The hockey players make the money for playing a sport that they love and the NHL is providing a service that the Americans and the Canadians love to watch. There were many barriers in reaching a negotiated agreement. These barriers delayed the progress of a negotiation and it negatively affected its chances of any type of success. The personalities of Bettman and Goodenow were adversarial tactical. There was a lack of trust between Bettman and Goodenow. There were even communication barriers as well. Bettman and Goodenow should be the ones to anticipate and overcome any barriers as they represented both sides. Goodenow and Bettman came into their positions in the early 1990’s. Both men had performed well in...
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