...End-2002 2005 - HK government 57% plus conversion rights into common for infrastructure development (up to 75% ownership if exercised) - HK$ 3.25 billion - Disney 43% - HK$2.45 billion - HK government sub-debt with repayment starting in Year 16 - HK$6.1 billion - Bank Loan - HK$2.3 billion 15-year non-recourse loan plus HK$1 billion non-recourse revolving working capital loan post-construction – HK$3.3 billion. 2 Mandate - Seeking Disney acting on behalf of HKTP, asks 17 banks to bid and it could mandate upto 3 banks to lead the deal Chase options: No bid Bid to win Bid to lose 3 Chase Options No bid 1. Joint mandate (fee split) 2. Aggressive competition (especially from Bank of China and HSBC) 3. Bad track record (Eurodisney) 4. Credit Issues: 15-year maturity No collateral other than site yet to be built Non-subordination of management fees Desire to use cash flows to grow the project Market risk Force majeure risk 5. Need for fully underwritten deal 4 Chase Options Bid to win 1. Disney important client 2. Marquee deal for the region 3. Chase not a top-10 player in Asian project loans Exh.6a (weak spot it is global leader). Management pressure to “buy” deal? 4. Highly profitable if sole mandate 5 Chase Options Bid to lose 1. Save face as relationship bank but not get stuck in an unprofitable or excessively risky and excessively long-term deal 2. Ideal - get shortlisted and lose gracefully or win with sufficient ...
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...Introduction: The Bank of America was formed in 1998 after the merger of California based Bank of America and the Nations Bank of North Carolina. At the end of the 20th century the bank stood as the second largest bank in the American market with close to 4500 branches operating in 21 states. Most of these branches were located in high growth markets of the south and west coast. Globally, it employed 1, 40,000 employees across 190 nations, over $8 billon in revenues, $360 billion in deposits and some $600 billon in assets. However the markets had been consolidating for sometime with the total number of banks in America having reduced to 7000 from an figure of 14000 first recorded in 1985. Intense competition characterized the market and the challenge for national banks was to be able to localize product and service offerings for their customers. Financial services had traditionally been looked upon as commodities by banks and lack of experimentation marked the sector. The sector was however slowly realizing that traditional methods of cost reduction and other control mechanisms could only take growth so far. ‘Organic Growth', a higher wallet share of existing customers was a concept of much relevance in the highly competitive market. For achieving this Bank of America had given more freedom to individual bank managers to undertake more responsibilities. Others like Washington Mutual (WAMU) had introduced new models of customer experience, benchmarking their services...
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...Case Study Bernie Madoff’s Ponzi Scheme: Reliable Returns from a Trustworthy Financial Adviser By Denis Collins Denis Collins is a professor of management in the School of Business at Edgewood College in Madison, Wisconsin. His research interests include business ethics, management, and organizational change. Contact: dcollins@ edgewood.edu A [person] is incapable of comprehending any argument that interferes with his revenue. Rene Descartes Overview This case study is a chronology of the largest Ponzi scheme in history. Bernie Madoff began his brokerage firm in 1960 and grew it into one of the largest on Wall Street. While doing so, he began investing money as a favor to family and friends, though he was not licensed to do so. Over a period of fifty years, these side investments became an investment fund that mushroomed into a $50 billion Ponzi scheme. Bernie1 pled guilty without a trial on March 12, 2009, and was sentenced to 150 years in prison. Thousands of wealthy clients, philanthropic organizations, and middle-class people whose pension funds found their way into Bernie’s investment fund lost their life savings. What to Do? Bernie Madoff, at age 69, owned three very successful financial companies—a brokerage firm, a proprietary trading firm, and an investment advisory firm. On December 10, 2008, the brokerage and proprietary trading firms, managed by his brother and two sons, were performing as well as could be expected in the middle of a deep recession. His investment...
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...Introduction “A centralized strategic umbrella for the education and development of employees which is the chief vehicle for disseminating an organization's culture and fostering the development of not only job skills, but also such core workplace skills as learning-to-learn, leadership, creative thinking, and problem solving," A corporate university is any educational entity that is a strategic tool designed to assist its parent organization in achieving its goals by conducting activities that foster individual and organizational learning and knowledge. Corporate universities (CU) are a growing trend in corporations. In 1993, corporate universities existed in only 400 companies. By 2001, this number had increased to 2,000, including Walt Disney, Boeing, and Motorola. Experts estimate that there are more than 2,000 corporate universities (CUs) in the United States, either centrally located or operating as virtual universities. The number of CUs is growing: currently, 29% of organizations are establishing a corporate university or planning to do so. Due to today’s aging workforce, HR professionals look to corporate universities as an effective way to develop, attract and retain much-needed highly specialized workers. An overview of Corporate University * An organizational entity dedicated to turning business led learning into action. * Developed by those corporations who have shifted their focus from employee training to employee education as a result of "the emergence...
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...Bloodlines of Illuminati by: Fritz Springmeier, 1995 Introduction: I am pleased & honored to present this book to those in the world who love the truth. This is a book for lovers of the Truth. This is a book for those who are already familiar with my past writings. An Illuminati Grand Master once said that the world is a stage and we are all actors. Of course this was not an original thought, but it certainly is a way of describing the Illuminati view of how the world works. The people of the world are an audience to which the Illuminati entertain with propaganda. Just one of the thousands of recent examples of this type of acting done for the public was President Bill Clinton’s 1995 State of the Union address. The speech was designed to push all of the warm fuzzy buttons of his listening audience that he could. All the green lights for acceptance were systematically pushed by the President’s speech with the help of a controlled congressional audience. The truth on the other hand doesn’t always tickle the ear and warm the ego of its listeners. The light of truth in this book will be too bright for some people who will want to return to the safe comfort of their darkness. I am not a conspiracy theorist. I deal with real facts, not theory. Some of the people I write about, I have met. Some of the people I expose are alive and very dangerous. The darkness has never liked the light. Yet, many of the secrets of the Illuminati are locked up tightly simply because secrecy is a way...
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...Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Project Financing Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Copyright C 2007 by John D. Finnerty. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Wiley Bicentennial Logo: Richard J. Pacifico No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States...
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...Dale Cowburn was allergic to bee stings. He carried medication at all times in case he encountered an angry swarm. Last summer, however, while he was working in his barn, Cowburn was stung twice on the head. He had a heart attack and died on the spot. The news traveled quickly through Coudersport, Pa., the town of 2,600 near the New York border where Cowburn had lived. One of the locals moved by his death was John Rigas, chairman and CEO of Adelphia Communications, the nation's sixth-largest cable television provider, a company with $3.6 billion in annual revenues and headquarters in--of all places--this rural town. Rigas knows about bees. He owns a farm outside town that sells Christmas trees, maple syrup, and honey. Soon after Cowburn's death, there was a knock on the door at his house. It was Rigas' beekeeper. He'd been sent to destroy the offending insects. More from Fortune Secrets of great second bananas Fortune's 50 Most Powerful Women in business 7 founders who wanted their companies back FORTUNE 500 Current Issue Subscribe to Fortune More than just the town's richest man, Rigas was a 76-year-old worth billions. He owned the Buffalo Sabres hockey team. He hobnobbed with Ted Turner. But the silver-haired cable mogul told people in a humble whisper that he was just a small-town guy who loved helping his neighbors. He sent busloads of children to Sabres games. He used Adelphia's corporate jet to fly ailing people to faith healers and cancer treatment centers...
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...Moya-Angeler Simon M. Olswang Lorenzo Pellicioli Harland A. Riker, Jr. Ron Sandler CBE Stanley S. Shuman Dr Tom Sommerlatte Geoff Unwin Dr Richard Wolman Economic Advisor Lord Eatwell of Stratton St. Margaret Contents Introduction Philosophy Palamon Style Investment Process A European Perspective Types of Investment Portfolio Composition Indicative Investments The Team Board of Advisors Economic Advisor 1 2 4 6 8 10 12 14 26 40 45 Palamon Capital Partners Introduction Palamon Capital Partners is a private equity partnership. We invest throughout Europe in service-orientated businesses with high growth potential. With €1.1 billion of funds under management, we are backed by some of the biggest investment institutions in the world. We back like-minded entrepreneurs with whom we share a vision to create sector-leading, high-value companies, and who have the necessary experience, flair, initiative, and determination to succeed. We have three major objectives when making an investment: to provide sufficient funds and time to allow the business to reach its full potential; to support and help entrepreneurs build their companies; and to enable our investors to achieve an appropriate return. Palamon Capital Partners was...
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...thomas a . meyer How Great companies Get Started in terrible times Innovate! Innovate! How Great Companies Get Started in Terrible Times THOMAS A. MEYER John Wiley & Sons, Inc. Copyright © 2010 by Thomas A. Meyer. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose...
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...Prabesh Timilsina, HBD3173.E1, Exercise5 5.1 Study the Learning from Experience Case on p. 445. What is the significance of the organizational design of the company? The basis for any successful organization is for people to work together and understand how their behaviors support the organization’s strategy. Yet, talented people in even the best managed organizations are sometimes left trying to understand how their own activities contribute to their organization’s success. An organization’s design is crucial in clarifying the roles of the leaders and employees who hold the organization together. Organization design is the process of selecting a structure for the tasks, responsibilities, and authority relationships within an organization. An organization’s design influences communication patterns among individuals and teams and determines which person or department has the political power to get things done. The structure of an organization influences the behavior of employees. Therefore, an organization’s design plays a critical role in the success of an organization. Every organization’s design decision solves one set of problems but creates others. Organization design decisions often involve the diagnosis of multiple factors, including an organization’s culture, power and political behaviors, and job design. Organization design represents the outcomes of a decision-making process that includes environmental factors, strategic choices, and technological factors. Specifically...
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...VAULT CAREER GUIDE TO INVESTM E NT BAN KING 2008 EDITION is made possible through the generous support of the following sponsors: Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – U.S. News & World Report “A killer app.” – New York Times Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library One of Forbes’ 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – SmartMoney Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library ...
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...CHAPTER 1 An Overview of Financial Management SOURCE: Courtesy BEN & JERRY’S HOMEMADE, INC. www.benjerry.com STRIKING THE RIGHT BALANCE $ BEN & JERRY'S F or many companies, the decision would have been an easy “yes.” However, Ben & Jerry’s Homemade Inc. has always taken pride in doing things make money. For example, in a recent article in Fortune magazine, Alex Taylor III commented that, “Operating a business is tough enough. Once you add social goals to the demands of serving customers, making a profit, and returning value to shareholders, you tie yourself up in knots.” Ben & Jerry’s financial performance has had its ups and downs. While the company’s stock grew by leaps and bounds through the early 1990s, problems began to arise in 1993. These problems included increased competition in the premium ice cream market, along with a leveling off of sales in that market, plus their own inefficiencies and sloppy, haphazard product development strategy. The company lost money for the first time in 1994, and as a result, Ben Cohen stepped down as CEO. Bob Holland, a former consultant for McKinsey & Co. with a reputation as a turnaround specialist, was tapped as Cohen’s replacement. The company’s stock price rebounded in 1995, as the market responded positively to the steps made by Holland to right the company. The stock price, however, floundered toward the end of 1996, following Holland’s resignation. Over the last few years, Ben & Jerry’s has had a new resurgence...
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...EDITORIAL ASSISTANT ASSOCIATE DIRECTOR OF MARKETING MARKETING MANAGER MARKETING ASSISTANT DESIGN DIRECTOR PRODUCT DESIGNER SENIOR PRODUCTION MANAGER ASSOCIATE PRODUCTION MANAGER PRODUCTION EDITOR COVER DESIGNER George Hoffman Franny Kelly Brian Baker Jacqueline Hughes Amy Scholz Kelly Simmons Marissa Carroll Harry Nolan Allison Morris Janis Soo Joel Balbin Eugenia Lee Kenji Ngieng This book was set in 10/12 New Caledonia by Aptara®, Inc. and printed and bound by Courier/Westford. The cover was printed by Courier/Westford. This book is printed on acid-free paper. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. For more information, please visit our website: www.wiley.com/go/citizenship. Copyright © 2014, 2009, 2006, 2004 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced...
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...Strategy Template.dot Strategy INDIA INDIA June 28, 2010 BSE-30:17,575 The 100 Billion Dollar Club. We analyze Indian companies and their attributes such as (1) IPR (brand and technology), (2) financial and industrial assets and (3) natural resources that can propel them to US$100 bn market capitalization over a period of time. We also look at global experience to draw conclusions for India; every decade throws up new and interesting names. Finally, we assess operating factors that are required to achieve and sustain US$100 bn market capitalization. Asset-based companies: A few banks can and will get there Other than financial services companies, we are skeptical of any other asset-based company entering the US$100 bn league from India. Asset-based companies require constant reinvestment to grow and return on invested capital is not high enough in ‘mature’ businesses to create meaningful value. Most will trade at and around book value. IPR-based companies: A rarity in India and will likely remain so Infosys and TCS can make it to the US$100 bn league on a 15-16% CAGR in earnings up to FY2021E and 14-15X P/E multiple. However, their headcount-led services business could face issues of (1) scalability, (2) manpower and (3) margin pressure. We don’t see circumstances changing meaningfully in India for creation of large IPR-based companies. Resource-based companies: Few candidates but right policies critical RIL and ONGC are obvious candidates to get to US$100 bn market...
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...www.it-ebooks.info www.it-ebooks.info E L E V E N T H E D I T I O N MARKETING MISTAKES AND SUCCESSES 3 0 T H A N N I V E R S A RY Robert F. Hartley Cleveland State University JOHN WILEY & SONS, INC. www.it-ebooks.info VICE PRESIDENT & PUBLISHER EXECUTIVE EDITOR ASSISTANT EDITOR PRODUCTION MANAGER PRODUCTION ASSISTANT EXECUTIVE MARKETING MANAGER ASSISTANT MARKETING MANAGER MARKETING ASSISTANT DESIGN DIRECTOR SENIOR DESIGNER SENIOR MEDIA EDITOR George Hoffman Lise Johnson Carissa Doshi Dorothy Sinclair Matt Winslow Amy Scholz Carly DeCandia Alana Filipovich Jeof Vita Arthur Medina Allison Morris This book was set in 10/12 New Caledonia by Aptara®, Inc. and printed and bound by Courier/Westford. The cover was printed by Courier/Westford. This book is printed on acid-free paper. Copyright © 2009, 2006, 2004, 2001, 1998, 1995, 1992, 1989, 1986, 1981, 1976 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive, Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should...
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