Violation of Rights in the Film Guilty by Suspicion :: essays research papers

America is the land of the free. America is the land in which "Congress shall make no law abridging the freedom of speech or the right of the people peaceably to assemble." (Amendment I to the US Constitution.) This means that Americans can say whatever they believe, and be part of any club, group, or political affiliation they choose. The Bill of Rights also declares in the Fifth Amendment that ?No Person shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law." This means that in court, a person may remain silent, and cannot be forced to incriminate themselves. An American also may not be deprived of their life, freedom, or belongings without a trial. Guilty by Suspicion is about how the violation of these rights affected normal, innocent, Americans. Many, many lives were ruined by the unjust accusations and the insistence on confessing that others were Communists. In Guilty by Suspicion, I really understood how the characters felt. The one standout actor was Patricia Wettig, as Dorothy. She was heartbreaking as the actress who commits suicide after she is accused of being a Communist by her husband, she cannot find work, and her child is taken away from her. Joe Lesser was a small but memorable character played by Martin Scorsese. Joe was memorable because his hyper, obnoxious, Chihuahua-like acting style really took away from the solemnity of the rest of the movie. The filming was not especially notable, but there were other nice effects. The period music was great, with motifs such as Louis Armstrong. The continuing music and film from the classic Gentlemen Prefer Blondes was wonderful. It was ironic that when David id being told to get a lawyer, so he won?

Gulf Oil Analysis Essay

Statement of Problem & Alternatives George Keller of the Standard Oil Company of California (Socal) is considering how much to bid for Gulf Oil Corporation (Gulf), which is currently in the middle of a bidding war. Gulf is unwilling to consider bids below $70 per share even though their share price was $39 at the time Boone Pickens began purchasing shares in the hopes of a takeover. II. Statement of Facts and Assumptions Under the direction of James Lee, Gulf pursued a twofold strategy. First, Gulf renewed its focused on oil whereas in the past, Gulf had developed into an energy conglomerate through various acquisitions of coalmines, uranium mines, and synthetic fuel plants. These ventures would be de-emphasized going forward. For second part of the strategy, Gulf planned to implement a policy of increased expenditures on exploration and development (E&D). During the years leading up to the takeover attempt, Gulf more than doubled its exploration outlays. While Gulf was continuing with its ambitious E&D program, the real price of oil and natural gas declined from 1982 through 1983. As 1984 began, almost all industry experts were in agreement that the price of oil (in constant dollars) was not expected to change for the following 10 years. Lee trimmed exploration expenditures in 1983 in response to these changing fundamentals. Even at the reduced level, spending for exploration in real terms equaled or exceeded that of every year before Lee’s arrival except one. Based on this picture, Socal needs to value Gulf. There are several sources of value that can be considered: the value of Gulf’s petroleum reserves; the cost savings related to the immediate suspension of Gulf’s E&D program; the tax benefits associated with additional leverage; the value added by shortening the recovery lag; and the value of any adverse effe cts due to the acquisition of Gulf by a competitor1. In addition to calculating Gulf’s reserve value, Socal needs to be mindful of its competition. Both Atlantic Richfield Company (ARCO) and Kohlberg Kravis  Roberts & Company (KKR) are financially limited should Gulf’s share price continue to escalate. It would be difficult for ARCO to bid more than $75.00 per share given that its resulting debt-to-capital ratio would exceed 60% (historically high). KKR is in a similar situation. Mesa, led by Pickens, currently holds 13.2% of Gulf’s stock at an average purchase price of $43. In order to bid successfully, Mesa would have to borrow many times their net worth. With banks queuing up to lend money to support an $80 share price (or higher), Socal will have to take on a considerable amount of financial leverage. III. Analysis Although there are multiple sources of value, this analysis focuses on valuing Gulf’s reserves, assuming E&D activities will cease post acquisition (liquidation value). The critical elements that enter into the valuation of Gulf’s reserves are: Acquisition date: Since we are trying to establish why Gulf became so valuable within a short period of time from when their share price was $39 to when a minimum bid level of $70 per share was established, it’s appropriate to use January 1st, 1984 as the first year Socal assumed ownership of Gulf. Reserve life: Assumed a reserve-to-production ratio of 12:1. It takes approximately 4 years for the stream to come online and the field, once online, is productive for another 7-10 yrs. Based on this ratio, Gulf’s reserves are depleted at a rate of 192.75 million barrels per year over a 12-year period. Inflation rate: 4.67% based on the average inflation rates observed between 1982 and 1983. There was an unusually high rate of inflation between 1978 and 1981 so years prior to 1982 were not included. However, a sensitivity analysis was performed to observe the effects of a higher inflation rate based on historical averages (see Exhibit 1). Oil sales: Oil price is expected to stay at $22.42 in constant dollars (prices are adjusted for inflation). Production costs: Production cost per barrel is expected to stay at $6.48 in constant dollars (prices are adjusted for inflation). See Exhibit 2. Exploration costs: The capitalized portion of past extraction costs are recognized as depreciation when the corresponding oil is produced. These depreciation expenses vary from year to year based on historical costs. See Exhibit 3. Working capital: For this analysis, working capital is assumed to be negligible given that the analysis is geared towards determining Gulf’s reserve value. Capital  expenditures: For this analysis, capital outlays are assumed to be zero given that the analysis is geared towards determining Gulf’s reserve value. Gulf’s E&D program ceases post acquisition. Discount rate: Gulf’s weighted average cost of capital calculated to be 15.35%. See Exhibit 4. Utilizing a discount rate of 15.35% and the assumptions outlined above with a free cash flow model (see Exhibit 6), Gulf’s reserves are worth an estimated $80.73 share ($16,120.69M)2. Adjusting the inflation upwards to 8.37%, Gulf’s reserves are worth an estimated $96.16 per share ($15,895.35M). Since Socal would be taking on additional debt, it’s important to check whether or not future free cash flows cover the incremental interest expense. Exhibit 7 shows that future cash flows easily cover interest expense associated with up to a $90 per share purchase price. Additionally, taking the free cash flow derived in Exhibit 6 (basis for an $80.73 share price) and discounting based on Socal’s WACC (16.96% – see Exhibit 5), we arrive at a reserve valuation of $75.56 per share. Adjusting inflation upwards to 8.37% and discounting at Socal’s WACC, Gulf’s reserves are worth an estimated $89.65 per share.3 IV. Recommendations Based on the analysis, a bid of $75.56 per share for Gulf is appropriate. A bid above this price would result in a loss for Socal shareholders. This price is also above the $75 threshold, which if offered by ARCO or KKR would send their leverage above historical highs (greater than 60%). Given the valuations sensitivity to the assumed inflation rate, discount rate, and recovery lag, $75.56 represents a pessimistic valuation giving Socal management room to adjust its bid upwards if necessary. These estimates do not consider the possibility of recovering Gulf’s unrelated fixed assets. It’s important to note, the analysis is very sensitive to the discount rate assumed, recovery lag, and the inflation rate.

Business Project Mont Blanc and Cross - Free Essay Example

Sample details Pages: 4 Words: 1061 Downloads: 1 Date added: 2019/10/10 Did you like this example? Company History As young gifted craftsmen in the area, we quickly picked up the best skills that could aid us in becoming one of the largest companies that produce a high-quality range of writing instruments. This reputation enabled Montblanc Inc. to be the firm with a great competency with upscale brands such as Mont Blanc and Cross. Don’t waste time! Our writers will create an original "Business Project: Mont Blanc and Cross" essay for you Create order And as luck would have it, the construction boom in 2000 meant that we would not have enough skilled labor that would help in meeting the burgeoning demand and supply for these instruments (Shapira, 2017 pg. 31). And so, we have attempted in looking for partners up to the necessary scale, appropriate quality, and meticulous process that is significant in manufacturing such global products that would give Montblanc Inc. a market entry into the United Arab Emirates (UAE) markets. Montblanc Inc. is a privately held business but will be registered as a Limited company. In the next 5 years, the company aims to have made many fundamental changes. Additionally, the focus on low-cost manufacturing, like the United States ‘exports, would be completely stopped, and the focus shifted to other European countries. This would see the company gaining more and more capability in producing writing instruments, and in turn earning a good reputation in the niche. Introductory Summary Montblanc Inc. seeks to employ all its core competencies in achieving a sustainable constructive context where other competitors cannot provide the same value of brands as produced by Montblanc Inc (Podszuweit et.al, 2001 pg. 39). Already, Montblanc Inc. has been on the forefront in developing core competencies in (1) producing branded products with high quality amongst which its images will be recognized by consumers; (2) heightening reputation among the retailers through being reliable to them by delivering the requested products and in the right quantity; and (3) creating a sense of togetherness among the consumers. This way, the firm aims to improve these kinds of competencies that will see the marketing efforts increasing the product numbers that are offered as distribution across (Fritz et.al, 1970 pg. 22). Through creating a coherent context with retailers, consumers and those supplying the products, Montblanc Inc. believes that it can create a sustainable and competitive adva ntage over its rivals. Running Formation As Montblanc Inc. will be starting as a small enterprise, where the planned staff is in corresponding proportion with the size of the company and the projected revenues, and employee costs will be held at a minimum to reach the point at which the company starts earning some profits. Position Year 1 Year 2 Year 3 Manager $ 50,000 $ 60,000 $ 70,000 Cashier $ 31,000 $ 40,000 $ 49,000 Distributors $ 42,000 $ 44,000 $ 52,000 Accountant $ 29,000 $ 35,000 $ 39,000 Total People 7 11 13 Total Payroll $ 152,000 $ 179,000 $210,000 An extra $900 will be included in the personnel plan to account for additional taxes yearly in the payroll budget. Market Analysis Because of the initiator’s connections within the context of UAE, Montblanc Inc.’s focus on the future is going to be minimizing the risk of dependency in the brands it produces. As well, it will seek to maintain operational efficiency and improve the great design. However, the main agenda is to incorporate technology across the value chain, where for instance, the company will launch a Cross app that will aid the distributors with real time perfection of inventory any place at any time. As if that is not enough, there are some pretty significant brands that would help the company to grow in relation to the complete model of working with Cross (Fritz et.al, 1970 pg. 61). It was established in 1846 in Rhode Island and is preferred as the official writing partner for the White House. This is one of the brands that is respected with a reputation for being capable of crafting fine writing instruments. And so, getting into accessories that have the same brand name would cert ainly increase the global pace of market accessories by an estimated rate of 15 percent annually. Even if some past experiences have failed, Montblanc Inc. looks forward to turning it up to be a perfect blending. Alongside taking over the complete brands in the market, there is also the need to incorporate licenses that would see Montblanc Inc. participating in the over Euro 1 billion types of writing instruments in the market. SWOT Scrutiny Every company has its strengths, weaknesses, opportunities, and threats, so does Montblanc Inc. These are deliberated along with how they influence the operations of the company. Through providing a wide array of services by building a modern culture and brand that would be more amenable to the plans in future; this creates strengths of this new company (Coman and Ronen, 2009 pg. 54). Nevertheless, the weaknesses of Montblanc Inc. rests in the aspect of bearing in mind that this is a new venture, a business that is unfamiliar, and that some brands can be expensive to offer in comparison to other rivals. Even if the weaknesses can be addressed, they lie on the compelling aspect towards achieving the marketing strategy. Strengths Basis for forming a strong management team Located in a significant center that promotes excellence Forming a well-focused management staff, thereby improving the distributions of product into range of offerings Weaknesses Lack of appropriate awareness among the customers involved New and unknown brands of writing instruments Improve in technology may alter the market in distinct directions Absence of enough marketing expertise Opportunities Export market might offer a very great potential The market context is expected to grow rapidly Distribution channels that seek new products Threats Slowdown in economy could diminish the targeted segment in the market Market might be sensitive to change in prices Change in context of technology might make some brands obsolete Implementation Strategy Over and again, the main strategy of implementing this plan is via monitoring customer services and cost-effective measures. Therefore, it will be our goal to offer quality writing instruments and professional staffs who will lead in all functions with advanced customer service (Herrnring et.al, 1979 pg. 41). On the implementation stage, employees will be offered with service training on attitudes, perceptions to customers, and ways of addressing complaints from the customers. Anticipated Investment The founders of the Montblanc Inc. have invested personal savings worth $415,000 to initially start-up the Company for the purposes of balancing both the losses and profits for the first one year of the business. When the company grows in three-year time, there might be the need to offer loans and add new employees. Nonetheless, there is no need for instant capital at the moment.