Marvel Case Study free essay sample

Selling their bonds straight away; 2. Voting in favor of the Perelman’s reorganization plan; 3. Voting against the Perelman’s reorganization plan and ? enforcing Carl Icahn’s initial reorganization plan from December 10, 1996; ? Chapter 7 – liquidation. As soon as Marvel’s management files a petition for relief with a bankruptcy court an automatic stay goes into effect. Marvel’s management then continues running the company and has the exclusive right to propose a reorganization plan within 120 days. This plan will be voted on by all the claimants and if at least ? f them vote in favour of the reorganisation plan, it is accepted. If the plan is not accepted within 180days, creditors can propose their own reorganization plan or choose to liquidate the company as seen in the last option mentioned above. In case of the first option being realised, public debt holders sell their bonds at then (31/1/1997) prevailing prices (Exhibit 6). Face value ($ millions) Marvel Holdings Marvel Parent Holdings Marvel III Holdings 517. We will write a custom essay sample on Marvel Case Study or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 4 251. 7 125. 0 Market Market price on value 1/31/97 ($) ($ millions) 0. 75 90. 545 0. 14 0. 139 35. 238 17. 375 Collateral shares (millions) 48. 0 20. 0 9. 3 Value per collateral share ($) 1. 886 1. 762 1. 868 Table 1. Payoffs in case of selling bonds. The value per collateral share can be calculated by dividing the market value of the share by the number of collateral shares. In this case Marvel Holding public debt holders receive $1. 886 per collateral share, Marvel Parent Holdings debt holders receive $1. 762 per share and Marvel III Holding debt holders receive $1. 868 per collateral share. In case ? f the claimants vote for the restructuring plan proposed by Perelman, there will be 427 new shared issued (in addition to the 101. 8 shares already outstanding), for which there will be a cash investment of $365mln made into the company. $326. 8mln of these $365mln will be then paid for acquisition of Toy Biz, which leaves the company with a number of shares of 511. 8mln and cash holdings of $38. 2mln ($365mnl-$326. 8mln). The price of the old shares at the time was $2; the new share price would therefore be $1. 11 (365+2*101. 8)/511. , which is less than what debt holders would receive in case of immediate sale of their bonds. In case, the claimants vote against the Perelman’s plan, they will be offered to vote for the Icahn’s plan, in which case the new share price, depending on the rights offering price (p r), would be p=(101. 8*2+350)/(101. 8+350/ pr ), where pr should be smaller than 2. In case p is more than the price the debt holder would get from the sale of the bond, they will vote for Icahn’s plan, otherwise, they will opt for selling the bonds right away. 1- The last option, which is liquidation (Chapter 7), should go into effect when all the abovementioned options have failed. According to Bear Stearns analysis, Marvel is worth more as a going concern then in case of liquidation. Based on the liquidation scenario, Exhibit 8, private debt holders, mainly banks, recover 69 cents on the dollar face value, whereas public debt holders, who hold unsecured claims, and equity holders, who according to the absolute priority rule are junior to all other creditors, get nothing. That is why, from a perspective of a public debt holder it is more profitable to vote in favour of the reorganization plan proposed by Carl Icahn (or sell the bonds, depending on p). However, secured claimants may have an incentive to vote against because in case of liquidation they recover approximately 70% of their claims and one should keep in mind that the longer the restructuring process lasts, the less valuable the enterprise and its assets become. -2-

Ebola Disease essays

Ebola Disease essays Severe fatal disease in humans and nonhuman primates Named after a river in Democratic Republic of Congo One of the two members of the RNA viruses called the Filoviridae First three subgroups are known to cause disease in humans: Only subgroup to cause disease just in nonhuman primates: Exact origin, location, and natural habitat is unknown Originate in an animal host from Africa Mainly primates which carry it Ebola is usually spread within a health-care setting Cases of Ebola reported in: Democratic Republic of the Congo, Gabon, Sudan, the Ivory Coast, Uganda, and the Republic of the Congo. Infections with Ebola virus are severe No carrier state where the virus is located First patient becomes infected by contact with infected animal After the first person receives the virus, people can be exposed: from direct contact with the blood and/or secretions of an infected person. from contact with objects, such as needles, that have been contaminated with infected secretions - sore throat - stomach pain After initial symptoms, hemorrhagic rash appears over entire body Patient bleeds from mouth and rectum immune systems failure to produce antibodies Diagnosing Ebola is very difficult Many symptoms can occur in other diseases ...

Book Review Essay Example | Topics and Well Written Essays - 1250 words - 1

Book Review - Essay Example Context 1 Globalization as a Problem At the first, the author comes out argumentative towards globalization. The author describes globalization as a problem only because it is something, which is being mismanaged by institutions (Stiglitz). The author arguments that international institutions such as the World Trade Organization, the International Monetary Fund or the World Bank have made poor organizations poorer. It is because the benefit has been transferred to the developed nations and because the institutions have prioritized profits over environmental health, the peoples’ lives in the poor countries have been compromised. The author puts responsibility of mismanagement to the international institutions, which look for the size, the volume of an economy and the power in a respective nation to provide benefits and opportunities. The author actually tries to put a light on the context that globalization is a problem if it gets mismanaged or uncontrolled (Stiglitz). Leading the argument the author comes with an objection that United States, which is largest in economic volume, gets the veto power from the IMF. Similarly, the country being the largest in all economies appoints the head of the World Bank, the organization which deals with the sanctioning up of loans to world’s poor countries. ... Stiglitz settles the argument by describing the implications of Washington Consensus, which is a consensus build up just to weaken the already deprived countries. The author asserts the policies of the Consensus, which declare lending machinery, which is often counterproductive instead of out-bringing for the poor nations. The policies actually favor the bureaucracy, the capitalist regime and the high rise authorities which only fall in the idea of profit maximization (Lopez 10-14). The author explains that mismanagement of globalization is caused by four major practices; high privatization, low investment, low taxes reforms on imports, and high volatility of the foreign capital. The argument of the author extends on the consequences of these practices which have been adopted by the poor nations as proposed by the power block (The World Controlling Economic Machinery). All the countries have got from these practices and policies is that they have gone to more economic instability. It is deprivation of the countries, which they have received from these undermining practices and policies (Stiglitz 5-7). Context 2 Managing Globalization as a Solution The book has provided extensive knowledge on how globalization can become the benefit of the deprived (Lopez). It has explained the propositions of the author that how globalization can be turned to the benefit of the underprivileged world. Balancing out the trend of globalization and its affects is the second context/segment of the book, presenting globalization as a solution if it gets managed in accordance to the improvement of people’s lives (Putterman). Stiglitz proposes certain solutions in regards of globalization and the trend of it. The author talks about the changes and reforms in the globalization