William Shakespeares Romeo and Juliet Essay - 1399 Words

William Shakespeares Romeo and Juliet According to the dictionary, fate is the â€Å"inevitable destiny or necessity destined term of life; doom.† This means that fate can be described as a pre-planned sequence of events influencing ones life. Romeo and Juliet would have been performed to an Elizabethan audience who believed very strongly in â€Å"fate† and â€Å"fortune†. Fate was destined to happen and no one could alter it. Throughout the tragedy of Romeo and Juliet, Shakespeare constantly utilises the motif of stars to convey and develop the prominent theme of fate. Even and early as the prologue, the words â€Å"A pair of star-cross’d lovers†¦Ã¢â‚¬  reveal Shakespeare’s intent in conveying the association of fate†¦show more content†¦Had Romeo and Benvolio not run into the servant, he would never have met Juliet. On the way to the Capulet party, Romeo admits, â€Å"My mind misgives. Some consequence yet hanging in the stars shall bitterly begin his fearful date with this night’s revels, and expire the term of a despised life clos’d in my breast by some vile forfeit of untimely death.† Here Romeo seems to be foreseeing his own death. He calls upon the one â€Å"that hath the steerage† of his â€Å"course† – he who guides the path of his life, to direct him to safety. The sea is often used by Shakespeare as a symbol of the powerful and unpredictable forces of fate and the audience already knows that Romeo’s fate is fixed for he is â€Å"star-cross’d†. Once at the ball, Romeo is searching for a woman to substitute Rosaline. Romeo happens to gaze upon Juliet. He proclaims, â€Å"Did my heart love till now? Forswear it, sight! For ne’er saw true beauty till this night.† Since Romeo declares his love for Juliet, she feels the attraction as well. However, it is a genuine coincidence that Romeo and Juliet were at the same place, at the same time. Fate is then brought up by Juliet after the Capulet dance when she realises Romeo is a Montague, â€Å"My only love sprung from my only hate! Too early seen unknown, and known tooShow MoreRelated William Shakespeares Romeo and Juliet1869 Words   |  8 PagesWilliam Shakespeares Romeo and Juliet In Romeo and Juliet, love is depicted in several ways. Both Luhrman and Shakespeare represent love in different ways in different contexts to both the Elizabethan era and the contemporary audience. Both the original and later manifestations of the text are valued because they both communicate to the audience on the values of love and society by employing a variety of devices. The central subject dealt within Romeo and Juliet is the subject of love.Read MoreWilliam Shakespeares Romeo and Juliet558 Words   |  2 PagesWilliam Shakespeare’s Romeo and Juliet is a tragic story of two young lovers whose lives are cut short due to the rivalry of their families, the Capulets and the Montagues. The family feud has been present for decades but once Romeo and Juliet meet they are instantaneously in love. Love at first sight some would say. But could love at first sight really be the case? No it could not. There are many things that serve to prove Romeo and Juliet were not in love. At the beginning of the play Romeo isRead MoreGender In Romeo, Juliet And William Shakespeares Romeo And Juliet1500 Words   |  6 Pagesof masculinity; the ability to act boldly and with purpose. Both directors draw upon the themes of gender to tell their stories subtly and effectively. The theme of gender is significant in both films being contrasted in this essay; William Shakespeare’s Romeo + Juliet (Luhrmann Martinelli, 1996) and Hamlet (Davey, Lovell Zeferelli 1990). The two films were released six years apart in the decade of the nineties; Zeffirelli does not seek to embody an evolved gender presentation at all, while LuhrmannRead MoreSympathy for Juliet in William Shakespeares Romeo and Juliet693 Words   |  3 PagesSympathy for Juliet in William Shakespeares Romeo and Juliet William Shakespeare wrote Romeo and Juliet in 1595 and it is still popular today. Its full title is The Most Excellent and Lamentable Tragedy of Romeo and Juliet. It is a romantic tragedy set in Verona, about two lovers, whose families are at war with each other. I am concentrating on Act III scene V, but I will summarise the story up to this scene. So far, two lovers Romeo and Juliet agree to be marriedRead MoreWilliam Shakespeares Romeo and Juliet Essay809 Words   |  4 PagesWilliam Shakespeares Romeo and Juliet Romeo and Juliet is a play based mainly around the theme of love. This theme is good for building a play around because if there is love then you can have hate to contrast it, and many other emotions can be brought in. Love also makes the story interesting to an audience of Shakespeares time; also to audiences of more modern timesRead More Responsibility for the Deaths of Romeo and Juliet in William Shakespeares Romeo and Juliet1449 Words   |  6 Pages Taking Responsibility for the Deaths of Romeo and Juliet in William Shakespeares Romeo and Juliet Romeo and Juliet, the star crossed lovers, the perfect sadly losing there lives for their great love of each other. The tragic death has many characters to blame, but it is impossible to pinpoint the full responsibility on one individual character. Many of the characters in Romeo and Juliet blame each other, for example, the Prince blames the two families and feud forRead MoreWilliam Shakespeares Romeo and Juliet Essay1768 Words   |  8 PagesWilliam Shakespeares Romeo and Juliet Although William Shakespeare wrote the story of ‘Romeo and Juliet’ in the 1500s, the themes depicted in the play had been around for centuries. It was a classic tragic love story. William Shakespeare needed his story to appeal and be accessible to as many people as possible. The main problem was that many people at the time could not read, therefore producing a book was pointless. So he decided to write the story of ‘Romeo andRead MoreWilliam Shakespeares Romeo And Juliet Essay1296 Words   |  6 PagesWilliam Shakespeares Romeo And Juliet Shakespeares most famous tragedy is probably the tale of Romeo and Juliet. The immortal tale of two star-crossd lovers destined to an early demise, originated in Italian folklore. Shakespeares prologue is possibly the most insightful piece of the play regarding their death and the explanation of it. The ancient grudge immediately sets the ominous tone of the play. This allows the audience to understand that their deathRead More William Shakespeares Romeo and Juliet Essay1690 Words   |  7 PagesWilliam Shakespeares Romeo and Juliet Although the story of Romeo and Juliet is over 500 years old, it is as relevant and appealing today as it was when first performed. Although dated, the story of Romeo and Juliet still holds great appeal and relevance to today’s society, despite the differences in morals and values between William Shakespeare’s audience 500 years ago, and Baz Luhrmann’s audience today. The arising issues of order and authority, fate and love entertain/ed and appeals/edRead MoreWilliam Shakespeares Romeo and Juliet Essay602 Words   |  3 PagesWilliam Shakespeares Romeo and Juliet â€Å"Romeo and Juliet† is a romantic tragedy written by William Shakespeare in 1595, which is over 400 years ago. Romeo and Juliet are â€Å"two star-crossed lovers†, who fell in love at first sight and struggle through circumstances, which ends with their death. There are some characters that are to blame for their deaths and some more than others. The Montagues are someway to blame for the deaths of Romeo and Juliet because

Oppression Is A Socio Political System - 904 Words

2 What is oppression? Oppression is a socio-political system designed to purposely restrict, shape, manipulate people of certain class or genders only for illogical reasons or for the advantage of another class, race or gender. . Marlyn Frye states a woman in an oppressive society is somehow like a bird in a cage. Women are oppressed in many ways from issues of sexuality to harassment in the workplace. They are in one simple example neither sexually active nor nonsexual active women are in the right. A sexually active woman will be thought of as a whore or a slut. A nonsexual active woman will be thought of as someone who cannot keep a man or a lesbian. Even though women out do the population of men in the United States, women are considered a minority due to the fact most of the higher positions are held by men. Women of color are treated worst compared to white women because of their race and color. Our society has given gender roles, women are supposed to be doing the light house work, stay at home or take care of kids, while men are the ones who are supposed to â€Å"breadwinners† of the family and are to do more masculine work. . I believe that this is quite true and that it is wrong to give gender roles. Because of these gender roles, men have this idea in their minds that women are weak and cannot speak their minds. Men are taught to dominate women from their birth to this and because of this idea women are unfairly oppressed. Today I interviewed a very strong andShow MoreRelatedWhat Happens When Equality, Liberty, And Justice Are Deferred?925 Words   |  4 Pagesin the sun? Is the ongoing pernicious cycle of inequality in this country like a festering sore that runs deep in our skin; deep in our subconscious - discharging infected oozing matter day after day; month after month; year after year? Doesn’t oppression stink like rotten meat or has constant exposure and sensory adaptation caused us to grow accustomed to the environmental stench of subjugation? Isn’t our lack of full equality like an agonizing foul lesion that cannot, we fear, be cured so we succumbRead MoreCapitalism, Globalization and the Perpetuation of Women’s Oppression: a Vicious Cycle1138 Words   |  5 PagesCAPITALISM, GLOBALIZATION AND THE PERPETUATION OF WOMENS OPPRESSION: A VICIOUS CYCLE By Kelsey Lavoie NDYA, Provincial Youth Liason According to the World Bank, women make up 70% of the world’s poor and their wages world wide are on average 50% to 80% of men’s. One third of all households word wide are headed by women, they are responsible for half the world’s food production, and yet they own just one per cent of the world’s property. The majority of workers in sweatshops are women and theRead MoreLiberalism And The Ethical And Logical Level Essay1332 Words   |  6 Pagesdiscourse, paying specific attention to the differences in principles of theory. In a second part, we will argue in favour of the rejection of the notion of state neutrality within the liberal system. We will argue that state neutrality is the least liberal strategy for maintaining social cohesion and socio-economic stability. We aim to discuss how the debate around state neutrality is example of the bigger dilemma in liberalism between the pursuit of idealism and assimilation, and the protectionRead MoreRussian Revolution : Tsar s Incompetent Leadership1157 Words   |  5 Pagesbecame the least advanced of the major European nations in political and social developments. However, some historians believed that the Revolution was caused by the government’s political oppression, while others claimed that it was the inability of tsar to fulfill Russia s aspirations. While the utter political failures of WWI escalated paths to the Revolution, the primary cause for the Russian Revolution of 1917 was the revival of socio-economic tensions and industrial strikes led by tsar NicholasRead MoreThe Transmission Model Of Banking Education Essay1700 Words   |  7 Pages Friere asserted that the transmission model of ‘Banking’ education was prevalent, and was used by the hegemonic class to ensure the oppressed remained within a repressive state, in the Magical Consciousness state, and were unaware of their own oppression. Additionally, through the banking model the educator is viewed as the fount of all knowledge, and views the student as an empty container, whom the educator must fill with knowledge. Through this approach ‘the educator is active, the Subject, andRead MoreLiberal Feminists Vs Liberal Feminism992 Words   |  4 Pagesfor what they want - to compete with men on equal terms in both professional and political arenas (Freidman et al., 20111, p. 6). As far as equality in the social arena, liberal feminists are not generally concerned with traditional gender stereotypes and sexism within present society (Freidman et al., 20111, p. 6). In contemporary Australia, women have the right to vote, to study what they choose, to run for political office or apply for any job, to divorce, and to use birth control and have an abortionRead MoreUnspeakable Conversations By Harriet Mcbryde Johnson1184 Words   |  5 Pagesunderstand the world and help others, and attempts to directly address oppression by arguing against Professor Singer’s theory and assemble a group of diverse and like-minded people for social change. Oppression is the â€Å"systematically related pressures† that set barriers for certain people (Frye 7). It is the exploitation and the marginalization of subordinate groups. According to Iris Young s Five Faces of Oppression, oppression is also the disdain and powerlessness of these groups. Cultural imperialismRead MoreThe Human Race867 Words   |  4 Pagespeople have overlooked as one of the necessary keys to the growth of humanity. Oppression. Oppression of humans has been an almost constant characteristic in many civilizations in almost every part of the Western world and at almost any time period. But as abhorrent and as disgraceful as oppression is (and has been), oppression has played a beneficial role for the elite members of many societies. The benefits of oppression can be seen in the works of Marx, Mandela, Wollstonecraft and Colbert as theRead MoreSocio-Cultural Oppression To Dalit. A)Inter-Caste Marriage.1565 Words   |  7 PagesSocio-cultural Oppression to Da lit a) Inter-caste Marriage Inter-caste marriage is prohibited in Hindu culture. Caste system only allows the endogamy system. However, the upper caste men have a freedom to use exogamy and polygamy. Upper caste man is allowed informal sexual rights to lower caste women but he does not give her a status of the wife because she is considered as an untouchable and impure. On the contrary, the upper caste woman is restricted to endogamous marriage and she is tied to theRead MoreRacial Profiling And The Inner City1605 Words   |  7 Pagesemphasis is placed on social and personal choice instead of racism as a political force that restricts choice, victim blaming prevents problem solving† (â€Å"Where ya at?† 318). We can surmise, then, that Obama’s image is directly related to the notion of the â€Å"post-racial† through his failure to explicitly discuss racism, which in turn, affects how notions of race and raciality are conceived and discussed in the American socio-political landscape as a whole; in contrast, hip hop is in a position to deal

Child Care Level Unit free essay sample

Conversely, poor communication tactics can make the child feel worthless, intimidated or angry which will make the children have communication difficulties because they will be angry at the fact they can not do the same as the other children, o should always treat all children the same so If one child Is having difficulties you should try your hardest to help that child In fling what Is the problem and find a way of helping that child.To make communication easier and to avoid making the children feel confused, what you should do is first call out the childs name and make sure you have her attention and she understands what you are saying. Communicate in short sentences and ask the child to do one thing at a time. In BITE First Childrens Care, Learning and development peg. 3 it says ;communicating with adults and children In child care settings Is very different to the way you communicate with your friends so they way you have to communicate In placement Is different from the way you normally do because you are setting an example for the children even when your talking to the staff the children can see how you are speaking so you should make an effort to communicate properly. We will write a custom essay sample on Child Care Level Unit or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Communication involves using language to put your ideas across and share information, such as through listening, reading, speaking and writing. Children need good language and speech skills to interact with people and succeed In educational settings and other areas of life. If the child experiences problems communicating, they may fall behind In learning and struggle with situations that need effective communication.You should always be trying your hardest to help children with difficulties and to be observing all the children so you can spot with children may be falling behind or finding communication harder than others. In ETC First Childrens Care, Learning and development peg. 106 it says ;Many people have some form of barrier to successful communication, these may be Internal part of the person or eternal the problem of the person trying to communicate with them, for example through misunderstanding or stereotyping these are some of the difficulties below.These are some of the di fficulties children can have: Language Problems can affect the ability to understand speech. Examples of language problems include not specking the same language or specking in a different way, which makes It difficult for a child to use the correct words to state hat they mean to other and children can also have a language disorder even If they seem to produce and understand speech well.Speech Problems This may be that the children cant understand your speech or the you cant understand their speech it is normally the childs speech, their speech may include a lot of mistakes and sound poorly articulated. Types of errors found in the speech of children with speech problems. Speech problems children may have speech difficulties for many reasons and teeth problems.

Juvenile Delinquents Rights

Introduction Before the 1800’s, juvenile delinquents had no special rights thus were treated as adults when it came to criminal matters. This was utterly unfair to the young offenders, since they were not mentally and emotionally capable to face the law like the grown adults. Advertising We will write a custom essay sample on Juvenile Delinquents Rights specifically for you for only $16.05 $11/page Learn More This prompted for reform in the US legal systems to consider their situation in implementing the law. This resulted to constitution amendment, to include provisions for the young offenders’ rights; among the amendments, was the formation of juvenile courts for prosecuting the young suspects. Body Juvenile rights A juvenile may be arrested on suspicion by police officers or when parents, victims or the law order for his arrest. Once arrested, the police officer has the obligation to allow the juvenile to inform his or her parents or gua rdians about the situation immediately the arrest occurs. Moreover, the minor has a right to make two phone calls to report of the incidence. If the officer opts to detain the minor, he or she firstly placed under probation officer within 24 hours of his arrest (Bartollas Miller, 2008). At this time, the offender will be probed, counseled and may be released, although with a lawful petition filed against him or her. The probation officer should then inform the juvenile of his or her right to be silent to guard him against incriminating himself, since any uttered word could be used against the offender during prosecution. Moreover, the minor should not be questioned prior to prosecution. Additionally, if the minor is under bars, he must face a hearing before a court judge within 48 hours of his captivity (Kaye, 2011). Once before a juror, he may be detained or released and wait for court proceedings later. The juvenile’s parents or guardians have the right to hire a lawyer, to follow and take charge of the case. However, if they are not in a position to acquire one, they may ask for assistance in line with the stipulated laws over the issue. Comparing and contrasting juveniles and adults Moreover, minors enjoy certain rights, which their adult counterparts do not. Juvenile delinquents cannot receive capital punishment. Despite the atrocity of the crime, minors never receive capital punishment; the law opts for a life sentence instead. Minors are not subject to public prosecution by a judge (Edwards, 2004). Instead, the juror listens to the evidence presented and decides whether the minor is delinquent or not. Advertising Looking for essay on political sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More The juror’s aim is to rehabilitate, rather than punish as it is to adults (Kaye, 2011). On the other hand, children prosecutions tend to be informal, the main aim being correcting and releasing them, as opposed to adults who are subject to facing the full arm of the law. Additionally, juveniles are not legally allowed to bail. However, this does not mean that the children will be limitless in custody. In most states, the maximum time a minor should be in custody is 24 hours. My opinion In my view, special juvenile rights are essential in promoting justice. Some minors are too young to know the consequences of their misdeeds, since they lack the capacity to understand the law. Moreover, children are not acquainted to institutions that may assist them understand their rights. As a result, the government and the legal system must intervene and assist these innocent minors. Conclusion The US legal system has transformed or changed over time, and juvenile offenders can now enjoy special rights that promote social justice. Besides, when a minor is under custody, he undergoes various legal processes, where other legal institutions intervene to ensure that juvenile rights are not violat ed. In addition, juveniles have special rights, such as the right against capital punishment and the right to be immediately charged, rights never enjoyed by adults. Such a legal system creates an excellent platform for promoting justice to juvenile delinquents. References Bartollas, C. Miller, S. (2008). Juvenile justice in America. (6th ed.). Upper Saddle River, NJ: Pearson Education. Edwards, J. (2004). Confidentiality and the Juvenile and Family Courts. Juvenile and Family Court Journal, 55,  1–24.Advertising We will write a custom essay sample on Juvenile Delinquents Rights specifically for you for only $16.05 $11/page Learn More Kaye, J. (2011). The Supreme Court and Juvenile Justice. Journal of Supreme Court History, 36,  62–80. This essay on Juvenile Delinquents Rights was written and submitted by user Karissa Valencia to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Cannabis Essays

Cannabis Essays Cannabis Essay Cannabis Essay Cannabis static-a plant species, HEMP, marijuana and hashish are obtained from TECH Active Psychoactive ingredient in marijuana and cannabis products 80 Compounds or chemicals are in WEED Where does best weed/resin come from? Dry arid climates, such as N. Africa Hashish- Drug containing the resin of cannabis flowers TECH is about 8-14% FAT SOLVABLE Amandine- Naturally occurring chemical in the brain that fits into tech sensitive receptor sites, producing the same effects as marijuana. Motivational syndrome amiability 1st barbiturate- barbaric acid- discovered by Alfred bare Lethal does and effective dose are very close Brain stem medulla- respiratory depression Mentality Milton mentality drug person on drugs, wakes up takes more without realizing theyve already taken drugs, and It kills them Painlessnesss Mentality drugs. 1960-1961 example- Valid 1st epinephrine Labium Neurotransmitter it effects GAB GHB- powerful depressant, abused to induce euphoria and sedation. Used as a date rape drug Nitrous oxide and ether Laughing gas/analgesics, Ether- nerve tonic for toothaches and other pains Most dangerous compound inhalants acetone benzene Hallucinogens Illustriousness Accurate way of what kind of a trip having on a hallucinating Hallucinogens Chemically similar to serotonin LSI Belladonna what witches rubbed on them ERGOTS SST Anthony fire Fungus moldy rye / lysergic acid people had to bake with infected grain Infected rye was associated with devil possession and witches Intermingling of senses kinesthesia LSI doesnt produce dependency it controls the user, the body has a fast ability to build a tolerance, and not taken for a fast high. Cannabis By wonderment

The Vietnam War Essay

The Vietnam War Essay The Vietnam War Essay 1. The French were involved in a war of Indochina prior to the American involvement. Trace the causes of this conflict and describe the key events and general course of the French Indochina War. Traditionally, the First Indochina war started in the French Indochina in 1946 and ended in 1954. The war was a fighting or conflict between forces from France and their Viet Minh opponents. Numerous factors were involved in the conflict including the French Far East Expeditionary Corps from the French Union led by France. The Vietnamese national army supported the French against the Viet Minh whose leaders were Vo Nguyen Giap and Ho Chi Minh. The large part of this conflict occurred in the northern region of Vietnam called Tonkin, although the fighting engulfed the rest of the nation, spreading to the protectorates of the French Indochina in Cambodia and Laos (Young, 1991). After the French reoccupation in Indochina after the Second World War, the region being in control of the Japanese, the Viet Minh started a protest or rebellion against the French authority that was in control of a number of French colonies in Indochina. The few initial years of the conflict involved rural uprising that was increasingly low key against the French. Nevertheless, after the communists from China arrived in the Vietnamese northern border in 1949, the fighting took another turn and became a conventional war between two forces that were armed with modern weapons (Jian, 1993). The forces of the French Union included several forces from the rest of the former empire including Tunisia, Algeria, Laotian, Moroccan, Vietnamese, and Cambodian ethnic minorities. While the plan of pushing the troops of Viet Minh into launching a war on the excellently defended base was validated, the lack of materials for construction, air cover, and tanks prevented an effective defense, leading to a decisive defeat of the French forces. The Geneva conference made a provisional decision to divide Vietnam into two regions, the north, and south. The northern region was the Vietnam democratic republic under Ho Chi Minh, and the south was the Vietnam state under Bao Dai (Jian, 1993). 2. Explain how the American involvement in Vietnam was a consequence of the Cold War, including how the Truman Doctrine was related to initial U.S. involvement in Vietnam. Anticommunist sentiments in the United States were the main factors elucidating on the participation of the U.S. in Vietnam. First, America believed that overt aggression from the communists in Asia posed a significant and direct threat to its interests in the continent. It is clear that Indochina was the main region in Asia challenged by the presence and aggression of the communists. As a result, the decision of 1950 to provide direct help to the region was a crucial policy choice allowing and accepting the responsibility of the United States in preventing the hegemony of communists in the Asia. This direction of the policy was subsequently concentrated on in the following years, first by the Korean War and then by the escalations between Kennedy and Johnson during the 1960s (Gettleman et al., 1995). It was also applied and used to both the expansible powers of the communists. Concerning China, the United States was directly worried about its involvement in regions as Korea because it feared that such an attack would determine the involvement of the Chinese in Indochina. Furthermore, when it came to the Soviet Union, the United States feared the Russians were keen on attaining domination over the world. All these fears are what led to the crucial policy paper NSC 68 that urged for a sufficient military protection or shield to curb the expansion and growth of the Soviet Union and stop the aggressive actions that where directed by the Soviet Union. Consequently, the paper policy was crucial as it represented the practical extension of the Doctrines by Truman (Gettleman, et al., 1995). Other than the importance of foreign political aspects as critical determinants of the involvement of America in Vietnam, the factors like its domestic situation were also crucial. First, the McCarthyism wave had swept through the nation during the 1950s. This trend depended on the argument that the U.S. had suffered numerous failures during the Cold War, not because of limitations of power, but through the significant presence of communist voices in its government, an accusation equal to treason. Because of this, the administration had to take actions to defend itself from allegations of being too weak to fight communism. Furthermore, the Truman administration experienced a lot of pressure to come up with policies that would prove its resolve of anticommunism. Such policies included containment that would favor an unwavering stance in Indochina to stop the expansion of Communism (McCormick, 1989). 3. Describe the rise of Diema to power, his conduct as a leader of South Vietnam, and his demise. The first South Vietnamese president or leader was called Diem. After the wake of defeat and withdrawal of the French from Indochina because of the accords of a Geneva conference in 1954, the leader led a crucial effort to build the Vietnam republic. The leader achieved victory during the 1955 plebiscite that was increasingly deceitful after accumulating considerable support from the United States because of his strong anti- communism ideologies. He was a Roman catholic, and because of this, he pursued policies that were religiously oppressive and biased against the Montgnard natives and its majority components of Buddhists. However, his policies were widely challenged and met with protests. Amid the numerous religious protests and disagreements that caught the attention of the whole world, the leader lost the support of the American patrons (Jacobs, 2006). He was assassinated together with his brother. Their killer was an aide of Duong van Minh a general of the ARVN called Nguyenn Van Nhung. He was killed during a coup in 1963 that deposed his administration. As the crisis with the Buddhists increased in 1963, Vietnamese nationalists who were non-communist and the military started to get ready for a coup. Minh and his supporters overthrew Diem’s government in a quick coup. With only the palace guard staying to protect the leader and his brother, the organizers of the coup called to the palace asking the leader to surrender in exchange for exile. However, Diem and a number of his close allies escaped to Cholon where they were captured. The two brothers were killed in the back of a personal carrier by the captain with orders from their leader, Minh (Jacobs, 2006). 4. Was Ho Chi Minh more of a nationalist that a communist? Explain your response by citing historical evidence that supports your claim. Many people in the U.S. strongly believe that Ho Chi Minh was a staunch communist. The public was flooded with tales of the leader’s visit to China and Russia. There were stories of how the communist support for him was used to take over and establish a stronghold of the communists in the southeastern part of Asia. However, many individuals fail to hear the rest of the information (Chafe, 1986). Under his leadership, Vietnam had some sort of support and an alliance with the U.S. during the Second World War the Japanese, was their common enemy and gave them a common ground where the communists provided support to the dismissal of another outside invader. After the war ended, the leader set up structures in the government in the country assuming that the country would go back to being a sovereign state (Demma, 1989). The leader himself made several overtures to America and other nations for support as he sought independence for his country. Even the declaration of Vietnam of independence showed the nationalist views of Minh. He realized that America was not going to provide him support for independence, so as a pragmatist, he turned to China and Russia for support. As it follows, he walked a thin line between being a communist and nationalist, and played the three countries without letting go of his independence. Many believe that his ability was a crucial indication of his diplomacy. On the other side of this equation, the leader was a thorough and true communist. He breathed and lived ideologies of communists and was ruthless when it came to attaining them. Many think that he was a contradiction of his ideologies. He was known as an ultimate nationalist and an excellent communist leader (Demma, 1989). 5. In what ways was Johnson’s escalation of the American involvement in Vietnam a continuation of Kennedy’s policies? In what ways, if any, were Johnson’s decisions related to Vietnam a departure from Kennedy’s policies? Johnson’s escalation of the involvement of the U.S. in Vietnam was not a continuation of the policies of Kennedy. As Johnson took over the presidency after Kennedy died, at first he did not consider Vietnam a priority and emphasized on the creation of his Great Society and social programs that would result to social progression. However, his priorities soon changed when he declared war against communism in 1963. This declaration came when Vietnam was deteriorating particularly after the coup that led to the death of Diem. Johnson reversed the disengagement policy by Kennedy from the region by withdrawing a thousand troops with his NSAM to accentuate the war. Johnson saw the Vietnam War as a way to appease his personal coalitional corporate base of power and to make use of the patriotism tide to falsify a consensus in the domestic arena to make way for his personal policies (Schandler, 1977). When it came to the military goals, Johnson wanted to stop the spread of communism ideas from China, and that together with the war’s gradual escalation could be won without the approval of the international forces. He depended on the ideology that a slow war escalation could keep people from developing an interest in Vietnam. Furthermore, the gradual escalation would maintain the Chinese and Soviet Union from declaring war against America. He made crucial miscalculations by choosing to escalate the American intervention in Vietnam. He used a lot of funds to fight in a war that he could not win. Kennedy had different policies from Johnson regarding Vietnam in a number of areas. For example, he did not rely on American resources to win the war in Vietnam, unlike Johnson. His policy towards Vietnam depended on the assumption that the forces of Diem would ultimately defeat the Vietnamese guerrillas without the involvement of the U.S. He did not support the deployment of American forces because he knew doing so would lead to widespread negative political and military effects. This is different from Johnson who deployed a significant number of American troops in Vietnam (Schandler, 1977). At you can order a custom essay on Vietnam War topics. All essays are written by highly qualified writers from scratch!

Culturally relevant teaching in the American educational system Assignment

Culturally relevant teaching in the American educational system - Assignment Example This research will begin with the statement that the documentary Beyond the Bricks offers a very candid snapshot of the systemic failures of the American educational system in regards to relating to African American students. In retrospect over fifteen years ago a literary work The Dreamkeepers: Successful Teachers of African American Children† highlighted a similar set of circumstances and proposed systemic changes that could be made to the educational system to better relate and teach African American children.   Beyond the Bricks was released in early 2009; it focused on the goal of promoting solutions for a critical problem in American schools: the consistently low performance of African†American boys in the public education system. The documentary chronicles two African† American students Shaquiel and Erick as they struggle to succeed in the Newark, NJ public school system.   Unlike, other film portrayals of Black youth which introduce a philosophy grounded in the negative imagery associated with ‘blackness and maleness’ in America, Beyond the Bricks offers a view of the Psycho-social trappings of the stereotyping within the system and its ultimate failings.   Though the film focuses primarily on Shaquiel and Erick, the issues addressed extend universally throughout all African American communities. Beyond the statistics are the real stories of students like Shaquiel and Erick who must fight the indifference of the system to build a better future for themselves.

Generally Accepted Accounting Principles Essay Example | Topics and Well Written Essays - 500 words

Generally Accepted Accounting Principles - Essay Example The preparation of financial statements and accounts in accordance with the GAAP helps the capital markets to operate efficiently (Everingham,  Kleynhans and  Posthumus, 2007). Fidelity Investments Company is a well known mutual fund that offers portfolio of investments to their clients. The portfolio solutions are provided by the Fidelity Investments Company by selecting stocks of companies listed in the New York Stock Exchange as well as in other stock exchanges in the worldwide markets. For this, the company invests billions of dollars in various stocks listed in the well known stock exchanges. The investments in these companies by Fidelity Investment Company are done after analysis of the risk and return on investments by their analysts. Thus the Fidelity Investment Analysts undertake analysis of the financial statements of the companies listed in various stock exchanges including New York for formation of the investment portfolio. As the accounting standards in different countries are different and are influenced by a several factors like the capital market environment, financial reporting requirements, form of business ownerships, corporate culture, etc; it is important for the Fidelity Investment Analysts that the accounting and financial information presented in the consolidated statements of the chosen companies adhere to the accounting standards as mentioned in GAAP. The preparation of financial statements of companies according to GAAP and audited by independent and certified public accountants guarantees true and fair financial information of the companies that are comparable across all jurisdictions. This is important for the Fidelity Investment Analysts as they would able to compare the projected financials of the company in the international context and calculate the risk and return of the portfolio of investments in an accurate manner (Gibson, 2010). This would enhance the abilities of Fidelity Investment Company in maximizing the

Training and Development Essay Example for Free

Training and Development Essay Introduction Training and development is an integral part of a company’s success. It ensures a motivated and educated workforce by delivering them new insights and developments on their work. Throughout my career in sales and in the fashion and modeling industry, I have been dealing with various trainings and development programs. I have developed sales training methods for several sales companies. I have trained aspiring models on projection, poise and public speaking. Most recently, I have mentored my team of professionals in my image consulting business to deliver the best possible image solutions to our clients. As a team leader, mentor and teacher, I am constantly evaluating past training strategies and looking for new opportunities to create and develop training methods for my team. I follow simple steps or model in designing and developing a training coursework. First, I do training needs assessment of my team. When assessing I do one-on-one interview or pass around a piece of paper where they write topics that they think can help them improve the way they do their job. I assess their current skills and industry knowledge, and benchmark it against the standards of the company or what that company expects them to do. I then design the training and set verifiable objectives and evaluation methods. When designing trainings, I like to inject fun and contact. I learned early on that good sales leaders take their sales team seriously by making sure there is a balance between control and fun within the team to promote creativity and high-sense of motivation (Forsyth, 1999, 64). I always see to it that I include various topic-related games where they can pick some learning from. I also always encouraged everyone to speak and share their own experiences from the field. Work Experience – Pyramide USA Pyramide USA is an American company and a global leader in the climbing wall industry. One of their products is Poolside Climbing Wall from AquaClimb. As the Lead Sales Team Trainer, I trained the entire sales team in sales and presentation. I was responsible for marketing AquaClimb through branding, advertising, database marketing, direct marketing, events or trade shows, international marketing, internet marketing, market research, and all public relations-related efforts. I decided what trainings to do based on my deliverables for the company. In line with my responsibilities, I trained my sales team in the following areas: lead generation, customer presentation and product demonstration, sales closing, events management, and professional image as part of selling customer confidence in the company brand. The first big training I did for the company was about the product that we were going to sell. We went through the detail of the sales pitch, the product benefits and the company support for dealers. We tackled the specifics of the product feature, as far as installation of the product and safety precautions for the customers. We also did costing and sales mark-up estimates, as well as lead generation. These were all-important because AquaClimb was new to the market. After the product and sales presentation, I asked each of them to prepare their own sales pitch based from the training and present to me for critiquing.   This was part of my evaluation of the training’s efficacy. But, I like to create balance so I asked the participants to rate the training as well, about content, delivery, and my competence on the subject. We composed action steps where my team, in a group of two, discussed how they plan to use the learning in selling the product.   After that big training, I made it a point to conduct weekly 30-minute Marketing Task Force Training to cover selling, customer service, motivational training, events management and personality development. Apart from that, I made it a point to schedule sales calls twice a week with 2-3 individuals from the team. I also coordinated sales department teambuilding with the company’s human resources manager. Together, we designed a weekend team building retreat that increases employee motivation and focus. We covered important parts of management such as employee loyalty, trust, internal conflict resolution, and team goal achievement by fun games and group activities. At the start of the training, we leveled off expectations of the participants and explained objectives. At the end, we gave out evaluation questionnaire forms to measure employee satisfaction and learning. AquaClimb’s distribution is through a worldwide authorized dealer network, which I helped develop from the get go through the AquaClimb Dealer and Agent Programs. The program aimed to set up the dealer support network to foster and continue strong customer relations with all past and current customers. I coordinated with the Director of Customer Service with the design and implementation of Customer Service training about the use and delivery of service using the 24-hour live support program. We evaluated the training based on number of customer requests of complaints handled each staff and compared it with the previous data before the network installation. I provided customer feedback to Director of Operations on AquaClimb products, including but not limited to strengths, weaknesses, opportunities and threats in the relevant marketplace. Feedbacks were from customer service reports, market surveys, and dealers’ evaluation of AquaClimb product and services.   Lastly, the sales training I helped developed with the company can was measurable through the increase in sales. For this, I consolidated monthly sales report and sales trends and presented those to Director of Sales. Work Experience – Charles Mason Inc. Charles Mason Inc. afforded me a worthwhile experience of organizing and staging special events for the company from 1997 to 2000. As the Special Events Coordinator, I was in charge of coordinating all aspects involved in planning and carrying out large-scale corporate events and meetings and direct supervision of a team comprised of 10 Assistant Coordinators. As part of producing grandiose and stylish events, I developed basic interior design coursework and events management for my team to equip them with necessary skills in running events. Specifically, I trained all the assistant coordinators in flower and lighting design. I held a 3-day design workshop for my team where they learned basic flower decoration and lighting effects. I developed the workshop through extensive research on the subject and interviews with flower shop owners, and events lights operators. As part of the training evaluation, I asked them to apply what they learned with whatever current projects we are handling, by sharing creative ideas and brainstorming. I measure transfer to evaluate my staff. For instance, I know the training worked because on several occasions I let my team handle the event design with me as supervising director only, and they were able to produce elegant designs for the show. Work Experience – Model Quest Inc. Model Quest Inc., a national model and talent scouting company, landed me a job in New York as a Sales Specialist / Training Coordinator between 2000 and 2004. My primary job responsibilities were to coordinate all aspects of public relations events and model search shows, in national and international locations. I provided industry training and techniques to prospective clients and consistently sold more than 1,000 training sessions each event which enabled the company to triple profits within the first three months of business. Because of my significant contribution to the company’s financial interests, I served as a Keynote Speaker and Teacher for the company, where I conducted all the training and development for all the prospective models. My own experiences as a model helped me to develop three separate training modules for aspiring models. The first module is an orientation on the fashion industry, the industry standards for models, and how Model Quest is going to prepare them for success. The second module consists of: make-up and grooming, public speaking (including diction, pronunciation and voice modulation) and social etiquette. The third module is about poise, projection, stage presence, runway modeling, photo posing, body language and photo session. I take in 10-20 participants in each workshop that usually lasts for about 1-2 months. The workshop varies from lectures to hands-on exercises depending on the set objectives. Training the candidates to be international models is fun and enjoyable. Yet, it is also challenging and the rewards come when those models get modeling contracts, knowing that my training helped launched their exciting careers. Work Experience – Tear Sheet Magazine My work with Tear Sheet Magazine, the insiders guide to the modeling and fashion industry, led me back to sales and advertising. As the Sales Associate/ Advertising Writer, I sold magazine advertising space to corporate and fashion advertisers, wrote and published instructional type articles on style trends and image tips in my monthly column. I also trained new sales representatives on sales, and presentation strategies.  My training designs consisted of one-on-one mentoring on handling individual accounts, and classroom training on sales presentations and goals. For the individual accounts, I covered the basics on the magazine’s rate cards, magazine’s circulation and readership, and customized sales pitch. For the classroom training, I focused on motivation and goal setting, presenting, discussed different types of competitors and their advantages and disadvantages, and how to handle common objections. I evaluated the training based on sales growth and account reten tion. Work Experience – Leslie Wayne Image Consulting Because of my extensive exposure in fashion, modeling, personality development and sales, and as an industry professional myself, I decided to start my own image consulting business, the Leslie Wayne Image Consulting (LWIC). I set up a â€Å"team of professionals including experienced wardrobe stylists, photographers, makeup artists, hairdressers, licensed cosmetologists who are acknowledged of techniques and product secrets that were educated by the world’s top beautifiers in action. Together, we provide the marketplace a one-stop shop of image improvement, nutrition and wellness, fashion and style, as well as wedding consultancy services.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   My travels and experiences onset have improved my natural flare for fashion and artistic eye. It also helped me gain intimate knowledge of the fashion and beauty industries. I mainly train my team to provide clients with products and methods that deliver. I created different phases for my Comprehensive Training for Image Consultants. I wanted to set a standard way of consulting for the company that everyone can carry out. The first phase of my training is about physical or aesthetics consultation. I coached my team to do Image Analysis or Makeover Consulting, Fashion Styling or Wardrobe Consulting, and Makeup Analysis. I did the coaching in classroom type discussing the how-to’s first, then we move to reviewing of random individuals based on image projection, wardrobe review, make-up consult. I also helped them with the scripts that they should say when giving feedback. The second phase is about public speaking and social graces consultation. Here I coached them about the public speaking including vocal communications, nonverbal communications and etiquette. Here we covered topics ranging from voice, grammar, and diction, body language, business etiquette, social graces and dining. Most of these trainings are workshops and exercises. The third phase of my program is service excellence where I coach them to go the extra mile when servicing clients and to listen, respond to the clients, offer friendly, professional, individual advice. As part of this, I mentor my team in coordinating with our strategic partners such as photographers, wedding coordinators, florists and caterers who refer their clients to us for an image consult. I also started the Train the Trainers Workshop in my company. I recognize that an image consultant needs to have good training skills. The workshop is open to anyone in my team interested to be trainers. I usually conduct lecture-type training every 2 months for individual and group consult. I also bring two people with me to watch and aid me in training our corporate clientele who hire us to present seminars on topics such as corporate power dressing, communication and presentation skills for new supervisors, and more. All my trainings are evaluated based on feedback from my team and client satisfaction survey done after the consult. The survey consists of questions about service satisfaction and relevance of the consult. Under my leadership and training expertise, my image consulting team is now known as a trendsetter who is skilled in bringing out the best in our clients. I know my training works because we get more clients and we know from our clients testimonials that we help them feel more confident. The increase in our client base every year is proof that I am doing well with my training program.          References    Forsyth, P. (1999). Everything you need to know about marketing. London: Kogan Page Ltd.

The Fear Of Science :: essays research papers

The Fear of Science To live in the today's world is to be surrounded by the products of science. For it is science that gave our society color television, the bottle of aspirin, and the polyester shirt. Thus, science has greatly enhanced our society; yet, our society are still afraid of the effect of science. This fear of science can be traced back to the nineteenth century where scientist had to be secretative in experimenting with science. Although science did wonders in the nineteenth century, many people feared science and its effects because of the uncertainty results of science. Our thrist for science can be traced back through many decades. However, the nineteenth century society felt that science was a great investment towards a better life. This investment in science gave the nineteenth century society the discovery of light waves and radio waves, the electric motors, the first photograph and telephone, and the first publication of the periodic table. Science also caused an uproar in society when Charles Darwin published The Origin of Species, which became the scientific basis for the study of the evolution of humans. Many people in the nineteenth century detested Darwin's theory of the evolution of man because it went against their religion, which believed that God created the world. Science, soon, developed the big bang theory, which states that earth was created by the attraction of atoms. The nineteenth century society was afraid of science because it contradicted their beliefs, and was afraid that the results of science would lead to the destruction of mankind. Thus, the study of science was limited because of fear of its effects. The fear of the effects of science was expressed in literature. Novels like Dr. Jekyll and Mr. Hyde, the Time Machine, and Frankenstein showed the dangers of science and that science would soon lead to the destruction of mankind. The novel Frankenstein is about a man name Victor Frankenstein who wanted to tamper with life and death by "exploring unknown powers, and unfold to the world the deepest mysteries of creation." (Frankenstein, pg.40) He acquired the knowledge of science when he attended the university of Ingolstadt, and once the knowledge of science was gained, Frankenstein went to his secret laboratory to create a creature with gigantic stature. At first, Frankenstein had doubts about creating a human being; however, with "the improvement which every day takes place in science and mechanics, [he] was encouraged to hope [his] present attempts would at least lay the foundation of future success." (Frankenstein, pg.47) Once Frankenstein created his human being, his dream was vanished because he had accomplished his dream.

Influences of Mlk’s I Have a Dream Speech

Racial segregation along with social equality has been of the many issues in the United States since the nation was formed. Unlike most other issues in this country, segregation was dealt with to an extent but eventually came to a complete halt. Blacks were still being treated unequally in the United States, forced to abide by unreasonable rules or would face cruel punishment. These rules were present in nearly every public facility, sidewalk, buses, and even bathrooms.Although every person of the white race did not agree with the use of segregation, no one had the courage to stand up and convince the people of the United States that the way they are treating the African Americans was wrong. The Negroes of this time felt as if there was not any hope of being completely free until a brave and intelligent man stood up in front of thousands of people on August 28, 1963 in Washington D. C. Martin Luther King Jr. pens the eyes of many Americans with his words of wisdom in his I Have a Dre am speech, explaining how the Negroes of America are being treated and what is about to happen to give the Negroes the freedom they have been promised. His persuasion and direct demand of their freedom will make the people of the United States change their ways or severe consequences will come. One hundred years before King addressed his I have a dream speech, President Abraham Lincoln signed the Emancipation Proclamation, meant to gradually free all slaves of the territories who were still in rebellion against the Union.Along with the Declaration of Independence and the Constitution, the Emancipation Proclamation was written to allow all people of the United States to be free. King mentions in the first few paragraphs of his speech that the Declaration of Independence was a â€Å"promissory note† to every American guaranteeing their â€Å"unalienable rights† of â€Å"life, liberty, and the pursuit of happiness. † Explaining that the government’s promise still has not been fulfilled, proven by the African Americans’ lack of complete freedom. It is obvious today that America has defaulted on this promissory note, insofar as her citizens of color are concerned†, â€Å"America has given the Negro people a bad check. † The Negroes of America were still living through the hardships of segregation and discrimination, which were promised, in several federal documents, abolishment over one hundred years before. King tells the country that he demands the rights of freedom and until all of the Negroes of the United States receive their rights they deserve, they will never give up.He explains that the reason that they do not have freedom is because the government and the people of the United States have convinced the African American population that they will eventually receive their rights, without any intentions of taking action to do so. If they do not receive their rights soon, he promised that there would be a revoluti on until all people of the United States are free.King automatically draws respect by saying â€Å"The marvelous new militancy which has engulfed the Negro community must not lead us to a distrust of all white people, for many of our white brothers, as evidenced by their presence here today, have come to realize that their destiny is tied up with our destiny. And they have come to realize that their freedom is inextricably bound to our freedom. † Honoring the people of the white race who were attending the speech and expressing that every individuals’ future depends on their freedom.He also receives respect by telling the people not to revolt through violence while trying to obtain their rights of freedom, seeking revenge would only hurt our population and the nation, as a whole. Being aggressive could endanger the possibility of ever receiving complete freedom for the Negro population. In the speech, King never talked down on the white Americans for their acts. Instea d, he explains what the white race had done to require him to stand in front of America that day.He also expressed how he looked forward to the â€Å"brotherhood† and friendship with every white American in the near future, making the people realize he does not want any superiority over the white race, only to be considered equal as them. At this point in the speech, he begins to explain how much he would appreciate life as a free American and how he will enjoy the right to do as he may wish. To be able to work to, not only, make him successful but to create a more successful nation as a whole. â€Å"Nine sixty-three is not an end, but a beginning. King brings about persuasion towards every race with this point in the speech. Meaning that it will be an end to segregation, but more importantly a beginning to a powerful and successful nation. The black population being free will bring greater technologies, work ethics, and complete unionization. With the country in complete un ity it automatically causes it to be stronger as a whole. His persuasion to the black population comes greatly towards the end of the speech. He tells everyone that the â€Å"situation can and will be changed. By being so straightforward and ensuring, it gives confidence and motivation to the people who are trying to fix this situation to stand up for themselves and demand what they deserve. This statement also tells the people who are treating the Negroes badly that they have no other choice but to give the blacks their guaranteed rights or there will be an uncontrollable and never ending revolution. The never-ending revolution could jeopardize the function of the country and cause social and economic chaos throughout.King concludes his speech with the famous I have a dream phrases and songs. In the phrases he tells about how peaceful and enjoyable complete freedom will be and how he dreams that one day soon he will see interracial friendships of brotherhood between children and a dults of this country. Being able to work together, pray together, struggle together, go to jail together, and stand up for freedom together will bring many great effects on the nation and the people.Being â€Å"free at last† will make the world a better place and will gradually make this country the strongest in the world economically and socially. Martin Luther King Jr. ’s speech was so convincing because of his straightforwardness about what will be done to receive the rights that the African Americans were promised. Although most of the white race had knowledge of how they were treating the blacks, King opened their eyes by making them realize that they Constitutionally deserve the same rights as the white population.King was respectful throughout the speech, which most likely helped the people understand and accept the reason for his speech. Although African Americans still did not receive their rights immediately after this speech, the speech had an incredible im pact on the future of the African Americans and the future of this nation. Great risks came with King’s speech but he was willing to take those risks to create a better future for the lives of many Americans.

Staples’ “Black Men and Public Spaces” Strays Only Slightly

RuthAnn Milbert Instructor: Lynne Lerych May 4, 2010 English 101 Essay Review #2 Staples’ â€Å"Black Men and Public Spaces† Strays Only Slightly Brent Staples’ â€Å"Black Men and Public Spaces† narrative is about his realization of the fear that black men instill in persons of non color and his attempts at lessening that fear. Staples’ essay begins him recalling a time where a white woman ran from him simply because he was black. He continues to explain that his intentions weren’t to cause her harm but had just happened to be walking behind her since he couldn’t sleep. Staples refers to publications by Norman Podhoretz and Edward Hoagland who had expressed their views on the same type of fear the woman who ran from him had experienced and although the fear was factually founded it didn’t give much comfort to Staples. Staples explains how black youths, mostly men, were more likely intimidate people because of their upbringing and tells how this generalization led to times where he was judged by color alone and thought to be a threat. After Staples realizes and begins to understand the reasons behind this fear he began taking measures to make himself appear less threatening and by doing so he hoped to lessen the public fear of him. Staples’ essay definitely keeps the readers interest even if slightly straying from his thesis. Staples does a very nice job of keeping site of his main topic from the title to the conclusion only deviating slightly to give more background on the reasoning behind why black men tended to use the power of intimidation starting from birth. His was objective, gave great expert opinions, and maintained a good flow throughout the essay. His thoughts of how he could lessen the publics fear of him at the end of the essay didn’t have much evidence to prove that his ideas were effective aside from his own personal experience where some people seemed to react more kindly towards him then in the past. Factors such as time passing and civil rights seem just as likely to be the reason for the publics fear lessening as Staples’ theory on whistling. Staples Black Men and Public Spaces Strays Only Slightly Racism has been prevalent in the United States since the first European explorers arrived at our shores. Law reforms since that time have continuously changed almost all of society; however, â€Å"public schooling is the context in which desegregation has attained its most salient position as a national issue† (Foner and Garraty). America could reduce the amount of racial discrimination in our public high schools by encouraging everyone to pursue using one main dialect because it would make one less thing that fuels the racism in some people. Asking people (especially adolescents) to go out of their way to try and make things easier for others that they may not even know might seem like an enormous request at first, but the simplicity of it could show positive results much faster then society has ever thought possible. Racism is generally in reaction to someone's skin color or race so the way someone speaks isn't usually the focus of discussions on the matter. Lets say there was a man named, Bob. Bob was a white man from Missouri and had lost his sight over the years. One day a new mailman, a black man, cheerfully greeted Bob on his porch, but was instantly shouted at to leave the property. Although Bob was blind at that point, the way in which the mailman spoke had told Bob he was black. Was this fair? Honestly, yes and no. No, it was wrong for Bob to be racist in the first place and shouldn't assume every human that spoke as the mailman did was a person of colors. And yes, it is a pretty fair deduction Bob made due to the fact that the majority of people with that dialect were persons of color. If high school kids were all able to speak in the same manner as each other then the audible line that separates them would be greatly diminished. With that massive factor out of play, skin color becomes pretty much the sole focus of racism. If people only have one reason why they dislike or hate a group of people it weakens their resolve to continue the fight. In the Jena Six case there was a massive backing of the defendants because they were lead to believe that a great civil injustice had been done. Then the truth that the defendants had been lying came to light and â€Å"the fact remains that the Jena Six case climbed to its rickety position as a national symbol of racial injustice largely because a lot of people, some professional activists and many members of the press, wanted it to do so† (Allen). Benjamin Dowling-Sendor, an authority on school law, is an assistant appellate defender of North Carolina in Durham has wondered if it was â€Å"right that the Supreme Court ruled saying prohibition of a flag that the Freedom of Speech Clause of the First Amendment was supposed to cover was justified.† (SIRS) Although Dowling-Sendor's issue dealt with a visual symbol the same principal can be applied to audible issues. Would the request of students speaking in a certain way violate their freedom of speech? I strongly believe that the less diverse a nation is the more stable. The quote, â€Å"Unite We Stand, Divided We Fall† seems to apply itself quite well in this situation. We as individuals can remain unique, but unless we find more common ground, starting at young ages such as high school, we are doomed to another civil war.

Unforgiven movie paper essays

Unforgiven movie paper essays The 1992 best picture of the year, Unforgiven, is a tribute to the ever-popular western, it shows aspects of racism, feminism, ageism, and revenge, areas all coinciding with the society in 1992. Unforgiven was a highly acclaimed movie. It was nominated for 9 Academy Awards and won 4 for Best Picture, Best Supporting Actor, Best Director, and Best Film Editing. It showed a negligible amount of racism and showed the feminist ideals of the power of women collaborating and being successful in getting what they wanted. It explores a mans desire to kill in struggle with his love of a woman and how his attitudes and ideals were changed. The power of money to alter a persons behavior is also explored throughout the movie. The year of 1992 could have in no way hinted to the mass evil being displayed in the world right now. 1992 was a year where terrorism was at it lowest point in 20 years. The world seemed to be in harmony, as did William Munny, played by Clint Eastwood, for a portion of the movie. His wife, who had been passed for 3 years at the beginning of the movie, had rid him of his old murderous and scandalous ways. He had given up drinking and smoking, which were things he commonly associated with his past. This bares eerie resemblance to the world in 1992. The world had all come together for the Olympics and Bush and Yetsin had proclaimed an end to the Cold War, which represented the evil of the past but has now faded away to the history books. William Munnys past brings shame to him as you learn more about it in the later part of the movie. It shows him as a cruel murderer. He not only killed men, but was commonly known as a murderer of women and children. This image was changed by his love of a woman, but his past remained tarnished by this murderous image. She got him away from alcohol, drugs, murdering, and a life of sex with whores. She straightened him out for 8 years, but a tempting offer of 500 doll...

Sinking of the Lusitania - World War I

Sinking of the Lusitania - World War I Sinking of the Lusitania - Conflict Dates: RMS Lusitania was torpedoed on May 7, 1915, during World War I (1914-1918). Sinking of the Lusitania - Background: Launched in 1906, by John Brown Co. Ltd. of Clydebank, RMS Lusitania was a luxury liner built for the famed Cunard Line. Sailing on the trans-Atlantic route, the ship gained a reputation for speed and won the Blue Riband for the fastest eastbound crossing in October 1907. As with many ships of its type, Lusitania was partially funded by a government subsidy scheme which called for the ship to be converted for use as an armed cruiser during wartime. While the structural requirements for such a conversion were incorporated into Lusitanias design, gun mounts were added to the ships bow during an overhaul in 1913. To hide these from passengers, the mounts were covered with coils of heavy docking lines during voyages. With the outbreak of World War I in August 1914, Cunard was permitted to retain Lusitania in commercial service as the Royal Navy decided that large liners consumed too much coal and required crews too large to be effective raiders. Other Cunard ships were not as lucky as Mauritania and Aquitania were drafted into military service. Though it remained in passenger service, Lusitania underwent several wartime modifications including the addition of several additional compass platforms and cranes, as well as the painting black of its distinctive red funnels. In an effort to reduce costs, Lusitania began operating on a monthly sailing schedule and Boiler Room #4 was shut down. This latter move reduced the ships top speed to around 21 knots, which still made it the fastest liner operating in the Atlantic. It also allowed Lusitania to be ten knots faster than German u-boats. Sinking of Lusitania - Warnings: On February 4, 1915, the German government declared the seas around the British Isles to be a war zone and that beginning February 18, Allied ships in the area would be sunk without warning. As Lusitania was scheduled to reach Liverpool on March 6, the Admiralty provided Captain Daniel Dow with instructions on how to avoid submarines. With the liner approaching, two destroyers were dispatched to escort Lusitania into port. Unsure whether the approaching warships were British or German, Dow eluded them and reached Liverpool on his own. The following month, Lusitania departed for New York on April 17, with Captain William Thomas Turner in command. The commodore of the Cunard fleet, Turner was an experienced mariner and reached New York on the 24th. During this time, several concerned German-American citizens approached the German embassy in an effort to avoid controversy should the liner be attacked by a u-boat. Taking their concerns to heart, the embassy placed ads in fifty American newspapers on April 22 warning that neutral travelers aboard British-flagged vessels en route to the war zone sailed at their own risk. Usually printed next to Lusitanias sailing announcement, the German warning caused some agitation in the press and concern among the ships passengers. Citing that the ships speed made it nearly invulnerable to attack, Turner and his officers worked to calm those aboard. Sailing on May 1 as scheduled, Lusitania departed Pier 54 and began its return voyage. While the liner was crossing the Atlantic, U-20, commanded by Captain Lieutenant Walther Schwieger, was operating off the west and south coasts of Ireland. Between May 5 and 6, Schwieger sank three merchant vessels. Sinking of the Lusitania - Loss: His activity led the Admiralty, who was tracking his movements via intercepts, to issue submarine warnings for the south coast of Ireland. Turner twice received this message on May 6 and took several precautions including closing watertight doors, swinging out the lifeboats, doubling the lookouts, and blacking out the ship. Trusting the ships speed, he did not begin following a zi-zag course as recommended by the Admiralty. Upon receiving another warning around 11:00 AM on May 7, he turned northeast towards the coast, incorrectly believing that submarines would likely keep to the open sea. Possessing only three torpedoes and low on fuel, Schwieger had decided to return to base when a vessel was spotted around 1:00 PM. Diving, U-20 moved to investigate. Encountering fog, Turner slowed to 18 knots as the liner steered for Queenstown (Cosh), Ireland. As Lusitania crossed his bow, Schwieger opened fire at 2:10 PM. His torpedo hit the liner below the bridge on the starboard side. It was quickly followed by a second explosion in the starboard bow. While many theories have been put forward, the second was most likely caused by an internal steam explosion. Immediately sending an SOS, Turner tried steering the ship towards the coast with the goal of beaching it, but the steering failed to respond. Listing at 15 degrees, the engines pushed the ship forward, driving more water into the hull. Six minutes after the hit, the bow slipped under the water, which along with the increasingly list, severely hampered efforts to launch the lifeboats. As chaos swept the liners decks, many lifeboats were lost due to the ships speed or spilled their passengers as they were lowered. Around 2:28, eighteen minutes after the torpedo hit, Lusitania slipped beneath the waves approximately eight miles off the Old Head of Kinsale. Sinking of the Lusitania - Aftermath: The sinking claimed the lives of 1,198 of Lusitanias passengers and crew, with only 761 surviving. Among the dead were 128 American citizens. Immediately inciting international outrage, the sinking quickly turned public opinion against Germany and its allies. The German government attempted to justify the sinking by stating that Lusitania was classified as an auxiliary cruiser and was carrying military cargo. They were technically correct on both counts, as Lusitania was under orders to ram u-boats and its cargo included a shipment of bullets, 3-inch shells, and fuses. Outraged at the death of American citizens, many in the United States called for President Woodrow Wilson to declare war on Germany. While encouraged by the British, Wilson refused and urged restraint. Issuing three diplomatic notes in May, June, and July, Wilson affirmed the rights of US citizens to travel safely at sea and warned that future sinkings would be viewed as deliberately unfriendly. Following the sinking of the liner SS Arabic in August, American pressure bore fruit as the Germans offered an indemnity and issued orders prohibiting their commanders from surprise attacks on merchant vessels. That September, the Germans halted their campaign of unrestricted submarine warfare. Its resumption, along with other provocative acts such as the Zimmermann Telegram, would ultimately pull the United States into the conflict. Selected Sources PBS: Lost Liners - LusitaniaFirst World War: Sinking of the LusitaniaThe Lusitania

I need a reaction paper for an environmental science class of one page Essay

I need a reaction paper for an environmental science class of one page - Essay Example We are shelling out more cash to buy something our forefathers were inherently producing. The Green Revolution which allowed for the widespread use of pesticide only created a bigger dilemma as more and more of these chemicals became necessary to crop plants. The Chakrabarty case which allowed the patenting of genes for oil-eating microbes is nothing but added burden to farmers. The story of Percy Schmeiser who lost a case to Monsanto, a company which owns 11, 000 patents is appalling. It is basically saying that Monsanto owns something in Schmeiser’s property without his knowledge and he must therefore pay a fine because of the Roundup ready canola seeds. This poses a threat on agriculture in a worldwide perspective as these companies can now impose patent fines on anyone as long as genes they have patented can be seen on anyone’s backyard. This system is illogical and the government only makes it worst, much more even the judiciary is not of any help. This affects und erdeveloped countries as they are undercut by these regulatory rules and access to food becomes even more inaccessible. It is a machinery of industry fuelled by money-making.

Participation 2 Essay Example | Topics and Well Written Essays - 250 words

Participation 2 - Essay Example Outlines set the whole process and indicate whether the essay is complete or not. Outlines are a roadmap for the cohesive, constructive and concise progression of the topic (read thesis statement) that writer wants to stress upon. Freehand essay writing means doing a construction of a building just to break and alter it again and again realizing that it has not shaped as per the original idea. Outlines are clear reflections of writer’s idea. They draw a clear picture in the mind as to how one wants to progress with the given topic. Though ideas are in mind but outlines are laid down on a piece of paper. It is always easy and less exhausting to make changes on outlines in the beginning itself – before finishing on a draft of paper. When the essay emerges following precise and clear outlines, it is an indication that nothing is omitted in preparing the essay. That is a measure of its completeness and such essay is likely to create a lasting impact and inquisitiveness in t he minds of readers. Reference How to Write an Essay, online from http://www1.aucegypt.edu/academic/writers/ [Accessed on 6/25/2011]

Concept of Justice in Plato's Republic Essay Example | Topics and Well Written Essays - 1500 words

Concept of Justice in Plato's Republic - Essay Example This argument is presented to Socrates in an accusatory fashion, and with Thrasymachus’ replies to what Socrates seeks in clarification in support of his argument, it seems evident that Thrasymachus’ himself did not completely understand the depth of the position he just took. This becomes apparent when Socrates designs his retorts to explore the argument further, dedicating the rest of the Book I to seeking clarification of the argument Thrasymachus’ had just presented. Socrates aims to make it apparent that a concept of justice such as this must develop in a coherent fashion towards one final definition of justice presented by Thrasymachus’, but as the argument continues, it is seen that Thrasymachus’ himself is slightly skewed in his approach and ends up presenting more than one definition of justice, with both consistencies and inconsistencies between the two. Discussion between Thrasymachus, Socrates and Cleitophon Thrasymachus, who originally seemed like an avid listener, enters into the discussion of justice by interrupting Socrates in a seemingly demeaning manner at 336b, positioning himself first as an aggressive philosopher who was staunch in his understanding of the dialogue at hand, ready to move forward and express his displeasure with the same, â€Å"But when we paused †¦ he could no longer keep quiet; hunched up like a wild beast, he flung himself at us as if to tear us to pieces.† (336b). Moreover, he exclaims to the recipient, â€Å"What if I could show you another answer about justice besides all these and better than they are? What punishment do you think you would deserve to suffer?† (337d). Clearly, Thrasymachus is about to make a sweeping statement regarding the concept of justice. When Thrasymachus delivers his version of what he believes justice encompasses, â€Å"nothing other than the advantage of the stronger party† (338c), Socrates approaches the man with a determined outlo ok to seek clarification. In response to his appeal, Thrasymachus presents clarifying examples, describing at first instance the various systems of governance that permeate societies of modern age, specifically, tyranny, democracy, and aristocracy. In all three of these variants, governments seek to design laws that not only uplift their own desires but also make it unlawful to act against them, passing laws with a view to their own advantage (338e). Justice is then designed to be the responsibility of the government, who would pertinently seek to protect their own wishes before they protect anyone else’s, making it clear that in â€Å"every city, the same thing is just, the advantage of the established ruling body† (339a). Thus, Thrasymachus applies that a reasonable man would necessarily conclude that the advantage of the ruling elite becomes justice in the land that he governs. In doing so, he supplies us with the first interpretation of his sweeping ideology of jus tice, that it is what is to the advantage of the stronger party; the strongest of the land take charge, make their own laws, and in doing so, define what is just and what is not. It follows that a person who acts in compliance with the wishes of his government is definitely just. To the above utterance, Plato, speaking via his teacher Socrates, begins to identify possible loopholes. According to him, there is a distinct lack of adherence in Thrasymachus’

Marks and Spencer: Structure and Culture

Marks and Spencer: Structure and Culture 1. INTRODUCTION Marks Spencer is British institution. Opened in 1884, the company emerged as a major retailer of clothes, food, household items and financial services. By 1997, Marks Spencer was an international company with sales of over  £8 billion and very high net profit margins. However, the group experienced a shocking reversal in fortune at the turn of the 21st Century when its main customer base, women aged between 35 and 55 began to stop shopping at their stores. This posed a very serious threat to the companys survival and Marks Spencer thought hard and long about how to rectify the situation. It did so by introducing bold new moves changing its corporate culture and by strengthening existing systems and processes. By doing so, the company was able to regain its loyal customers and grow once again. Yet, the last few years have been challenging as the company was badly affected by the global economic crisis. This report outlines the changing structure and culture at Marks Spencers. It provides a comparison of the contributions of the key business functions to the organizational change. It also identifies the key stakeholders of the organization and the key issues of managing them. Finally, a SWOT analysis is done for Marks Spencer along with an assessment of its long term future prospects. 2. CHANGING CORPORATE CULTURE AND ORGANIZATIONAL STRUCTURE All organizations have their own cultures, which consist of the values and beliefs shared by its members which determine to a considerable degree how managers respond to problems and opportunities. But corporate culture can become static and excessively bureaucratic over time, even among successful organizations (Huff et al, 2009). An organizational culture is powerful because it automatically shapes the way members see their world. Any culture is deeply rooted in beliefs and values that members have internalized. When beliefs and values are held without challenge for a long period of time, they are even less likely to be questioned (Robbins and Judge, 2007). The norms rarely change to accommodate those who deviate from them. Inertia sets in and employees become stuck in a rut. Employees become resistant to change and are unwilling to do things differently because they involve inconvenience and uncertainty. This could ultimately destroy the company. Like most successful organizations, Marks Spencer was a victim of its own success. Its corporate culture because inflexible, rigid and resistant to change because it was felt that since the company was successful, there was no need to change. Deeply entrenched was a sense of employee entitlement regarding remuneration and working hours. However, when it became clear that the old culture was unable to cope with changing demands of the marketplace, the top management decided on a major revamp. As a result, employees became less resistant to change and began to embrace new ways of doing things. Employees were willing to work for longer hours if it meant better pay and they were less resistant to the fact that they might lose their jobs if the company performed poorly. They were also sent for learning and education programs to equip them with new skills sets so that they were better able to cope with changes in the working environment. All these efforts contributed to the change in corporate culture which is now more dynamic and flexible. A number of major changes were also made to the organizational structure. The formal chain of command was flattened to a certain extent and in doing so the company became more agile and responsive to changes in customer demand and taste. The regional management structure was simplified to delegate more responsibility to individual store managers to give them more autonomy. 3. CONTRIBUTIONS OF KEY BUSINESS FUNCTIONS TO ORGANIZATIONAL CHANGES 3.1 Finance The finance function plays a critical role at Marks Spencer in cutting costs and eliminating unnecessary expenditure. The entire value chain was examined to determine where and how costs could be trimmed. As a result, the company was able to reduce costs, provide better prices to the customers and improve its overall profitability. Ultimately, it is the shareholders who stand to gain the most from the initiatives made in terms of maximization of shareholder wealth. 3.2 Marketing To attract new customers and retain existing customers at Marks Spencer, the marketing function critically examined the cause of declining sales. The main cause negative customer perception of its main customer base women aged between 35 and 55 that the clothes sold at Marks Spencer were unfashionable and even dowdy. Therefore, the marketing function decided to split up the long-cherished St Michaels brand into a number of categories to cater for different customer needs. Consequently, the company launched three new product categories for women (www.marksandspencer.com, 2011). The first, the Perfect and Classic ranges were for basic purposes, for example jeans, sweaters and plain shirts. The second range, Autograph is for the more fashionable woman of a larger demographic group. The final range, per una, is targeted at the younger woman of ages 25 to 35 and is of average dress size. By segmenting its products for different markets, the company was able to regain most of the sales it lost. Different marketing campaigns are held for each range and this makes the companys products appear more attractive to customers. 3.3 Operations A number of critical changes were made to the companys operations. For one, the supply chain was made leaner and in doing so, the company made substantial savings. Fewer suppliers were used and this facilitated transparency and response time. The lead time was reduced and the company placed a greater emphasis on timeliness and quality. These contribute to leaner operations which lead to higher profits. 3.4 Human Resource This function is critical to the successful implementation of a strategy. The HRM function at Marks Spencer played an important role in changing employee mindset and modifying the corporate culture to be more attuned to the changes that need to occur (Hitt et al, 2004). As a result, employees were more receptive to change and aware of the sacrifices they need to make. 4. KEY STAKEHOLDERS The key stakeholders of Marks Spencer are shareholders, management, employees and customers. The following diagram shows their relative importance and power: Power of Stakeholders Meet Their Needs Key Player B, C A D Least Important Show Consideration Interest Key: A Shareholders B Management C Customers D Employees 5. MANAGING KEY STAKEHOLDERS Shareholders would like to maximize their wealth. Share maximization is through share price appreciation and dividends (Aaker, 1996). Therefore, satisfying this group would require increasing profits and the company profile. Management is concerned about maintaining control over operations. Their goals are sometimes similar to that of shareholders but in some cases they differ (Daniels et al, 2007). Hence, there is the agency problem. The employees at Marks Spencer are most concerned about job security and work conditions. Ideally, they would like jobs that pay well and have good hours. However, this may be incompatible with the goal of wealth maximization of shareholders as employee benefits will erode profits. Similarly, if employees are unionized, they may cause problems to management and reduce its influence. Hence, management must strike a balance between making employees and shareholders happy. Customers are concerned about satisfying their needs and wants. Managing them effectively would require Marks Spencer to improve its product offering to make satisfied customers who make repeat purchases. 6. SWOT ANALYSIS 6.1 (S)trengths Excellent control system for suppliers, inventory and layout of stores. Very high quality products Efficient and modern production techniques Good understanding of its core customer base. 6.2 (W)eaknesses Generic clothing that is often perceived as unfashionable An image of being boring 6.3 (O)pportunities Global expansion Utilizing more overseas suppliers to achieve cost advantage Maximize use of existing technology to obtain competitive advantage 6.4 (T)hreats Competition with premium quality clothing manufacturers Competition with discount stores Economic downturn 7. FUTURE PROSPECTS Marks Spencer is facing a very difficult time. After its successful business turnaround, it is once again facing problems due to the recession. Indeed the next few years may be a very difficult time for the company. Not only is it facing competition from high end retailers but discount stores as well. Meanwhile, the middle class is shrinking and if the company does not take bold steps, it may collapse. To succeed, the company must grow its market share by penetrating new markets or new product lines. 8. CONCLUSION Marks Spencer is a company with a long history of success. To overcome its current difficulties, it must draw on its strengths, overcome its weaknesses and revamp its strategy to stay relevant and competitive.

Evolution and Ambiguous Communication Essay -- Biology Essays Research

Throughout the debate concerning evolution, I have noted the relative precision or imprecision of various methods of human communication. From the connotations of particular words to the emotion incited by a distinct music phrase, it is often surprising which human forms of expression are ambiguous and which seem to be universal. When considering this phenomenon, it is perhaps useful to construct a method for discussing the relative accuracy of communicating exactly what we mean when we use various ways to say it. From an evolutionary standpoint, it is relevant to our discussion to ask whether meaning(thought) pushed language into existence, or whether it was language that originated meaning. If the first is true, then mediums such as art and music are truly a product of our desire to communicate meaning in a direct sense. The meaning to be communicated first forms itself in the creator's head in some wordless nebula, and then consequently find release directly onto the painter's canvas, or the musical phrase. Hence, once the creation is added to the realm of world attention, and observers begin to interact with the creation, the meaning of the piece will undergo another translation into words as observers start to describe and recount their interaction. Only after the original meaning has traveled from the artist's mind, into a creation, and into the observer's mind, will it have it's first confrontation with language. However, if language itself created meaning, then we must understand art to be an interpretation of spoken or unspoken language; a second generation product of the human desire to communicate with self or others. This is the viewpoint endorsed by Dennett in Darwin's Dangerous Idea, as he states: "the 'lang... ... that "the idea of the original is created by the copies, and that the original is always deferred – never to be grasped." (Culler 12). This theory can be (and was originally) applied to one of the modes of human communication that is considered to be among the most precise – written language. But does this theory mean that we as humans have no hope of ever communicating exactly what it is we mean to another? Perhaps there is no hope of this, and that is why, in some more ambiguous forms of our communication, we have ceased to hope for it and admitted defeat on that front: but in doing so, we found a new realm of significance in the variety of interpretation. Works Cited 1)Culler, Jonathan. Literary Theory: A Very Short Introduction. Oxford University Press. New York, NY, 1997. 2)Dennett, Daniel C. Darwin's Dangerous Idea. Touchstone: New York, NY, 1995.

HBS. Tristar

Rainbow Products and the paint-mixing machine A) The paint-mixing machine cost 35. 000 dollars, which is the initial cash outflow. The machine will generate additional cash inflows of 5. 000 dollars for the next 1 5 years. With cost of capital of 12% the Net Present value can be calculated using the NP formula in Excel: NP= – 945. 68 Data Description Rate $0. 12 935,000. 00 Investment $5,000. 00 scofflaws at the end of year $34,054. 32 NP $-945. 68Note that because the cash inflow is constantly reoccurring and occurs for a set period of time the Present value could also be calculated as an Annuity and then added to the initial cash outflow. Doing this calculation, one would expect the result to be the same. Internal Rate of Return, AIR, is the return on the investment when NP is zero. AIR can also be calculated using Excel: Because AIR is less than the cost of capital (12%) and the NP is negative, both methods suggest that undertaking the investment would destroy shareholders value, hush the investment should not be undertaken.The simple Payback period is when the initial investment is recovered, this will occur at the end of year 7, thus the payback period is 8 years. B) For an additional 500 dollars the machine can get service each year to â€Å"as-good-as- new' and the value of the investment can thus be calculated as a perpetuity. A Perpetuity is calculated as: Thus, NP = -35,000 + 37,500 = 2500 NP is positive with the service contract, so Rainbow Products should undertake the investment, as it will increase shareholder value.C) Rainbows engineers have another way of preserving and increasing the capability of the machine, which allows the annual scofflaws to increase by 4%, this requires reinvesting 20% of the annual scofflaws. The Present Value of an end-of-year perpetuity is calculated as: Thus, the NP = -35,000 + 50,000 = 15,000 As the NP of the investment in the machine with engineers added work is 12,500 dollars more than the NP of the investm ent in the machine with â€Å"as-good-as-new contract.

Lbo Model

Leveraged Buyout Model (LBO) Copyright 2009 Investment Banking Institute www. ibtraining. com Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 2 Uses for an LBO Model on the Buy-SideA Leveraged Buyout Model (â€Å"LBO Model†) is a key analysis used by private equity firms / financial sponsors to evaluate a potential acquisition The goal of an LBO is to acquire a company by financing the purchase with as much debt as the cash flows of the business and the debt markets will support The more debt a financial sponsor is able to obtain to finance an acquisition, the less of an equity investment the financial sponsor has to make The higher the leverage levels, the higher the expected Internal Rate of Return (â€Å"IRR†) is for the financial sponsor / private equity firm The goal of an LBO model is to establish expected internal rates of return (â€Å"IRR†) for the acquisition using a financial model that reflects the following: Purchase price assumptions and the necessary cash needed to finance the acquisition (uses of cash) Capitalization assumptions: leverage (amount of debt), different debt tranches, equity investment amounts (sources of cash) Base case financial projections for the income statement, balance sheet and cash flow based upon the purchase price and capitalization assumptions The LBO model should be built with the ability to run sensitivities for a range of purchase prices, capitalization structures, operating assumptions, etc. 3 Uses for an LBO Model on the Buy-Side Private Equity Firms / Financial Sponsors usually have a requ ired rate of return hurdle f the expected IRR range for a potential acquisition does not meet or exceed the hurdle rate, often the PE firm / financial sponsor does not move forward with the acquisition PE firms required rates of return usually range from 15% on the low-side to 30% on the high-side, with the typical range targeted at 18% – 25% The IRR analysis is strongly driven by the amount of leverage With higher leverage levels, the financial sponsor has to invest less equity, and therefore has a higher IRR Therefore, often the goal is to leverage up the Company as much as the cash flow of the business and the debt markets will permit More leverage makes the business inherently riskier, as more of the cash flows generated by the business will be used to pay interest expense and debt serviceThe amount of leverage is largely determined by the state of the debt markets 4 Uses for an LBO Model on the Buy-Side The amount of leverage is largely determined by the state of the deb t markets For the last several years, the debt markets have been experiencing excess liquidity Because of the excess liquidity, lenders have been allowing higher leverage levels Depending on the industry and business, transactions over the last several years have been leveraged at between 4. 0x – 6. 0x recent EBITDA These higher leverage levels allow the financial sponsor to pay more for the company and still attain its required IRR The leverage level of 4. 0x – 6. x recent EBITDA is comprised of some combination of senior secured loans and junior loans (second lien, third lien, unsecured loan, hybrid debt / equity securities) Lenders may require the financial sponsor to have a minimum equity investment as % of total capitalization Minimum equity contribution is typically around 20% – 25%, depending on industry and purchase price 5 Uses for an LBO Model on the Buy-Side The LBO Model is also used for the Lenders’ perspectives Lenders like to see expected l everage and coverage ratios based upon the Company’s projected income statement, balance sheet, cash flow, and capitalization Typical ratios that lenders like to see are: Leverage RatiosTotal Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 6 Uses for an LBO Model on the Sell-Side Investment Bankers often construct LBO models to: Provide this service to a financial sponsor client that is interested in pursuing an acquisitionProvide this service to a Company client where the co mpany is being sold – Illustrates the range of purchase prices financial buyers could pay and still attain their required IRR – Uses the current debt markets conditions as assumptions for the capitalization As a â€Å"gut-check† for other valuation methodologies (DCF, Public comparable company multiples, acquisition multiples) 7 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial ModelIncome Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 8 Construction of LBO Model Structure and Assumptions Worksheet Build upon the Financial Model template, and modify accordingly Add a worksheet for the LBO Model Structure and Assumptio ns The LBO Assumptions tab will have drivers for Purchase price assumptions Uses: Cash required to acquire the company and pay associated fees Sources: Cash available to acquire the company (debt, equity) USES = SOURCES Capitalization assumptions IRR Analyses 9 Purchase Price Calculation and ConsiderationsThe determination of the purchase price is complicated and typically involves a full-scale valuation (DCF, public company multiples and transaction multiples) as well as extensive due diligence on Company’s operations, financial condition, management team, customers, suppliers, assets, etc. If the Company has publicly traded equity, then typically a purchase price would be calculated much as TEV is calculated: (Offer price per share * fully diluted shares) + debt + minority interest + preferred interest – cash For the purposes of this model, we are assuming the LBO of a private company, and therefore using the most recent 12 month EBITDA and EBITDA multiple as the dri vers of purchase price Purchase price = EBITDA * EBITDA multiple We are assuming the transaction closes on December 31, 2008 LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0xTransaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 10 Sources and Uses Total Uses is the amount of cash necessary to complete the transaction Usually equals the purchase price plus transaction fees and any other cash payment required as part of the transaction – For the LBO of a publicly traded company, purchase price is calculated as (offer price per share * shares outstanding ) + debt + minority interest + preferred equity – cash, and cash on target’s balance sheet is used as a source Other required cash payments could be payments to certain parties that kick-in with a change of control (e. g. anagement payments, premiums to outstanding notes, etc. ) Total Sources illustrates the sources of capital to complete the transaction Usually equals debt + equity + any other cash available Total Uses = Total Sources LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0x Transaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 TOTAL USES Uses Equity Purchase Price Paydown Existing Debt Financing Fees Investment Banking Fees Legal Fees Other Fees and Expenses $169. 2 $190. 8 8. 0 4. 0 1. 0 1. 0 Total Uses $374. 0 TOTAL SOURCES Amount EBITDA of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 270. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources 11 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 1 0. 0% % of Fully Diluted Equity na na na 5. 0% Capital Structure Alternatives The Total Sources Side is comprised of the capitalization assumptions The financial sponsor typically wants to leverage the transaction as much as the business’s cash flow and the lenders will allowDepending on the conditions of the debt markets and lenders’ requirements, financial sponsors would typically provide approximately 20% – 30% of the capitalization as an equity investment The debt is comprised of different securities usually provided by different lenders Revolver / Term loan (senior secured loans) are usually provided by typical commercial banks such as Citigroup, JPMorganChase, GE Commercial Finance, etc. , and have lower interest rates Junior loans such as second and third lien pieces and unsecured loans can be provided by public markets (high yield issue) and private placements (hedge funds, junior loan providers, investment bank providing balance sheet financing, etc. )O ften, the most junior piece on the capital structure will have equity warrants attached; the most junior lender will require a much higher rate of return than the more senior lenders The financial sponsors want to attain as much of the lower-priced debt as possible; in this example, we have assumed that total senior leverage (revolver + term loan) = 2. 0x EBITDA The example shows a 4. 5x EBITDA leverage ratio, and 1. 7x EBITDA equity ratio (LTM EBITDA is $60 million in this case) Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources TOTAL SOURCES Amount EBITDA % of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 70. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% 12 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Creation of Proforma Balance Sheet Proforma Balance Sheet ($ in millions) Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets Historical Dec. 31 2008 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 Financing/ Transaction Adjustments $0. 0 0. 0 0. 0 0. 0 $0. 0 Proforma Dec. 31 2008 $0. 0 16. 0 10. 0 1. 0 $27. 0 Gross PP&E Cumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $0. 0 0. 0 $0. 0 $323. 2 45. 0 $278. 2 Amortizable Intangibles GoodwillTotal Assets $0. 0 5. 0 $310. 2 $8. 0 65. 2 $73. 2 $8. 0 70. 2 $383. 4 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $0. 0 0. 0 0. 0 $0. 0 $11. 0 $2. 4 0. 0 $13. 4 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 New Debt Revolving Credit Facility Term Loan Second Lien Unsecured Debt $0. 0 0. 0 0. 0 0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $0. 0 $120. 0 $90. 0 $60. 0 Other Liabilities Total Liabilities $2. 0 $206. 2 $0. 0 $79. 2 $2. 0 $285. 4 Shareholders Equity Re tained Earnings Common Stock Total Shareholders Equity $94. 0 10. 0 $104. ($100. 0) $94. 0 ($6. 0) Total Liabilities and Equity Check $310. 2 $0. 0 $73. 2 $0. 0 ($40. 8) ($100. 0) ($50. 0) $0. 0 $0. 0 $0. 0 ($6. 0) 104. 0 $98. 0 $383. 4 $0. 0 13 Creating a proforma balance sheet on a new worksheet allows for the integration of the new capital structure / sources into the existing financial model In the purchase of a private company, the seller typically sweeps all of the cash on the balance sheet at closing In the LBO of a publicly traded company, cash would not typically be swept as it is part of the offer price per share There may be a writeup or writedown of the value of the AR, Inventory and PP&E; this has an mpact on the tax basis All financing fees incurred in the transaction can still be capitalized and amortized The Goodwill is Purchase Price + M&A Fees – New Debt – Old Book Value of Equity; this amount can no longer be amortized In the purchase of a public com pany, goodwill is calculated as equity value of purchase – book value of equity The buyer typically assumes all of the normalcourse short term liabilities The â€Å"old debt† is eliminated (as the seller typically uses proceeds from the sale to pay all existing debt) In the purchase of a public company, often the existing debt of the acquired company remains outstanding, and is â€Å"assumed† by the acquirerThe â€Å"new debt† is fed from the Total Sources cells Shareholders’ Equity may require a plug to allow for the Total Assets to equal Total Liabilities + Shareholders’ Equity Creation of Proforma Balance Sheet ($ in millions) PROJECTED FINANCIAL STATEMENTS Fiscal Year Ending December 31, 2009P 2010P 2011P 2012P 2013P 2008A Pro Forma 2008P Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $17. 5 $10. 5 $1. 0 $29. 0 $0. 0 $18. 4 $11. 0 $1. 0 $30. 4 $1. 9 $19. 3 $11. 6 $1. 0 $33. 8 $7. 5 $20. 3 $12. 2 $1. 0 $40. 9 $0. 0 $21. 3 $12. 8 $1. 0 $35. 0 Gross PP&ECumulative Depreciation Net PP&E $323. 2 $45. 0 $278. 2 $323. 2 $45. 0 $278. 2 $337. 9 $51. 8 $286. 1 $353. 3 $58. 8 $294. 5 $369. 5 $66. 2 $303. 3 $386. 6 $73. 9 $312. 6 $404. 4 $82. 0 $322. 4 Amortizable Intangibles Goodwill Total Assets $0. 0 $5. 0 $310. 2 $8. 0 $70. 2 $383. 4 $6. 4 $70. 2 $391. 7 $4. 8 $70. 2 $399. 9 $3. 2 $70. 2 $410. 5 $1. 6 $70. 2 $425. 4 $0. 0 $70. 2 $427. 6 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $11. 0 $2. 4 $0. 0 $13. 4 $11. 7 $2. 5 $1. 0 $15. 2 $12. 3 $2. 6 $1. 0 $15. 9 $12. 9 $2. 8 $1. 0 $16. 6 $13. 5 $2. 9 $1. 0 $17. 4 $14. 2 $3. 1 1. 0 $18. 2 Existing Debt: Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0 . 0 New Debt Revolving Credit Facility Term Loan Senior Bonds Unsecured Debt $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $1. 5 $100. 0 $90. 0 $66. 0 $1. 0 $80. 0 $90. 0 $72. 6 $0. 0 $60. 0 $90. 0 $79. 9 $0. 0 $40. 0 $90. 0 $87. 8 $3. 8 $0. 0 $90. 0 $96. 6 Other Liabilities Total Liabilities $2. 0 $206. 2 $2. 0 $285. 4 $2. 0 $274. 7 $2. 0 $261. 5 $2. 0 $248. 5 $2. 0 $237. 3 $2. 0 $210. 7 Shareholders Equity Retained Earnings Common StockTotal Shareholders Equity $94. 0 $10. 0 $104. 0 ($6. 0) $104. 0 $98. 0 $13. 1 $104. 0 $117. 1 $34. 4 $104. 0 $138. 4 $58. 0 $104. 0 $162. 0 $84. 1 $104. 0 $188. 1 $112. 9 $104. 0 $216. 9 Total Liabilities and Equity Check $310. 2 $0. 0 $383. 4 $0. 0 $391. 7 $0. 0 $399. 9 $0. 0 $410. 5 $0. 0 $425. 4 $0. 0 $427. 6 $0. 0 14 The Proforma Balance Sheet is then fed into the existing model’s balance sheet, and integrated appropriately into the cash flow and income statement We are assuming the transaction occurs on Dec. 31, 2008 Be careful whe n you are integrating to NOT CHANGE the income statement, balance sheet and cash flow statement for the period right efore the transaction date The income statement and cash flows for 2008 will not change because of the acquisition (as it occurs on Dec. 31, 2008, after the 2008 period has ended) Only the 2009 and onward income statement and cash flows will reflect the impact of the new capital structure / balance sheet Income Statement, Balance Sheet and Cash Flow Projections Integration The remainder of the projection model is completed as we discussed in the last class Construction of a debt and interest schedule and revolver model allows the integration of the income statement, balance sheet and cash flow projections Be careful to make sure that the cash flow for the period irectly following the transaction closing is being calculated as the changes in the proforma balance sheet and that period directly following the transaction 15 Table of Contents I. Uses for An LBO Model on Se ll-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 16 IRR Analysis for Financial SponsorsThe financial sponsor’s IRR analysis accounts for all cash flows coming from the financial sponsor for or to the Company, as well as all cash flows from the Company to the financial sponsor during the period from closing the acquisition to the sale of the company (other than management fees) Often, the company pays the financial sponsor â€Å"management fees† in exchange for the financial sponsor’s ongoing support, management and advice provided to the management team as well as covering the financial sponsor’s d irect expenses and overhead allocation Management fees are expensed as an SG&A expense on the company’s income statement and range greatly, depending on company’s sizeTypically financial sponsors do not include the payment of management fees in the IRR analysis 17 IRR Analysis for Financial Sponsors Amounts that the financial sponsor pays for or to the company are counted as cash outflows; examples include Initial equity investment Any additional equity investments made into the company during the holding period Any amount received by the financial sponsor from or by the company are counted as cash inflows (other than management fees); examples include: Proceeds from sale of the company Common or preferred dividends paid to financial sponsor Proceeds from a recapitalization 18 IRR Analysis for Financial SponsorsCalculate the sale of the business, assuming it is sold on December 31, 2013 Use the 2013 projected EBITDA, and the same EBITDA multiple assumption used for the purchase of the Company in 2008 Calculate the proceeds to the financial sponsor, taking into account any equity dilution that may result from warrants, management stock plan, transaction fees, etc. SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance $76. 6 6. 0x $459. 5 (190. 5) 0. 0 Less: Transaction Fees (1) Equity Value % Equity to Sponsor Equity to Sponsor (6. 6) $262. 4 95. 0% $249. 3 % Equity to Unsecured Lender Equity to Unsecured Lender 5. 0% 13. 1 (1) Assumes 1% of Purchase Price for Investment Banking Fees, plus $2 million in legal and other expenses. 19 IRR Analysis for Financial Sponsors The following table illustrates the categories to calculate the IRR to the financial sponsor Any cash flow from the financial sponsor for or to the company is negative Any cash flow from or for the company to the financial sponsor is positive In general there is no closed-form solution for IRR, particularly w ith variable cash flows for each year; however, excel can easily calculate the IRR using the following formula: = IRR (total cash flows over period, estimated IRR) From Total Sources tableSALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance Less: Transaction Fees Equity Value % Equity to Sponsor Equity to Sponsor $76. 6 6. 0x $459. 5 (190. 5) 0. 0 (1) % Equity to Unsecured Lender Equity to Unsecured Lender IRR to Financial Sponsor Initial Equity Investment Dividends Proceeds at Sale Total Cash Flows to Sponsor IRR Calculation 12/31/08 ($104. 0) 0. 0 0. 0 ($104. 0) 19. 1% 12/31/09 $0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 $0. 0 12/31/12 $0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 249. 3 $249. 3 (6. 6) $262. 4 95. 0% $249. 3 5. 0% $13. 1IRR = IRR (Total Cash flows to sponsor 2009 – 2013, estimated IRR) 20 IRR for Hybrid Securities Holder The following table illustrate s the categories to calculate the IRR to the Unsecured Lender Recall from the sources and uses, that the unsecured lender loaned an amount of $60 million at a 10% PIK interest rate, with equity warrants equal to 5% of the fully-diluted equity of the company upon a sale Any cash flow from the lender to the company is negative (initial loan) Any cash flow from the company to the lender is positive (includes any cash interest received during the period, the payment of the principal balance plus any accrued interest at maturity, and equity to the unsecured lender at a sale)In certain cases, the exercise of the warrants would require the payment by the warrant holders to the Company of an exercise price; the proceeds from the warrant exercise would be a source of cash for the seller This is very transaction-specific and would be extensively negotiated in the agreement between the company and the lenders From Total Sources table IRR to Unsecured Lender Initial Loan Cash Interest Received Principal Repayment at Sale Equity from Warrants at Sale Total Cash Flows to Lender IRR Calculation From Debt and Interest Schedule – Cash Interest only 12/31/08 ($60. 0) 0. 0 0. 0 0. 0 ($60. 0) 12. 8% 12/31/09 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/12 0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 96. 6 13. 1 $109. 8 From Balance Sheet IRR = IRR (Total Cash flows to lender 2006 – 2010, estimated IRR) 21 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 22 Sensitivities on Financial ModelRunning sensit ivities on your LBO assumptions is a good check to make sure the model is running properly as well as being able to show how a change in one variable will impact the whole model Sensitivity tables illustrate the impact on the model for a range of variable changes, and this LBO model has the flexibility to run sensitivities on the LBO assumptions (purchase price, capital structure, etc. ) and the business’s operations (growth rates, margins, etc) to see the impact on the expected IRRs of the financial sponsor and unsecured lender Setting up a sensitivity table: Input a range of variables on the x-axis of the chart Input a second range of variables on the y-axis of the chart link the intersection cell on the left hand corner of the chart to the cell that has the proper formula Highlight the data sensitivity tableGo to â€Å"Data† toolbar, select â€Å"Table†; a box pops up that has Row Input Cell and Column Input Cell – – For Row Input Cell, click on the cell that has the driver / assumption input for the x axis variable For the Column Input Cell, click on the cell that has the driver / assumption input for the y axis variable 23 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III.IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 24 Credit Ratios In determining how much money to lend to companies / financial sponsors for an acquisition, lenders analyze the amount of coverage they will have on their loans Lenders typically look at the following projected credit ratios, based on the base case scenarios, and then will run stress tests on the model to look at the impact on these r atios in the event the company takes a turn for the worse Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense 4. 1x 4. 1x 3. 0x 2. 8x 3. 7x 3. 7x 3. 7x 2. 6x 3. 0x 4. 3x 3. x 3. 3x 2. 2x 3. 3x 5. 0x 3. 0x 2. 9x 1. 8x 3. 6x 5. 9x 2. 5x 2. 5x 1. 2x 4. 1x 7. 5x Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 2. 8x 3. 7x 2. 1x 2. 9x 2. 1x 2. 9x 1. 6x 2. 1x 3. 0x 4. 3x 2. 3x 3. 3x 2. 3x 3. 3x 1. 7x 2. 4x 3. 3x 5. 0x 2. 5x 3. 8x 2. 6x 3. 9x 1. 8x 2. 8x 3. 6x 5. 9x 2. 8x 4. 5x 2. 8x 4. 6x 2. 0x 3. 2x 4. 1x 7. 5x 3. x 5 . 8x 3. 2x 5. 8x 2. 1x 4. 0x 25 Build an LBO Model from Scratch Build an LBO Model for Company B, using the historic financial statements (available electronically) Use the assumptions you feel are appropriate for projecting the Income Statement, balance sheet, and cash flow Use the following assumptions for the acquisition and financing: Acquisition – Closing date is December 31, 2008 – Purchase price is 7. 0x 2008 EBITDA Multiple Uses – Financing Fees are equal to 3% of purchase price – Investment banking fees are equal to 1% of purchase price – Legal fees are equal to $1 million – Other fees and expenses are equal to $1 million Sources Equity must equal 20% of total uses / sources – Revolver availability is $20 million, with total amount funded equal to 75% of Inventory and 65% of Accounts Receivable at a 5% cash pay interest rate – Term Loan is equal to 2. 5x 2008 EBITDA, to be amortized over 7 years, at a 5% cash pay inter est rate – Second Lien debt is equal to 1. 5x 2008 EBITDA, with a 10% cash pay interest rate – Unsecured Notes with Warrants fill the balance of the capital structure; 10% PIK rate with warrants equal to 15% of fully diluted equity upon sale of company Annual management fees to financial sponsor of $1 mm starting in 2007 Amortize fees over 5 year periodSale of Business in 2012 – Sold at 7. 0x 2012 multiple – Transaction fee equal to 1% of purchase price for investment banking fees plus $2 million in legal and other expenses Calculate the IRR to the financial sponsor Calculate the IRR to the unsecured lender with warrants Calculate sensitivity tables for the following: – IRR to financial sponsor for range of multiples paid and equity investment as % of total capital – IRR to unsecured lender for range of multiples paid and equity investment as % of total capital – Maximum revolver drawn for range of multiples paid and equity investment as % of total capital Add summary and credit ratios tables 26