Digital Forensic Incident Response Research Paper

Digital Forensic Incident Response - Research Paper Example eader with a more detailed understanding the way in which an IT firm could seek to abide by the instructions and determinants of the job at hand; all the while protecting themselves from further legal entanglement and seeking to provide a high quality output so that the case in question can be determined based upon its own merits and not biased by any degree of overlooked or misinformed information gathering. Essentially, the approach that will be utilized as a means of gaining the affected information will be twofold. The first will be contingent upon engaging with mobile phone providers and email providers as a function of retaining the information in question, within the date range in question, and between the people in question. The second will be contingent upon a more high tech approach in which individual laptops, company computers, and mobile phones will be subpoenaed by the court for further analysis by the IT firm. In this way a level of double certainty can be provided tha t any and all communication between interested individuals can be represented. In tandem with the low-tech approach that has been stipulated, the majority of data analysis and retrieval will not be conducted by the IT firm itself; instead, this information will be provided to the IT firm by mobile phone providers and email providers related to the case in question. Essentially, once a verifiable war it has been presented to the stakeholders, the information will need to be categorized and represented based upon the timeframe that the case is specifically interested in. Although this is a fairly simple aspect of the process that is being defined within this analysis, it is absolutely essential to ensure that further litigation against the IT firm does not take place. This is due to the fact that the court has only appointed a specific range and time for these email and text message conversations to be analyzed. Specifically, the court has indicated that text messages and emails

Family and Doctor Essay Example for Free

Family and Doctor Essay Before I go with the topic to express â€Å"Why I want to be a part of Yashoda’s Young Doctor’s Camp†. I like to tell a small incident that had changed my goal and the way I really got admired. The incident took place when I was studying in class 6. I was suffering with high fever, and then usually my parents took me to the nearby doctor. This was the time when my brain was concentrating seriously, I observed that all the patients were keen to meet the doctor and express their disarray. They relied on the doctor totally which was easily understood by their smiling faces after consulting the doctor. They also believed that he was the only one who can cure their disarray. This made me to think that the profession of a doctor has a high position in the society and he is the one who will be trusted forever. Then I have decided to have my goal to become a doctor. I started to work hard from that moment towards my goal. Even I used to have a feeling in my mind that I can really do my best to prove myself. From then I started to work hard in the field of science . This showed me immense results . I was able to maintain a huge patience in my all works. And even I started to analyze what should be maintained to have a good health. Being a doctor is really tough and it will need huge patience and hard work. I want to relate to another incident that took place in my life when I was 2 years old. Don’t be shocked that how I can remember what happened when I was two years old it is not magic, but my father revealed it to me. I used to live with my grandparents those days. I was suffering with heavy motions those days. My grandfather was cautious about the viral infections and took me to the hospital for treatment. The doctor gave me a medicine named with ‘G’. My grandpa gave the prescription to the pharmaceutical shop person. H e gave the medicine to my grandpa and it was given to me. But, the results after using the medicine were different; my disarray was not cured for even after some days. This made my grandpa to check the medicine he found that a single letter ‘I’ was misplaced with a letter ‘r’. This incident when my father was saying I was amazed to know that a single letter plays a vital role. I learnt that a doctor should be always aware about his actions and I started to think before once before I do anything. This will make me to take good decisions. But I think this will not be the trait of the real doctor’s as they are really very much experienced in their profession. This made me also realize that to become a good doctor we should be experienced in the profession. So I think by now you might have made a picture what kind of girl I am. I possess patience, I believe in truth; I will take the responsibility for my action’s and I will believe in the word â€Å"trust†. And I believe that being a doctor is like giving a commitment to serve for the society. So, before I go on with expressing my curriculum performance, I have to say a few lines on Yashoda Hospitals. They were really awesome and the doctor’s are really friendly and caring. You can ask me how I can say this feedback. I have an original experience with Yashoda hospitals. W hen my uncle had an accident in the industry almost his hand fingers were crashed. When we immediately rushed to the nearby hospitals they said that the whole hand should be removed. The pain felt by my aunt when she heard this was still in my heart. Then my father had a thought with him to take to the Yashoda hospital will be a good way. Only a single second after his words, we rushed to the Yashoda hospital. We observed that the crews of Yashoda Hospital were really caring towards the patients. Then we met the doctor and he said that no problem to the hand it will be cured with an operation. This stunned me that there are different kinds of treatments going on. And this even made me clear that Yashoda hospital doctors are the ones with immense character and also they believe in the proper treatment. And I forgot to mention that I take care of the animals suffering with hunger as instructed by my biology teacher to take care of the poor ones by giving them food. This was one of the reasons why I rushed to my teacher when she said I am eligible for a camp with Yashoda hospital doctors. And then coming to my curriculum I am good at Physics, Chemistry and Biology. I even do my bit good to get higher grade in maths. Coming to the languages I know I can speak in Telugu, English and a bit of Hindi. I am helpful and friendly with my friends. I will respect the elders. And I am always ready to learn anything. I have high confidence in myself. I will concentrate in my studies to show good performance through my higher grades. I even take almost everything serious except a fight with my sister. I will read books a lot. I will usually gather good science facts and the collection of things which I felt amazed will be with me always. I don’t get irritated fast. I will even take good exercise and balanced diet to keep my body fit. I will also gather the up to date information about the new techniques in the treatment of patients. I am lso a bit patriotic because I feel that doing something to the mother land is really a great job. This was one of the main reason why I chose to be a doctor because I can serve my country. I believe in the principles of Abdul kalam and Mother Teresa. I would also state one of the main aspects of mine which my mom says wrong, but I feel it is right; the query is that I usually work hard by sitting to study at least for 5 hours a day. But my mom says you should study even hard, but I believe in studying with concentration and practical experiences rather sitting like a book worm. I believe the fact that if you love your work you will excel in it. I think these are the qualities I posses and it is up to you whether you select me. I want to experience originally how a doctor behaves and correct myself if am doing a mistake now itself so that I can excel in my profession better in the next coming years. I believe that these are the traits that are of a doctor. If I missed anything, I will learn it through Yashoda hospital doctors in the camp. I hope that I will get selected for this camp, and I believe that one day I will surely be a good doctor.

Print vs. Preaching in the Spread of Protestant Ideas Essay -- Religio

When considering the spread of Protestantism, it is essential to look at the role of printing and preaching. First, looking at printing, there is definitely a correlation between the rise of print and Protestantism, however print was only a substantial industry in countries like Germany, France and Italy, and even there, printed materials were only accessible to a literate minority. Second, the role of preaching must be considered, in spite of accusations by historians such as Susan Karant-Nunn, that it didn’t have a clear message and developed incoherently, this essay will argue that preaching via sermons and focusing on scripture was still as effective as pre-reformation sermons, as Luther and Calvin were very good orators. In addition, preaching was not just confined to the pulpit, oral communication among the general public, and the memorisation and recitation of catechism (the summary of the principles of Christian religion in the form of questions and answers, used for r eligious instruction ) also helped to spread the Protestant ideas. A key factor when looking at the spread of Protestantism is the use of printing during this period. Luther, shortly after his Ninety-Five Theses (1517), during the 1520s, used pamphlets to spread his message and ideas around . It is clear by using the printing press Protestant ideas could be spread to a wider group of people from within Germany, to the rest of Europe and this â€Å"created a new reading public, who seized eagerly on the reformers’ ideas to form a large-scale ‘public opinion’† .There were also further implications as Andrew Pettegree and Matthew Hall point out â€Å"[the printed book] was absolutely paramount in first creating public interest in the controversies surrounding Luther, the... ...6) pp. 19-20. Pettegree and Hall p.801. Ibid 804. Pettegree p.11. Scribner and Dixon pp. 19-20. Ibid p.18. Pettegree p.17 and p.23. Ibid p.19. Ibid p.20. Pettegree and Hall p.796. Gerald Strauss., 'Lutheranism and literacy: a reassessment' in Religion and society in early modern Europe 1500-1800, ed. By K. Von Greyerz (London: German Historical Institute, 1984), 109-123 (p.115). Ibid pp.10-11. Ibid p.10 Ibid p.117. Ibid p.114 Pettegree p.18. Ibid p.19. Martin Luther, 'On the Babylonish Captivity of the Church', (1520), in Culture and belief in Europe, 1450-1600 : an anthology of sources eds. by David Englander, et al. (Oxford, UK ; Cambridge, Mass., USA: Blackwell in association with the Open University, 1990) pp. 177-180 (p.180). Scribner and Dixon p.20. Pettegree, p.24. Ibid p.23. Ibid p.23-24.

Summary of Project Feasibility

Summary of Project Feasibility Assessing the feasibility of Expanding Services (Revenue Increase), Frequent Shopper Program (Revenue Increase), and Increasing Efficiency enhancements are important for Kudler Fine Foods that will determine the success for the project. A â€Å"feasibility study focuses on helping answer the essential question of should we proceed with the proposed project idea? † (Hofstrand & Holz – Clause, 2009). Operational, technical, and economic feasibilities are what specify the project feasibility analysis. Operationally, the Expanding Services will increase the loyalty and profitability of consumers by providing contest, and cooking classes. This program should integrate into the existing workflow without possessing to make any type of tremendous problems to the operations. The extra advertising should help Kudler Fine Foods revenue to increase by drawing in more consumers. The Frequent Shopper Program would only require little user training therefore, no major issues of computer illiteracy should occur. Frequent Shopper Program will provide high value incentives through a partnership with loyalty points program (Virtual Organization, Kudler Fine Foods, Sales and Marketing). This will enhance the attitudes at the point of sales. Kutler Fine Foods already use a POS server that would be a staging ground for the Frequent Shopper database. Kudler’s operations are to increase efficiency by benchmarking Nordstrom department stores. Employee training programs and integration of new software system will facilitate the effort. Increasing efficiency has developed supplier relations program and has solicited the help of marketing to help roll out the program. The various types of proposed requirements that should be taken into consideration are the hardware and software. Hardware relates to the development of the system and software is for the information database and tracking. TPS/Transaction processing system will capture and record information about the transactions that take place at Kudler’s. MIS/Management information systems will produce reports that management needs for planning. Executive information systems will provide the executives information that will be used for monitoring the competitive environment. Centralize management system hardware, front end web server, loyalty card and store server hardware will help assist the â€Å"Frequent Shopper Program. Economic feasibility is the cost/benefit analysis or CBA. CBA helps to give the project team/management in determining whether or not the proposed program is beneficial to the organization. Because the programs are not going to cause a dramatic increase in cost the company will benefit and be very successful. Reference Hofstrand, d. & Holz – Clause, M. (2009,). What is Feasibility Study? Retrieved April, 2010, from extension. iastate. edu

Marvel

Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement. Marvel Bankruptcy and Restructuring at Marvel Entertainment Group Chen Ziqiang Wu Libin Lin Yingshuai Deng Linli Lim Yihao 2011/11/29 1. Why did Marvel file for Chapter 11? Were the proble ms caused by bad luck, bad strategy, or bad execution? We think that Marvel filed for Chapter 11 mainly due to its bad business strategy. Three o f its six b usiness lines, Trading cards, Stickers and Comic Books started facing the decline in sales after year 1993. There were two main reasons for this decline: F irst, these businesses increasingly had to compete with a lternative forms of child entertainment (mainly video games).Second, the decline in sales was driven by disappointed collectors who had viewed comic books as a form of investment and stopped buying them as company stopped increasing the prices. We believe that the company should have foreseen these events while performing a market research and forming a long- term business and financial strategy. The three unpromising business lines account ed to 61% of total revenues of a company in year 1995. At the same time, the company's financial strategy was based on highly optimistic business expectations and was not suitable for unfavorable turn of demand for entertainment products towards video games.Due to its high leverage (52%), the company was not able to serve all the debt in case of sharply declining revenues. It is obvious that the company did not anticipate the cha nge in customers' preferences and was wrong in prediction of market trends, focusing on cards, stickers and publishing business lines and leveraging itself. Moreover, in 1995 Marvin continued its leveraged expansion into entertainment cards b usiness – acquiring Skybox. This decision was extremely imprudent, as the company was already on the threshold of financial distress and should have sought for high growth pportunities to expand in order to boost its revenues instead of adding debt to buy business whic h produces non- demanded products. Operatin g ratios Marvel Entertainment Group 1991 1992 1993 Sales 115. 1 223. 8 415. 2 Cost of Sales 58. 2 112. 6 215. 3 Cost of sales/ Sales 50. 6% 50. 3% 51. 9% SG&A 21. 4 43. 4 85. 3 SG&A/Sales 18. 6% 19. 4% 20. 5% Net Income 16. 1 32. 6 56 Net Income/Sales 14. 0% 14. 6% 13. 5% 1994 514. 8 275. 3 53. 5% 119. 7 23. 3% 61. 8 12. 0% 1995 823. 9 383. 3 46. 2% 231. 3 27. 9% – 48. 4 – 5. 8% 1996 581. 2 372. 4 61. 4% 168 28. 9% – 27. 9 – 4. 8%As can be seen in the table above, Marvels operating ratios dropped dramatically. The cost of Sales/Sales rose from 51% in 1991 to 62% in 1996, together with the SG&A expenses/Sales rising from 19% to 29%. Additionally Marvels Net Income/Sales dropped from 14% to – 5%. Leverage ratios Marvel Entertainment Group 1991 1992 1993 Total Debt 355,3 324,7 Shares outstanding 97,7 98,6 102,6 Share price 5 12 26 Market value of equity 488,5 1183,2 2667,6 Debt/ D+E 23,1% 10,9% EBITDA 35,5 67,8 114,6 EBITDA/SALES 30,8% 30,3% 27,6% Int erest expenses 3,50 6,50 14,60 EBITDA/Interest 10,1 10,4 7,8 1994 585,7 103,7 16 1659,2 6,1% 119,8 23,3% 16,50 7,3 1995 934,8 101,3 12 1215,6 43,5% 214,7 25,9% 43,20 5,0 1996 977 101,8 4 407,2 70,6% 40,8 7,0% 42,70 1,0 Compare the management policy and the leverage ratios from that time together with its operating ratios, we believe Marvel made an extremely impudent move to acquire Skybox in 1995. While their operating margins where deteriorating and their leverage coverage ratio (EBITDA/Interest) where falling, they should have acquired a different policy. For all above stated reasons, we believe that the company's financial problems were caused mainly by bad strategy and poor management. . Evaluate the proposed restructuring plan. Will it solve the proble ms that caused Marvel to file Chapter 11? As Carl Icahn, the largest unsecured debt holder, would you vote for the proposed restructuring plan? Why or why not? A. ) We believe that the restructuring plan can only solve part of th e problems that Marvel is facing. We also believe that the proposed restructuring plan will not solve the actual problems that Marvel is facing but only provide temporary relief to the company that is not sustainable.The proposed restructuring plan aims at providing liquidity to Marvel, lifting its debt burden and expanding its existing toy business. This is to be achieved by means of a recapitalization of the company through an emission of 427mn additional shares of common equity fo r a total value of USD 365mn. Additionally, the outstanding public debt of the company shall be retired with debt holders being paid in the shares that acted as collateral for their loans. With the proceeds of the emission and the lowered debt burden, Marvel is then supposed to acquire the remaining stake in ToyBiz, its toy manufacturer subsidiary.The recapitalization through the issue of 427mn new shares would solve the acute liquidity problems of the firm and the retirement of the firm’s public d ebt would lower the debt burden of the firm significantly. However, we believe that Marvel, under the proposed plan, would use its newly gained liquidity and flexibility to the wrong end. The acquisition of the remaining shares of ToyBiz would mean the continuation of an already ill- fated strategy that led to the current crisis.We therefore believe that the restructuring plan can only solve part of the problems that Marvel is facing. More precisely, the plan offers a solution for the symptoms of the underlying problems only. It solves the liquidity problem that caused Marvel to violate some of its debt covenants and it also lowers the company’s debt burden. The core problem in our view, the business strategy of Marvel, is not abandoned but even pursued further. B. ) I would not you vote for the proposed restructuring plan.The shares being p ledged to their bonds as collateral are valued largely lower now than they were when the bonds were first issued , which result in t hey can only recover a fraction of the face value of their bonds in the form of equity now and a breaking even again seems questionable. This argument does not necessarily hold for the investors who bought the deeply discounted bonds but given the valuat ion of Bear Stearns it is questionable whether they will recover their investment either. 3. How much is Marvel’s equity worth per share under the proposed restructuring plan assuming it acquires Toy Biz as planned?What is your assessment of the pro forma Financial projections and liquidation assumptions? Marvel’s current market price that is 2 dollars before restricting plan assuming it acquires Toy Biz as planned. Table 1: Debt/Equity Ratio With the aim to calculate Marvel’s equity with the proposed a cquisition of Toy Biz we used DCF model. As Debt/Equity ratios are stable (table 1), FCFE is used to calculate the cash flow with the following assumptions. Table 2: Assumptions Assume: Discount Rate is equal to average Annual Return on Investments in Stocks from 1997 to 2001. *Annual Returns data is from histretSP. xls (http://pages. tern. nyu. edu/~adamodar/New_Home_Page/Inv2ed. htm) Table 3: FCFE 401. 7million/528. 8 million = 0. 76 Dollars per share. It shows that Mr. Perelman pays 13. 3% premium for new shares (he pays 0. 85 dollars per share). M arvel’s liquidation value Table 4: Marvel’s liquidation value The liquidation value is 424. 7million via Chapter 7. 4. Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? The outstanding debt of Marvel has been downgraded by two rating agencies. In 1995 S and Moody’s downgraded the holding companies’ debt from B to B- .In 1996 Moody’s downgraded Marvel’s public debt. After that, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Downgrading of debt increases the change o f default. After downgrading of debt, the process of probability to default increased substantially. The low credit rating indicates a high risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Investors realize this risk and therefore would demand a higher default premium. The increased default pre miums raised the cost of capital for the holding company.Given the increased risk premium and default possibilities, Marvel and other companies in the MacAndrews and Forbes holding group would having more difficulties issuing new debt in the future. Debt holders and creditors where raising questions about the integrity on the judgment decisions from Perelman. Judge Balick approved Marvel did not discriminate unfairly against non- affecting creditor classes and provided it was fair and equitable to all classes. In reaction, a lawyer challenged the Bearn Stern’s conclusions and insinuated Bearn Sterns had multiple levels of co nflicts due to the contingency fee provided by Perelman.In the end even the Vice – Chairman of the Andrew group had to come with a statement to overcome all the negative sounds in the market. Anyhow it looks like Perelman’s reputation was damaged already. 5. Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, Nov 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, Nov 8,1996? On Nov 12, 1996, Marvel’s zero- coupon bonds fell by more than 50% when the spokesman for the Andrews Group announced the details of the proposed restructuring plan.According to the announcement, Perelman was to purchase, through Perelman- related entities, 410 million shares of newly- issued Marvel common for $0. 85 per share, 81% discount to the then prevailing market price of $4. 625. The newly- issued stock would not be subject to the pledge of Perelman- owned Marvel stock that otherwise secured the bonds. The announcement of this self- dealing transaction was in no way foreshadowed by Marvels' prior public statements and conflicted with the covenants in the indentures to the bonds.Therefore, the market prices of the bonds to decline suddenly as the collateral t hat supported the bonds. Perelman's Marvel common stock holdings pre- proposed transaction was diluted from 80% of the equity in Marvel to less than 16%. The terms of the prospective transaction required Marvel to increase the number of its outstanding shares to approximately 511. 6 million shares from 101. 8 million, diluting Marvel common stockholders and greatly reducing the value of the shares that were pledged as collateral for the bonds. So it greatly impaired and reduced the value of the bonds.In fac t, Marvel bondholders were divested of virtually the whole of their collateral while Perelman would maintain 80% ownership of the firm, purchasing the newly- issued shares at grossly sub- market prices while preserving the ability to write off Marv el's losse s against the reported income in his other consolidated enterprises due to the maintenance of his 80% ownership of the firm. The price of Marvel’s zero- coupon bonds dropped also due to it did not meet the expectation of the debt holders, who analyzed the b ond by fair value or future growth of the firm.In addition, the public would predict that the restructuring plan could not be settled down so that the firm would have a very uncertain future, even bankrupt. Thus, the price declined because a lot of debt holders could not bear the risk for getting nothing and sold out their debts. On Nov 8, 1996, Howard Gittis, vice chairman of Andrews Group, called Fidelity Investments and Putnam Investments, two of the largest institutional holders of Marvel’s public debt, and asked them what they would like to see in a restructuring plan.Portfolio managers at Fidelity and Putnam decided to sell more that $70 million of Marvel bonds at a price of $0. 37 per dollar of fac e value on the next day. The main reason for selling by the managers is the conversation between Howard Gittis and them, which caused the managers considering the result of restructuring plan. They believed the plan would disappoint the public depending on their professional judgment. Perhaps, during this conversation, they got some detail information of the plan which proved the present value of Marvel’s bonds was overvalued.It gave the chance for them to avoid tens of millions of additional losses in diminished value that would have followed and suffer t he time they continued to hold the bonds already existing facts were revealed. On the other hand, the managers may worried about the downgrade of the bonds because the requirement of their portfolio allocation which constrained the percentage of the lower graded bonds or prohibited buying such bonds. Therefore, the bonds have to be sold to meet the requirement.

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