Inidivial Reflection Statement

Individual Reflection Statement In analyzing my work, I feel that this project compelled me to find what legal dimensions on sewage treatment is from different consideration, subsequently building on my imaginative capacity as well as my practical knowledge. Therefore I feel we have gained and developed many skills in terms of our own personal creativity and development in Engineering Society. An interesting proposition brought forth by this context presentation was Sewage Treatment and Human.After presenting eight dimensions of sewage treatment around the world, the group was able to show that engineers' views on traditions, laws, and cultures are highly subjective. The domain of societal interests in order to reflect that group mates uses the information and case to expose what are the professional responsibility in engineering to force us to look at Engineering Design and their practices  of case study about such things as water treatment, regulation, relocation on rock cavern, and the like.I feel this possible responsibility is further supported by how group mates understand the dimension in the case study. They seems like a helpful, sensitive individual. They force the audience to sympathies with those affected by the their devastating effects in pollution. Furthermore they makes relatable data of economical and environment dimensions in that they pulls me out of a old culture and has me enter the culture of the new society along with them, making for culture shock for both regulation and audience.Overall, what we discovered from this project is the importance of an Engineering Society. they made me learn more the relationship between sewage treatment and human. And, I also need to fully consider dimensions before we actually make the PowerPoint, as otherwise I get lost and lose the working time. Finally, reflecting on the positive and negative aspects of our project will, I believe, really help me improve myself for The Role of  Engineering  in  S ociety.

Sinusoidal Current Control Strategy Based Active Power Engineering Essay

Abstract- In this article describe the public presentation of a sinusoidal current accountant based three-phase shunt active power line conditioners ( APLC ) for power quality betterments such as harmonics and reactive power compensation due to imbalanced and non-linear tonss. The electromotive force deformations are compensated by positive-sequence electromotive force sensor and harmonic extracted from changeless instantaneous existent power control scheme, this attack is different from the conventional methods. The shunt APLC is implemented with PWM current controlled electromotive force beginning inverter and connected to the point of common yoke for extinguish the current harmonic and do sinusoidal current to the beginning. The mention current ( s ) are extracted from sinusoidal current accountant algorithm and PWM-VSI gate control signals are generated from hysteresis current accountant ( HCC ) . The relative integral ( PI ) -controller used to keep the changeless DC-side electr ical capacity electromotive force of the PWM inverter. The shunt APLC is investigated in footings of order of harmonics, VDC subsiding clip and assorted parametric quantities under the assorted non-linear burden conditions. Keywords- Shunt Active Power Line Conditioners ( APLC ) , Hysteresis Current Controller ( HCC ) , Sinusoidal current accountant, Positive sequence electromotive force sensor.IntroductionPower transmittal and distribution systems are criticized by power quality jobs due to the non-linear tonss, such as power convertors, rectifiers, arc furnaces and other industrial applications like variable velocity thrusts. These non-linear tonss introduce harmonic deformation in the power distribution system [ 1 ] . The current harmonics cause the malfunctions in sensitive equipment, overvoltage by resonance and harmonic electromotive force bead across the web electric resistance that consequence is hapless power factor. Traditionally these jobs were solved by LC inactive filters. But in practical applications these inactive filters introduce aging and tuning jobs, resonance, big size and it ‘s besides limited to few harmonics. The different constellations of inactive VAR compensators ( SVCs ) have been participated for solve these jobs of power-factor rectification. Unfortunately some SVCs produce lower-order harmonics themselves and response clip of some SVCs may be excessively long to be acceptable for fast-fluctuating tonss [ 2-3 ] . Recently active power filters ( APF ) or active power-line conditioners ( APLC ) are developed for compensate the current-harmonics and reactive power at the same time due to power factor rectification [ 4 ] . The APLC has the ability to maintain the brinies current balanced after counterbalancing regardless of either the burden is non-linear and/or imbalanced conditions. The APLC can be connected in series for operate as electromotive force beginning and in analogue for operate as current beginning, but the series APF is non found in common practical usage, so this paper concentrate the shunt APLC system [ 5 ] . Controller is the sole of the active power filter and presently batch of research is being conducted and proposed assorted control schemes [ 6-7 ] . The sinusoidal current accountant algorithm is widely applied for active filter design, because simple mathematical computation, hardiness and good dynamic response. This accountant contains of positive sequence electromotive force sensor and instantaneous power theory ( p-q theory ) concept [ 3 ] . The footing of instantaneous power theory is supplying good compensation features. Current harmonics is achieved by shooting equal but opposite current harmonic constituents at the point of common yoke ( PCC ) , there by call offing the original deformation and bettering the power quality on the connected power system. This paper presents sinusoidal current accountant based shunt APLC for current harmonics and reactive power compensation under non-linear and imbalanced tonss. The shunt APLC is implemented with three stage PWM electromotive force beginning inverter and connected to the Ac mains web at the point of common matching for compensate the harmonics by shooting equal but opposite harmonic counterbalancing current. The mention currents are generated utilizing sinusoidal current accountant and PWM-VSI gate control signals are derived from hysteresis current accountant, this attack is different from conventional methods. The Proportional Integral ( PI ) accountant used to keep the dc-side electrical capacity electromotive force of the PWM inverter invariable. The shunt APLC is investigated and measured assorted parametric quantity values under different tonss.Sinusoidal Current Control schemeShunt APLC system designShunt active power filter is connected in analogue with the distribution supply and the non-linear tonss at the point of common yoke. The three stage active power filter consist of six power transistors with drifting rectifying tubes, a District of Columbia capacitance, RL filter, compensation accountant ( sinusoidal current accountant ) and gate signal generator ( hysteresis current accountant ) shown in the fig 1. The mention current generated utilizing sinusoidal current accountant and this accountant contains the positive sequence electromotive force sensor and instantaneous power theory computations. The RL-filter suppresses the harmonics caused by the switching operation of the IGBTs inverter. Current harmonics is achieved by shooting equal but opposite current harmonic constituents at the point of common yoke, there by call offing the original deformation and bettering the power quality on the affiliated power distributed system.PWM-VSIHysteresis Current ControllerVDCVDC, refVsa, Vsb, Vscisa, isb, iscica, icb, Interstate Commerce CommissionRs, LsPCCFilt erisa* , isb* , isc*NitrogenUnbalanced burdenRL, LL3-Phase BeginningABacillusCRL LLCBacillusANon-sinusoidal LoadCurrentDetectorVoltageDetectorABacillusCGramPI ControllerVdc SensorInstantaneous Power theory computationSinusoidal current controlPositive sequence electromotive force sensorCDCFig 1 Shunt APLC implemented with PWM-VSI ConfigurationSinusoidal current control schemeThe block diagram of the sinusoidal current control scheme is shown in fig 2. This block contains the Positive sequence electromotive force sensor, PI accountant, Clarke transmutation, Instantaneous power computation, Low base on balls filter ( LPF ) , current computation and Inverse Clarke transmutation. The deformed or unbalanced electromotive force beginnings involved the cardinal positive sequence electromotive force sensor ( shown in fig 3 ) , which uses a PLL circuit ( shown in fig 4 ) locked to the cardinal frequence of the system voltages. It should synchronising angle to bring forth unitary and balanced sinusoidal electromotive force signals. These instantaneous 3-phase co-ordinate e lectromotive forces are transformed into the co-ordinates by utilizing the Clarke transmutation, it can be written as [ 3 ] The instantaneous beginning current besides transformed into the co-ordinates by Clarke transmutation ; Whereand axes are the extraneous co-ordinates and are on the-axis and are on the-axis. Let the instantaneous existent power calculated in the -axis and the -axis of the current and electromotive force severally. They are given by the conventional definition of existent power as follows: This instantaneous existent powerallows merely the cardinal frequence with the set of Butterworth design based 50 Hz low base on balls filter for calculate the existent power losingss and it ‘s defined as The DC power losingss calculated from PWM-voltage beginning inverter electrical capacity electromotive force and compared with coveted mention electromotive force. The relative integral ( PI ) accountant is finding the dynamic response and settling clip of the DC coach electromotive force, it can be written as The conventional instantaneous existent power calculated from the existent power loss and the dc power loss, it can be defined as follows ; The instantaneous current on the co-ordinates of are divided into two sorts of instantaneous current constituents ; foremost is existent power loss and 2nd is reactive power loss, this accountant computed merely the existent power losingss. The co-ordinate currents are calculated from thevoltages with instantaneous existent power and reactive power assume as nothing. This attack is reduced the computations and different from the conventional methods ; the co-ordinate currents can be calculated as The mentions of the compensating currents are calculated outright without any clip hold by utilizing the instantaneous -coordinate currents. The coveted mentions current derivate from the opposite Clarke transmutation, it can be written as The mention currents compared with existent beginning current and generated PWM-VSI gate thrust signals utilizing the hysteresis accountant. Positive sequence sensor Clarke Transformation Instantaneous Real ( P ) power computation Inverse Clarke Transformation -? current computation PI accountant LPF vsa vsb vsc isa isb iscV?V?i? i?V?V?Vdc Vdc, ref ic? ic? isa* isb* isc*Fig 2 Block diagram for the sinusoidal current control schemeThe little sum of existent power is adjusted by altering the amplitude of cardinal constituent of mention current and the aim of this algorithm is to counterbalance all unwanted constituents. The control scheme indicates that shunt APLC should pull the opposite of the non active current of the burden and the consequences shown remunerated currents are relative to the corresponding stage electromotive force. When the power system electromotive forces are balanced and sinusoidal, it leads to constant power at the dc-side capacitance.Positive sequence electromotive force sensorFig 3 shows the block diagram of the positive-sequence electromotive force sensor, it consists portion of PLL circuit, Clarke transmutation, instantaneous power computation ( p-q theory construct ) , voltage computation and reverse transmutation. The electromotive forces are transformed into the co-ordinates to determineusing Clarke transmutation ( m ention equation 1 ) . They are used to run into with subsidiary currents that are produced in the PLL circuit to cipher the subsidiary powers. The amplitude of the subsidiary currents is set to integrity. The first order Butterworth low base on balls filter with cutoff frequence at 50 Hz is used for obtaining the mean powers.Clarke TransformationInstantaneous power computationInverse Clarke Transformation?-? electromotive force computationLPFVsaVsbVscV?V?i?PLL circuitLPFi?V? ‘V? ‘Fig 3 positive sequence electromotive force sensorThe instantaneous electromotive forces which correspond to clip maps of the cardinal positive sequence electromotive force sensor of the system The instantaneous three-phase electromotive forces can be calculated from the co-ordinate ‘s electromotive forces by using the opposite Clarke transmutation The positive sequence electromotive force sensor provides good moral forces and satisfactory truth even under non-linear or imbalanced burden conditions. The sensing of the cardinal positive-sequence constituents of is necessary in the sinusoidal current control scheme. This control scheme makes the shunt APLC to counterbalance burden currents, which produces mean existent power merely is supplied by the beginning.Phase locked cringle ( PLL ) circuitThe PLL-synchronizing circuit shown in fig 4 determines automatically the system frequence and the inputs are line electromotive forces and. The end products of the PLL circuit are the co-ordinate synchronism currents. The current feedback signals and is built up by the PLL circuit and clip built-in of end product calculated of the PI-Controller. It is holding unity amplitude and lead to 1200 these represent a feedback from the frequence. -cos ( ?t – ?/2 ) Sin ( ?t – ?/2 ) Sin ( ?t ) Sin ( ?t+2?/3 ) Pi Accountant Vab Vcb?Fig 4 Phase locked loop circuitThe PLL synchronising circuit can make a stable point of operation when the input of the PI accountant has a nothing norm value ( ) . Once the circuit is stabilized, the mean value of is zero and the stage angle of the supply system electromotive force at cardinal frequence is reached. At this status, the currents become extraneous to the cardinal stage electromotive force constituent. The PLL synchronism end product currents are defined as The PLL design should let proper operation under distorted and imbalanced supply electromotive forces. The PLL synchronism end product currents used to find the instantaneous power computation and generate unitary and balanced sinusoidal electromotive force.Hysteresis current accountantiactual ( T )iref ( T )vitamin E ( T )emaxeminioutvoutLiterFig 5 Hysteresis current accountantThe current mistake is derived from the comparing of coveted mention current and the existent beginning current shown in fig 4. If the mistake current is exceed the upper bound of the hysteresis set ( h=0.5 ) , the upper switch of the inverter arm is turned OFF and the lower switch is turned ON. As a consequence, the current starts to disintegrate. If the mistake current crosses the lower bound of the hysteresis set ( h=-0.5 ) , the lower switch of the inverter arm is turned OFF and the upper switch is turned ON. As a consequence, the current gets back into the hysteresis set. The scope of the mistake signaldi rectly controls the sum of ripple electromotive force in the end product current from the PWM-VSI.Consequence and analysisThe public presentation of the proposed sinusoidal current control scheme based shunt APLC is evaluated through Matlab tools in order to pattern and prove the system under non-linear and/or imbalanced burden conditions. The system parametric quantities values are ; Line to line beginning electromotive force is 440 V ; System frequence ( degree Fahrenheit ) is 50 Hz ; Source electric resistance of RS, LS is 1 ? and 0.1 mH ; Filter electric resistance of Rc, Lc is 1 ? and 0.5 mH ; Diode rectifier RL, LL burden is 20 ? and 200 mH ; Unbalanced three stage RL, LL burden electric resistance is R1=10 ? , R2=50 ? , R3=90 ? and 10 mH severally ; DC side electrical capacity ( CDC ) is 1200 ?F ; Reference electromotive force ( VDC, ref ) is 400 V ; Power devices build by IGBT/diode. Non-linear burden status: The non-linear or non-sinusoidal RL burden consists of six-pulse rectifying tube Rectifier and connected Ac chief web. The Non-linear RL burden of rectifying tube rectifier parametric quantities are 20 ohms and 200 mH and the simulation clip is t=0 to 0.1s. The simulation consequence of beginning current after compensation is presented in fig. 5 ( a ) that indicates the current is sinusoidal. The rectifying tube rectifier burden current or beginning current before compensation is shown in fig 5 ( B ) . The coveted mention cardinal current extracted from the proposed sinusoidal current accountant, shown in fig. 5 ( degree Celsius ) . The shunt APLC supplies the counterbalancing current that is shown in fig. 5 ( vitamin D ) . These current wave forms are peculiar stage ( phase a ) . Other stages are non shown as they are merely phase shifted by 1200( a )( degree Celsius )( B )( vitamin D )Fig.5 Simulation consequences for three-phase active-power-line conditioners under non-linear burd en status ( a ) Source current after APLC, ( B ) Load currents or beginning current before compensation, ( degree Celsius ) Mention currents by the sinusoidal current control algorithm and ( vitamin D ) Compensation current by APLC Non-Linear with Unbalanced burden status: The three stage unbalanced RL burden connected parallel with diode rectifier non-linear burden in the three stage Ac chief web, shown in fig 1. The imbalanced three stage RL burden electric resistance are R1=10 ? , R2=50 ? , R3=90 ? and 10 mH severally and the simulation clip is t=0 to 0.1s counted. The imbalanced RL burden current or beginning current before compensation is shown in 6 ( a ) . The three-phase beginning current after compensation is presented in fig. 6 ( B ) that indicates the current becomes sinusoidal. The shunt APLC supplies the counterbalancing current based on the proposed accountant that is shown in fig. 6 ( degree Celsius ) . We have to boot achieved power factor rectification as shown in fig. 6 ( vitamin D ) , a-phase electromotive force is in- stage with a-phase current.( B )( degree Celsius )( vitamin D )( a )Fig.6 Simulation consequences for three-phase active-power-line conditioners under non-linear with imbalanced burden status ( a ) RL Load current ( B ) Source current after APLC ( degree Celsius ) Compensation current by APLC and ( vitamin D ) integrity power factor wave forms. DC side capacitance electromotive force settling clip: The dc side electrical capacity electromotive force ( Cdc ) subsiding clip are controlled by relative built-in ( PI ) accountant and this accountant reduces the ripple electromotive force. The subsiding clip value in both non-linear and imbalanced status ( t=0.02s ) are same and it ‘s plotted in fig 7. Fig 7 the DC side capacitance electromotive force subsiding clip are same in both non-linear and non-linear with imbalanced burden ( t=0.02s ) Order of harmonics: The Fourier analysis of the beginning current with the cardinal frequence is plotted in fig 9. This order of the harmonics plotted under non-linear and imbalanced status utilizing sinusoidal current accountant based shunt APLC system.( a )( B )( degree Celsius )Fig 9 Order of harmonics ( a ) under the non-linear burden status, the beginning current without APLC ( THD=24.95 % ) , ( B ) under the non-linear status with APLC ( THD=3.93 % ) and ( degree Celsius ) under the non-linear with imbalanced burden status beginning current with APLC compensation ( THD=3.50 % ) Entire harmonic deformation ( THD ) : The entire harmonic deformation measured from the beginning current on the distribution system. The sinusoidal current accountant based compensator filter made additive beginning current to the supply. The entire harmonic deformation measured and compared both non-linear and non-linear with imbalanced burden status, shown in table 2. Table 2 FFT analysis of Total harmonic deformation ( THD ) Condition ( THD ) Beginning Current ( IS ) without APLC Beginning Current ( IS ) with APLC Non-linear burden 24.95 % 3.93 % Non-linear with Unbalanced burden 21.95 % 3.50 % Power factor 0.9188 0.9999 The simulation is done assorted non-linear and non-linear with imbalanced burden conditions. The sinusoidal current control based counterbalancing active filter made balance duty even the system is imbalanced. FFT analysis of the active filter brings the THD of the beginning current less than 5 % into adopted with IEEE 519-1992 and IEC 61000-3 criterions harmonic under non-linear and/or imbalanced burden conditions.DecisionThe shunt active power line conditioner connected to the power distribution system on Ac brinies in analogue with the burden ; compensates the current harmonics and reactive power due to the non additive and/or unbalanced tonss. The electromotive force deformations are compensated by positive-sequence electromotive force sensor and harmonic extracted from changeless instantaneous power control scheme. The mention current ( s ) are generated utilizing sinusoidal current control algorithm and PWMVSI gate signals are generated from hysteresis set current accountant. T he PI-controller used to keep the dc-side electrical capacity electromotive force of the PWM inverter invariable. The shunt APLC is investigated in footings of order of harmonics, THD and VDC settling clip under different burden conditions. The mensural sum harmonic deformation of the beginning currents conformity with IEEE 519-1992 and IEC 61000-3 criterions. This proposed sinusoidal current control algorithm based APLC system can be implemented field programmable gate array ( FPGA ) devices attempted as a future work.

Nursing Home vs. Home Health Care Essay

INTRODUCTION Either young or old, we love our family members dearly, and disabilities does not focus on a specific age group. We would love to feel assured that they are being taken care of the best way possible. As we all know, time does not allow us to take care of them ourselves, with business to tend to of our own, it makes it almost impossible. There are a few options to assist with this matter, but making the best choice is always in our best of interests. NURSING HOMES Nursing homes are facilities that provide high levels of care assisting elders and even young people that are temporarily or permanently disabled. There are several options that you can refer to for payment method. Medicare is an option. Medicare is a national social insurance program, administered  by the U.S. Federal government since 1966, it is currently using about 30 private insurance companies across the United States. You can also pay through your private insurance company, as well as out of pocket. Within a nursing home facility, they will be assisted with all of their ADLs. (Activities of Daily Living is a term used in healthcare to refer to daily self-care activities within an individual place of residence, in outdoor environments or both.) In this facility, they will interact with their peers, medical professionals, as well as others when visiting. They will have continuous care around the clock including routine vital signs. Vital signs includes the blood pressure, temp erature, heart rate and respirations. With the option of being able to choose a nursing home, there are a few factors in which you might need to consider. One factor is the ratio of CNA’s (Certified Nursing Assistant) to the residents, the ratio might not match the entire time accordingly to state requirements. According to Abbasi and Rudman, medical literature has continued to identify many clinical problems occurring within nursing homes. With this being said, there is a possibility that the patient will not have the required undivided attention that is necessary, because the aide will have several others to tend to as well, the aides time will be limited with each patient, especially if an emergency occurs within the facility. Due to other situations that occur within the nursing home, aides will not have the time to make sure each resident consumes their proper fluids and nutrients which are essential to daily intake. Malnutrition and dehydration are the main issues that affect the patients most of all, because of lack of the proper nourishment and fluids can lead to rapid skin breakdown and a quick decline in the health status. The patient will also be more prone to infections. Depression is an issue the family member will be faced with as well. Being stripped from everything you know is a heart wrenching experience of its own, which can lead to stress that will also affect their health. The wrong medicine given to the wrong resident is another issue. With all the patients that the nurse have to deal with on a daily basis, juggling them can result in such mistakes. Being understaffed can result in a many of mishaps. A majority of these mishaps can be avoided with the proper attention. The more you think about it, one on one attention is very important to ensure the safety and  well-being of your loved ones. HOME HEALTH CARE Another option when it comes to providing care for your loved one is home health care. This option allows the aide to assist your family member within their home. Home health care provides plenty of one on one attention, and allows the aide to focus entirely on the patient and the patient’s needs. This option can also be covered by Medicare, your private insurance company or out of pocket pay as well. The need for home health care is greater than ever. You will be able to choose the healthcare provider, which not only eases the mind of the guardian but it is also affordable, being that you are able to set a wage that is comfortable enough to meet the guardian’s or the relative needing assistance means of income. Who wouldn’t want their relatives to be cared for within the comforts of their own home? This specific kind of care will allow the guardian to feel more at ease. Even the LPN (licensed practical nurse), and RN (registered Nurse) make home visits as well. In this option, they are also assisted with activities of daily living. The one on one attention is the only attention your loved one will receive and is a repeated occurrence versus that of a nursing home. Vitals signs are also checked in this method of care. Another positive factor in this method is that there is a high possibility that the aide can develop a great relationship with the patient, which will allow the patient to feel more comfortable. The personal relationship can benefit the patient and the patient’s family greatly. This can also help the aide to pin point any improvements and odd changes in the patient’s health. Being that they are in a well-known environment, they are more likely to do for themselves more, rather than depending on the assistant they will be provided at a nursing home. Medical literatures has identified that a family member that is allowed to be cared for in the comfort of a familiar environment is less likely to become depressed. The one on one attention will guarantee the proper care for your loved one. Your family member will feel that sense of independence, which helps them emotionally as well as physically. CONCLUSION When it comes to ensuring the well-being of our loved ones, we have to weigh out the positive and negative in order to come up with the best choice possible. One on one attention that can truly assure the proper care that our loved ones need and deserve is definitely a positive factor. Just the idea of knowing that our loved ones are well taken care of is a gift within itself. At the end of the day, it is about family, their health, and how we can keep them in our lives longer. REFERENCE Abbasi, ., & Rudman, . (1994). . , (). (1996, August). . The New England Journal of Medicine, (335.5), 324-329. D, M. (). What is a Nursing Home?. , _Volume 5_(), p. 410.

Building Design Essay Example | Topics and Well Written Essays - 1500 words

Building Design - Essay Example Rondeau et al. suggests this formula for computing payback period as: (2006, p. 145). For example, an individual decides to purchase a condominium unit in Central London as an investment for  £245,000. He further invests around  £25,000 to furnish the unit and make it easily leasable. Thus his total investment is  £270,000. He then is able to rent it out for  £1,900 while spending about  £100 in maintenance, thus is able to generate a net profit of  £1,800 a month. Using the above formula, it will take a 12  ½ years for the owner to recover the condominium’s purchase price through the net profit of the lease. Rate of return is a financial measure of the profitability of an investment or a project. It is â€Å"what you get, minus what you started out with, expressed as a percentage of what you started with† (Getlner, et al., 2007, p. 176). Using the above example in the payback period concept, let us examine the rate of return of the condominium unit investment as several periods of time. At 12  ½ years, the owner would have made  £270,000 of rental profits, equal to the initial investment on the unit. Therefore, the rate of return on the 12.5th year would have been 0%. However if he waited 2  ½ more years to assess his investment, he would realize a 20% rate of return or  £54,000. There are two types of returns, one that is time-based, called periodic returns and one that is dollar-weighted (or in this case, pounds-weighted) called internal rate of return (Getlner, et al., 2007, p. 174). Internal rate of return, commonly referred to as IRR is applicable to real estate investments because it can compute investment performance over long periods of time which is the usual case in owning a property. One need not know the yearly value of the asset, the important information is the value of the capital investment at

Encounter Point Movie Review Example | Topics and Well Written Essays - 1000 words

Encounter Point - Movie Review Example The movie shows Israel having a strong army, though it itself is most of the times at the receiving end of the Palestinian violence. In one scene Roni Hirschenson, a former soldier, says that Israel has become an army with a state and not state with an army. This is a very strong statement by someone who has lost two of his son’s directly or indirectly in the war. Another reason there seems to be inequality between Israelis and Palestinians is that violence from Israel comes in a very sophisticated manner. There is usage of modern technology and unfortunately many ordinary people are killed in the attacks. The backing of United States as mentioned in the movie also shows Israel to be a stronger side. a- I don’t think that the movie has taken any sides. I think that the movie is very neutral and the purpose of such movies should be to raise a debate over the existing conditions. There may be people who think that this movie takes sides but I think that they feel that only because of the resentment that resides in them regarding the opposite side. The film shows destruction from both the sides. It takes interviews of victims from both Israelis and Palestinians. b- I think a balanced film is a film which shows reality in a non-provocative manner. This means that the reality on ground may be different but the film has to present facts in such a manner that it doesn’t offend either party. Each side believes that they are absolutely right and in this case each side believes that god is on their side. The film cannot comment on the reality or possibility of god taking any particular side in the future. But what a balanced film can do is raise the issue and spark a healthy debate. c- I will definitely recommend the video to other viewers. The movie is very informative but most importantly it clearly shows the destruction caused by violence. People are

Nursing and health care Essay Example | Topics and Well Written Essays - 2000 words

Nursing and health care - Essay Example angles. The American Thoracic Society Quality of Life Resource defines it to be an individual's ability to perform normal daily activities to meet basic needs to fulfill usual domestic and social roles (Leidy, N.K., 1994) and maintain health and well-being appropriate for age that subsumes into functional capacity and functional performance (Wilson, I.B., Cleary, P.D., 1995).Functional Performance: Functional performance, hence, is related to physical activities of daily living, simply assessed by self-report. Functional status can be influenced by biological and physiological impairment, symptoms, mood, and other factors like socioeconomic parameters. It is likely to be modified by the patient's health perceptions, for example, a person who thinks himself ill will have a poor functional status as measured by performance. Functional status is an aspect of health, and it is, in turn an aspect of useful, active life, and that becomes a problematic area in the elderly or geriatric age group.WONCA: In the perception of the World Organization of General Practice and Family Physicians (WONCA), it represents actual performance level or capacity to perform both in the sense of self-care or being able to fulfill a task or role at a given moment during a given period. The WONCA classification committee defines function as the ability of an individual to cope with and adapt to the changing elements in his or her individual environment and to perform certain tasks, like grooming, transferring, ambulating, bathing, and dressing to a measurable degree (WONCA Classification Committee, 1990).CICD: The Center to Improve Care of the Dying simply expresses this concept to be the...Laviolette, Melissa A. Bernstein, David Kaliton, Carmen Castaneda, Charles T. Pu, Jeffrey M. Hausdorff, Roger A. Fielding and Maria A. Fiatarone Singh,, Association of Muscle Power With Functional Status in Community-Dwelling Elderly Women, The Journals of Gerontology Series A: Biological Sciences and Medical Sciences 55:M192-M199 (2000). Tomonari OKADA, Toshiyuki NAKAO (1998), Physical Functional Status And Factors Contributing To Disability In Japanese Chronic Dialysis Patients, Nephrology 4 (3), 195-203, doi:10.1046/j.1440-1797.1998.d01-27.x Valderrama, E., Gama, J Damian, J Perez del Molino, M Lopez, M Perez, and F Iglesias, Short Report. Association Of Individual Activities Of Daily Living With Self-Rated Health In Older People, Age Ageing, May 2000; 29: 267 - 270.

Older people Essay Example | Topics and Well Written Essays - 3000 words

Older people - Essay Example ctices aimed at making the older population healthy, active and engaged. This paper seeks to explore the major barriers experienced by the older population in Australia with regard to their nutrition, exercise and active ageing. The paper also reviews contemporary governmental policies on aged care and throws light on how factors such as health, socio-economic status, gender, ethnicity, and current policies relate to the older population in the nation. The case study of Jack Andrews, a seventy year old man from the rural Queensland, is also employed in the paper to show the depth and seriousness of the issue. Case study of Jack Andrews Jack Andrews is a seventy year old man from the rural Queensland who suffers from cardiovascular diseases and visual impairment. He is negated of opportunities for active ageing because of his rural background. Born in a poor family in the rural Queensland he fails to receive adequate health care, transport facilities, nutrition or guidelines on health y exercises. During conversations with him, he disclosed that in rural Queensland there was not even a single nursing home or hospital nearby. The nearest hospital facility was about two hours away and due to poor public transport facilities it was difficult for him as well as his relatives to have easy access to healthcare. While Jack was quite unaware of nutritious diets required for a cardiovascular patient he was unhappy that there were no facilities for structured or group exercises in rural Queensland. Even though there are many in his community who are eligible for a community aged care package the inequity in funding often negates them their opportunities. There is also a great amount of staff shortage when it comes to home visits or rural health services. There are also no acute care centers in the vicinity where the older villagers could easily get medication and support systems. Public transport or taxi services are very rare in small rural communities whereas in Central Queensland there are community bus services offering free transport for older people to attend medical appointments which clearly reveal the unequal treatment in the state. Jack’s personal experiences throw light on many of the issues surrounding the older population in Australia-health barriers, barriers based on socio-economic status, lack of access to healthcare, lack of nutritious diets, lack of opportunities for active ageing and lack of facilities for group or structured exercises. Ageing in Australia It is worthwhile to analyze the statistics and proportion of ageing in Australia. With the advancements in science and medical technology life expectancy in Australia has increased considerably whereas the mortality rates were at a decreasing rate. Similarly, since the 1970s deaths from chronic diseases affecting older age groups have also decreased considerably. On the other hand, the fertility rates of the nation have also diminished steadily which resulted in a greater number of

The poem Essay Example | Topics and Well Written Essays - 500 words

The poem - Essay Example The period idolized the imagination as the highest of human capacities. This was largely because of its creative abilities and as a means of reacting to sweeping change in every aspect of life. It also esteemed nature because of the creative element inherent in it and because of the manifestation of the imagination that could be found within it. This refers to the idea that we create what we see, reflecting a growing awareness of our co-existence with our environment. The world was full of symbols and signs that would portend future events and actions which were knowable through their relationship to the myths and legends of antiquity. The period had some overlap with the transcendental movement as well in which everything encountered in life had a higher spiritual meaning. These concepts of using natural symbols to convey a deeply spiritual idea by pushing the reader’s imagination can be traced through much of Dickenson’s poetry. By avoiding titles, she forces her readers to pay closer attention to what the poem says as a means of identification at least. Once she has her reader engaged in her poem, she then uses natural imagery to make a closer connection with the reader. This can be found in lines such as â€Å"invisible as music / But positive as sound† (This world is not conclusion 3-4); â€Å"They went to God’s right hand / That hand is amputated now† (Those dying then 3-4); and â€Å"Tell all the truth but tell it slant / Success in circuit lies† (Tell all the truth but tell it slant 1-2). In each of these lines, Dickenson encourages her readers to create a mental image analogy of her idea, but this also requires the engagement of the imagination at the same

Performance Review Takes a Page from Facebook Term Paper

Performance Review Takes a Page from Facebook - Term Paper Example Theory dictates a set of universal needs from employees which are rather homogenous in many different cultures and nations. These needs include social belonging needs and receipt of esteem from others. Without establishing these motivational drivers for employees, it is likely they will not achieve the pinnacle of their talents and motivations to achieve business or strategic goals. Establishment of regular communications that offer esteem will also build a sense of social belonging that is necessary to achieve performance targets, as this lays the foundation for effective motivation. If the employee has a means of understanding, in real-time, what their actual performance is, then there is no ambiguity within the organizational model. Employees like to have clarity and a sense of purpose or they are more apt to resist change. Regular conversations, such as those provided by social networking software, would remove ambiguity. In most organizations that are dynamic and change is const antly present, it could alleviate some of the managerial responsibilities of having to perform annual or bi-annual reviews, giving them more time to establish the social systems needed to build human capital advantages against competition. Effectiveness of Social Network Performance to Different Demographics For Generation Y, the social network performance would be ideal. Shaver (2010) identifies that most Generation Y workers demand to receive instant feedback about their performance in order to provide maximum value to the organization. Gen Y workers like to maintain business positions in which leaders actively promote the social environment (Shaver, 2010). This would seem to be an ideal medium for this group. Generation X workers tend to learn new technologies faster than other groups. At the same time, they appreciate group flexibility and are adaptable in this fashion (United Nations, 2009). Group affiliation is something that provides this group with more motivation, therefore social networking as a tool to promote the social condition would seem to have benefits for motivation and human capital development. Baby Boomers, when it comes to marketing and consumption theories, tend to be more attracted to products and services that fit their own ethical and moral values. They are considered to be socially-conscious. Therefore, if this older generation of workers can successfully engage with social media, it would seem that the ethical and moral constructs of providing social networking opportunities would make them feel valuable as aligned with corporate social responsibility theory. Veterans are generally not comfortable with change practices. There is more chance that this group would reject social media especially if they are not engaged with it in their own personal lives. Veterans would not be ideal groups by which to establish this unless there was preliminary training to ensure they understood these new technological systems. The Payoff of Social Net work Tools That would be highly dependent on the level of motivation and dedication maintained by the individual to determine if there would be better performance through social networking opportunities. However, the process of establishing annual reviews often overwhelms the manager and involves multiple stakeholders in the process that can conflict time management or even reduce managerial effectiveness in other areas throughout the organization. Social networking software is not expensive, especially when

View from the Bridge Essay Example for Free

View from the Bridge Essay A view from the bridge: a kind of metaphorical title the obvious bridge is the Brooklyn Bridge in New York. Italian immigrants had been coming to New York for a long time and they tended to gather in communities as America is a very multi racial cosmopolitan area. Catherines aspirations are to cross the bridge to go out, to work, and to go out with her lover Rodolfo. 1) Home: poor and simple but they open it to show their generosity- opportunity to show their loyalty to the Sicilian family. But Eddie says it is his home so he is entitled to his respect provider, it represents food, clothing, the upbringing not just the physical home. Catherines view gratitude for home and she wants to get a job to then pay for furniture for the home e. g. rug. Simple home and cosy, small Beatrices world but is still shared by all people. It represents the hard work and poverty yet the generosity of the people. Workers flat, clean, the flat is Eddies space and his home he wants his respect. Generosity show by: B! Your cousins and yet she is not annoyed for having to look after people and have extra mouths to feed, simply embarrassed as the host: didnt even buy a new tablecloth. Catherine wants to repay Eddie and B for bringing her up. When she gets a job and has enough money she wants a rug and new plates etc she is proud of the home but wants to contribute now she has come of age excitement. Pg 11. The idea is that these people are poor it is a struggle to keep going and they offer shelter to Sicilian relatives and immigrants to get work and send money back to their family. Their willingness to share and Eddies duty to look after family means hard physical work. The home and the family itself have their tensions, jealousies and loyalties. Beatrice does not work her place is in the home. Eddie where, where am I going? This is my house page 61. Massive change before and after Marco and Rodolfo arrive- before; love, poverty but warmth and humour, cosy, struggle Eddie = provider the family with laughter and nurture, welcome and generosity in food, shelter and roof in spite of lack of wealth, loyalty- Catherine looked after and brought up here. After, in Act 2, the home changes to mean respect and his name I want my name back! Hatred, Bad relationships, coldness, tears, fighting the generosity now needs to be owed back this is how you repay me? now deserving something in return. 2) Street: Alfieri tells him that there is no law nothing that Eddie can do to stop Rodolfo and Catherine he must let her go. The only way is to betray them and give them up to the authority as illegal immigrants but the Italian community will take revenge like they did with the young boy whose head bounced like coconuts. Loyalty lies with family and to Sicilian immigrants. Eddie has to rid of Rodolfo to betray the family. Bowling, Louis. Brooklyn paramount where Catherine and Rodolfo see the film. 3) Place of work: Red Hook docks, waterfront, long shore men, piers, plumbers yard. Red Hook docks signify mans world sea breeze links to Sicily and Italy, the comradeship of the men e. g. you coming bowling tonight Eddie? they are good friends, hard physical work and mafia links illegal immigrants come on the ship called submarines they are brought in, own dockers slang, word is associated with the docks and the sea. The labour you feed and keep your family. Miller creates an impression of the docks as a place of manliness but gives an air of underlying Italian immigrants. We learn that they are called submarines. Smells of coffee and bananas and spiders when unloading rough district where Catherine wants to work Eddie is very protective as it is not a place for women. Plumbers yard around where Catherine wants to work, plenty can happen in a block away. Red Hook build huge ships, all about the docks and hard work grafting. Eddie gets embarrassed of Rodolfo he is not manly enough he sings on the docks! For immigrants the work is easy to get, until the mafia are paid off, then they have to scramble like everyone else. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Arthur Miller section.

Gangs Of New York: The Irish Immigrants

Gangs Of New York: The Irish Immigrants Gangs of New York, directed by Martin Scorsese, depicts how waves of Irish immigrants that came to the United States were treated upon arrival. English and Dutch natives in New Yorks city of Five Points clearly showed that they were not in favor of the newcomers. Bill the Butcher took the case into extremes when he leads a gang of locals into a war with the Irish. Bill kills Priest Vallon, the leader of the Irish, and his son Amsterdam runs away. Years later, Amsterdam reappears and seeks revenge for his father. Gangs of New York a historical film which follows the adventures of a young Irish American man, is a tool that somewhat illustrates history during the time of immigration; important elements discussed in the text of Foners Give Me Liberty were not incorporated into the film. Gangs of New York starts in the year 1846, in which Amsterdams father, a Catholic Irish immigrant, sets out to battle the Protestants already in New York. Irish participation in the war occurred because they did not want Protestant teachings, which they were not in favor of, to be approved by government. After the gruesome scene where Amsterdams father is slain, the film is told from Amsterdams point of view. He describes what happens in the city of Five Points and how the citizens act. In Five Points, Amsterdam says that immigrants are not welcomed nor are they hired by any job. Irish immigrants came to the United States, particularly the in the north, because job opportunities were most abundant and the new arrivals would not have to compete with slave labor (Foner 319) Locals of Five Points did not accept any immigrant newcomers because they were following orders from Bill the Butcher, who seems as if he has total control of the city. Bill is working under William Boss Tweed, head of Tammany Hall. His way of fighting for control of the city is through boxing matches and lighting buildings on fire. Amsterdams point of view shapes the historical narrative in the film by describing what happened during the time period of the 1860s as well as telling the story of his life with his allies, who were also immigrants, and what he had gone through in order to take survive this period. One of Amsterdams allies later on in the film was the pickpocket Jenny Everdeane, a local of Five Points. He quickly falls for her, which had made an impact on the historical part of the film. When Martin Scorsese directed Gangs of New York, he altered history. She was a colleague of Bill the Butcher. In a scene where the two were alone, Amsterdam eventually finds out that she was working with Bill when he asks her where she got one of the several necklaces that were in her possession. His feelings for her dropped upon hearing the news. Martin Scorsese inserted a scene where there is love because he did not want the film to focus just on the historical account of the time period, but wanted to make the film appeal to the intended audience. During the time when Irish immigrants were fighting for their freedom, there probably were not any love affairs going on. Irish immigrants decided to come to the United States was because most of them were trying to escape the disaster that had str uck Ireland, which was the Great Famine during the years 1845-1851. In the actual time period, there were no serious love affections going on after immigration. Due to the films language and sensuality with Amsterdam and Everdeane, the intended audience of the film are high school students and above. The intended audience shapes the storyline and the historical account of the film because they are mature enough to handle some of the grotesque scenes and may be able to understand the storyline. By the time students take a U.S. History course in high school, they will probably cover the time period that Gangs of New York was set in. The high school U.S. History course consists of the beginnings of America up to the present day. In college, however, U.S. History is split into two- early and modern history. The college U.S. History does consist of the time period of the 1860s. After a thorough study of the course, students who watch Gangs of New York will be familiar with the topic of immigrants coming to the United States, although the high school course does not describe in detail the true intentions of the Europeans migration to the most powe rful country in the world. Although the producers of Gangs of New York may have taken a U.S. History course in high school or college, the connection they made with history was somewhat accurate, but skipped two major events that happened in the United States. In chapter 9 of Foners Give Me Liberty, the rise of immigration is discussed. According to Foner, immigrants from Ireland and Germany headed for northern states. Gangs of New York portrayed the Irish immigrants moving to New York accurately. However, the film did not what the Irish were going through after they came to the United States. Scorsese focused more on gang fights in the city rather than concentrating on the issue of the Irish. In the Foner text, the Irish were working low-wage jobs that native Americans avoided by all means. Irish were laborers when they moved to the United States. Labor was done not just by the Irish, but by blacks as well. Gangs of New York had scenes where some blacks were included, but they were not shown as slaves. They were shown briefly in the film being executed by Bill the Butcher, who hated everyone that was against his vision of having a Protestant America. The film was also correct for the racism that the Irish and the blacks went through. Chapter 11 of Foner describes racism, which was that that the white race, meaning the individuals that were born and raised in America, was superior to any other race. The film shows Bill the Butcher as a candidate for racism; he only wanted Protestantism to rule America as well as the thought that natives of the country were the most inferior compared to other cultures that existed in the United States. Racism, Irish immigration, and battles between Catholic and Protestants were important parts of history that affects the present day, however, Gangs of New York would not be recommended as a teaching tool for learning about the Irish-American historical experience during the mid-19th century United States. Although the film is entertaining, it omits certain events in history that students will eventually learn, such as the Civil War and how it affects the North and South. Slavery in New York was not included in the film, even though it had a few scenes that showed how blacks were mistreated. The films focus is mainly on an individual who wants revenge for the killing of his father. Amsterdams father himself was an immigrant to the United States and was eventually killed for his belief in Catholicism. Amsterdam was an American born Irish citizen who did not want to convert to Protestantism. Scenes which show Amsterdam and Everdeane having affection only serve as a distraction to the p erson who wants to learn about Irish immigration to the United States. The idea of Irish immigration is far more important than affection, as well as the labor that they had gone through in order to live among local Americans. Gangs of New York would be recommended for its entertainment, but not as a teaching tool.

The Role Of Electronic Communication Today

The Role Of Electronic Communication Today Introduction Communication plays a very important role in our daily lives. When we interact with others we use different means of interaction. Communication has advanced from simple speech and cave paintings to the World Wide Web and many types of touch screen technology. With the recent creation of electronic communication, we finally could talk to each other at any place around the world in real time instantaneously. Another wonderful advantage it gives to us is the ability to use our time more to efficiently. However, electronic communication has drawbacks as well. For example makes it easier for bad people to make their deed more organized and efficient. History of Communication We have advanced significantly in our ability to communication. The first forms of communication our ancestors had were cave painting and face to face meeting. A form of writing was invented in 3500 B.C., which helped keep track of information, historical events, and tell about the citys laws. Our alphabetical letters (a, b, c, ect.) were invented in Ancient Egypt around 2000 B.C. The main problem for our ancestors was long distance communication. Mail. Our ancestors used a mail system for a long time, a system we still use today. They used it so they didnt have to travel every time which is very costly, immensely time consuming, and dangerous. Mail is pretty simple: you just write a letter, and give it to a post office closest to you to send. The post office used horses and ships to deliver the mail to the destination. Ships were the fastest types of delivery, but they used horses for areas without sea. A good example of a local mail system is the Pony Express that was used by the 13 colonies to deliver mail and news in the mid 1700s. The Pony Express was a delivery service of mailmen that travel by horse. The world also used ships to send information faster than by land, however it took take months to get to their destination. Telegraph. The telegraph was the first device that let us use electronic communication. Samuel Morse invented the telegraph in 1837, but the first commercial telegraph was invented in 1844 in the U.S.A. It was like a fax machine except there was no keyboard, it sent dotted messages, and it was wired. However, it was the first to have immediate replies. Soon businesses realized that the telegraph could really improve their business, but it was really expensive for two reasons. The first reason was that it was big and new, the second reason was that it needed a lot of wiring across the country that costs a fortune. What really helped the spread and popularity of the telegraph was the American Civil War. Since the North needed better advantages over the South, they needed the telegraph to send fast orders to the troops fighting in the west, on the border, or in the North. After the war more people got familiar with the telegraph and the wiring in the North was already there. In 1866, th ey even successfully made a cable from the U.S. to Europe that made fast electronic communication from North America to Europe possible. iPhone. Now, about 150 years later, we have excellent ways to communicate like the telephone, cell phone and the Internet with a laptop. Technology is continuously advancing. A recent advancement in electronic communication is the iPhone. The iPhone is a smart phone that is a touch screen and has the ability to access information on the Internet. Thanks to this phone we can save time and energy. The iPhone has a lot of awesome new features like the thousands or even tens of thousands of wonderful apps that are either free or cost $10 or less. It also has an excellent GPS system that even tells how much traffic each road has. The iPhone is a technological breakthrough. I once had an iPhone for one month, and out of all the cell phones I had, the iPhone was by far my favorite. Positive Effects and Aspects Well start with the positive aspects and effects. Now we use electronic communication for reasons including: Communication Saves time and energy A reminder Gaming Communication. First, it really improves are means of communicating to each other. First, communication gives us the ability to stay in touch anywhere at anytime. Also, it is more reliable and faster to transport important documents or news by mail or memory stick. Last, you could have immediate replies no matter where you are. Saves Time and Energy. First, the iPhone could give us direction in an unfamiliar area. Second it is easier to find and correct mistakes messages thanks to computers spell checks. It also increases the process of learning. A great example is how you taught me how to type correctly and faster when we are in two different states. They even have a really helpful touch screen computer ordering system, however it is in a couple restaurants. I went to one of these restaurants it was very good. You have the possibility to look at all the option on the menu, put topping, and order it anytime you wanted. It even has games on it you can play while you wait. The iPhone even makes the polices job easier. In the news, I heard this crazy report that someones iPhone was stolen and with a portable tracking system, the police found the thieves. Thats not the only case, there is another case when some thieves were stealing from a car, and the phone in his pocket accidentally calls 911, and thanks to t hat the police caught them. Good Reminder. Phone, email, and other types of electronic communication have special calendars and/or alarms that could remind you about: Appointments Meeting Family matters Special occasion Gaming. Games have always have been fun. Over the years gaming has advanced to a whole new level. In the 1990s they have made gaming systems that you can play storyline against computer. Now in the 21st century, you can play games against and talk to people around the world. For example, I have met a nice Canadian that lives in the second largest French-speaking town in the world, Montrà ©al. I have never met him face to face, but I have known him for well over a year and a half. Negative Aspects or Effects Of course if there are positive effects, there are negative effects from this technologic advancement: Your reputation is more vulnerable Over reliance Helps criminals also Problems with touch screens It increases the efficiency to Ruin any Reputation. Since the Internet is so vast, it is harder to keep information secret. A great example is how a teacher got fired for posting to her friends on Facebook that she hated her job and that her students parents were spoiled. If you make a mistake and send it, there are no ways you can stop it and it is easier for people to find your mistakes. A common example is a vending email, and you or someone else accidentally press send, and its immediately in the persons computer, since emails have search commands, so they could find that email a lot faster. You May Become Reliant on Technology. Reliance is not that big of a deal, but it could cause long-term problems. For example, a friend of mine has a portable GPS system and he uses it when he drives. A consequence of that is he doesnt even remember his friends addresses because he keeps using the GPS. Im a good example as well. When I was a little kid, I used to need to remember numbers, but with the addition of phone contacts in cell phones, I dont need to remember a single number. Now I dont know any of my friends numbers, only the numbers I remember are the ones I remembered when I was little kid: My parents cell phone numbers Our home number My parents office number 911 My dad has the same reliance as me, for most of his life, he remembered every number of his family and friends, but now all he remembers is their names in his contact list. It Could Help the Criminals as Well. The Internet is so helpful that it is even makes it easier for people to commit crimes. A great example is how terrorist use the Internet to find people to join their cause and it is a lot easier to send their messages without getting caught. It is also a lot easier to steal someones ideas and/report you just need to do three things: Search Copy Paste The Internet also made it possible for hackers to exist. Hackers go into any account steal the money, identity information, ect, and use it to profit themselves or frame others they dont like. It even helps people publish top-secret files. A great example is how Wiki Leaks published thousands of top-secret files about Afghanistan for the whole world to see, including terrorists. Touch screen problems. A touch screen is usually helpful, but there are problems with it. First, you need to clean the screen pretty often because when you touch it, it leaves fingerprints, which could block your sight or make it harder for the touch commands to work. Second, it is a lot more fragile, because glass is weaker than metal. Last if you scratch it, you need to either change the screen or just always look at the scratch. Conclusion All in all electronic communication is a great human achievement. We have gone a great way in our new breakthrough the iPhone. Although the advancement electronics has many drawbacks, it benefits have really helped our ancestors and us get to a new, better age. Now there are many types of advanced electronic communication that wed of never expected.

Cyberculture and the Future of Print :: Writing Technology Technological Papers

I remember a time, when I would actually sit down and write out an assignment, with a pencil and paper before going to the computer and typing it. Those days are long gone. Now when I have a writing assignment to do, I simply go to my computer desk, sit down, and begin to type. The technologies that once were have become something of the past, and we are faced with these high powered machines that connect to the World Wide Web in a matter of minutes, or link you to anyone across the United States for a one on one instant message conversation. Within a ten year time period, we have become a very cyber centered society, and I dont expect a change any time soon. The purpose of this paper, is to explain how cyberculture has changed the way that we think about writing, and ourselves in particular as writers. As young adults, it is always instilled in us, that there is a right way to do something and a wrong way to do something. I was taught growing up to sit down and write out a draft for my paper(s) along with an outline before getting started. That was the right way. Doing it this way was supposed to provide the main idea and key points that I was going to use in my paper. Now 4 years later, I find that when I have to write a paper, I donwrite anything out. I sit at the computer and let it flow. I am not saying that this is the right way of doing things, its just my way. A way that has, for the most part worked for 4 years I try to think of myself as a very objective person. Just because I can appreciate all that a computer can do, does not mean that I do not see any problems with it. Many people argue that just sitting down and typing your assignments with no previous drafts wont work because people tend to think faster than they can write. This is true. But I feel that just as easily as you can forget to type a word, you can forget to write it. Landow said it best, when he said that All the strengths of electronic text, including adaptability, infinite duplicability, and speed of transport make these changes ultimately a means of saving time, energy, and other resources, particularly paper (Landow, p.

Standing Out for the Common Good Essay -- Literacy Analysis

C.S. Lewis’s, â€Å"Democratic Education,† is story that exemplifies our democratic government and how it is to be preserved through education. He gives an account of a school system where all children had equality. The equality was not that of â€Å"they were getting taught and treated the same†, but equality of the inner being. Every child should feel the same about where they are intellectually and no person should feel more or less educated and smart than the other. The account gives propositions of what society would be like in different situations depending on the other interpretations of democratic education and what prompts the positivity or negativity of having democratic education. This analysis will explore why there is strong hint that there are negative connotations about a democratic education system when the text seems to be for this particular idea. C.S. Lewis has a distinctive style of sarcasm that is found within the piece and he uses this style to make the reader realize why the idea represented is one of stupidity. He explains what would have to happen in school systems, the sources of equality, how this type of equality and democracy do not relate, how the examples given are actually not examples of democracy, and what would happen if democratic education system (despite everthing) would, in the end, hinder the boy rather than help him. Lewis begins by stating, â€Å"Until we have realized that the two things [democracy and education] do not necessarily go together we cannot think clearly about education.† Here he is bluntly stating his point of view before we even get into the argument. He then, spends the next three to four paragraphs of the text giving examples of how people may think democracy and ... ... If someone is in a high position that they are not qualified for then it will fail. If we promote democratic education in order to preserve political democracy then these people may find themselves in a position that they are not qualified for because they were lied to and as a result we still have not preserved our original goal of political democracy. Lewis is pro political democracy and therefore, against democratic education because it covers up an initial problem in order to make someone feel more superior and better about themselves for the time being. Later on there will be consequences and Lewis is trying to prevent those consequences. References Lewis, C. (n.d.). Democratic Education. . Retrieved April 2, 2012, from https://mycampus.umhb.edu/ICS/icsfs/Democractic_Education_(Lewis).PDF?target=bccee72d-d8f9-45bc-985d-dd7a86b570ad

Balance Sheet and Income Statement

Individual Assignment: Balance Sheet and Income Statement Commentary Publicly traded companies are entities that are allow for the offering of its registered securities. This allows them to become traded over a one stock exchange or over the counter market. This process allows for companies to gauge how much the company is truly worth compared to other companies in the same field or overall. This gives some inherent advantages over some of the privately traded ones such as being able to reach debt markets and the selling of future equity.However, this also takes away from the overall control from the majority of its owners and company founders. There are many different types of companies that fall under this category. They range from anywhere between trucking to retail and anything in between. These companies are traded constantly with their stocks going up and down based on how people feel about the company. The four areas that are focused in this paper are manufacturing, trucking, retail (grocery), and mortgages. AEP Industries Inc. (AEPI) is a manufacturing company that develops ways to package different things.The company prides itself on the plastic is creates and uses for this process. This company is very similar to that of Riordan Manufacturing. Both companies have develop their own plastic materials that are used for different things. According to the Balance Sheet, The shareholders’ equity dipped in 2011 and rose drastically in 2012. This is most likely do to the increase of assets and liabilities. In the Income Statement, the overall gross profit increased from 2011 to 2012 by over 50,000. The net income also almost doubled from 2011 to 2012. Though the trade value of this company’s stock has dropped to . 1 under the profit line, the company has continued to show growth from year to year. AMERCO (UHAL) is a company that specializes in trucking/transporting items across any distance. It gives most of its power to the individuals who hire the company giving them the power to control when and where they are shipping their materials. Overall the company is looking at a profit. It is currently at 1. 67 and rising. The company’s Income statement shows that the company is slowly but steadily continuing its growth. It gained about 100,000 gross profit last year and does not show signs of slowing down.The overall net income came to about 21,000 in one year. The balance sheet also shows that the total assets and liabilities have grown and that it has increased the overall equity of the company for the shareholders. Arden Group Inc. is a holding company that operates seventeen full-service supermarkets in Southern California. The company itself carries both perishable and grocery products. The company is currently lost about 2. 20 today. According the Balance Statement, the assets of the company from 2011 to 2012 dropped by nearly half the amount, the biggest cause seems to be the short term investments.The short term investments in 2011 where 30, 413 and in 2012 it is 1,759. That is nearly 80% in one year. It seems that people have strayed away from this company when it comes to short term investments. This caused the equity of the company to be cut in half. In the Income statement, on the other hand, shows a steady growth of profit. The company is making money even without the short term investments. Nationalstar Mortgage Holdings Inc. is the nation’s leading mortgage service. It offers its supplies directly to the consumers. According to the Balance Sheet, the company has grown leaps and bounds.In 2011, the company was looking at little under 2 million total assets, but in 2012 that number grew to over 7 million. The company is growing drastically and based on the previous 2 years does not seem to be slowing down. The liability and the equity has grown in conjunction with the assets. The Income Statement shows also an impressive increase in net income. The company is growing and making a lot of money with it. The 2011 net income was 20,887. This number ballooned to 205,287 total net income. In conclusion, these four companies are publicly traded and are very successful in their own way.Nationstar has grown the greatest and seems to be able to continue to grow in the mortgage field. Arden and AEP are both growing company possibly going through growing pains and will be able to come out stronger. Finally, AMERCO is a strong company based in the right field and will continue to grow. References AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=AEPI+Balance+Sheet&annual AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/is? s=AEPI+Income+Statement&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/bs? =UHAL+Balance+Sheet&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/is? s=UHAL+Income+Statement&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http ://finance. yahoo. com/q/bs? s=ARDNA+Balance+Sheet&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http://finance. yahoo. com/q/is? s=ARDNA+Income+Statement&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=NSM+Balance+Sheet&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/is? s=NSM+Income+Statement&annual Balance Sheet and Income Statement Individual Assignment: Balance Sheet and Income Statement Commentary Publicly traded companies are entities that are allow for the offering of its registered securities. This allows them to become traded over a one stock exchange or over the counter market. This process allows for companies to gauge how much the company is truly worth compared to other companies in the same field or overall. This gives some inherent advantages over some of the privately traded ones such as being able to reach debt markets and the selling of future equity.However, this also takes away from the overall control from the majority of its owners and company founders. There are many different types of companies that fall under this category. They range from anywhere between trucking to retail and anything in between. These companies are traded constantly with their stocks going up and down based on how people feel about the company. The four areas that are focused in this paper are manufacturing, trucking, retail (grocery), and mortgages. AEP Industries Inc. (AEPI) is a manufacturing company that develops ways to package different things.The company prides itself on the plastic is creates and uses for this process. This company is very similar to that of Riordan Manufacturing. Both companies have develop their own plastic materials that are used for different things. According to the Balance Sheet, The shareholders’ equity dipped in 2011 and rose drastically in 2012. This is most likely do to the increase of assets and liabilities. In the Income Statement, the overall gross profit increased from 2011 to 2012 by over 50,000. The net income also almost doubled from 2011 to 2012. Though the trade value of this company’s stock has dropped to . 1 under the profit line, the company has continued to show growth from year to year. AMERCO (UHAL) is a company that specializes in trucking/transporting items across any distance. It gives most of its power to the individuals who hire the company giving them the power to control when and where they are shipping their materials. Overall the company is looking at a profit. It is currently at 1. 67 and rising. The company’s Income statement shows that the company is slowly but steadily continuing its growth. It gained about 100,000 gross profit last year and does not show signs of slowing down.The overall net income came to about 21,000 in one year. The balance sheet also shows that the total assets and liabilities have grown and that it has increased the overall equity of the company for the shareholders. Arden Group Inc. is a holding company that operates seventeen full-service supermarkets in Southern California. The company itself carries both perishable and grocery products. The company is currently lost about 2. 20 today. According the Balance Statement, the assets of the company from 2011 to 2012 dropped by nearly half the amount, the biggest cause seems to be the short term investments.The short term investments in 2011 where 30, 413 and in 2012 it is 1,759. That is nearly 80% in one year. It seems that people have strayed away from this company when it comes to short term investments. This caused the equity of the company to be cut in half. In the Income statement, on the other hand, shows a steady growth of profit. The company is making money even without the short term investments. Nationalstar Mortgage Holdings Inc. is the nation’s leading mortgage service. It offers its supplies directly to the consumers. According to the Balance Sheet, the company has grown leaps and bounds.In 2011, the company was looking at little under 2 million total assets, but in 2012 that number grew to over 7 million. The company is growing drastically and based on the previous 2 years does not seem to be slowing down. The liability and the equity has grown in conjunction with the assets. The Income Statement shows also an impressive increase in net income. The company is growing and making a lot of money with it. The 2011 net income was 20,887. This number ballooned to 205,287 total net income. In conclusion, these four companies are publicly traded and are very successful in their own way.Nationstar has grown the greatest and seems to be able to continue to grow in the mortgage field. Arden and AEP are both growing company possibly going through growing pains and will be able to come out stronger. Finally, AMERCO is a strong company based in the right field and will continue to grow. References AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=AEPI+Balance+Sheet&annual AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/is? s=AEPI+Income+Statement&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/bs? =UHAL+Balance+Sheet&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/is? s=UHAL+Income+Statement&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http ://finance. yahoo. com/q/bs? s=ARDNA+Balance+Sheet&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http://finance. yahoo. com/q/is? s=ARDNA+Income+Statement&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=NSM+Balance+Sheet&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/is? s=NSM+Income+Statement&annual

Marvel Case

MARVEL ENTERTAINMENT GROUP Bankruptcy and restructuring Introduction Marvel entertainment group was started by Martin Goodman in 1939. It originally was a comic book business, known as Marvel Comics now. We have no way to forget the images of X-men, Spider-Man, and Thor. Marvel Entertainment Group has had a glorious history, and a dominant position in the comic market. However, this glorious empire regretfully elapsed in the end. The historical rise and fall influences not only comic fans’ life, but most importantly to its investors and the financial market.Here we discuss in detail about the reason Marvel file for bankruptcy, the evaluation of the restructuring plan, equity worth per share under restructuring plan, its influence on the debt rising ability to other firms in the group, and why the portfolio managers choose to sell their zero coupon bonds. Part 1 Analyzing problems: why did Marvel file for Chapter 11? Were the problems caused by bad luck, bad strategy, or bad ex ecution? After taking a deep look into its performance of a six-year period, we reached the conclusion that the fall of this comic star is mainly caused by bad strategy it adopted, especially the one to acquire Skybox.Though the first two issuance of debt did bring along good operating results, Marvel’s core business began to falter shortly after the third issuance. The sales of three major business lines: Sports and Entertainment Cards, Children’s Activity Stickers, and Published comic books all decline significantly after 1993. The main reason for this decline can be explained by the fact that child entertainment is becoming more diversified, with alternatives appearing such as video games. Besides that, collectors’ declining willingness to invest in comic books drive the sales down dramatically.However, these reasons have little things to do with luck: because a successful and experienced entertainment company like Marvel should have the ability to notice thi s kind of demand change. What is more, sufficient market research should also be done when deciding long-term business strategies. But the creator of Spider man really disappointed us by heading for a totally wrong direction at the turning point of this industry. To be qualified as a bad strategy adopter, Marvel decided to acquire Skybox in 1995. At that time, Marvel has a leverage ratio as high as 52%, which made it hard to pay back the huge debt when revenues are declining.Moreover, the declining demand for entertainment cards will make this expansion unlikely to boost its revenues. We can see more clearly from its operating and financing ratios that this acquisition resulted in worse performance of the whole Marvel group. Marvel’s operating and leverage ratios 1991 Operating Ratios Sales Cost of Sales Cost of Sales/Sales SG&A SG&A/Sales Net Income Net Income/Sales Leverage Ratios Total Debt Shares Outstanding Share Price Market Value of Equity Debt/D+E EBITDA EBITDA/Sales Interest Expenses EBITDA/Interest $115. 10 58. 50. 57% 21. 4 18. 59% 16. 1 13. 99% 1992 $223. 80 112. 6 50. 31% 43. 4 19. 39% 32. 6 14. 57% 355. 3 98. 6 12 1183. 2 23. 09% 67. 8 30. 29% 6. 5 10. 43 1993 $415. 20 215. 3 51. 86% 85. 3 20. 54% 56 13. 49% 324. 7 102. 6 26 2667. 6 10. 85% 114. 6 27. 60% 14. 6 7. 85 1994 $514. 80 275. 3 53. 48% 119. 7 23. 25% 61. 8 12. 00% 585. 7 103. 7 16 1659. 2 26. 09% 119. 8 23. 27% 16. 5 7. 26 1995 $829. 30 538. 3 64. 91% 231. 3 27. 89% -48. 4 -5. 83% 934. 8 101. 3 12 1215. 6 43. 47% 34. 7 4. 18% 43. 2 0. 80 1996 $581. 20 372. 4 64. 07% 168 28. 90% -27. 9 -4. 0% 977 101. 8 4 407. 2 70. 58% 40. 8 7. 02% 42. 7 0. 96 97. 7 5 488. 5 35. 5 30. 84% 3. 5 10. 14 As we can see from the number facts above, both operating and leverage ratios show that bad performance of the company became even worse after the acquisition. On one hand, during this six-year period, Marvel’s operating ratios decreased greatly: Net Income/ Sales dropped from 13. 99% of 1991 to -4. 80% of 1996. Besides, the cost of Sales/Sales rose significantly from 50. 57% to 64. 07%. At the same time, SG&A/Sales also increased from 18. 6% to 28. 9%.On the other hand, the leverage ratios also showed that the leverage is already quite high before it made the acquisition decision. During the period from 1991 to 1995, the operating results were not satisfying and leverage coverage kept falling. Based on this situation, Marvel’s decision makers still expanded further, resulting in a worse situation: after the acquisition, its interest coverage ratio dropped rapidly to only 0. 96; the EBITDA/Sales ratio also declined to 7. 02%. Therefore, we can see clearly that the bad strategy Marvel adopted is the main reason for its bankruptcy.When facing with both an internal problem—financial distress, and external threats—declining demand for cards, Marvel should absolutely seek growth within existing business rather than impudently expand through acquiring Skyb ox. Part 2 Evaluation of the proposed restructuring plan: will it solve the problems 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? In early 1996, Perelman announced a restructuring plan in order to bail out.According to the plan, $365 million would be invested in Marvel in exchange for 427 million new Marvel shares to maintain the 80% ownership; Marvel would acquire Toy Biz, using its revenue to serve Marvel’s debt and offset Marvel’s NOLs; debt with a face value of $894. 1 million would shift into equity. In our perspective, this new plan can only solve part of Marvel’s recent problems, while it would be helpless to completely help the company out. The proposed restructuring plan is supposed both to relief Marvel’s debt burden and to increase the liquidity. To achieve this goal, Marvel planned to increase equity investment, and retire 894. milli on of debt, whose interest would be secured by 77. 3 million of Marvel’s shares. In these cases, Marvel would acquire new financing support without giving away part of its ownership, which is vital for the tax and NOLs purpose of the company. Besides, the leverage ratio would decrease sharply as a large proportion of debt would turn into equity, given that the market price of stock would not decline significantly. As a result, the plan could solve the liquidity problem of Marvel, as well as solve the problem that led Marvel to violate specific bank loan covenants.However, the company misemployed the newly acquired liquidity in the wrong place. Rather than transforming its original business strategy, which is problematic, into newly emerging industries such as video games to increase revenue, Marvel would maintain its original business lines, majority of which face downturns in the market. At the meantime, Marvel would continue to expand its current business by acquiring remai ning shares of Toy Biz. As what was mentioned previous in this report, the main reason why Marvel filed Chapter 11 was that it mistakenly bought business that produces non-demanded products.S&P downgraded the company’s debt by noting that Marvel’s earnings â€Å"have fallen while it has added debt to make acquisitions†. To acquire Toy Biz, an estimated $361. 5 million would be paid in cash by Marvel. Though Marvel believed that the acquisition would help generate sustainable cash flow to the company, we consider the revenue of Toy Biz, a company which is closely related to Marvel’s current business lines, is far from guaranteed as a foreseeable downturn in traditional entertainment industry. It means that the relieved debt burden could be ultimately offset by the prudent acquisition.Marvel would be inevitable in crisis. Furthermore, the debt holders, debt of whom would be transformed into equity, would not be fully paid off. After the restructuring plan w as announced, the stock price of Marvel plummeted. From what was shown in Exhibit 3, Marvel’s stock price continued to decline afterwards. Under the downward pressure of share price, the value of the collateral shares for the bonds are now much lower than it used to be at the time of the bonds being issued. In other words, the new shares could now only cover partially the face value of original bonds.For Carl Icahn, the largest unsecured debt holder who would have to invest in the highly discounted share once the restructuring plan is passed, whether or not its investment could be paid back would be doubtful. Though Bear Stearns, a company who prepared financial projections for Marvel’s acquisition of Toy Biz, predicted modest growth for Marvel and significant growth for Toy Biz, and that Marvel was valued more as a going concern, the argument of Bear Stearns is questionable and hard to be guaranteed. Therefore, as Carl Icahn, we would not vote for he proposed restruct uring plan. Part 3 Evaluation of Marvel’s equity: 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? We proceed to estimate equity worth per share by employing the capital cash flow method. Capital cash flow valuation incorporates mainly two approaches: starting with NI or starting with EBIT. Concerning the difficulty of reaching for such items as EBIT, we prefer the NI method particularly.Then the whole valuation process could be divided into two parts: calculation of PV (CCF) and number of shares. Part 1: PV (CCF) How to determine the discount rate is crucial for PV (equity value). This valuation uses data from Exhibit 10. Marvel entertainment group asset beta Risk-free rate Risk premium Pre-tax WACC Note: Pre-tax WACC = Rf + ? a * risk premium We use the five-year yields on US treasury bills, notes, and b onds for correspondence with our estimation time range starting from 1997 and ending in 2001. It gives us the pretax WACC as 11. 35%, used as our discount rate in the case. Then we proceed to the next section of CCF, based on information on Exhibit 9. Table 3. 1 has all the calculations shown in explicit steps with our desired result as equity value = 435. 99. Part 2: number of shares outstanding Up till now, equity value per share is only one step away with the missing number of shares, which is presented directly underneath Exhibit 6, as 528. 8 Therefore, we can come straightforward to the final calculation as: Equity value per share = 435. 99/528. 8 = 0. 2 What makes this case special is that distressed M&A could offer substantial corporate strategy opportunities in the troubled economic times ahead, while at the same time, the value of such opportunities could often be hidden amidst the confusion and distress of bankruptcy, such as the one listed as follows. Liquidation value is presented in table 3. 2. 0. 65 6. 36% 7. 5% 11. 235% Part 4 Will it be difficult for Marvel or other companies in the MacAndrews and Forbes holding company to issue debt in the future? Yes. It will become much harder for other companies in the MacAndrews and Forbes holding company o issue debt in the future, under the influence of Marvel’s bankruptcy. In 1995, S&P and Moody’s downgraded the holding companies’ debt from B to B-. Again, in 1996, Moody’s downgraded Marvel’s public debt once more. After the huge volume debt of Marvel downgraded by two rating agencies, Marvel had announced that it would violate specific bank loan covenants due to decreasing revenues and profits. Because downgrading of debt increases the chance of default, and the default probability would surely bring difficulties to other companies in the MacAndrews and Forbes holding company to issue new debt.This would happen step by step. First, the low credit rating indicates a hi gh risk of defaulting on a loan and, hence leads to high interest rates or the refusal of a loan by the creditor. Then, Investors realize this risk and therefore would require a higher default premium to compensate the risk. After that, increased default premiums would raise 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.Some difficulties would be generated from Perelman, because 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 conflicts due to the contingency fee p rovided 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. Also, this would influence the whole company’s reputation and the credibility of issuing new debt. Part 5 Why did the price of Marvel’s zero-coupon bonds drop on Tuesday, November 12, 1996? Why did portfolio managers at Fidelity and Putnam sell their bonds on Friday, November 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 he 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. After Marvel met the managers of Fidelity and Putnam, those two institutional investors sold their Marvel bonds on hand immediately in response of the meeting before the announcement of the restructuring plan. Public holders predict Fidelity and Putnam should have the insider information about the restructuring plan.Their action made the public holder feels the restructuring plan is not favor to the bond holder and therefore sold it to avoid a greater loss. Apart from that, Marvel’s zero-coupon bonds were secured by its equity, rather than the company’s assets or operating cash flows. Due to the problem Marvel suffered, their share price dropped. Once the stock price dropped below $11. 6 per share, the collateral would not be sufficient to cover the debts. The public debt holders might consider that these bonds were no longer worthy to be held to maturity while the credit risk soared. Therefore they sold the bonds in arge quantity under the deteriorated signals in the market. As a result, the bond price plunged. Due to the restructuring plan, t he prices of Marvel’s shares and bonds dropped 41% and 50% respectively. 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 are structuring 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 face value on the next day.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 huge losses in diminished value that would have followed and suffer the time they continued to hold the bonds already existing facts were revealed. To explain the portfolio managers at Fidelity and Putnam sell their bonds on Friday, November 8, 1996, we can compare the value of the bond value at the market a nd the expected equity value belong to the public holders after restructuring, Bond value on November 8, 1996, Face value of $894mn X 0. 37per dollar of face value = $ 330mn Equity value belong to the public holders after restructuring, $ 77mn shares X $0. 49 (our projected equity worth per share) = $ 38mn We found that the market value of the Marvel bond is far higher than the value of the future equity worth belongs to the bondholders. So, the bond selling price of Fidelity and Putnam is relatively much attractive rather than the converted equity value after the restructuring plan. ConclusionIn the above analysis, we reached at the conclusion that Marvel’s bankruptcy mainly resulted from its bad strategy and management problems. First, it chose to expand in a wrong time and to a wrong direction. Second, its restructuring decision can only solve its liquidity problem temporarily, and Carl Icahn should veto the restructuring plan. Third, Marvel Entertainment Group in this cas e will have bad influence on other companies and make it hard for them to issue new debt in the future. We also use the capital cash flow method to calculate the equity worth under the restructuring plan.Generally speaking, it does sound that attractive and only resulted in investors’ chagrin. Table 3. 1 (millions) Net (loss) income + depreciation or amortization – change in working capital – capital expenditure + amortization of goodwill – equity in net (loss) income in unconsolidated subsidiaries + minority interest in Toy Biz + provision for deferred taxes +Interest Capital cash flow Growth rate of each year Geometric growth rate Discount rate Present value of CCF Sum of Present value Debt value of Sept. 996 Equity value ? ? ? Terminal cash flow = CCF2001 * (1+g)/(r-g) We use geometric average here because of the rule of thumb: the more volatile the return stream, the more important it uses geometric average Because the market value and book value of d ebt are nearly the same, we directly subtract the debt value from Sum of PV (CCF) to get the final equity value. -7. 12% 11. 235% 248. 21 1412. 99 977. 0 435. 99 192. 3 91. 04 162. 12 118. 67 600. 52 1997 (35. 7) 34. 5 75. 4 83. 0 30. 5 0. 1 3. 0 9. 8 71. 0 271. 6 1998 17. 5 43. 4 11. 5 67. 4 21. 8 0. 2 -8. 3 68. 0 238. 1 (12. 33%) 1999 (12. 1) 44. 1 (44. 3) 47. 4 21. 5 (2. 2) -6. 3 64. 6 125. 3 (47. 38%) 2000 27. 6 44. 8 42. 0 46. 7 21. 2 (3. 2) -8. 1 61. 0 248. 2 98. 08% 2001 33. 6 45. 9 (2. 0) 45. 1 21. 5 (4. 4) -5. 8 56. 6 202. 1 (18. 57%) 1022. 67 Terminal CF 1022. 67 Table 3. Liquidation value Cash Accounts receivable Inventory Deferred income tax Income tax receivable Prepaid expenses and other current assets Current assets PP&E (net) Goodwill and other intangibles (net) Investment in subsidiaries Deferred charges and other assets Total assets Accounts payable Accrued expenses and other current liabilities Short-term borrowings Current portion of long-term debt Current liabil ities Long-term debt Other long-term liabilities Total liabilities Minority interest in Toy Biz Liquidation value Sep-96 35. 9 257. 2 99. 1 32. 5 18. 2 58. 2 501. 1 87. 7 595. 3. 2 72. 7 1260. 4 95. 8 170. 1 28. 7 625. 8 920. 4 0 56. 6 977. 0 102. 9 180. 5 Millions adjustment % 100 85 50 0 100 0 value 35. 9 218. 6 49. 6 0 18. 2 0 322. 3 Note s 1L 2L 3L 4L 50 50 0 0 43. 9 297. 9 0 0 664. 0 5L 6L 7L 7L 90 90 0 0 86. 2 153. 1 0 0 239. 3 8L 8L 9L 9L 0 0 0 0 239. 3 9L 10L 0 0 424. 7 11L 12L Note: all adjustments are based on our group’s estimations, prepared from the 1996 standpoint. ? The second entry accounts receivable is adjusted downward to 85%, based on the â€Å"rule of thumb† of liquidation situations, note (2L), (5L), and (8L) are done likewise.To make it more precise, expert appraisers are needed for specific consultation. ? Notes (3L), (4L), (7L), (9L), (10L) and (11L) identify the items written down to zero if liquidized. ? Note (6L) were written down to 50% bec ause of the perceived value of Marvel’s character portfolio (Spiderman and X-man did enable them steal the thunder), while we still need someone expertise for more accurate estimation. ? Lastly, subtracting liabilities from assets in Table 3. 2 gives us the liquidation valuation of $424. 7 million