The Black Family: 40 years of lies

According to the ideology of the black family concept, poverty has been described as black and intergenerational. The blackness of the family comes from the fact that a lot of poverty in the late eighteenth century was associated with the Negroes family, who were black in colour. According to consecutive statistics, poverty increased significantly in this community compared to the white, and it persisted for around forty years, making the forty years of lies.The predominance of the poverty both in terms of years and index gave birth to the black family, the American Negroes who were in total black poverty. On taking my stand, I strongly agree the arguments of this article, the Moynihan report. The collapse of the nuclear family led to mass poverty through out of wed lock children bearing and teen pregnancy. The Negro problem could not be solved without isolated study of its way of living, level of income and the social life in general. The reason as to why I support the report is maj ory based on time.I will make my argument through reflecting the time this was happening. This was a time when cultural roots were strongly held on specialized obligations of the male and female within a familial structure. The male were supposed to provide for the family whereas the female were to take care of the family. This is why the report argues that with male heads working, women and children were safe. In this ghetto culture, poverty flourishes very well for it sounds as work place discrimination based on gender.Because the population of the Negroes was increasing, the tangle of pathology was obvious. This was a state characterized by fatherlessness, crime, school failure, joblessness and juvenile delinquency. When any community is not tied to many and diversified social, economic and political obligations, they tend to worship their cultural identities. Because of the idleness, the population has to explode obviously (http://www. city-journal. org/html/15_3_black_family. h tml).The root cause of the Negroes problems was the nature of their culture on family issues. The break of nuclear family made total defiance from the social roles and responsibilities. The instability of the nuclear family resulted to mass single parentage and teen pregnancy. When children are risen up by a single parent, it is very probable that the same children will adopt the same spirit form the parent. Such kinds of children do not access education, health and other social amenities. As Johnson argues, when a family collapses, children are damaged.If this takes place at a massive scale, then the whole community gets crippled as the case of Negro Americans. Faced with the above challenges, this community had no otherwise rather than adapting to civilization ways of life, which could only be facilitated by the authority. It is a mechanism that can still apply today for poverty stricken communities. I support the campaign that was made to build a pre unit school within the ghetto zone. This was the base and the minimum level which civilization could be instilled within this community.The rest of the world should learn that the nature of family structure can adversely increase vices such as child dependency, prevalence to diseases, population burst, welfare dependency, single parentage, teen pregnancy or out of wedlock teen pregnancy epidemic. For reforms, it is wise to emphasize on use of contraceptives, sex education, universal education and the desire to rise to a higher social class (http://www. city-journal. org/html/15_3_black_family. html). Work Cited: Hymowitz, S. Kay (2005) The Black Family: 40 Years of Lies. Retrieved on 31st January 2009 from, http://www. city-journal. org/html/15_3_black_family. html

They Are More Complex Than You Think

Case Corporate Bonds – They are More Complex Than You Think 1. How should Jill go about explaining the relationship between coupon rates and bond prices? Why do the coupon rates for the various bonds vary so much? Jill should explain the relationship between coupon rates and bond prices by calculating the price of the bonds, which have similar features except coupon rate. Let’s compare ABC Energy issuer with the coupon rate 5% and 0% (the same with rating and YTM) IssuerMaturityFace ValueCoupon RateRatingYieldPrice% Change ABC Energy2010005%AAA2%$1,490. 54 49. 05% ABC Energy2010005%AAA3%$1,297. 55 29. 5% ABC Energy2010005%AAA5%$1,000. 00 0. 00% ABC Energy2010005%AAA6%$885. 30 -11. 47% ABC Energy2010000%AAA2%$672. 97 -32. 70% ABC Energy2010000%AAA3%$553. 68 -44. 63% ABC Energy2010000%AAA5%$376. 89 -62. 31% ABC Energy2010000%AAA6%$311. 80 -68. 82% The table shows that the 5% coupon bond has a wider fluctuation in price than the zero coupon bond for equivalent changes in y ield. 2. How are the ratings of these bonds determined? What happens when the bond ratings get adjusted downwards? The ratings of these bonds are determined by two professional bond-rating firms: Moody’s and Standard & Poor’s (S&P).Each of these bond-rating firms has a committee that evaluates the risk level of the company’s bond issue. It assigns a rating ranging from AAA or Aaa (best rating) down to D (default). The ratings are periodically re-evaluated whenever there is a significant development in a company’s structure or earning performance. When the ratings get adjusted downward, the bond becomes less attractive. Hence, the rate of return goes up to reduce its price. 3. During the presentation one of the clients is puzzled why some bonds sell for less than their face value while others sell for premium.She asks whether the discount bonds are a bargain. How should Jill respond? Bonds can be issued at a discount, at par, or even at premium from face v alue. The majority of bonds are sold at par ($1,000) with the coupon rate being set equal to the yield that proportional with its rating and maturity. After it is being issued, the yields demanded by investors will change, but the coupon rate still stays the same. If the yield exceeds the coupon rate, investors are demanding a higher rate of return than what the company is currently paying via the coupon payment, which leads the price drops and vice versa.As long as the yields are a true reflection of the risk level of the bond, there would not be any a bargain for the bond price, whether at a discount or premium from face value. 4. What does the term â€Å"yield to maturity† mean and how is it to be calculated? The â€Å"yield to maturity† (YTM) of a bond is the rate of return that an investor expects to earn when he or she buys the bond at its current price, receive the face value when it matures. The YTM is considered a long-term bond yield expressed as an annual ra te. The YTM of a bond is also known as its promised yield.To calculate a bond’s YTM, we must use the following inputs: For example: ABC Energy, 5%, 20 years, face value $1,000, price $703. 1 (semi-annual coupons) PV= -703. 1, N=40, PMT = 25, FV = 1000 => I = 4 (semi-annual) Interest annual = 4%*2 = 8 % 5. What is the difference between the â€Å"nominal† and effective yields to maturity for each bond listed in Table 1? Which one should the investor use when deciding between corporate bonds and other securities of similar risk? Please explain. IssuerFace ValueCoupon Rate Rating Quote PriceYTM Sinking FundCall Period YTM (semi-annual)Nominal YTMEffective YTM ABC Energy 10005%AAA703. 20yes34. 0001%8. 0001%8. 1601% ABC Energy 10000%AAA208. 320yesn/a3. 9999%7. 9997%8. 1597% TransPower100010%AA109220yes54. 5000%9. 0001%9. 2026% Telco Utilities100011%AA1206. 430no54. 4999%8. 9998%9. 2023% The nominal yield to maturity on the bond is calculated by multiplying the semi-annual y ield by two. The effective YTM is calculated by compounding the semi-annual yield for two periods. For example, on the ABC Energy 5%, 20 year bond, the semi-annual YTM is 4%. The effective annual YTM would be calculated [(1+0. 4)^2]-1 = 0. 0816 or 8. 16%.Since the YTM is a promise yield with the actual yield being dependent on the reinvestment rate that each investor is able to earn, it is best to compare similar risk bonds on the basis of their nominal YTMs. 6. Jill knows that the call period and its implications will be of particular concern to the audience. How should she go about explaining the effects of the call provision on bond risk and return potential. Call provisions are attached to bonds so that it allows companies to refinance their debt at lower rates when interest rates drop.The existence of a call provision presents a risk to the bond investor that their investment horizon on that bond may be prematurely ended. Moreover, there is reinvestment risk associated with cal lable bonds, since the bonds are called when rates are low. The company does pay a premium when the bond is called. Furthermore, there is a deferred call period for five years, which the bond can’t be called. In the case of callable bonds, investors should calculate the yield to the first call of the bonds to decide.For this calculate, the future value is set to equal to $1,000 + 1 year coupon, the maturity is assumed to be the number of years until the bond become callable. 7. How should Jill go about explaining the riskiness of each bond? Rank the bonds in terms of their relative riskiness. IssuerFace ValueCoupon Rate Rating Quote PriceYTM Sinking FundCall Period YTM (semi-annual)Nominal YTMEffective YTMRisk Rank (1=low) ABC Energy 10005%AAA703. 120yes34. 0001%8. 0001%8. 1601%1 ABC Energy 10000%AAA208. 320yesn/a3. 9999%7. 9997%8. 1597%2 TransPower100010%AA109220yes54. 5000%9. 001%9. 2026%3 Telco Utilities100011%AA120630no54. 4999%8. 9998%9. 2023%4 The bond ratings provide a general guide as to the credit risk associated with each bond. Within it ratings, investors need to be aware of call risk, reinvestment risk, maturity, and the sinking fund provision’s effect on risk. Callability makes a bond have a higher reinvestment risk. Among the AAA bonds, the zero coupon bond has no call risk, no reinvestment risk, but the higher price risk. Among the AA bonds, Telco Utilities has a longer maturity and no sinking fund making it the riskiest. . One of Jill’s best clients poses the following questions, â€Å"If I buy 10 of each of these bonds, reinvest any coupons received at the rate of these bonds, reinvest any coupons received at the rate of 5% per year and hold them until they mature, what will my realized return be on each bond investment? † How should Jill respond? IssuerFace ValueCoupon Rate Quote PriceYTM Sinking FundCall Period YTM (semi-annual)Nominal YTMEffective YTMFV of couponFV of coupon + FVRealized Return (Semi-Annual)Reali zed Return ABC Energy 10005%703. 120yes34. 0001%8. 001%8. 1601%$1,685. 06 $2,685. 06 3. 41%6. 81% ABC Energy 10000%208. 320yesn/a3. 9999%7. 9997%8. 1597%$0. 00 $1,000. 00 4. 00%8. 00% TransPower100010%109220yes54. 5000%9. 0001%9. 2026%$3,370. 13 $4,370. 13 3. 53%7. 06% Telco Utilities100011%120630no54. 4999%8. 9998%9. 2023%$7,479. 54 $8,479. 54 5. 00%9. 99% In the case of the ABC Energy, 5% coupon bond, the realized return is calculated as follows: Future value of reinvested coupon N=40, I = 2. 5, PV=0, PMT=25 => FV= 1685. 06 Realized return = [(1685. 06+1000)/703. 1]^(1/40) -1 = 3. 41% *2 = 6. 82%

International Financial Reporting Essay Example | Topics and Well Written Essays - 1250 words

International Financial Reporting - Essay Example Before January 2013, IAS 19 under GAAP set off bookkeeping requirements for diverse kinds of benefits offered by an employer, often a company, to its staff members. These benefits extended to employment termination and retirement contexts. These benefits significantly affected employer’s fiscal positions and output because they attract the distinct attention of the users of fiscal statements. This paper further discusses the similarities and differences between IFRS and American GAAP for revising IAS 19 to analyze this issue extensively. The IAS 19 Standard Revision The rationale surrounding the revision of IAS 19 by the IASB is its main requirements. First, IAS 19 acknowledges both legal and positive commitments made to workers by their employers. The logic for amending this requirement is the delayed acknowledgement of profits and losses by the above acknowledgement. A revision of IAS 19 made sure the funded position of a given company will never be similar to the one reflected on its IASB balance sheet requirement (Price Water House Coopers, 2013). Second, IAS 19 requires the practice of Projected Unit Credit as just an actuarial costing technique. Adopting a change in IAS 19 resulted in the company acknowledging an asset for unfinanced packages and an obligation for excessively financed packages. Third, IAS 19 needed demographic and fiscal actuarial presumptions to be objective and mutually matched. A revision of IAS 19 assured the decrease of the comparability of options available today, as well as the limitation of their effectiveness to fiscal reports. Fourth, IAS 19 based fiscal presumptions on market anticipations. Revising this requirement made it hard to compare the impacts of the DB packages of various organizations.

Managing capability of Ford Motor Company Coursework - 1

Managing capability of Ford Motor Company - Coursework Example The paper tells that capabilities of an organization can be segregated into two deliverables including threshold capabilities and capabilities for gaining competitive advantage. These capabilities are driven by tangible and intangible resources that constitute of threshold and unique resources. Moreover, competencies are also a critical aspect of capabilities which entail core and threshold competencies. A complete amalgamation of these aspects and a well-organized organizational outlook can facilitate companies to manage capability for gaining the sustainable competitive advantage. Ford Motor Company has emerged as one of the major sustainable companies in the automobile industry which make utmost use of its resources and capabilities to derive competitive advantages. The company has focused on providing exceptional values to its customers all over the world. It has a unique combination of power and technology that makes its every vehicle a special one. A few of the very well known brands of Ford are Fiesta, Focus, and Fusion. Mobility Muse started Ford Motor Company in the year of 1903 with the investment of US$28,000. It used to manufacture classic elegant vehicles but now with the advancement of technology and in keeping with evolving trends, it is presently manufacturing high-tech business class vehicles. It also helps newer drivers all over the world to become safer drivers. In terms of its distinct capabilities, from the handling of vehicles to the elegant exterior finish and superior luxury interior, in every single aspect, Ford has been mostly able to meet the expectations of the national as well as global markets. It also manufactures trucks and utility vehicles. It always focuses to create a strong business periphery to serve the world better. In this endeavor, it has been taking initiatives for the betterment of the society by way of Corporate Social Responsibility (CSR).

Biomes and Diversity Assignment Example | Topics and Well Written Essays - 250 words

Biomes and Diversity - Assignment Example This big shift with the invention of farm implements and tools enabled Man to vastly increase his food supplies, stabilize food sources, made food production a secure and predictable undertaking and this incidentally also allowed the arable land to support a much higher population density. Increased food availability made the entire human population grow exponentially. It has also put pressure on the other species of plants and animals, as there is a growing competition for the available food, space, and other requirements for life. Ever since Man burst unto the scene, so to speak, a good number of species had become extinct due mainly to Mans prolific activities. It is a dangerous development, as biodiversity is necessary for ensuring survival of the remaining species. There are strong ancestor-descendant links between various species and their biomes, so the main concerns should be both conservation (wise use) and preservation (leaving untouched). The past century saw the extinction of about 100 species of birds, mammals, and amphibians (Hassan & Scholes, 2005, p. 105) but this background (natural) extinction rate is expected to be 10,000 higher in the next two centuries if based on ancient fossil records, current trends, and computer modeling of extinction rates (M iller & Spoolman, 2011, p. 191). The loss in genetic diversity becomes a serious threat to Mankinds survival as well, because of the links that was mentioned earlier. There are still many undocumented species, in addition to those already well known, which can provide ecological, economic, and medicinal benefits to Man. People can help to slow down the extinction rate by avoiding environmental degradation, reducing their carbon footprint, minimize pollution, mitigate climate change, refrain from introducing invasive or harmful species to a biome, prevent over-exploitation of open common

Modern Diplomatic History Essay Example | Topics and Well Written Essays - 1000 words

Modern Diplomatic History - Essay Example In this paper, for the purposes of clarity, the researcher would define the first half of the nineteenth century from the years 1800 to 1850. In addition, the researcher would also try to look at the significant events in modern European history in these years, as well as the status of the major powers, in order to root out the causes of why no major war occurred in this period. One of the most important historical backgrounds of early nineteenth century Europe was the conclusion of the Napoleonic Wars (McLynn 215). This war, which actually lasted from the years 1803-1815, actually proves to be the last major war between great European powers in the first half of the nineteenth century; in addition, this also set the tone for the establishment of the period of â€Å"Pax Britannica,† which would be a major reason why there would be no major war again in continental Europe until the second half of the nineteenth century, as the researcher would expound later in the paper (Fremon t-Barnes and Fisher 321). These wars were actually resulted by the creation of the French Empire by the French General Napoleon, which proved to be the last major challenge to the supremacy of the British Empire until the First World War. The final stages of the Napoleonic Wars (which covered the period of the early years of the nineteenth century) actually pitted the French Empire lead by Napoleon against various coalitions (from the Third to the Seventh Coalition) composed of the British Empire and its allies, most notably Russia, Prussia, Austria, the Netherlands, Sweden, and a number of German States (Fremont-Barnes and Fisher 259). At first, the French Empire (through the use of mass conscription and shrewd diplomacy) actually conquered most of continental Europe (except Great Britain), who at its peak created and/or controlled the client states of the Kingdom of Spain, the Kingdom of Naples, the Kingdom of Italy, the Swiss Confederation, the Confederation of the Rhine, the Low Countries, and the grand Duchy of Warsaw, among others (Fremont-Barnes and Fisher 15). However, constant warfare with the continental alliances, along with their failure to conquer the British Empire, actually brought about the downfall of the French Empire, resulting in Napoleon’s defeat at Russia and finally at Waterloo (Fremont-Barnes and Fisher 306). The Congress of Vienna, where the terms of the surrender of the French Empire, the reestablishment of the French Bourbon Monarchy, and the restructuring of Europe was discussed by the â€Å"Four Great Powers† (Prussia, United Kingdom, Austria and Russia), one of the greatest manifestation of diplomatic negotiation and compromise in Modern European History was witnessed (Chapman 1). Of course, these four great powers actually had their own territorial ambitions, as well as other objectives; however, the main objective among these powers was to resolve the issues caused by the French Empire, and by creating stability in Europe through the balance of powers (Chapman 16). There are many diplomatic provisions that were provided in the Congress of Vienna; however, this paper would focus on the most important provisions that would result to the relatively peaceful Europe for the next four decades (Chapman 55). As a result of the Congress of Vienna, Russia actually received the former French controlled Duchy of Warsaw,

Residential property managment Essay Example | Topics and Well Written Essays - 2500 words

Residential property managment - Essay Example The members of a household, namely owners or their representatives and occupants, together manage a real estate enterprise that makes use of inputs of land, capital, and labour for providing shelter and other services essential for maintaining a household. In the early 1930s UK social housing policy underwent a shift as local authorities abandoned general needs housing and the standards were reduced to make the housing affordable by poor families. Nevertheless, â€Å"by the beginning of World War II, Britain had over a million council units, 10 per cent of the entire housing stock† (Malpass and Maurie. 1999, p38- 43). Present case study has to be viewed in this perspective as the buildings block were built in 1930s, which may require major repair and maintenance cost, at the same time may be exacerbated with tenant issues. The tenants of 10 flats, who are under rent controlled occupancy, have to be shifted to a newer better block two miles away. Decanting these occupants may involve many hurdles as there may be occupants from the very beginning and most of them may be legal heirs to the original owners. Because of long stay in the same locality, may be from birth, majority of them will be unwilling to shift their housing locality to a new environment, and it also involves relocating their professional or commercial activities. It may be noticed that in areas which are typified by poor quality housing estates, many of which were developed before 1945, were using non-traditional forms of construction, and decaying infrastructure. Repair and maintenance of these blocks are costly and vacating these buildings is coupled with mixture of tenures caused by the Right to Buy (RTB) power vested on the tenants, which makes demolition/renewal more expensive. Compensating the home owners at full market value for t he loss of their home is also a heavy burden on the developers.

Movie Review of Children of Heaven Coursework Example | Topics and Well Written Essays - 750 words

Movie Review of Children of Heaven - Coursework Example The love and affectionate affair that exists between these two is the main theme that the director portrays in the movie. He uses this to bring to the fore the fact that with love, it is possible to live in harmony despite poverty and hard economic times. Ali and his sister Zara cover up each other’s weaknesses which is not a very common occurrence among siblings. In most instances, sibling rivalry dominates. Furthermore, the fact that the two go as far as sacrificing their studies and receiving punishments just to conceal a mistake done by another is commendable. To achieve this without selling the fact that it is a dramatization, the director develops very specific personality trait among his characters. Ali volunteers to go look for his sister’s shoes; this is a show of love which very easily introduces the audience to the kind of affection and understanding among the two. While at the market place, he leaves the shoes unattended. This is not because he is preoccupie d with his own little games but because he saved a little penny and is therefore buying his little sister a cookie. With such a background, it becomes very realistic to understand that the two had shared a very cordial relationship. The director also achieves great success in depicting abject poverty in the movie. Ali’s family plays the role of a poverty stricken family. This is a role that they all play very effectively. An ailing mother, a jobless father, and semi dressed children bring this out very clearly. When Ali’s father later gets a gardening job, the rich and flamboyant northern Tehran brings out the difference clearly. The housing technique in this neighborhood clearly brings out the difference between the rich and the poor in this Islamic society. Furthermore, Ali accompanies his father to the town where he plays with a son to the rich family while his father is busy doing the gardening job. The director succeeds in bringing a clear cut difference between t he two children. In his tattered shirt and bare feet, Ali is distinct and a true representation of poverty. Alizera, the rich child, on the other hand is flamboyantly dressed and plays with restrain unlike Ali who is shocked at every new thing he discovers. Children are normally the true representation of the society; they offer the most basic level upon which a society may be judged and this is so because they rarely lie. Ali and Alizera do just this in depicting their class differences. Done in an Islamic society, the movie does not show it which a success. A number of stereotypes have been associated with the Islamic societies. Their very stringent cultural guidelines especially those demeaning the girl child are not depicted in the movie. Zara goes to school and is in deed a very dedicated student and a darling to most of her teachers. At school, there are quite a number of female teachers. This is unlike a typical Islamic society that most western movies and other literatures h ave succeeded in developing in the minds of many; a society in which a girl child is not valued. In a much concealed manner, the director communicates what an ideal Islamic society is. Ali’s family is a vey poor one which, if anything, should have married off their little pretty daughter to earn some financial support. However, unlike the expected, the family sends her to school and no form of negotiations that would either lead to an

Describe and discuss Key Points of Diversity and Unity within Essay

Describe and discuss Key Points of Diversity and Unity within 'Hinduism' - Essay Example Not only does this word help a vast people affiliate themselves with the same theological faith but also does it pronounce the way to lead the perfect life on earth, given the follies and foibles life encompasses as well as the problems that people are accosted with. Again, as mentioned, Hinduism is no mere binding force that includes people from diverse backgrounds but is like a salad bowl wherein the individualities can be ascertained very easily though they appear to be part of a single entity. This is one unique feature of Hinduism and has lent unity in diversity to the religion. Lipner (2004), in his celebrated book, Hindus: Their Religious Beliefs and Practices, asserts the true meaning of Hinduism. The author is of the opinion that Hinduism as a term in the general order of terms belonging to the ‘ism’ category is unique and differs from all others in form as well as content. According to Lipner (2004), Hinduism is like a banyan tree with all its branches. The sim ile of the banyan tree has been well explained by the author when he opines that the religion is basically an amalgamation of various ancient roots and branches, essentially â€Å"polycentric† though united as well as indistinguishable at times and â€Å"macrocosmically one†. This pattern of diversity is unique and lends variety to the same. However, he has also opined that the simile of the banyan tree is not applicable from all points of views. Since a banyan tree looks the same from all angles, so the simile of the banyan tree cannot be said to be apt from all view points since in case of Hinduism the point of view changes from time to time depending on the basis on which we are trying to take a look at Hinduism as a banyan tree. A further explanation of the reason why Hinduism does not appear to be a banyan tree is because though it may be a homogenous entity since the word Hindu refers to people belonging to a single faith, however, it is also a block reality (Lip ner, 2004). Other theoreticians have also echoed the same thoughts as well as philosophies. Smith (1964) has been of the opinion that Hinduism is something that does not exist in reality given the fact that this particular word envisages encompassing so diverse a range of meanings in itself that it is but an impossible pursuit. Vertovec (2000) has interestingly noted his own interpretation of Hinduism. The author mentions that his definition of a Caribbean Hindu is not one who continually changes as per the demands of the situation but adapts to the social practices that he or she is in and also negotiates one’s position with the externalities that befall the Hindu individual. This again points out to the fact that not only in India but the world over, Hindus or followers of Hinduism have exhibited the same pattern of behavior. This natural propensity towards diversity is what sets Hinduism apart from all other reasons. Lipner (2004) has given another very interesting definit ion that Hinduism stands for a â€Å"family of culturally similar traditions†. This is indeed enough to give us initial insight into what Hinduism actually is. Of course, the homogeneity of existence among the followers of Hinduism becomes apparent. However, it also becomes clear that more than the existence of God or the convergence of religious beliefs, this is one religion that is enmeshed with the social life of the population and this is exactly

The Power of Ideas Essay Example | Topics and Well Written Essays - 750 words

The Power of Ideas - Essay Example This resulted in Hegel's theories, as well as the deeper focus on existentialism and phenomenology. Hegel's idealism, also known as Absolute Idealism, has severely affected society at large. The primary reason for this is because Hegel's work developed the framework for both Marxism and Darwin's Evolutionary Theory. Hegel's notions start with the idea that knowledge does not have the ability to explain itself; therefore human beings must trust their senses to understand knowledge. The mind also comes into play here, because the mind processes all senses, and thus becomes the primary focus of knowledge. Hegel believed that humans must contradict themselves in order to form a new way of thinking. To further explain this, Hegel burrowed the idea of the Absolute Ego from Fichte and renamed it the Absolute Spirit; to Hegel this meant that the earth cannot be measured based on personality. Hegel heavily believed in Pantheism and attributed this to the absolute spirit; basically, Hegel believed that God was in everything. This belief is a reflection of a Romantic view, and was a movement in the 19th century in direct result of the Industrial Revolution occurring in Europe (Hegel 1991). ... First, existentialist ideas will be discussed. Many of these themes were introduced by Arthur Schopenhauer, Soren Kierkegaard, and Friedrich Nietzsche. Existentialism believed that philosophy focuses on the individual, and that individual's interactions with the world. For example, Nietzche, a Continental philosopher, did not agree with Hegel's concept of idealism. Nietzche firmly felt the world is controlled by will-to-power. Furthermore, Nietzche also disagreed with Hegel on the concept of absolute truth; Nietzche did not believe in an absolute truth, he felt that everything was open to one's own interpretation. This is far different from Hegel's notion that the individual must look inward, to the self. Another concept promoted by existentialism that conflicts with Hegel's notions is the existentialist idea that the world itself is an absurd place, and there is no description for why the world acts in this way. Furthermore, existentialists believe that this inability for humans to understand why the world is chaotic causes self doubt, and therefore individuals have to decide how to live and progress in this type of chaotic world. Hegel, being a pantheist, would have seen some order in the world, as reflected in the idea that God is in everything. He would not have agreed with the concepts of a chaotic world causing self doubt. Hegel did not accept the existentialist concept of the "thing-in-itself." He believed that reality was a reflection of thought and rational. Thus, reality was not a collection of separate specifics; instead, it functioned like an articulate system of thinking, like mathematics; forming one large whole which pieces are all connected. Where Hegel was abstract to

LP6.2 Lien v. Lien Essay Example for Free

LP6.2 Lien v. Lien Essay A. What type of business entity did Pete Lien Sons, Inc. , operate when it was originally founded in 1944?. Pete Lien Sons, Inc. operated a partnership when the business was originally founded in 1944. B. Who were the original three partners of Pete Lien Sons, Inc. , when it was founded? The original partners were Bruce Lien, his brother Charles Lien, and their father Pete Lien Sr. C. When Pete Lien Sons, Inc. , incorporated in 1952, the partners became ___________ of the corporation. When Pete Lien Sons, Inc. , in 1952, the partners became equal shareholders of the corporation. D. How many people served on the corporations board of directors at the time of the lawsuit? At the time of the lawsuit, seven people served on the corporation’s board of directors. E. At the time of the litigation, who owned the majority of stock in the corporation and received more income and dividends than any other shareholder? Bruce Lien owned the majority of stock in the corporation and received more income and dividend than the other shareholders. F. What allegations did Bruce Lien assert his complaint in the civil action that he brought against the corporation and the other members of the board of directors in April 2000? Bruce Lien alleged minority shareholder oppression, breach of fiduciary duty and tortuous interference with prospective business relations or expectancy. G. Under what South Dakota statute did the trial court find that there was a shareholder deadlock in failing to elect directors? (example: (SDCL __-__-__) Under SDCL 47-7-34(3) That the shareholders are deadlocked in voting power, and have failed, for a period which included at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors H. What did the trial court determine to be the most equitable manner of breaking the deadlock? The trial court determined the most equitable manner of breaking the deadlock was a blind auction between Bruce and all the other shareholders for the sale of the corporation. I. When the trial courts decision was appealed, did the South Dakota Supreme Court, agree that a deadlock existed? No, the Supreme Court did not agree a deadlock existed and reversed the trial court’s rulings. The Supreme Court stated, there was no showing that the shareholders were deadlocked in voting power because of Bruce’s refusal to attend the meeting and participate in the voting for new directors.

The strengths of a Goalkeeper Essay Example for Free

The strengths of a Goalkeeper Essay For my GCSE PE Coursework Ill be writing about the strengths of a Goalkeeper.  A Goalkeeper always needs to be fit before a match because even though he doesnt need to run on the pitch a lot a goalkeeper needs to be fit because if they are not fit they will have difficulties diving to reach a ball when an opponent tries to score and also the keeper might get the ball blasted onto him so he might go down because he is not fit enough to take the shot coming towards him. A Goalkeepers vision is very important for his job because if the keepers vision is bad he wont be able to see the shots coming towards him and then the opponent can score a goal.  I think the most important part of a Goalkeepers currier is if he has good grip with his hands because if he is clumsy the opposing player shot will slip right through the keepers hands therefore he lets in a silly goal so the keeper must make sure he has his hands nice and steady and make sure he doesnt have a injury to one of his fingers because if his fingers are injured and the ball hits it hard the keeper could have a broken finger and that could be a permanent injury ending his goalkeeping currier. A Goalkeeper must be a good goal kick taker and also have to do good long balls otherwise if he cant that means there is a very big risk every time he has to take a goal kick and could accidentally pass to the opposing player leaving him a good chance to score.  One of the main skills that a keeper has to have are his diving skills because a football goal is quite big so you need to be a very good diver in order to get the ball when it is shot on goal otherwise the keeper cant do much besides stay in one spot or move left or right. One of a goalkeeper strengths has to be how alert he his this is called reaction time a keeper when he sees a ball he as to be alert  Page 2 of 2  To dive or jump to it as fast as possible otherwise he will be letting his team down and could cost him dearly in the future.  A Goalkeeper strengths must also be Accuracy because if hes going to kick the ball when its a goal kick he has to know where hes kicking it to otherwise he will be wasting time kicking it around the pitch or he could make a mistake and kick it to a opponent leaving him a chance to score. Another keepers skill that he must master is Agility because if he has to go and chase a ball that a striker from the opposing team is also chasing he has to be fast enough to get the ball and clear it so the opponent wont benefit and end up scoring.  A really testy skill that some keepers have trouble with are balance a keeper must be able to balance himself after hes taken a hard shot because if he cant balance himself after the ball was blasted onto him he could easily walk in the goal and scoring for the other team which would let your team down. A lot of goalkeepers always happen to be tall from their hands to their feet they must be at least able to reach from the cross bar to the floor otherwise an opponent could easily chip the ball over your head and score a goal so a goalkeeper has to have good height to play and also a Goalkeeper should also have a high jump because if somehow hes out off his 6 yard box anyone could lob him and he has to have a good high jump to catch the ball or at least stop it from going into the goal. CONCLUSION  I think that the goalkeeper has the hardest job on the pitch much harder than a defender or midfielder or forward because the goalie has to take all the hard shots and takes a lot of hits by the ball or opposing player trying to score he has to sacrifice himself when he has to jump or dive to stop the ball and when he dives he also has to risk not banging on to the post and risk smashing his head thats why the keeper I think works the hardest on a pitch because of all these reasons.

Problems Faced By Easyjet

Problems Faced By Easyjet A comment on problems being faced by EasyJet and evaluation of strategies adopted by EasyJet Introduction EasyJet, a British airline company which has been fund in 1995 by Stelios Haji-Ioannou with 2 Boeing airplanes and 2 routs, has now expand to European market with 189 airplanes and more then 400 routes (Suit 101, 2009). Nowadays, EasyJet along with its well known low cost strategy is consisting on capturing larger market share. However, there has generated two main conflicts inside the firm. First, Stelios as the biggest shareholder against managers future growth plan of purchasing more aircrafts. Second, Stelios insist that shareholder of EasyJet should be paid by dividend. In order to examine the current issues of EasyJet, this report will analysis issues relate to EasyJet in aspect of economics and finance. In the economics section, this report will first discuss business objectives of EasyJet while focus on growth as its main objective. After that, the report will look into the separation theory of ownership and control issues and apply it into the discussion of current problems exist between shareholders and managers. Thirdly, this report will describe the market structure of British airline industry and discuss whether the low cost strategy could fit the market. In the finance section, this report will first examine the reflection of strategy adopted by EasyJet on the accounts using ratio analysis and trend inspecting. Then it will move on to a comparison among EasyJet, Jet2 and Ryanair, and explore the investment risk of EasyJet. Finally, this report will make a conclusion as well as recommendations that may probably solve the problems exist in Ea syJet. Part A. Economics A.1 Business Objectives According to Neild and Carysforth (2004, p.47), Business objectives are targets which must be achieved for an aim to be met. Strategies or plans adopted by firms are often based on targets such as profit, sales and growth. A.1.1 Growth Growth as the major objective of EasyJet, it is relatively easy to achieve during recession as well as recovery period. Growth of a company is regarded as expand size and enlarge sales. It is based on the scarification of short-term profit in favor of long-term profit. For example, EasyJet use retained earnings to push fleet growth. As a result, shareholders are not satisfied without dividends. In order to balance interests of both sides, managers have to increase the short profit through enlarge sales. Moreover, as managers are controllers of the company, they are free to choose growth as objective to fulfill their interests such as bonuses and share options based on acquiring a large volume of business (Stokes, 2010, p.477). A.1.1.1 Growth Strategy EasyJet adopts several strategies such as advertising and diversification to stimulate growth and enlarge market. Based on EasyJets dramatic investment programmes such as increase fleet size, EasyJet experienced a high rate growth of revenue even during the recession periods from  £264 million to  £2667 million. It increased nearly 10 times respectively and from 2000 to 2009 (EasyJet, 2009). However, certain growth strategies may result in rising expenditure and reducing price. Increase promotional expenditure While EasyJet already has a total number of 189 airbus A320 and Boeing 737 aircraft in 2010, it is respected to acquire another 59 planes in the next 4 years in favor of adapting increasing number of passengers and various destinations (Flightglobal, 2010). However, in order to get good revenue performance,  £86 million is spent on fuel costs in 2009 which partly lead to a reduction in profit margin (EasyJet, 2009). Decrease price In order to share larger market and promote growth, EasyJet carries out a strategy to make their travel fees as well as cost base lower than other established carriers. Since 1999, EasyJet has been voted as the Best Low Cost Airline by Business traveler Magazine and recognized as the first European carrier that won the award for Best Low Cost Carrier at OAG Airline Industry Awards in 2008 (EasyJet). A.1.2 Other Business Objectives Sales Revenue Maximising Sales revenue maximizing is achieved by increasing products and reducing price. Higher sales could efficiently help to expand and compete for the market. In addition, aim to maximize sale revenue could also benefit managers by enhancing their credibility as well as wages (Jain Khanna, 2009, p.22). EasyJet purchase more airplanes, provide various domestic and international flights and adopts low cost strategy to attract more passengers. According to EasyJet (2009), total revenue per seat has increased 10.9% with total revenue increased 12% from 2008 to 2009. Profit Maximizing Profit is considered as the strongest motivation of the company. Maximizing profit sometimes means maximizing the value of shareholders wealth when net cash flows back to the company in the long run. However, fixed cost may increase in a short term to promote output (Dransfield, 2004, p. 215). In future development, the objective that EasyJet might follow is profit maximizing. Nowadays profit margins are spend on aircraft purchase to meet the needs of passenger and capture larger market share, these will return to positive cash generation beyond the period of higher than normal capital expenditure (EasyJet, 2009). Managerial Utility Maximizing It is known that managerial utility could maximize when there is a higher level of output. The case indicates that EasyJet has ordered more airplanes to serve more passengers and explore new market. By increasing sales and profit, managers could provide enough money to make shareholders happy. Meanwhile, extra money could be used to promote salary, bonuses and many other perks as well as develop discretionary projects (Stoke, 2010, p.470). A.2 Ownership and Control Issues A.2.1 Ownership of EasyJet EasyJet is owned by shareholders who invest money for future dividends and for the potential increased value of their shares. Shareholders have been seen as the monitor of the operation and management of a company. Due to their interests on investment returns, they may indirectly influence company to increase share value or maximize profit (Turner, n.d.). On the other hand, shareholders could sale their stocks to express their dissatisfaction on the operation of the company. However, this conduct may lead to a reduction on share price and increase the risk of take-over bid by raider (Stokes, 2010, p. 478). Stelios Hajiloannous owns 38% stocks of the company, followed by Standard Life, who is the second large shareholder, owns 9.45% stocks (London Night Standard, 2010). Due to the family of Sir Stelios is the biggest shareholder, he could possible exercise an effective influence on the company, and directs the decisions made by directors and managers correspond to shareholders interests. A.2.2 Ownership Issues The biggest shareholder as well as Non-Executive Director, Stelios has been strongly opposed to EasyJets rapid expansion strategy and management strategy. Shareholders are more concern profit maximizing rather than sale revenue maximizing. Stelios claims that the capital cost and profit is no longer balanced and the expenditure for new airlines are from the expense of profit margins. Stelios insists that approximately 190 aircrafts is enough to operation and other excess ones should be sold to conserve cash (Flightglobal, 2010). The fleet growth strategy is not suitable for recession period as there are poor economic returns and market changes. Sometimes non executive director has insufficient influence on the Board. As a result, Stelios tries to persuade other shareholders to reject the growth strategy. However, Stelios failed to gain enough support to exert power on managers. Standard Life, who is the second large shareholder, expressed his satisfaction with management team (London Night Standard, 2010). Shareholders have the right to benefit from the company. According to the case (2010), Stelios argues that the firm is a mature company that the share price do not has the capacity to increase. Thus Stelios claims that shareholders should receive reward from dividend payments instead of the share price of the stocks they hold. Huge capital expenditure should be limited while cash should be conserved. Stelios quitted the Board to against growth strategy. There generates another disputation about the brand license. The Easy brand belongs to Stelios Easy Group and was licensed to EasyJet. However, he now is concerns to reclaim the brand and license to another airline (Daily Mail, 2010). A.2.3 Control by Managers EasyJet is controlled by managers. Although shareholders own the company, they left the operation and governance power to the Boards and management. There are two kinds of executive in the board: non-executive director who purely give advice and executive director who really exert power to make decision. The decision made by executive director and managers should be based on the interests of stakeholders to a certain degree. Thus, managers can be viewed as the agents of shareholders (Stocks, 2010, p. 477). On the other hand, managers have their responsibilities be loyal to the company while exercise judgment to operate the company. Managers should be informed the business environment to make decision that benefits the company. Rewards such as bonus are the motivations of managers. However, it may also be the stimulation of risky policy making (Bevans, 2007, p. 220). It is known that appropriate corporate governance is the guidance to achieve success operation of the company. It requires greater administration managers. However, it is difficult to balance different interests between shareholders and managers, thus lead to several problems (Rees Sheikh, 1995, p.145). A.2.4 Control Issues With the aim of growth, EasyJet sets the goal to maintain a growth of 7.5% and increase its European market share from about 7% to 10%. EasyJet believes that its growth plan on fleet size could contribute to occupy larger short-haul European market (Flightglobal, 2010). EasyJet indicates that they earned a profit of  £ 4 million and performed well in the recession period, the expansion plan is under control instead of taking huge risky (London Evening Standard, 2010). Andy Harrisons chief executive position was taken place by McCall due to the disagreement with Sir Stelios (New Statesman, 2010). Although there is a 5% drop of share price due to the long battle between shareholders and managers, EasyJet claims that overall there was a 34% rise of the share price in 10 years which shown a remarkable potential among European airline carriers as well as a sufficient reward to shareholders (Independent, 2010). A.3 Market Structure A.3.1 Market Structure of British Airline Industry According to Moschandreas (2000, p.10), market structure is the characteristics of the market that could have impact on the mode of competition. Those characteristics include product diversification, barriers of entry the market, number of suppliers and the level of price control. The market structure of British airline industry is oligopoly. Oligopoly is an imperfect market with standardized or differentiated products and a high degree of interdependence which dominated by a few companies (Chauhan, 2009, p.65). A.3.1.1 The Characteristics of Oligopoly Few Sellers: The market is dominated by few companies. Figure 1 shows the market share in the UK main airport London Heathrow. British Airways, BMI and Virgin Atlantic have relative higher market shares than others. Figure 1. Top Airlines market share at London Heathrow. AnnaAero. (2008). [One line] Available from: http://www.anna.aero/2008/12/05/flybe-heading-for-no-1-in-uk-domestic-market/ [Accessed 05th December 2008] Product diversification Many companies in oligopoly market established brands and offer various products (Jain Khanna, 2009, p.115). For example, British Airways with the slogan The worlds Best Airline serves more than 300 destinations by 238 aircrafts (British Airways, 2009); BMI with the slogan Better for Business serves various destinations by 43 aircrafts (BMI, 2010). Entry Barriers There are several barriers that protect incumbents from new firms. First, due to diversification of the products, established companies could consolidate market by branding and promotion. As a result, new firms have to spend more money on advertising and branding to conquer customer loyalty to incumbent companies and attract passengers. Second, financial requirements or vital resource also restrict new entrants, such as difficulty in accessing available landing airports and huge cost of purchasing aircraft (Tucker, 2008, p.178) A.3.1.2 Common Strategies of Oligopoly There are several price strategies or non-price strategies which could be used in oligopoly market. A.3.1.2.1 Price Strategy (Stokes, 2010, p.148) Prestige pricing. If one firm increases the price of the product, it may still attractive to customers. This may because of the promotion of quality and service or conspicuous consumption behavior. Price discrimination. Charging different price in different market could help to increase revenue. There are three degree of price discrimination (Dwivedi, 2008, p.328): First degree discrimination exits when sellers charge the highest price of the product that customer willing to buy. For example, BA offer free drinks and snacks, they could charge a higher price compare to EasyJet, who do not offer free airline catering. Second degree price discrimination exits when sellers charge different prices for the different quantities of purchase or different category of consumers (p.328). Such as first-class and economy class charge differently in airline industry as economy class is frequent required by passengers. Third degree price discrimination occurs when different price are charged refer to different submarket. For example, airline companies may offer discounts according to the time that customers book ticket in advance. Limit pricing. Limit pricing occurs when firms pricing products lower but still can get profit. Such strategy could help to deter competitors or new entrants. Price elasticity of demand. When demand is inelastic, increase price could result in revenue increase. On the other hand, when demand is elastic, decrease price could also result in revenue increase. A.3.1.2.2 Non-Price Strategy Non-Price Strategies in oligopolistic markets could help to increase demand and develop loyalty among consumers (Riley, 2005, p.83) Expanding into new markets Develop new markets could help to enlarge network and strengthen market power as well as increase sales. For example, recently EasyJet has lunched new route from Edinburgh to Dortmund, which is expected to carry more than 55000 passengers during the first year (EasyJet, 2010). Diversification of the product A company could be benefit from the diversity of its product against rivals. The more distinct products they sale, the smaller their rivals could occupy the market (Mukherjee, p.460). For example, EasyJet offer 422 flight routes among 27 countries and 114 airports (EasyJet, 2009). Advertising and Branding Advertising and Branding are essential especially for the new entrant. Advertising could establish brand images to customers. For example, EasyJet use orange as its main colors and permitted ITV operating a reality show named Airline that present EasyJet plane in the air to increasing its popularity (Fastcompany, 2002). EasyJet used to advertise its low price flight and claims that people could fly to Scotland for the price of a pair of jeans (Fastcompany, 2002) A.3.2 Low Cost Carriers Strategy of EasyJet EasyJet adopts a low-cost model to attract passengers and seize larger market share (Dunmore Gleave, 2003) Offer cheap fares: EasyJet sale tickets through internet or phone in order to avoid commissions. By the end of 2005, 98% of tickets were sold online (EasyJet, 2005). Customers could book in advance for cheap seats and transform flight for different time schedule without extra charge. Do not offer airline catering. Uniform airplane types: Airbus A320 and Boeing 737. Have higher aircraft utilisation: EasyJet aircrafts operate 11 hours a day which more than 3 hours than BA. Use high seating density airplane and increase load factors to reduce cost base: By the end of June 2010, the load factor has increased to 87.2%, thus reduces per seat costs by 16% compared to BMI (EasyJet, 2010) Use smaller airports to reduce charges: Such as London Luton and Liverpool A.3.3 Low Cost Strategy in Oligopoly Market In the UK oligopolistic market, as oligopolists are interdependent among others, firms are sensitive to competitors actions. A rational company may try to speculate reactions of competitors using game theory before they adopt various strategies such as price changes. However, even one company reduce its price, it is unlikely lead to a price war or significant profit changes. According to the theory, when companies change prices, their competitors will adjust strategies such as advertising to avoid loss (Stokes, 2010, p.152-156). As a result, low cost strategy which aims to enlarge market by reducing price is not typical in oligopoly market. However, due to the conception of price elasticity of demand, reduce price may lead to the increase of demand. Lower price strategy combined with higher frequencies could attract more business passengers who account for a remarkable proportion of passengers for EasyJet. Although such strategy could make overall cost considerably lower, it still enjoys an average growth of 4.4% while 10.5% in some major routs when fist became a low cost carrier. Apparently the successful low cost airlines are more profitable than established carriers, thus easy to survive in the market (EasyJet, 2009). In the first part, this report has discussed the features of growth strategy and low cost strategy adopted by EasyJet. The next part of the report will examine these features by analysing the financial accounts of EasyJet. Part B. Finance B.1 Strategies reflect on EasyJets Accounts B.1.1 Growth B.1.1.1 A Growth Company From Figure B1, it can be seen that sales revenue has shown a consistently upward trend and nearly doubled from  £1341.4 million to  £2666.8 million during the 5 years. Hence, according to product life cycle, EasyJet still being in the period of introduce to the market instead of maturity. Figure B1* Figure B2 shows a significant increase in trade creditors and debtors. However, it can be seen in Figure B2 that EasyJet could pay suppliers more slowly while receive debtor quicker than before. As a result, working capital as well as financial environment may probably get better, which could benefit for its growth strategies. It can be seen from Figure B3 that the market value per share has increased from 2005 to 2007 before it reduce sharply in 2008. However, it has recovering in 2009 after the recession period. The overall trend shows a growth in shareholders wealth as well as the company itself. P: E ratio is the indicator of investors wishes for long term profit. It reduced from 2005 to 2007 followed by an increase since 2008. The upward trend could reveal a huge potential growth in the future. B 1.1.2 Growth Strategies Increase promotional expenditure Figure B5 illustrates a growth of current assets and current liabilities. Current ratio of EasyJet reflects that the growth rate of current assets is slowly than current liabilities, which could reflect EasyJets fast growth of borrowings for increase promotional expenditure, as current ratio shows a downward trend. Nevertheless, the ratio is fluctuating above 1, which means that current assets always more than current liabilities and EasyJet has the ability to pay future bills. However, the more the ratio near 1, the less cash or cash assets could be contributed to short term debt. A large amount of cash of EasyJet is used to pay for aircraft order for future long term profit. Interest cover ratio could reveal whether EasyJet pay interest borrowings by generating enough profits. However, from Figure B5, EasyJet experienced a dramatic decline on interest cover ratio and lower than 1.5 in 2009. Due to the sacrifice on short term profit and large amount of borrowing for airline purchase, EasyJet may burdened by interest of debt. Gearing ratio could be used to describe the proportion of long term liabilities in capital employed. The higher a gearing ratio is, the more debt a company loaned and the more risk a company may take. From Figure B6 one could know that overall the gearing ratio has increased with a peak in 2007. Due to the huge cost of aircrafts, EasyJet is now in serious financial problem. Decrease in short term profit Gross profit and net profit margin ratio is helpful to know the percentage of profit generated from total revenue. Profit margin of EasyJet has shown an upward trend until 2007, both gross profit and net profit margin ratio decreased about 10% by the end of 2009. Such reduction indicates a increase in cost of sales and may not be satisfied by shareholders. However, despite of the rising in tax rate, this trend could reflect EasyJets strategies to explore new market, increase net work as well as route length which lead to a rise of fuel costs, airport charging and advertising costs. Capital employed includes shareholders funds and long term liabilities. Figure B8 indicates that EasyJets capital is rising, which indicates an expansion of EasyJets size. Although the investment of EasyJet has been increasing, profit has been used for further expansion. Hence, large short term profit may not be generated from capital. The situation is reflected on the reduction on ROCE. It also can be seen from Figure B8, return on equity has shown the same trend as that of profit. They both have increased till 2007 and then decreased sharply. Although the reduction of return on equity may due to the tax policy released in 2009 and increasing costs, which lead to a reduction on earnings after tax, it also partly result in the expansion of shareholders funds (EasyJet, 2009). However, overall it shows a lack of ability to return profit for owners investment. Figure B9 shows that after 2005, assets turnover decreased and has been fluctuating around 1, which reflects a poor utilization of assets and less profit return on assets. However, this primarily because of the large bulk of airplane purchase plan during the next few years. As a result, the long term benefits may not be reflected in more than one year. B.1.2 Low Cost strategy Figure B10 shows increase both in sales revenue and number of employee, which indicates the expansion of companys size and growth of finance performance. This may probably base on the low cost strategy. According to low cost strategy, EasyJet offer more frequencies on flight and larger capacities than other companies, thus lead to an increase in passenger flown as well as efficiency in airplane utilities. Aiming to enlarge its market, EasyJet has lunched more airports and increase its route length to various European destinations which result in a raise in cost, especially fuel cost. As a result, it can be seen from Figure B11 that a sharp rise of cost per passenger has increased since 2007. B.2 Compare EasyJet with Jet2 and Ryanair In order to discuss investment risky of EasyJet, this part of the report will compare EasyJet with Jet2 and Ryanair, both of which also adopt low cost strategy as EasyJet. B.2.1 Differences and Similarities in Balance Sheets Apparently from Appendix 1, Appendix 2 ad Appendix 3, EasyJet shows a significant higher increase rate of total assets, liabilities and capital employed, which indicate a rapid expansion of companys size. Ryanair also shows a slightly development of the company. By contrast, although Jet2 experienced an increase in total assets, the total liabilities has reduced, mainly due to the decline of non-current assets. Although the current assets of Jet2 raised sharply from 2008 to 2009, according to Figure 15, unlike Ryanair and EasyJet, the current assets of Jet2 is much lower than current liabilities. Thus Jet2 may not have the ability to pay bills or have enough cash to develop business. By comparing the proportion of total liabilities and shareholders fund in total assets, it can be seen that all three companies liabilities is higher than shareholders funds. Thus, EasyJet, Jet2 and Ryanair are mainly financed by debt. As Ryanair has the largest number of assets while Jet2 has the lowest, one may presume that Ryanair has the largest size of company while Jet2 has the relatively smallest. While the major liabilities of both EasyJet and Ryanair is long term borrowings, Jet2 takes trade payable as major total liabilities and deferred tax as major non-current liabilities. This situation may probably indicate that the working capital of Jet2 could be influenced negatively due to a poor ability of paying debt. B.2.2 Investment B.2.2.1 Comparison among EasyJet, Jet2 and Ryanair By comparing current ratio in Figure 12, it can be see that Jet2 current liabilities is more than current assets, thus Jet2 may have difficulty to pay bills immediately. On the other hand, Ryanairs current ratio has increased to 1.84 in 2009, as current assets in much higher than current liabilities. The figure may indicate a poor utilization of resource. Compared to Jet2 and Ryanair, EasyJet has a better management on assets and liabilities. It can be seen that EasyJet has the highest rate of gearing ratio, as the operation of company is largely depend on borrowings. Meanwhile, according to Figure 12, EasyJet has the relative lower interest cover ratio, which indicates that EasyJet may have more difficulty to pay interest expense than other company. As a result, an investment in EasyJet is more risky than invest in Ryanair and Jet2. Earning per share has been widely used as measurement for the growth of a firm as well as the indicator of the amount of profit could return to each share. Although the EPS of Jet2 rose remarkably, the PE ratio also declined dramatically. On the other hand, it can be seen that the PE ratio of EasyJet as well as Ryanair has increased sharply. It indicates potential capabilities of future growth of the two companies which could give confidence to investors. From Figure B16, it can be seen that Jet2 has the longest time to pay creditors, thus has a longer time to utilities liabilities. However, it also needs the longest time to collect receivables. On the other hand, although Ryanair has to pay creditors quicker compared to the time in 2008, the period is still longer than EasyJet. Moreover, Ryanair could receive debt much quicker than EasyJet. Thus Ryanair may have the best efficiency cash flows which could contribute to company operating. Obviously from Figure B13, Ryanair has much higher figure of return on capital employed, which means that Ryanair could profitably operation the company by using investment. As a result, investor could receive more interests in the short run from Ryanair rather than EasyJet, which has the lowest ROCE ratio among others. B.2.2.2 Brief Evaluation Based on the ratio discussed above, it can be seen that overall Ryanair is the best choice for investors compared to EasyJet and Jet2 despite its lower efficiency on the utilization of assets. It has the highest PE ratio and return on capital employed rate. Moreover, the working capital of cash flows is also considered as the best one among others. Investment on Ryanair could have less risky than EasyJet. Jet2 relatively has a poor condition of capital. It seems that Jet2 may easier fall into the dilemma of debt difficulty. Although EasyJet has a large amount of borrowings, and the lowest return on capital, a more flexible cash flow as well as a proper utilization of capital could be compensations. In addition, higher PE ratio implies a potential power of growth. Thus, investment on EasyJet could have less risky than Jet2 and may probably get better profit in the future. Conclusion To sum up, EasyJet as a growth company has adopt several strategies to compete in oligopoly market. EasyJet utilise low cost strategy to increase it efficiency in business operation will use growth strategy to seize larger market share and expand the size of the company. However, scarification of short term profit may leads to unsatisfactions of shareholders. Moreover, by looking at the accounts of EasyJet, it can be seen that its growth plan of aircraft purchasing lead to a heavy burden on debt. EasyJet has potential risky due to the large proportion of liabilities. In recommendation, EasyJet could reduce its growth plan while pay dividend to shareholder in order to alleviate the conflicts. As a result, the reputation of EasyJet could be maintained and attract more funds invest in the capital. Hence, EasyJet may not need to largely depend on liabilities and the risk of investment could reduce. References AnnaAero. (2008). Flybe Heading for #1 in UK Domestic Market; Overall Demand Down Around 4% in 2008. [One line] Available from: http://www.anna.aero/2008/12/05/flybe-heading-for-no-1-in-uk-domestic-market/ [Accessed 05th December 2008] Bevans, N. R. (2007). Business Organizations and Corporate Law. New York: Thomson Delmar Learning. Chauhan, S. P. S. (2009). Microeconomics: Theory and Applications. New Delhi: Learning Private Limited. Daily Mail. (2010). Stelios Warns He May Reclaim EasyJet Name. [On line] Available from: http://www.dailymail.co.uk/money/article-1287205/Stelios-warns-reclaim-easyJet-name.html [Accessed 16th June 2010] Dransfield, R. (2004). Business for Foundation Degrees and Higher Awards. Oxford: Heinemann Dwivedi, D. N. (2008). Microeconomics: Theory and Applications. New Delhi: Dorling Kindersley Ltd. EasyJet. (2009). Annual Report and Accounts 2009. [On line] Available from: http://2009annualreport.easyjet.com/files/pdf/easyJet_AR09.pdf EasyJet. (2010). EasyJet to Launch Two NEW Routes: Edinburgh to Dortmund and Dortmund to Thessaloniki. [On line] Available from: http://www.easyjet.com/en/news/new_routes_dortmund_edinburgh_thessaloniki.html EasyJet. (n. d.) EasyJet Awards and Tributes. [On line] Available from: http://www.easyjet.com/EN/About/Information/infopack_awards.html Fast Company. (2002). Stelios Makes Growth Look Easy. [On line] Available from: http://www.fastcompany.com/magazine/64/ioannou.html [Accessed 31st October 2002] Flight Global. (2010). Haji-loannou Bids to Overturn EasyJet Expansion Strategy. [On line] Available from: http://www.flightglobal.com/articles/2010/05/14/342001/haji-ioannou-bids-to-overturn-easyjet-expansion-strategy.html [Accessed 14th May 2010] Jet2. (2009). Annual Report 2009. [On line] Available from: http://www.dartgroup.co.uk/pdf/DartReport09.pdf Kothari, J. E, Barone. (2006). Financial Accounting. An International Approach. Essex: Pearson Education Limited. London Evening Standard. (2010). Standard Life Backs EasyJet after Stelios Quits. [On li

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  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Chad Lawrence   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Sports and Society   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  March 7, 2005   Ã‚  Ã‚  Ã‚  Ã‚  Sports is what has molded us into the people we are today. The world of sports is so unique, and people have different interest and fascinations. From being a child I can remember watching the Red Sox and Celtics with my father and becoming a die hard fan for those teams due to my family being serious fans. Not only did watching those games turn me into a good New England fan but it also gave me some good quality time with my father and brothers.   Ã‚  Ã‚  Ã‚  Ã‚  The movie we watched showed all the emotions that can come from sport. Whether it would be a gratifying moment with a win for your team, or a devastating moment with a loss. That is what makes you grow when you are a younger kid growing up. A kid who can handle a loss in his life with the same dignity as a win will become a better person in the future.   Ã‚  Ã‚  Ã‚  Ã‚  In class discussion we talked about how in today’s age younger kids do not have the same interest to get involved in sports as they used to. It seems that today younger kids are more interested in playing video games, then to take part in a sport and learn the team aspect of life and how to get along with each other and work as a team. Learning in sports is something people do not understand unless you are a true athlete. In the game of baseball there is so much silent communication not everyone knows about. You have nine men on the field who have the same mind set and that is to do anything you can to win this game and help your teammates. If a kid can learn this at a young age and carry this on with him through life, he will become that much of a better worker when he is at the office or wherever they might be.   Ã‚  Ã‚  Ã‚  Ã‚  We also discussed the role of women in sports and that is a uniqueness in its self. Girls sports are becoming more of a interest to the public then it once had. This is in direct relation to the U.S Woman Soccer championship game over China. Mia hamm got girls real interested in soccer as well as fans. With the WNBA growing every year it has been

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The lady and the tiger was a story with no ending, this is bothersome because it truly left everybody wondering. That is quite possibly the brilliance of the story, it forces readers to ponder their thoughts and come up with their own ending. Love has a lot to do with the story â€Å"The Lady and the Tiger†. The story gives the princess fate over her lover. The problem arose because the princess’s father will not allow her to be with him. The story takes place in a kingdom and involves the king, the princess, and her lover. The princess’s decision on which door to gesture to her lover is presumed to have a large impact on the story, which it does however the question that is which door her lover opens remains un-answered. The princess will open the door with the lady behind it, she will be able to put her jealousy and romantic emotions behind human morality. The princess will lead the gentleman towards the door with the maiden behind it because it is highly unethical to kill a man because she will have to see them together. Human morality plays a large role in her decision to do this. The pain she experiences from seeing her lover with her enemy will fade. On the other hand, the pain she would experience from seeing him die in front of her eyes would linger on and on. Furthermore the pain of the reflection of that decision to kill him would bring her much regret. She would continue to question her morality and she would hurt from the decision she made for a very long time. In â€Å"The Lady or the Tiger† Stockton says â€Å"Had it not been for the moiety of barbarism in her nature it is probable that the lady would not have been there†¦Ã¢â‚¬  (Stockton 4). That quote is proof that even though her father was semi barbaric, due to the moiety she and t... ...nd, that decision leads him to be hit in the face by the guard. Following the hit, he falls to the ground. When he stands up it is undeniably decision time. He looks up to the king and gives him a nod of respect, he also looks up at the princess and quickly gazes into her eyes. The princess subtly pointed to the left. She changed her mind; the door she now wanted him to go through was on the left. He steps forward accepting the princess’s suggestion to go to the left, he places his hand on the door handle. He stops and keeps his hand there for a few second then opens up the door and notices a beautiful maiden stepping out of it. Filled with joy, he wraps his arms around her and thanks God for letting him live. The priest and wedding singers follow close behind the maiden and in the arena the two are married. The obviously guilty had in fact just been found innocent.

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The Modernist movement period was change in the world that took place between the end of the nineteenth century and throughout the twentieth century. Modernism is something that has happened and no longer represents the now or the contemporary of the world. Modern design is developed of all that came before it and through experimentation, innovation, and individualism, which forward society. Great leaders in the modernist movement were intellectuals, artists, philosophers and scientists. Modernist such as Kafka, Woolf and Toomer influence literature constantly reform reshape society with a variety of theme of their of personal life and life during the 19th, 20th. In order to understand the modernist movement and the influence in society we have to analysis Franz Kafka. Kafka modernist patterns and system were unique, disturbing, symbolic fictions in his works made him one of twentieth century's influential writers. Kafka use of troubling, ironic, expressionistic in his novels often dealing with alienation trapped his central character in complex situations beyond their knowledge and control. Kafka novel The Metamorphosis starts with Gregor waking up into bug. As the story change Gregor appears to accept that he is a bug. Gregor never stops to question how such a transformation could understand why it occurs. Although the story presents the change as fact, one might argue that it serves as a metaphor to illustrate why he was a bug. The Metamorphosis was not surprising when Kafka used metaphors to explain the story of Gregor, which were key to the understanding Gregor family reaction when he became a bug. The metaphor Kafka tried to convey wa s alienation of life in Gregor, which led to void humane gratitude, cold affection, and f... ...s of new music patterns styles with forms of improves instruments and music language. Sound control is also important to understand how pitch, tempo and octaves to put together a song. Music no longer is limited to concerts and opera houses it is available for everyone that enjoys music. In conclusion â€Å"The Modernist† movement was a period of change in the world that took place between the end of the nineteenth century and throughout the twentieth century. Modernism is something that has happened and no longer represents the now or the contemporary of the world. Modern design is developed of all that came before it and through experimentation, innovation, and, which forward as a society. Modernist such as Kafka, Woolf and Toomer influence literature constantly reform reshape society with a variety of theme of their of personal life and life during the 19th, 20th.

Bag of Bones CHAPTER SEVENTEEN

Devore was mad, all right, mad as a hatter, and he couldn't have caught me at a worse, weaker, more terrified moment. And I think that everything from that moment on was almost pre-ordained. From there to the terrible storm they still talk about in this part of the world, it all came down like a rockslide. I felt fine the rest of Friday afternoon my talk with Bonnie left a lot of questions unanswered, but it had been a tonic just the same. I made a vegetable stir-fry (atonement for my latest plunge into the Fry-O-Lator at the Village Cafe) and ate it while I watched the evening news. On the other side of the lake the sun was sliding down toward the mountains and flooding the living room with gold. When Tom Brokaw closed up shop, I decided to take a walk north along The Street I'd go as far as I could and still be assured of getting home by dark, and as I went I'd think about the things Bill Dean and Bonnie Amudson had told me. I'd think about them the way I sometimes walked and thought about plot-snags in whatever I was working on. I walked down the railroad-tie steps, still feeling perfectly fine (confused, but fine), started off along The Street, then paused to look at the Green Lady. Even with the evening sun shining fully upon her, it was hard to see her for what she actually was just a birch tree with a half-dead pine standing behind it, one branch of the latter making a pointing arm. It was as if the Green Lady were saying go north, young man, go north. Well, I wasn't exactly young, but I could go north, all right. For awhile, at least. Yet I stood a moment longer, uneasily studying the face I could see in the bushes, not liking the way the little shake of breeze seemed to make what was nearly a mouth sneer and grin. I think perhaps I started to feel a little bad then, was too preoccupied to notice it. I set off north, wondering what, exactly, Jo might have written . . . for by then I was starting to believe she might have written something, after all. Why else had I found my old typewriter in her studio? I would go through the place, I decided. I would go through it carefully and . . . help im drown The voice came from the woods, the water, from myself. A wave of lightheadedness passed through my thoughts, lifting and scattering them like leaves in a breeze. I stopped. All at once I had never felt so bad, so blighted, in my life. My chest was tight. My stomach folded in on itself like a cold flower. My eyes filled with chilly water that was nothing like tears, and I knew what was coming. No, I tried to say, but the word wouldn't come out. My mouth filled with the cold taste of lakewater instead, all those dark minerals, and suddenly the trees were shimmering before my eyes as if I were looking up at them through clear liquid, and the pressure on my chest had become dreadfully localized and taken the shapes of hands. They were holding me down. ‘Won't it stop doing that?' someone asked almost cried. There was no one on The Street but me, yet I heard that voice clearly. ‘Won't it ever stop doing that?' What came next was no outer voice but alien thoughts in my own head. They beat against the walls of my skull like moths trapped inside a light-fixture . . . or inside a Japanese lantern. help I'm drown help I'm drown blue-cap man say git me blue-cap man say dassn't let me ramble help I'm drown lost my berries they on the path he holdin me he face shimmer n look bad lemme up lemme up 0 sweet Jesus lemme up oxen free allee allee oxen free? PLEASE OXEN FREE you go on and stop now ALLEE OXEN FREE she scream my name she scream it so LOUD I bent forward in an utter panic, opened my mouth, and from my gaping, straining mouth there poured a cold flood of . . . Nothing at all. The horror of it passed and yet it didn't pass. I still felt terribly sick to my stomach, as if I had eaten something to which my body had taken a violent offense, some kind of ant-powder or maybe a killer mushroom, the kind Jo's fungi guides pictured inside red borders. I staggered forward half a dozen steps, gagging dryly from a throat which still believed it was wet. There was another birch where the bank dropped to the lake, arching its white belly gracefully over the water as if to see its reflection by evening's flattering light. I grabbed it like a drunk grabbing a lamp-post. The pressure in my chest began to ease, but it left an ache as real as rain. I hung against the tree, heart fluttering, and suddenly I became aware that something stank an evil, polluted smell worse than a clogged septic pool which has simmered all summer under the blazing sun. With it was a sense of some hideous presence giving off that odor, something which should have been dead and wasn't. Oh stop, allee allee oxen free, I'll do anything only stop, I tried to say, and still nothing came out. Then it was gone. I could smell nothing but the lake and the woods . . . but I could see something: a boy in the lake, a little drowned dark boy lying on his back. His cheeks were puffed out. His mouth hung slackly open. His eyes were as white as the eyes of a statue. My mouth filled with the unmerciful iron of the lake again. Help me, lemme up, help I'm drown. I leaned out, screaming inside my head, screaming down at the dead face, and I realized I was looking up at myself, looking up through the rose-shimmer of sunset water at a white man in blue jeans and a yellow polo shirt holding onto a trembling, birch and trying to scream, his liquid face in motion, his eyes momentarily blotted out by the passage of a small perch coursing after a tasty bug, I was both the dark boy and the white man, drowned in the water and drowning in the air, is this right, is this what's happening, tap once for yes twice for no. I retched nothing but a single runner of spit, and, impossibly, a fish jumped at it. They'll jump at almost anything at sunset; something in the dying light must make them crazy. The fish hit the water again about seven feet from the bank, spanking out a circular silver ripple, and it was gone the taste in my mouth, the horrible smell, the shimmering drowned face of the Negro child a Negro, that was how he would have thought of himself whose name had almost surely been Tidwell. I looked to my right and saw a gray forehead of rock poking out of the mulch. I thought, There, right there, and as if in confirmation, that horrible putrescent smell puffed at me again, seemingly from the ground. I closed my eyes, still hanging onto the birch for dear life, feeling weak and sick and ill, and that was when Max Devore, that madman, spoke from behind me. ‘Say there, whoremaster, where's your whore?' I turned and there he was, with Rogette Whitmore by his side. It was the only time I ever met him, but once was enough. Believe me, once was more than enough. His wheelchair hardly looked like a wheelchair at all. What it looked like was a motorcycle sidecar crossed with a lunar lander. Half a dozen chrome wheels ran along both sides. Bigger wheels four of them, I think ran in a row across the back. None looked to be exactly on the same level, and I realized each was tied into its own suspension-bed. Devore would have a smooth ride over ground a lot rougher than The Street. Above the back wheels was an enclosed engine compartment. Hiding Devore's legs was a fiberglass nacelle, black with red pinstriping, that would not have looked out of place on a racing car. Implanted in the center of it was a gadget that looked like my DSS satellite dish . . . some sort of computerized avoidance system, I guessed. Maybe even an autopilot. The armrests were wide and covered with controls. Holstered on the left side of this machine was a green oxygen tank four feet long. A hose went to a clear plastic accordion tube; the accordion tube led to a mask whi ch rested in Devore's lap. It made me think of the old guy's Stenomask. Coming on the heels of what had just happened, I might have considered this Tom Clancyish vehicle a hallucination, except for the bumper-sticker on the nacelle, below the dish. I BLEED DODGER BLUE, it said. This evening the woman I had seen outside The Sunset Bar at Warrington's was wearing a white blouse with long sleeves and black pants so tapered they made her legs look like sheathed swords. Her narrow face and hollow cheeks made her resemble Edvard Munch's screamer more than ever. Her white hair hung around her face in a lank cowl. Her lips were painted so brightly red she seemed to be bleeding from the mouth. She was old and she was ugly, but she was a prize compared to Mattie's father-in-law. Scrawny, blue-lipped, the skin around his eyes and the corners of his mouth a dark exploded purple, he looked like something an archeologist might find in the burial room of a pyramid, surrounded by his stuffed wives and pets, bedizened with his favorite jewels. A few wisps of white hair still clung to his scaly skull; more tufts sprang from enormous ears which seemed to have melted like wax sculptures left out in the sun. He was wearing white cotton pants and a billowy blue shirt. Add a little black beret and he would have looked like a French artist from the nineteenth century at the end of a very long life. Across his lap was a cane of some black wood. Snugged over the end was a bright red bicycle grip. The fingers grasping it looked powerful, but they were going as black as the cane itself. His circulation was failing, and I couldn't imagine what his feet and his lower legs must look like. ‘Whore run off and left you, has she?' I tried to say something. A croak came out of my mouth, nothing more. I was still holding the birch. I let go of it and tried to straighten up, but my legs were still weak and I had to grab it again. He nudged a silver toggle switch and the chair came ten feet closer, halving the distance between us. The sound it made was a silky whisper; watching it was like watching an evil magic carpet. Its many wheels rose and fell independent of one another and flashed in the declining sun, which had begun to take on a reddish cast. And as he came closer, I felt the sense of the man. His body was rotting out from under him, but the force around him was undeniable and daunting, like an electrical storm. The woman paced beside him, regarding me with silent amusement. Her eyes were pinkish. I assumed then that they were gray and had picked up a bit of the coming sunset, but I think now she was an albino. ‘I always liked a whore,' he said. He drew the word out, making it horrrrrrr. ‘Didn't I, Rogette?' ‘Yes, sir,' she said. ‘In their place.' ‘Sometimes their place was on my face!' he cried with a kind of insane perkiness, as if she had contradicted him. ‘Where is she, young man? Whose face is she sitting on right now? I wonder. That smart lawyer you found? Oh, I know all about him, right down to the Unsatisfactory Conduct he got in the third grade. I make it my business to know things. It's the secret of my success.' With an enormous effort, I straightened up. ‘What are you doing here?' ‘Having a constitutional, same as you. And no law against it, is there? The Street belongs to anyone who wants to use it. You haven't been here long, young whoremaster, but surely you've been here long enough to know that. It's our version of the town common, where good pups and vile dogs may walk side-by-side.' Once more using the hand not bunched around the red bicycle grip, he picked up the oxygen mask, sucked deeply, then dropped it back in his lap. He grinned an unspeakable grin of complicity that revealed gums the color of iodine. ‘She good? That little horrrrrr of yours? She must be good to have kept my son prisoner in that nasty little trailer where she lives. And then along comes you even before the worms had finished with my boy's eyes. Does her cunt suck?' ‘Shut up.' Rogette Whitmore threw back her head and laughed. The sound was like the scream of a rabbit caught in an owl's talons, and my flesh crawled. I had an idea she was as crazy as he was. Thank God they were old. ‘You struck a nerve there, Max,' she said. ‘What do you want?' I took a breath . . . and caught a taste of that putrescence again. I gagged. I didn't want to, but I couldn't help it. Devore straightened in his chair and breathed deeply, as if to mock me. In that moment he looked like Robert Duvall in Apocalypse Now, striding along the beach and telling the world how much he loved the smell of napalm in the morning. His grin widened. ‘Lovely place, just here, isn't it? A cozy spot to stop and think, wouldn't you say?' He looked around. ‘This is where it happened, all right. Ayuh.' ‘Where the boy drowned.' I thought Whitmore's smile looked momentarily uneasy at that. Devore didn't. He clutched for his translucent oxygen mask with an old man's overwide grip, fingers that grope rather than reach. I could see little bubbles of mucus clinging to the inside. He sucked deep again, put it down again. ‘Thirty or more folks have drowned in this lake, and that's just the ones they know about,' he said. ‘What's one boy, more or less?' ‘I don't get it. Were there two Tidwell boys who died here? The one that got blood-poisoning and the one ‘ ‘Do you care about your soul, Mr. Noonan? Your immortal soul? God's butterfly caught in a cocoon of flesh that will soon stink like mine?' I said nothing. The strangeness of what had happened before he arrived was passing. What replaced it was his incredible personal magnetism. I have never in my life felt so much raw force. There was nothing supernatural about it, either, and raw is exactly the right word. I might have run. Under other circumstances, I'm sure I would have. It certainly wasn't bravery that kept me where I was; my legs still felt rubbery, and I was afraid I might fall down. ‘I'm going to give you one chance to save your soul,' Devore said. He raised a bony finger to illustrate the concept of one. ‘Go away, my fine whoremaster. Right now, in the clothes you stand up in. Don't bother to pack a bag, don't even stop to make sure you turned off the stoveburners. Go. Leave the whore and leave the whorelet.' ‘Leave them to you.' ‘Ayuh, to me. I'll do the things that need to be done. Souls are for liberal arts majors, Noonan. I was an engineer.' ‘Go fuck yourself.' Rogette Whitmore made that screaming-rabbit sound again. The old man sat in his chair, head lowered, grinning sallowly up at me and looking like something raised from the dead. ‘Are you sure you want to be the one, Noonan? It doesn't matter to her, you know you or me, it's all the same to her.' ‘I don't know what you're talking about.' I drew another deep breath, and this time the air tasted all right. I took a step away from the birch, and my legs were all right, too. ‘And I don't care. You're never getting Kyra. Never in what remains of your scaly life. I'll never see that happen.' ‘Pal, you'll see plenty,' Devore said, grinning and showing me his iodine gums. ‘Before July's done, you'll likely have seen so much you'll wish you'd ripped the living eyes out of your head in June.' ‘I'm going home. Let me pass.' ‘Go home then, how could I stop you?' he asked. ‘The Street belongs to everyone.' He groped the oxygen mask out of his lap again and took another healthy pull. He dropped it into his lap and settled his left hand on the arm of his Buck Rogers wheelchair. I stepped toward him, and almost before I knew what was happening, he ran the wheelchair at me. He could have hit me and hurt me quite badly broken one or both of my legs, I don't doubt but he stopped just short. I leaped back, but only because he allowed me to. I was aware that Whitmore was laughing again. ‘What's the matter, Noonan?' ‘Get out of my way. I'm warning you.' ‘Whore made you jumpy, has she?' I started to my left, meaning to go by him on that side, but in a flash he had turned the chair, shot it forward, and cut me off. ‘Get out of the TR, Noonan. I'm giving you good ad ‘ I broke to the right, this time on the lake side, and would have slipped by him quite neatly except for the fist, very small and hard, that hammered the left side of my face. The white-haired bitch was wearing a ring, and the stone cut me behind the ear. I felt the sting and the warm flow of blood. I pivoted, stuck out both hands, and pushed her. She fell to the needle-carpeted path with a squawk of surprised outrage. At the next instant something clouted me on the back of the head. A momentary orange glow lit up my sight. I staggered backward in what felt like slow motion, waving my arms, and Devore came into view again. He was slued around in his wheelchair, scaly head thrust forward, the cane he'd hit me with still upraised. If he had been ten years younger, I believe he would have fractured my skull instead of just creating that momentary orange light. I ran into my old friend the birch tree. I raised my hand to my ear and looked unbelievingly at the blood on the tips of my fingers. My head ached from the blow he had fetched me. Whitmore was struggling to her feet, brushing pine needles from her slacks and looking at me with a furious smile. Her cheeks had filled in with a thin pink flush. Her too-red lips were pulled back to show small teeth. In the light of the setting sun her eyes looked as if they were burning. ‘Get out of my way,' I said, but my voice sounded small and weak. ‘No,' Devore said, and laid the black barrel of his cane on the nacelle that curved over the front of his chair. Now I could see the little boy who had been determined to have the sled no matter how badly he cut his hands getting it. I could see him very clearly. ‘No, you whore-fucking sissy. I won't.' He shoved the silver toggle switch again and the wheelchair rushed silently at me. If I had stayed where I was, he would have run me through with his cane as surely as any evil duke was ever run through in an Alexandre Dumas story. He probably would have crushed the fragile bones in his right hand and torn his right arm clean out of its socket in the collision, but this man had never cared about such things; he left cost-counting to the little people. If I had hesitated out of shock or incredulity, he would have killed me, I'm sure of it. Instead, I rolled to my left. My sneakers slid on the needle-slippery embankment for a moment. Then they lost contact with the earth and I was falling. I hit the water awkwardly and much too close to the bank. My left foot struck a submerged root and twisted. The pain was huge, something that felt like a thunderclap sounds. I opened my mouth to scream and the lake poured in that cold metallic dark taste, this time for real. I coughed it out and sneezed it out and floundered away from where I had landed, thinking The boy, the dead boy's down here, what if he reaches up and grabs me? I turned over on my back, still flailing and coughing, very aware of my jeans clinging clammily to my legs and crotch, thinking absurdly about my wallet I didn't care about the credit cards or driver's license, but I had two good snapshots of Jo in there, and they would be ruined. Devore had almost run himself over the embankment, I saw, and for a moment I thought he still might go. The front of his chair jutted over the place where I had fallen (I could see the short tracks of my sneakers just to the left of the bitch's partially exposed roots), and although the forward wheels were still grounded, the crumbly earth was running out from beneath them in dry little avalanches that rolled down the slope and pit-a-patted into the water, creating interlocking ripple patterns. Whitmore was clinging to the back of the chair, yanking on it, but it was much too heavy for her; if Devore was to be saved, he would have to save himself. Standing waist-deep in the lake with my clothes floating around me, I rooted for him to go over. The purplish claw of his left hand recaptured the silver toggle switch after several attempts. One finger hooked it backward, and the chair reversed away from the embankment with a final shower of stones and dirt. Whitmore leaped prankishly to one side to keep her feet from being run over. Devore fiddled some more with his controls, turned the chair to face me where I stood in the water, some seven feet out from the overhanging birch, and then nudged the chair forward until he was on the edge of The Street but safely away from the drop off. Whitmore had turned away from us entirely; she was bent over with her butt poking in my direction. If I thought about her at all, and I can't remember that I did, I suppose I thought she was getting her breath back. Devore appeared to be in the best shape of the three of us, not even needing a hit from the oxygen mask sitting in his lap. The late light was full in his face, making him look like a half-rotted jack-o'-lantern which has been soaked with gas and set on fire. ‘Enjoying your swim?' he asked, and laughed. I looked around, hoping to see a strolling couple or perhaps a fisherman looking for a place where he could wet his line one more time before dark . . . and yet at the same time I hoped I'd see no one. I was angry, hurt, and scared. Most of all I was embarrassed. I had been dunked in the lake by a man of eighty-five . . . a man who showed every sign of hanging around and making sport of me. I began wading to my right south, back toward my house. The water was about waist-deep, cool and almost refreshing now that I was used to it. My sneakers squelched over rocks and submerged tree-branches. The ankle I'd twisted still hurt, but it was supporting me. Whether it would continue to once I got out of the lake was another question. Devore twiddled his controls some more. The chair pivoted and came rolling slowly along The Street, keeping pace with me easily. ‘I didn't introduce you properly to Rogette, did I?' he said. ‘She was quite an athlete in college, you know. Softball and field hockey were her specialties, and she's held onto at least some of her skills. Rogette, demonstrate your skills for this young man.' Whitmore passed the slowly moving wheelchair on the left. For a moment she was blocked out by it. When I could see her again, I could also see what she was holding. She hadn't been bent over to get her breath. Smiling, she strode to the edge of the embankment with her left arm curled against her midriff, cradling the rocks she had picked up from the edge of the path. She selected a chunk roughly the size of a golfball, drew her hand back to her ear, and threw it at me. Hard. It whizzed by my left temple and splashed into the water behind me. ‘Hey!' I shouted, more startled than afraid. Even after everything that had preceded it, I couldn't believe this was happening. ‘What's wrong with you, Rogette?' Devore asked chidingly. ‘You never used to throw like a girl. Get him!' The second rock passed two inches over my head. The third was a potential tooth-smasher. I batted it away with an angry, fearful shout, not noticing until later that it had bruised my palm. At the moment I was only aware of her hateful, smiling face the face of a woman who has plunked down two dollars in a carny shooting-pitch and means to win the big stuffed teddybear even if she has to blast away all night. And she threw fast. The rocks hailed down around me, some splashing into the ruddy water to my left or right, creating little geysers. I began to backpedal, afraid to turn and swim for it, afraid that she would throw a really big one the minute I did. Still, I had to get out of her range. Devore, meanwhile, was laughing a wheezy old man's laugh, his wretched face crunched in on itself like the face of a malicious apple-doll. One of her rocks struck me a hard, painful blow on the collarbone and bounced high into the air. I cried out, and she did, too: ‘Hai!,' like a karate fighter who's gotten in a good kick. So much for orderly retreat. I turned, swam for deeper water, and the bitch brained me. The first two rocks she threw after I began to swim seemed to be range-finders. There was a pause when I had time to think I'm doing it, I'm getting beyond her area of . . . and then something hit the back of my head. I felt it and heard it the same way it went CLONK!, like something you'd read in a Batman comic. The surface of the lake went from bright orange to bright red to dark scarlet. Faintly I could hear Devore yelling approval and Whitmore squealing her strange laugh. I took in another mouthful of iron-tasting water and was so dazed I had to remind myself to spit it out, not swallow it. My feet now felt too heavy for swimming, and my goddam sneakers weighed a ton. I put them down to stand up and couldn't find the bottom I had gotten beyond my depth. I looked in toward the shore. It was spectacular, blazing in the sunset like stage-scenery lit with bright orange and red gels. I was probably twenty feet out from the shore now. Devore and Whitmore were at the edge of The Street, watching. They looked like Dad and Mom in a Grant Wood painting. Devore was using the mask again, but I could see him grinning inside it. Whitmore was grinning, too. More water sloshed in my mouth. I spit most of it out, but some went down, making me cough and half-retch. I started to sink below the surface and fought my way back up, not swimming but only splashing wildly, expending nine times the energy I needed to stay afloat. Panic made its first appearance, nibbling through my dazed bewilderment with sharp little rat teeth. I realized I could hear a high, sweet buzzing. How many blows had my poor old head taken? One from Whitmore's fist . . . one from Devore's cane . . . one rock . . . or had it been two? Christ, I couldn't remember. Get hold of yourself, for God's sake you're not going to let him beat you this way, are you? Drown you like that little boy was drowned? No, not if I could help it. I trod water and ran my left hand down the back of my head. Not too far above the nape I encountered a goose-egg that was still rising. When I pressed on it the pain made me feel like throwing up and fainting at the same time. Tears rose in my eyes and rolled down my cheeks. There were only traces of blood on the tips of my fingers when I looked at them, but it was hard to tell about cuts when you were in the water. ‘You look like a woodchuck caught out in the rain, Noonan!' Now his voice seemed to roll to where I was, as if across a great distance. ‘Fuck you!' I called. ‘I'll see you in jail for this!' He looked at Whitmore. She looked back with an identical expression, and they both laughed. If someone had put an Uzi in my hands at that moment, I would have killed them both with no hesitation and then asked for a second clip so I could machine-gun the bodies. With no Uzi to hand, I began to dogpaddle south, toward my house. They paced me along The Street, he rolling in his whisper-quiet wheelchair, she walking beside him as solemn as a nun and pausing every now and then to pick up a likely-looking rock. I hadn't swum enough to be tired, but I was. It was mostly shock, I suppose. Finally I tried to draw a breath at the wrong time, swallowed more water, and panicked completely. I began to swim in toward the shore, wanting to get to where I could stand up. Rogette Whitmore began to fire rocks at me immediately, first using the ones she' had lined up between her left arm and her midriff, then those she'd stockpiled in Devore's lap. She was warmed up, she wasn't throwing like a girl anymore, and her aim was deadly. Stones splashed all around me. I batted another away a big one that likely would have cut open my forehead if it had hit but her follow-up struck my bicep and tore a long scratch there. Enough. I rolled over and swam back out beyond her range, gasping for breath, trying to keep my head up in spite of the growing ache in the back of my neck. When I was clear, I trod water and looked in at them. Whitmore had come all the way to the edge of the embankment, wanting to get every foot of distance she could. Hell, every damned inch. Devore was parked behind her in his wheelchair. They were both still grinning, and now their faces were as red as the faces of imps in hell. Red sky at night, sailor's delight. Another twenty minutes and it would be getting dark. Could I keep my head above water for another twenty minutes? I thought so, if I didn't panic again, but not much longer. I thought of drowning in the dark, looking up and seeing Venus just before I went under for the last time, and the panic-rat slashed me with its teeth again. The panic-rat was worse than Rogette and her rocks, much worse. Maybe not worse than Devore. I looked both ways along the lakefront, checking The Street wherever it wove out of the trees for a dozen feet or a dozen yards. I didn't care about being embarrassed anymore, but I saw no one. Dear God, where was everybody? Gone to the Mountain View in Fryeburg for pizza, or the Village Cafe for milkshakes? ‘What do you want?' I called in to Devore. ‘Do you want me to tell you I'll butt out of your business? Okay, I'll butt out!' He laughed. Well, I hadn't expected it to work. Even if I'd been sincere about it, he wouldn't have believed me. ‘We just want to see how long you can swim,' Whitmore said, and threw another rock -a long, lazy toss that fell about five feet short of where I was. They mean to kill me, I thought. They really do. Yes. And what was more, they might well get away with it. A crazy idea, both plausible and implausible at the same time, rose in my mind. I could see Rogette Whitmore tacking a notice to the cOMMUNITY DOIN'S board outside the Lakeview General Store. TO THE MARTIANS OF TR-90, GREETINGS! Mr, MAXWELL DEVORE, everyone's favorite Martian, will give each resident of the TR ONE HUNDRED DOLLARS if no one will use The Street on FRIDAY EVENING, THE 17th OF JULY, between the hours of SEVEN and NINE P.M. Keep our ‘SUMMER FRIENDS' away, too! And remember: GOOD MARTIANS are like GOOD MONKEYS: they SEE no evil, HEAR no evil, and SPEAK no evil! I couldn't really believe it, not even in my current situation . . . and yet I almost could. At the very least I had to grant him the luck of the devil. Tired. My sneakers heavier than ever. I tried to push one of them off and succeeded only in taking in another mouthful of lakewater. They stood watching me, Devore occasionally picking the mask up from his lap and having a revivifying suck. I couldn't wait until dark. The sun exits in a hurry here in western Maine as it does, I guess, in mountain country everywhere but the twilights are long and lingering. By the time it got dark enough in the west to move without being seen, the moon would have risen in the east. I found myself imagining my obituary in the New York Times, the headline reading POPULAR ROMANTIC SUSPENSE NOVELIST DROWNS IN MAINE. Debra Weinstock would provide them with the author photo from the forthcoming Helen's Promise. Harold Oblowski would say all the right things, and he'd also remember to put a modest (but not tiny) death notice in Publishers Weekly. He would go half-and-half with Putnam on it, and I sank, swallowed more water, and spat it out. I began pummelling the lake again and forced myself to stop. From the shore, I could hear Rogette Whitmore's tinkling laughter. You bitch, I thought, you scrawny bi Mike, Jo said. Her voice was in my head, but it wasn't the one I make when I'm imagining her side of a mental dialogue or when I just miss her and need to whistle her up for awhile. As if to underline this, something splashed to my right, splashed hard. When I looked in that direction I saw no fish, not even a ripple. What I saw instead was our swimming float, anchored about a hundred yards away in the sunset-colored water. ‘I can't swim that far, baby,' I croaked. ‘Did you say something, Noonan?' Devore called from the shore. He cupped a mocking hand to one of his huge waxlump ears. ‘Couldn't quite make it out! You sound all out of breath!' More tinkling laughter from Whitmore. He was Johnny Carson; she was Ed Mcmahon. You can make it. I'll help you. The float, I realized, might be my only chance there wasn't another one on this part of the shore, and it was at least ten yards beyond Whitmore's longest rockshot so far. I began to dogpaddle in that direction, my arms now as leaden as my feet. Each time I felt my head on the verge of going under I paused, treading water, telling myself to take it easy, I was in pretty good shape and doing okay, telling myself that if I didn't panic I'd be all right. The old bitch and the even older bastard resumed pacing me, but they saw where I was headed and the laughter stopped. So did the taunts. For a long time the swimming float seemed to draw no closer. I told myself that was just because the light was fading, the color of the water draining from red to purple to a near-black that was the color of Devore's gums, but I was able to muster less and less conviction for this idea as my breath shortened and my arms grew heavier. When I was still thirty yards away a cramp struck my left leg. I rolled sideways like a swamped sailboat, trying to reach the bunched muscle. More water poured down my throat. I tried to cough it out, then retched and went under with my stomach still trying to heave and my fingers still looking for the knotted place above the knee. I'm really drowning, I thought, strangely calm now that it was happening. This is how it happens, this is it. Then I felt a hand seize me by the nape of the neck. The pain of having my hair yanked brought me back to reality in a flash it was better than an epinephrine injection. I felt another hand clamp around my left leg; there was a brief but terrific sense of heat. The cramp let go and I broke the surface swimming really swimming this time, not just dog-paddling, and in what seemed like seconds I was clinging to the ladder on the side of the float, breathing in great, snatching gasps, waiting to see if I was going to be all right or if my heart was going to detonate in my chest like a hand grenade. At last my lungs started to overcome my oxygen debt, and everything began to calm down. I gave it another minute, then climbed out of the water and into what was now the ashes of twilight. I stood facing west for a little while, bent over with my hands on my knees, dripping on the boards. Then I turned around, meaning this time to flip them not just a single bird but that fabled double eagle . There was no one to flip it to. The Street was empty. Devore and Rogette Whitmore were gone. Maybe they were gone. I'd do well to remember there was a lot of Street I couldn't see. I sat cross-legged on the float until the moon rose, waiting and watching for any movement. Half an hour, I think. Maybe forty-five minutes. I checked my watch, but got no help there; it had shipped some water and stopped at 7:30 P.M. To the other satisfactions Devore owed me I could now add the price of one Timex Indiglo that's $29.95, asshole, cough it up. At last I climbed back down the ladder, slipped into the water, and stroked for shore as quietly as I could. I was rested, my head had stopped aching (although the knot above the nape of my neck still throbbed steadily), and I no longer felt off-balance and incredulous. In some ways, that had been the worst of it trying to cope not just with the apparition of the drowned boy, the flying rocks, and the lake, but with the pervasive sense that none of this could be happening, that rich old software moguls did not try to drown novelists who strayed into their line of sight. Had tonight's adventure been a case of simple straying into Devore's view, though? A coincidental meeting, no more than that? Wasn't it likely he'd been having me watched ever since the Fourth of July . . . maybe from the other side of the lake, by people with high-powered optical equipment? Paranoid bullshit, I would have said . . . at least I would have said it before the two of them almost sank me in Dark Score Lake like a kid's paper boat in a mudpuddle. I decided I didn't care who might be watching from the other side of the lake. I didn't care if the two of them were still lurking on one of the tree-shielded parts of The Street, either. I swam until I could feel strands of waterweed tickling my ankles and see the crescent of my beach. Then I stood up, wincing at the air, which now felt cold on my skin. I limped to shore, one hand raised to fend off a hail of rocks, but no rocks came. I stood for a moment on The Street, my jeans and polo shirt dripping, looking first one way, then the other. It seemed I had this little part of the world to myself. Last, I looked back at the water, where weak moonlight beat a track from the thumbnail of beach out to the swimming float. ‘Thanks, Jo,' I said, then started up the railroad ties to the house. I got about halfway, then had to stop and sit down. I had never been so utterly tired in my whole life.