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RRR, a $1 billion private equity fund, is trying to decide how much to bid for Pacific Salmon Inc. and how to finance the acquisition.

For General Motors (GM), the year 2004 brought a wide variety of new challenges that added to an already complex business environment. The industry structure was changing quickly. Demand and supply projections for motor vehicles had promised substantial increases in sales and profits, but suddenly the optimism faded. China's new membership in the World Trade Organization created expectations of a level playing field for foreign investors, but - at least in the short run - major barriers remained. Government intervention persisted, particularly the requirement of a joint venture partner, competition from government-owned assembly firms, and arbitrary rules such as sector-specific credit restrictions. Violation of intellectual property, with the copying of foreign automobile designs and false-branding of parts, was an ongoing threat. Also, inflation was increasing and the government was unsure whether and how to use monetary and fiscal policies. The government had purposely kept the renminbi undervalued for many years. Pressure was building for the government to change its foreign exchange rate policy, but a higher renminbi would suddenly decrease GM China's international competitiveness.

Coastal Uniforms provides a cleaning service for work uniforms. In an effort to improve profitability, the company institutes a series of measures of increasingly questionable ethics, causing a downward spiral of the company's corporate culture and budget/incentive system. A sales representative for the company must decide if he should quit his job or consider legal action in response to the changes to the incentive program.

The investment-strategy decisions of a Darden Capital Management student-portfolio management team in 2004 are examined. Case materials allow students to estimate CAPM-based expected returns using market data. The case focuses on introducing the portfolio-allocation decision; exploring the relevance of various investment-risk metrics; developing the intuition of diversification, market risk, and the capital-asset-pricing model; building judgment on how to appropriately estimate the CAPM parameters using available market data; and discussing the fundamental concepts of market efficiency.

Capital One CEO and founder, Rich Fairbank, had much to be proud of both in terms of his and co-founder Nigel Morris' accomplishments and the accomplishments of Capital One. However, he and Morris didn't want to rest on their laurels. In 2000, they called a meeting with their senior managers to assess the company's strategy. Specifically, Fairbank wondered whether the company had executed on the optimal strategy throughout its history and whether the company's strategy was consistent, yet fluid and flexible, during changing times. Also, had the various functions optimally aligned with the company's strategy? Other financial companies imitated Capital One's successes. Fairbank wanted to ensure that the company remained ahead of the competition, while maintaining its culture of testing and innovation.

Spreadsheet Supplement for case 205061.

Discusses the bankruptcy reorganization process, with an emphasis on valuation and capital structure. Serves as the basis for a bankruptcy reorganization game that has been used for many years in Creating Value Through Corporate Restructuring, a second-year finance course. The game is played in Chapter 11, after previous efforts to complete an out-of-court restructuring failed. Students are divided into five claimholder groups--secured debt holders, unsecured senior debt holders, etc.--and these groups, under the supervision of a bankruptcy judge, must negotiate a satisfactory plan of reorganization or suffer significant incremental losses through liquidation. Provides the background information with respect to Delaware's history, prospects, and financial condition necessary to play the game. A rewritten version of an earlier case.

The Leveens started a high-end catalog business as a small home-based venture in 1987. It grew into a nationally recognized, $60 million company, offering products that ranged from unique pens and pencils to leather briefcases and fully furnished offices. In 1999, it reached saturation in the U.S. marketplace, and the owner-founders must consider new avenues of growth, including expansion of the catalog business into international markets; private labeling products for a large, national retailer; retailing in partnership with others; or retailing through company-owned, free-standing stores.

Focuses on the search for opportunity, the generation and evaluation of business concepts, creation of a business plan, and the start-up process. Follows experienced entrepreneur Christy Jones as she combines her business skills and personal experience to generate new business concepts. Jones' assessment of the market opportunity for the egg harvesting and cryopreservation business was based on firsthand observations of the needs of young professional women and extensive field and scientific research. The plan, which won the HBS business plan contest in 2004, provides a good example of the form and substance of a well-crafted plan. Provides an opportunity to discuss the underlying social issues that make it attractive for young women to purchase "fertility insurance" while they pursue professional careers.

Describes the career path and insights of Stanley Lapidus, a successful serial entrepreneur in the medical and life sciences industry. Lapidus is the founder of Cytyc Corp. (NASDAQ: CYTC) and EXACT Sciences (NASDAQ: EXAS) and is currently the CEO of his third start-up, Helicos BioSciences. Gives students insight into the skills and experiences that are helpful in building successful medical technology companies.

Simon Property Group launched a hostile tender offer for upscale Taubman Centers. This case discusses issues of Real Estate Investment Trust (REIT) valuation, financial policy, and corporate governance, as Robert Taubman and his company's independent directors must decide whether to accept the $20 per share offer and, if not, what other action to take.

David Hetz and Jon Osgood are forming a new venture capital fund in 2001 to invest in health care start-ups. Describes their fundraising activities at a time when venture capital investing has reached an all-time high. Although their background skills and experiences fall outside venture capital, they have identified a large investor and a number of smaller investors to back their small fund. They believe their fund's strategy uniquely addresses the strategic needs of large, corporate acquirers. At the same time, their approach addresses venture capital's reliance on public markets for liquidity events--which all but evaporated with the dot-com collapse of March 2000. Hetz and Osgood face challenging negotiations to close the fund. Raises the question of whether there is a need for a fund like this at the time of the case. Supports discussion of specialized versus generalized venture capital funds.

Laurie Marker, head of the Cheetah Conservation Fund, is trying to form a for-profit institution, the Bush Project, to control the bush encroachment problem in Namibia. Bush encroachment not only destroys the general ecosystem, but it also has a harmful impact on the Cheetah population. Although USAID has provided some initial funding for the project, it will survive in the long run only if it is financially successful. Marker must determine whether the Bush Project is financially viable. This case introduces the reader to the tension between business and the environment in an emerging market.

This case introduces decision analysis. Using a simple example, it illustrates the use of probability trees and decision trees as tools for solving business problems.

Introduces the subscriber model as an alternative valuation framework for firms whose revenues can be traced to repeated transactions with customers.

Sophie Chen, an Asian-American MBA student at Harvard Business School, describes a professional situation in which she was unable to mentor a junior person effectively because she disapproved of the way her Asian-American mentee conformed to an ethnic stereotype. Feeling the need to distance herself from the stereotype, Chen concluded that there was little she could do to help her mentee. By the end of her narrative, Chen questions whether she could have been a more effective mentor. She reflects on her image concerns, questioning whether they have undermined her ability to exercise leadership effectively.

Kevin Knight recounts an uncomfortable situation he faced as an African-American student at Harvard Business School. Concerned with maintaining an image as a calm and rational person, he is appalled when he finds himself in a heated classroom exchange in defense of an African-American case protagonist. Knight questions whether his fears about ethnic stereotypes had prevented him from learning important leadership skills. Knight reflects on his image concerns, questioning whether they have undermined his ability to lead effectively.

Rob Thomas describes some of the challenges he has faced as a white, middle-aged man who is managing director of a mid-size consulting firm where he is committed to increasing staff gender and racial diversity. Unwilling to risk the disapproval of any constituency, Thomas was initially paralyzed by his desire to appear as a fair and infallible leader. When a capable but undistinguished female consultant comes up for partner, Thomas decides to take a stand, but his efforts to get her promoted fail. In the end, Thomas questions whether he has been an effective leader in support of a cause about which he cares deeply. Thomas reflects on his image concerns, questioning whether they have undermined his ability to exercise leadership effectively.