Business Law - 3470 Words

| Assignment 1 | MBA 6163 Business Law | | Wan Chin HuiMBA-CUCST/F/12//03/0005(2792 Words) | | | Table of Contents Task 1 3 Task 2 6 Task 3 11 References: 15 Task 1 Mrs. Turner has decided to start her own business running a private day nursery. It is necessary for her to find appropriate premises. She sees a detached house, which would be appropriate, on the market for  £200.000. After having viewed the property she decides to make a bid for the property for  £150,000. The sellers state clearly however that they will only accept  £180,000. Mrs. Turner then sees another property on the market for  £250,000. She offers the asking price for this and it is accepted ‘subject to contract.’ However a week†¦show more content†¦Turner, the terms â€Å"subject to contract† actually is a secure way to protect both of their benefit. For Mrs Turner, this means that she can pull out of the deal anytime if, for example, a survey shows up a defect or she might found another favorable property – though she can pull out for any reason. For the seller of second property, it would have allowed them to pulls out of a deal if they have had a higher offer. It must be noted that the mere use of the words â€Å"subject to contract† does not necessarily mean that the contract is not yet binding. Whether the parties contemplated a binding contract to take immediate effect or whether they were postponing their rights and obligations under the proposed contract until formalization is a question of fact and depends on the circumstances of each case. Task 2 Mrs. Turner has now purchased a suitable property and is now purchasing the necessary items required to run her nursery. She looks on a website and sees cots and high chairs advertised for sale by a company named Babies R Us, on the 1st October 2003, requesting twenty cots and twenty high chairs, requesting a reply by the 21st November 2003. She received a reply by post, confirming the order, on the 1st December 2003. This was postmarked 20th November. However on the 30th November, Mrs. Turner had assumed that Babies R Us were unlikely to reply and therefore, entered into a contract with a rival company. Mrs. TurnerShow MoreRelatedBusiness Law And Ethics : Backoffice Business Brief1862 Words   |  8 Pages Running head: BACKOFFICE BUSINESS BRIEF 1 Business Law and Ethics BackOffice Business Brief Patten University BACKOFFICE BUSINESS BRIEF 2 Constitutional Rights and Guarantees BackOffice is a new startup business that will provide potential clients with an application (app) that woul d automate certain business functions. BackOffice will be selling the app to certain business clients that will use it to facilitate their customers’ transactions. It is important that the owner of this companyRead MoreLegal Underpinnings of Business Law Essay609 Words   |  3 PagesLegal Underpinnings of Business Law OMM 670: Legal Environment February 25, 2013 Legal Underpinnings of Business Law Business | Type of Business | Liability Exposure | Compare | Contrast | Tinker’s Home Security Service | Sole proprietorship | Unlimited | Monetary rewards are from both the Proprietor amp; business | Sole Liability | Tinker amp; Tailor’s Home Security Service | General partnership | Unlimited | All partners are responsible whether silent or active | If you areRead MoreLaw 531 Business Forms Worksheet1386 Words   |  6 Pagesï » ¿University of Phoenix Material Business Forms Worksheet There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary toRead MoreBusiness Law3143 Words   |  13 Pages2012 – OCTOBER SEMESTER 2012 STUDENT NAME: CHU THI HONG TUYEN ID No.: 2448481 BMLW5103 – BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it effect to the agreement? ConsiderationRead MoreBusiness Law : Labor And Employment Law891 Words   |  4 PagesBusiness Law: Labor and Employment Law Each and every day business throughout the United States are met with challenging situations that are centered around labor and employment law. As the director of human resources for Company X, I have been tasked with analyzing three situations that may or may not violate any federal acts. The federal acts that will be considered are the Family Medical Leave Act of 1993 (FMLA), the Age Discrimination in Employment Act of 1967 (ADEA), and the Americans withRead MoreBusiness Law762 Words   |  4 PagesB Bai 1 : Business Law: 40. Principle of Law: In this case, Esposito hired Excel Construction Company to repair a porch roof. All terms of the agreement were specified in a written contract. And the dispute occurred when Excel had repaired the rear porch roof because in the agreement failed to specify whether it was the front or rear porch that needed repair. Under civil law, two parties here had signed a civil contract in writing. Because the contract failed to specify clearly front or rearRead MoreBusiness Law Development Of Mongolia2212 Words   |  9 PagesCourse Paper Myagmarsuren Jargal International American University BUS 540: Business Law for Managers Flavia LLoyd June 28, 2015 Business Law Development Issues in Mongolia Mongolia is a developing country, which is encountering challenges to develop modern business law. During the twentieth century, Mongolia had been a socialist country and developed almost fifty years of non-private property regime. However, the end of the twentieth century, the country changed its regime to democraticRead MoreBusiness Law1345 Words   |  6 PagesQn 1: Whether James can hold the Happy Holiday Hotel for the loss of his property under the common law? The issue of this case will be whether James can hold Happy Holiday Hotel responsible for the loss of his property notwithstanding the exemption clause found in the hotel rooms. Under the Exemption Clauses in Common Law, it states that in order for this clause to be valid, the clause must be included in the contract when the contract is made. If there is any attempt to include it in after theRead MoreBusiness Law1088 Words   |  5 Pagesconditional constitute consideration? Yes, such a promise consideration even if the condition is unlikely to occur. 3. What is the general rule about the adequacy of consideration? The adequacy of the consideration is irrelevant because the law does not prohibit bargains. 5. Is there consideration when a secured note for a lesser amount is given and accepted in discharge of an unsecured note for a greater amount? Explain. No, because if a secured not for a lesser amount is given andRead MoreBusiness Law2474 Words   |  10 Pagesnature of liability in negligence amp; (3.3) Explain how a business can be vicariously liable 4 (4.1) Apply the elements of the tort of negligence and defences in the above different business situations for the legal officer who is assigned to VJSC amp; (4.2) Apply the elements of vicarious liability in above different business situations for the legal officer who is assigned to VJSC 8 Conclusion 11 References 12 Introduction Law plays important roles to protect benefits, obligations and

Total Recall essay (PHIL 1003) - 851 Words

Fact or Fiction? Total Recall Paper PHIL 2003-013 Usually at least once in a lifetime a person will question whether a dream was reality or not. It is rare to think â€Å"I am just dreaming† in a dream. In the 1990s movie Total Recall the director, Paul Verhoeven, attempts to illustrate the puzzling question of â€Å"what is reality and what is not?† With Arnold Schwarzenegger in this futuristic flick, the director cleverly confuses the audience about what is â€Å"real† in the movie, making one doubt each previous scene. Total Recall begins with the main character, Douglas Quaid, on a mission to decipher a reoccurring dream that takes place in Mars. His curiosity and frustrations take him to ReKall Inc. who has a specialty in a very†¦show more content†¦His belief in God even affected his theories on reality. One of his theories was that he was being deceived by a conniving and mischievous demon that was hell-bent on distorting his reality. The demon could be comparable to the evil dictator and the mem ory replacing machine in Total Recall. Despite the evil demon, Descartes did manage to reveal one very true thing and that is that he must exist if he truly is being deceived by the evil demon because he needs to exist in order to be deceived. He later summarizes this into his famous phrase â€Å"I think, therefore, I am.†(Descartes 136). The second philosopher that analyses the problem of what is reality and what is not in the Introduction to Philosophy textbook is Christopher Grau. Grau, in his essay, expands on Descartes idea of the â€Å"evil demon† by basing it off of The Matrix with his theory, The Brain in a Vat Theory. The theory is just like it sounds. Just like in Total Recall, an extremely intelligent device has the ability to give humans and gives them a false reality of a life. What Grau is purposing is that we, as people, could quite possibly be hooked up to a super computer and given false memories and experiences as well. In conclusion, Total Recall is aShow MoreRelatedAnalysis Of The Book , Tuesdays With Morrie, By Mitch Albom1055 Words   |  5 Pagesprofessor, Morrie Schwartz. The memoir details the meeting that Mitch has after years without any contact to his college professor. Author Mitch Albom was a sport journalist before he transitioned to be a novelist and he wrote a collection of 7 books in total. Tuesdays With Morrie was his first book and originally written to cover the medical bills of Morrie Schwartz. Within all genres of novels, textual features are used to create a story for the reader to understand. These features are used to give theRead More`` Libra, By Don Delillo And The Conspiracy Assassinate President John F. Kennedy1226 Words   |  5 Pagesmetafiction, bringing fictional characters, conversations, and events together to tell the story of Lee Harvey Oswald and the conspiracy to assassinate President John F. Kennedy. Likewise, philosopher Jacques Derrida poses the idea that the media has total control over the information presented as news. In his interview â€Å"Deconstruction and Actuality,† Derrida states, â€Å"†¦the time of this speaking is produced artificially. It is an artifact. In its actualization, the time of such a public act is calculatedRead MoreObservations in a Public School1279 Words   |  5 Pagescareer. I observed a fifth grade class at P.S 108Q, The Captain Vincent G. Fowler School in South Ozone Park. The Captain Vincent G. Fowler School serves Pre-Kindergarten to Fifth grade, with over a thousand students and seventy -nine teachers in total. It is a very diverse school; over sixty -four percent of the Asian ethnicity. P.S. 108Q, school mission is â€Å"to inspire and support families to champion their children’s education at school, at home and in their community.† The school has a smallRead MoreLove in Lolita1323 Words   |  6 PagesVladimir Nabokovs Lolita as a story of Humberts unrequited love for the title character; others consider it a record of the rant-ings of a mad pedophile, with, as Humbert himself admits, a fancy prose style. Nabokovs innovative construction, in fact, highlights both of these aspects as it reinforces and helps develop the novels main theme: the relationship between art and experience. By allowing Humbert to narrate the details of his life with Lolita, Nabokov illustrates the difficulties inherentRead MoreTheme Analysis : Harrison Bergeron907 Words   |  4 Pag esare handicapped. â€Å"The year was 2081, and everybody was finally equal† ( ¶1) Vonnegut states in his captivating opening line. Through this dismal tale, Vonnegut reveals that forced and total equality is nothing more than a perilous fallacy. He suggests that complete equality is not as ideal as one might think; in fact, it is more dangerous than we could have ever conceived. The story begins with a seemingly ordinary couple performing a seemingly ordinary task: watching television. What is out of theRead More Responses to Human Crises Revealed in The Rite by Hiroko Takenishi858 Words   |  4 Pagesdevastation Hiroko witnessed. She may have chosen to write this story as fiction rather than an autobiography in order to distance herself from the pain. This work may have served as a form of therapy, by allowing her to express her feelings without becoming personal. She could accomplish this by attributing her own feelings and thoughts to Aki, the narrator of this story. The crises to which this work responds was the total annihilation of Hiroshima and the aftershock experienced by those leftRead More Use of the Mock-epic Style in The Rape of the Lock Essay979 Words   |  4 Pages165) was no great enduring writing but a cheap, scandalous work of fiction, notorious for its thinly concealed allusions to contemporary scandals, perhaps analogous to Jeffrey Archers novels today. The interaction of the sexes is reduced to a mockery of warfare (conflict being a strong underpinning motif of epic literature) as evidenced by the Barons feinting approach to Belinda (4,158 thrice the foe drew near) — which recalls the drama of the card game earlier in the canto. There is a comparisonRead MoreGeorge Orwell s The And Animal Farm1749 Words   |  7 Pagesover the status-quo, and there are more than a few examples of the types of manipulation they use in 1984 and Animal Farm that rebels try to overcome. Winston Smith of 1984 and the animal community of Animal Farm struggle to recall what information is fact and what is fiction because it keeps altering from time to time. In 1984, Winston Smith falls under the category of the individual who wants to change the world he lives in. He is surrounded by counts of ignorant civilians who seem to be in a never-endingRead MoreTotal Recall a Dyostopian Narrative2534 Words   |  11 PagesC. Keith â€Å"Total Recall the Ultimate Dystopian Narrative† Total Recall is a movie based on Philip K. Dick’s story, â€Å"We Can Remember it for You Wholesale,† Total Recall is a 1990 dystopian movie starring Arnold Schwarzenegger, directed by Paul Verhoeven. In order to truly discuss dystopia, we must first define utopia and then in turn dystopia. A utopia is a place, or condition that is ideally perfect in all respects. This applies to its laws, customs, practices, and living conditions. A dystopiaRead MoreThe Matrix Is An Icon Of Popular Culture Essay1598 Words   |  7 Pages The Matrix is an icon of popular culture, with phrases referring to it permeating our day to day language. With idioms like â€Å"Glitch in the matrix† and †take the red pill† many people make reference to this (at the time) groundbreaking work of fiction in their everyday lives. However, most are ignorant of the biggest influences on the franchise as a whole. India, and more specifically Buddhism has a permeating influence o n the background and the story of The Matrix trilogy. The inspiration for this

Apex Investment Partners free essay sample

Apex Investment Partners was founded in 1987 by James A. Johnson and the First Analysis Corporation. In its eight-year life, the VC had raised three funds. The two first which are already closed had, together, a committed capital of around $70M. There were mainly concentrated in four areas: †¢ †¢ †¢ †¢ Telecommunication, information technology and software. Environmental and industrial productivity-related technologies. Consumer products and specialty retail. Health-care and related technologies. Usually, Apex sought to be the leading investor whatever the stage in order to have one of its representatives join the board of the financed companies. Furthermore, Apex pursues to balance its investments between start-up and already generating positive cash flows investments. Now (April 1995) in the process of raising its third fund of $75M committed capital target, the VC fund seeks for new opportunities on the market. In this context, they recently approached a firm which seems to have huge potential for rapid growth: AccessLine Technologies. We will write a custom essay sample on Apex Investment Partners or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Based in Washington, AccessLine is an emerging telecommunication company that developed a high differentiation service called â€Å"One Person, One Number†. Basically, the concept is to assign one single number (an AccessLine number) which allows an individual to manage all of their different telecommunications. Realizing that it was less risky and far more costeffective to license their technology, the company extensively use strategic alliances with well-establish operators to commercialize its technology. To pursue its fast expansion, the firm undertook, in July 1994, a $15. M private placement from five investors and welcomed to the board, as part of the transaction, a representative of the first financing round. To keep up with its ambitions and meet its growth expectations (subscribers increase by 200% per year between 1995 and 1999), AccessLine wish to obtain an additional financing of approximately $16M. Even though Apex is convince in the firms’ potential and h ave already built a trustful relationship, the two parties have still two contentious that need to be resolved before any deal could proceed: †¢ †¢ The valuation of the company The term sheet conditions In order to give our own perspective on these contentious, we will construct, in this report, our own estimation of AccessLine value as well as the proposed deal for all claimants. Then, we will go through the eventual issues of the proposed term sheet on which Apex should focus its attention. Enterprise Value of AccessLine In the following section, we are going to value AccessLine conditional on a successful exit (here IPO). We chose to use the discounted cash method (absolute valuation) which consist in making projection of the cash flows of the firm from the year of exit until infinity and discount them to the present. The DCF approach is given by: = + + ? + + !? # = (1) $% Notice that one could prefer to impute what the market’s opinion of the firm will be at exit date to obtain the searched value. This is the so-called comparable analysis (relative valuation). Table 1 shows the estimated input parameters used in our DCF analysis. It’s important to keep in mind that, according to Michael Roberts findings, entrepreneurial firms have very little leverage. Thus, we will suppose that AccessLine is an all equity entrepreneurial firm and consequently will avoid interest expenses as well as tax shield. Moreover, notice that we will assume no excess cash. Table 1: Inputs parameters for the DCF Analysis Exit(T) Year until Graduation (S-T) Expected Inflation Industry Growth (avg, nominal) Extra Growth Revenue ($M) Operating Margin Tax Rate Operating Assets ($M) Stable Growth (nominal) Stable Growth (real) Discount rate (nominal) Discount rate (real) R(old) R(new) Depreciation % of book value of operating Assets 2. 0% 15. 7% 0. 0% 208. 0 32. 5% 30. 6% 54. 0 Graduation (S) 5 Incremental 11. 5% 9. 5% 1320. 1 39. 8% 30. 6% 1639. 9 3. 0% 1. 0% 11. 5% 9. 5% 22. % 9. 5% 1. 5% 317. 2 10. 0% Several additional assumptions were required when calculating the exit value for AccessLine. In a first step we have to postulate when the successful exit is going to happen. Normally this period is assumed to be between 3 and 7 years long. In our case, we make the assumption that a successful exit is going to happen in 1999. Since we are only concerned about the successful scenario, we go along with the p rojection of AccessLine, which is probably overoptimistic, and use its expected revenue of 208M at the time the exit happens. After the IPO, we presume the company will grow at a high rate for the next five years in the 75 percentile as proposed by Metrick, Andrew and Ayako Yasuda in their â€Å"Venture Capital and the Finance of innovation† book. We chose five years since the typical firm reaches maturity within five years after the IPO. Besides, we assume a tax rate of 30. 64% given by the industry average (Damodaran 2013). As a discount rate, we use simply the industry average. Alternatively, we could use the Betas of the comparable companies. This gives us an unlevered average beta of 0. 5*(1. 39+2. 03) since both companies are completely equity financed. The risk free rate was given by 7. 1%, if we assume a risk premium of 5. 79% (Damodaran for 1. 4. 13) we get a cost of capital of 16. 9% using the CAPM equation. Because we only have two comparable companies we opt to do our calculations with the industry wide average discount rate. The operating margin at the exit date is estimated in a way that we reach a Net Income of approximately 22% of revenues as projected by AccessLine for the year 1999. Holding everything else constant, we get an expected operating margin of 32. 5% at the time of the exit date. After that we assume that the margin converts in equal steps to the industry average at the graduation date. Concerning the operating assets, we expected them to remain constant relative to the revenue. In 1993, we observe operating assets of $2. 20M (Total – Other assets, net) and revenue of $8. 36M resulting in a percentage of approximately 26%. In consequence, this gives us operating assets of $54M in 1999. After that, we believe assets to change in a way that the return on assets converges to the return on assets for the graduation year. As we expect AccessLine to be a successful and mature company after 5 years, this value is assumed to be the industry average. We expect Inflation to be around 2% for the â€Å"foreseeable† future in the United States, which is in line with estimations of the IMF. We us the figure of the United States as an approximation since it seems the most relevant for AccessLine. Furthermore we assume the nominal growth rate to be equal to a conventional rate of 3%. Thus, at the time of the graduation value, the real growth rate reaches 1%. After having experienced extraordinary growth for 5 years, a lot of the competitive advantage due to having a new innovative product will disappear and thus the company will tend to perform similar to other companies in the same industry. Therefore, regarding the graduation value, all the inputs are assumed to be industry averages (We took the numbers from the statistics provided in the excel sheet). Note that this is only the case because we assume a successful scenario. We assume the return on old capital (i. e. return on the capital in place before graduation) is going to be equal to the industry average and return on new capital (meaning return for capital created by new investments after graduation) is going to be equal to the real cost of capital. This is justified, once again, by the fact that it will be difficult to have a competitive advantage after an extraordinary growth period. When taking all these assumption into consideration we obtain the following values: Table 2: Outputs parameters for the DCF Analysis ($M) Sum of the Cash Flows* PV (Sum of the CF) Graduation Value PV (Graduation Value) NPV of firm at exit (end of 1999) -493. 1 -551. 3 3865. 7 2240. 1 1688. 8 *CF=EBIT(1-tax) + Depreciation – Capex – NWC The last step in the valuation process of the firm at current time is to adjust the exit value with the probability of success and to actualize this product by the VC discount rate. We based our choice of the probability of success on the findings of John L. Nesheim. According to his research, compiled in the book â€Å"High Tech Start Up†, High Tech start-ups tend to have a probability of success of around 10%. However, as we believe AccessLine to be in a really good position, we decided to use 15%. For the VC discount rate, we opted for 15% as recommended in the lectures of professor Theodosios Dimopoulos (lecture 4, slide 13). In conclusion we get that: (() * ( * + , 1995 = $1688. 84 ? 15% = $131. 94924 1 + 15% 78/ : Proposed deal value for all claimants According to the term sheets, both investors have the right to get back their investment in preference. Furthermore, we assume that the Series A shareholders are making use of their warrants. Table 3: Shareholders’ key information Series A Series B Common Shares Liquidation Preference $17. 88M* $16M None % of Ownership 17%** 13% 70%*** *(2’220’726 + 333’110)*7; **Incl. warrants; ***53% Investors + 17% Employees/Directors/Management As we can see in figure 1, since there is no preference between series A and B (pari passu), both split equally the proceedings until the liquidation preference of the Series B holders of $16M is reached at W=32M. After that point everything goes to the Series A holders until they reach their own liquidation preference of $17. 88M. Subsequent, all the proceeds are distributed to the common shareholders (the green line). First we calculate the order of conversion, given by APP/#Shares. Series A has the lower value and thus converts first. Depending on the order we can determine the following conversion conditions: for A 0. 17*(W-16)gt;17. 88 and for B thus 0. 13Wgt;16 since A should already have converted. Figure 1: Exit Diagram 120 100 80 60 40 20 0 1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106 113 120 127 134 141 148 Series A value Series B value Common Table 4: Slopes (W=) PA PB Employees 0-32 0. 0. 5 0 32-34 1 0 0 34-121 0 0 1 121-124 0. 17 0 0. 83 gt;124 0. 17 0. 13 0. 7 We rounded the conversion points for convenience. Using the changes in the slopes, we determine the exit equations for all the involved parties: †¢ †¢ †¢ Exit Equation A=1/2*V+1/2*C(32)-C(34)+0. 17*C(121)+2. 5*BC(124)=24. 84M(Partial value for A) Exit Equation B=1/2*V-1/2*C(32)+0. 13*C(124)=19. 91M(Partial value for B) Exit Equation Common Shareholders = C(34)-0. 17*C(121)-0. 13*C(124)-2. 5*BC(124=87. 25M(Partial value common) To calculate the corresponding price we used: 1. 2. 3. 4. 5. The Value we determined for AccessLine of $132M A volatility of 90% as an approximation based on historical evidence presented by Metrick and Yasuda Since we expect the exit to happen at the end of 1999, we have an expected holding period of 4. 67 years The risk free rate used is the one given in the case study of 7. 1% The binary option is used because, after the Series B converts, Series A will get a jump. This path is explained by the fact that the Liquidation preference of Series B does not exist anymore at W=124 since the Series B shareholders have converted. To calculate the prices of the options, the Flex calculator on vcvtools. com is used. 6. Note: The calculator uses the Black and Scholes formula to calculate the option prices. This means that stock prices are assumed to follow a lognormal distribution and trading can take place at all time. Furthermore no taxes, transaction costs, and arbitrage opportunities are assumed. These are very strong and unrealistic assumptions, however we do not care that much since they still give us a useful approximation. Issues in the proposed term sheet We understand from the case that Apex is deeply concerned about the particulars they have been proposed in the term sheet. Their fear is mostly related to the alignments of interest between them and the management team. They believe the incentives of the managers to be too week to insure that they will pursue a mutually satisfactory outcome. Therefore, they would preconize the use of some mechanisms such as provision that required punitive interest if the firm did not go public and/or being giving rights of first refusal on future financing. In this section, we will identify some issues contained in the proposed term sheet on which Apex should have a particular consideration. For starters, Series B holders have no warrants attached to their shares unlike Series A holders that can use it until the 3 of June 1999. This is problematic for Apex since it allows current holders to lower the proportionate weight of Series B preferred stock. In the same vein, Series A holders can increase their % of ownership since they are allowed, unlike Series B holders, to buy Class A Common Stock from the current shareholders at a ratio of 0. 83 (option to buy common stock). Another important risk for Apex to consider is the lack of the Right of Co-sale in the Series B term Sheet. Indeed, this means that in the event that one or both key personalities of the firm (Mr. Kranzler and Mr. Fuller) sale their stock to exit the company, Apex won’t be able to lower their holdings even though the company won’t probably have the same dy namics (and thus valuation). This is even more dramatic when considering that Mr. Fuller is the full owner of patents and patents pending for the technology he invented on which the AccessLine System is based. Indeed, in a worst case scenario, Mr. Fuller could take is patent, recruit Mr. Kranzler and Mr. Epler which are long-standing business relations and start another company. Finally, even though they have the ability to vote on the compensation package increase of any insider who holds 5% or more of the company stock, Series B holders do not have the right to elect one director to the Board. Therefore, there is no guarantee that Apex will be able to have an official in the Board of Director when investing in Series B shares. This is probably the key issue for Apex as they clearly prefer to have influence on the Board. rd

Smokeless tobacco free essay sample

That is why smokeless tobacco is not a safe alternative but safer that smoking. Horned, Richard says that one third of cancer Is caused by smoking. Smokeless tobacco is not a safe alternative to smoking, but it is safer. Although smokeless tobacco it can deliver high doses of nicotine. It is dependence forming, but do not appear to cause cancer or respiratory diseases. (focuses) Suns Is manufactured some harmful chemicals than dependence forming, but do not appear to cause cancer or Increase in cardiovascular risks and Is likely to be harmful to lower than those caused by smoking. (focuses) People have been brainwashed that smokeless tobacco and smoking cigarettes have the same effects on your body, which is wrong, because humans dont get lung cancer from smokeless tobacco. Plus lung cancer has a higher hence of killing you, because when you breathe it spreads through your body. People say that smokeless tobacco is more addictive, but GHz, S-H says that Men quit smokeless tobacco at three times the rate of quitting cigarettes (38. We will write a custom essay sample on Smokeless tobacco or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page 8% vs.. 1 1. 6 All tobacco is addictive and hard to quit. Smokeless tobacco is more addicting because it has a higher nicotine level then.. Cigarettes, but since it has more nicotine you wont have to put in a dip as much as you would smoke a cigarette. When dipping you also leave it in your mouth longer than it takes to smoke a cigarette, so you will have to smoke more often. Everyone says that dip cause mouth cancer. Tooth loss, and yellow teeth. Dry. Rood says that as long as you get regular checkups at the dentist and you brush your teeth you will not lose your teeth and the dentist will be able to catch any sign of cancer before it turns serious. Up to 90% of oral cancer is caused by smoking not smokeless tobacco (Dry. Rood). People think that they can only get lung cancer from smoking not any other cancers. When you put a dip in your mouth you only have it in that one spot, but when you smoke it goes everywhere in your mouth which puts you at a higher risk of attaining oral cancer. Most cases of oral cancer from smokeless tobacco use are above the age of 70 and have been using it for more than 55 years (Dry. Rood) Smokeless tobacco can shorten your life right because it is bad for you, wrong, the difference in peoples life expectancy that have never used smokeless tobacco and people that have used it is only . 001 of a year (Dry. Rood). In Sweden smokeless tobacco Is huge, It Is like there way of life. Sweden has high life expectancy, but if smokeless tobacco was a health risk this would not be so, say Dry. Rood. Nobody in Sweden really smokes cigarettes. They have one of the sweet rates In oral cancer and It Is way lower than the U. S. (Dry. Rood). 80% of OFF Smokeless tobacco is not even on that list. Over the next 20 years the U. S. Will spend over 1 trillion dollars on medical expenses with smoking being 800 billion (Dry. Rood) Leukemia will affect 40 to 80 percent of smokeless tobacco users. Although leukemia might sound scary, all it is white spots in your mouth from dipping a little too much. Researchers say that there is a small chance that it will ever go to the next stage which is cancer. You can keep it from developing by Just changing the placement of your dip.