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Gainesboro Machine Tools Corporation Essay Kendle International Inc. We looked at the competitive landscape and, based on what was happening, knew we were either going to sell Kendle, grow or disappear. It was May 1997, and Candace Kendle, the chairman and chief executive officer of Kendle International Inc. (Kendle), and her husband Christopher C. Bergen, the president and chief operating officer, were reviewing the strategic options for their Cincinnati, Ohio based company. Kendle, a business they had founded over 15 years previously, conducted clinical trials for pharmaceutical and biotechnology companies to test the safety and efficacy of their new drugs. The company had grown successfully to $13 million of sales and had attracted significant business from major pharmaceutical and biotechnology companies. Kendle was competing, however, with several larger contract research organizations (CRO), many of which had an international presence that allowed them to do clinical studies outside the United States and gave them an advantage when competing for major projects. To compete more effectively, Candace and Chris had embarked on a plan to grow through acquisition, particularly internationally, and to finance this growth through a public offering of equity. Toward this end, by the spring of 1997 Kendle had lined up two potential European acquisitions—U-Gene, a CRO in the Netherlands with 1996 sales of $12.5 million, and gmi, a Germanbased CRO with $7 million in sales. To finance these acquisitions, Kendle had worked out possible debt financing with Nationsbank and was working with two investment banks on an Initial Public Offering (IPO) that would repay the bank debt if successful and provide the equity base for future acquisitions. It was now time to decide whether to go ahead with the full program of two acquisitions, a large debt financing and an equity issue. Kendle History Candace and Chris met in 1979 while working at The Children’s Hospital of Philadelphia. Candace had received her doctorate in pharmacy from the University of Cincinnati, then taught in North Carolina and Pennsylvania. Her scientific specialty was virology. At the Children’s Hospital, Candace was serving as the director of pharmacy, working as an investigator on a study of an antiviral drug for the pharmaceutical company Burroughs Wellcome. Chris, a Wharton MBA, was a senior administrator at the hospital. Research Associate Indra A. Reinbergs prepared this case under the supervision of Professors Dwight B. Crane and Paul W. Marshall as the basis for class discussion rather than to illustrate either effective or ineffective handling of an administrative situation. Copyright  © 2000 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to http://www.hbsp.harvard.edu. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 1 Looking for something new, Candace and Chris began to discuss the idea of going into business together. One day in early 1981 Candace received an unexpected visit from a new physician, replacing the usual medical monitor for her project with Burroughs Wellcome. This physician was a pioneer in the  contract clinical research business. As he described how his business worked, Candace became more and more intrigued. When he left that day, she immediately called Chris and said, â€Å"I’ve got a business idea!† The concept was to set up a small research consulting firm that would take on outsourced research and development (RD) work on a contract basis from large pharmaceutical and biotechnology companies. Based on the positive response she received from potential clients, Candace left her job at the hospital in June 1981 and Chris left his job in December 1981. Kendle International Inc. was incorporated in Cincinnati, Ohio in 1981, with Candace taking 55% of the shares, and Chris 45%. Candace had strong ties to the Cincinnati area. Her grandfather, a coal miner, had moved there from Appalachia, and the clan had grown to about 140 members, including Candace’s two sons from a previous marriage. By January 1982, Candace and Chris were working from Candace’s parents’ home. Kendle started as a small company with a few contracts, and business grew slowly through referrals from professional colleagues. Kendle suffered the usual bumps of a start-up business, particularly in the late 1980s when it suffered a loss for two years and ran up $1 million in bank debt on a $250,000 line of credit. Afraid that its bank would call the loan, the company went through a bankruptcy scare. Fortunately, Kendle succeeded in attracting business from a new client, the pharmaceutical company G.D. Searle Co. (Searle). By the early 1990s, the company was turned around and it generated annual sales of about $2.5 million. Candace and Chris were married in 1991. The Pharmaceutical Lifecycle The clinical research process was influenced by government regulations that required drugs to pass through a series of steps before they could be marketed for public use. In the United States, the Food and Drug Administration (FDA) regulated pharmaceuticals. To receive FDA approval, a drug had to meet safety and efficacy standards for a specific indication (medical diagnosis). A drug for hypertension, for example, would have to lower blood pressure by a certain statistically significant amount without  producing unacceptable side effects. The entire FDA approval process could take from 8 to 15 years and involve several thousand patients.1 After a pharmaceutical company discovered a new drug and completed pre-clinical testing on animals in the laboratory, an Investigational New Drug application was filed with the FDA. The drug then passed through three phases of clinical testing on humans. Before beginning each subsequent phase, the drug company had to submit additional regulatory information to the FDA. Phase I Phase I studies were primarily concerned with assessing the drugs safety. This initial phase of testing in humans was done in a small number of healthy volunteers (20 to 100), such as students, who were usually paid for participation. Phase II Once Phase I testing had proven the drug’s safety, Phase II tested its efficacy in a small number of patients (100 to 300) with the medical diagnosis. It was specifically designed to determine the likely effective dose in patients. Phase III In a Phase III study, the drug was tested on a larger patient population (1,000 to 3,000) at multiple clinical sites. The purpose was to provide a more thorough understanding of the drugs effectiveness, benefits, and the range of possible adverse reactions. Most Phase II and Phase III studies were blinded studies in which some patients received the experimental drug, while control groups received a placebo or an already approved drug. Once a Phase III study was successfully completed, a pharmaceutical company requested FDA approval for marketing the drug by filing a New Drug Application, which averaged about 100,000 pages. †¢ 200-033 Phase IV Post-marketing testing (of at least 300 patients per trial) was sometimes conducted for high-risk drugs to catch serious side effects (liver toxicity) and monitor them for long-term effectiveness and cost-effectiveness. The pharmaceutical companies traditionally designed and conducted their own clinical trials. They selected the research sites and recruited investigators to conduct the trials of the new drug. Investigators were often medical school professors at teaching hospitals, but they could also be professional investigators who conducted clinical trials at dedicated centers or occasionally regular physicians who ran trials, particularly Phase IV trials, out of their private practices. These investigators then recruited patients, sometimes with the help of the pharmaceutical company, to participate in the study. After patients were recruited, there was a considerable amount of data collection by the investigators, monitoring of the process and data retrieval by the pharmaceutical company, and analysis of the data to determine whether the statistical criteria for safety and efficacy were met. Finally, there was the complicated process of compiling the data and preparing the long report for the FDA. The Contract Research Business In the 1970s, large pharmaceutical concerns in the United States began to look for ways to outsource their clinical testing work as their RD budgets grew. At the beginning, contract research was a small cottage industry and the work was awarded on a piecemeal basis. As Chris recalled, â€Å"For years, there had been companies conducting animal testing and Phase I, but there was no one managing the entire research and development process. The acronym ‘CRO’ (contract research organization) did not exist, pharmaceutical companies gave out only small contracts, and did not have much confidence in for-profit research managers.† The growth of the CRO industry was stimulated by pricing pressures on drug companies that led them to try to transfer the fixed costs of clinical research into a variable cost through outsourcing. As Chris described, The general problem that drug companies face is balancing a variable workload with a fixed workforce. The problem is that you don’t know when the guy in the white lab coat will come running down the hall, beaker in hand, shouting, ‘Eureka, I’ve got it, it’s going to cure disease X’. When he does that, you know your workload is going to spike. Your workload is impacted by the rate of discovery, the number of projects killed in vitro and, subsequent to that, how many studies get cancelled due to safety or efficacy problems in human testing. Pure CROs like Kendle derived their income solely from the outsourced portion of the RD budget of pharmaceutical clients. In theory, any part of the clinical testing process could be outsourced. While most pre-clinical discovery was conducted in-house by drug companies, the trend in the 1990s was for CROs to receive contracts to manage the entire clinical research piece, especially 3 Phases II and III. The whole process was an incredible race against time, as every day for which FDA approval was delayed could cost the pharmaceutical client over $1 million in lost revenues. Pharmaceutical contracts ranged in duration from a few months to several years. For multi-year contracts involving clinical trials, a portion of the contract fee was paid at the time the trial was initiated, with the balance of the contract fee payable in installments over the trial duration, as performance-based milestones (investigator recruitment, patient enrollment, delivery of databases) were completed. Contracts were bid by CROs on a fixed-price basis, and the research was a labor-intensive business. The contract bids depended on careful estimation of the hourly labor rates and the number of hours each activity would take. The estimation process involved statistical algorithms, which took into account the length of the study, frequency and length of site visits, the number of sites involved, the number of patients involved, and the number of pages per report form. A premium would be added for more complicated therapeutic testing. As the chief financial officer Tim Mooney described the business, The way that Kendle makes money is like any professional service firm—We focus on maximizing labor utilization, especially at the operational level. We assume a 65% to 70% utilization rate, so profit margins are higher if we have a higher utilization rate of personnel. We have the same assumed profit margin on all levels of people, but we can charge higher rates for contracts where we have specific therapeutic expertise that is in demand. Margins can also be higher on some large projects when we can share overhead costs across more sites. The business of contract research entailed several types of business risk. With contracts running at an average of $1 million for companies of Kendle’s size, client dependence was a major risk. Project cancellation by the client and â€Å"change orders† to reduce project costs were also increasingly frequent in the CRO industry, as healthcare cost pressures intensified. On the other hand, product liability for medical risks was borne by the pharmaceutical company. Competition in the 1990s By the mid-1990s, contract research had evolved into a full-service industry, recognized by both the pharmaceutical/biotech industries and the financial community. In 1995, worldwide spending on RD by pharmaceutical and biotechnology companies was estimated at $35 billion, with $22 billion spent on the type of drug development work that CROs could do. Of the $22 billion, only $4.6 billion was outsourced to CROs in 1995. While RD spending by pharmaceutical companies was growing at 10% a year, CROs were growing at twice that rate.2 Specialized CROs could manage increasingly complex drug trials—in the previous decade, the number of procedures per trial and average number of patients per trial had doubled—far more efficiently than their pharmaceutical clients.3 Kendle participated in this growth in clinical research. Its net revenues grew 425% from $2.5 million in 1992 to $13 million in 1996. From a loss of $495,000 in 1992, its net income rose to $1.1 million by 1996. By 1996, Kendle had conducted clinical trials for 12 of the world’s 20 largest pharmaceutical companies. Kendle’s three largest clients were G.D. Searle, Procter Gamble, and Amgen, which generated 48%, 19%, and 13% of Kendles 1996 revenues, respectively. (See Exhibits 1 and 2 for Kendle’s income statements and balance sheets.) 2 J.C. Bradford Co., analyst report, January 15, 1998, pp. 5-6. 3 The Economist, â€Å"Survey of the Pharmaceutical Industry,† February 21, 1998, p. 4.200-033 The contract research industry was very fragmented, with hundreds of CROs worldwide. In the 1990s, in response to the increased outsourcing of pharmaceutical RD, and a demand for global trials, consolidation among the CROs began. A few key players emerged and went public, creating a new industry for Wall Street to watch. Many CRO start-ups were founded by former drug company executives who decided to form their own operations. After a period of internal growth, some of the start-ups began growing through a financial â€Å"roll-up† strategy. An industry publication listed 18 top players in North America, with total contract research revenues of $1.7 billion. The top five public companies, ranked by 1996 revenues, were Quintiles Transnational Corp. ($537.6 million), Covance Inc. ($494.8 million), Pharmaceutical Product Development Inc ($152.3 million), ClinTrials Research Inc. ($93.5 million), and Parexel International Corp. ($88 million).4 (See Exhibit 3 for recent sales and pr ofit data on CROs.) With its talent pool of scientists at the Research Triangle and U.S. headquarters of the pharmaceutical giants Glaxo and Burroughs Wellcome (later merged as Glaxo Wellcome), the state of North Carolina quickly became the center of the burgeoning CRO industry. Two of the â€Å"big five† companies, Quintiles and Pharmaceutical Product Development, were started there by academic colleagues of Candace’s. Quintiles Transnational was considered to be the †gold standard of the industry.† Quintiles was founded in 1982 by Dennis Gillings, a British biostatistician who had worked at Hoechst and was a professor at the University of North Carolina, where Candace completed her postdoctoral work. After raising $39 million in a 1994 IPO, Quintiles went on an acquisition spree, adding other professional service businesses. For example, the firm provided sales and marketing services to support the launch of new drug products. By the end of 1996, Quintiles was the worldâ€⠄¢s largest CRO, with 7,000 employees in 56 offices in 20 countries. A typical clinical study managed by Quintiles was conducted at 160 sites in 12 countries, involving 10,000 patients. Quintiles was more diversified than many of its CRO competitors, with about 65% of revenues derived from the  core CRO business and 35% from other services.5 Pharmaceutical Product Development (PPD) was founded in 1989 by Fred Eshelman, a colleague of Candace’s from the postdoctoral program in pharmacy. Like the founder of Quintiles, Eshelman had worked in drug research for several pharmaceutical firms, including Glaxo and Beecham. PPD’s revenues jumped 500% between 1990 and 1994, based on such work as multi-year contracts for AIDS research for the National Institutes of Health. PPD conducted a successful IPO in March 1996, with its stock jumping from $18 per share to $25.50 per share on the first day of trading. PPD bought a U.K. Phase I facility in November 1995, and in September 19 96 merged with another leading CRO. Their combined net revenues exceeded $200 million. Kendle at the Crossroads To Candace and Chris, it was clear that certain competitive capabilities were necessary for companies of Kendle’s size to compete successfully with the major CROs: therapeutic expertise (in specific medical areas) broad range of services (pharmaceutical companies wanted to work with fewer CROs, with each offering a wide range of services across multiple phases of the RD process); integrated clinical data management (the ability to efficiently collect, edit and analyze data from thousands of patients with various clinical conditions from many geographically dispersed sites); 4 â€Å"Annual Report: Leading CROs,† RD Directions, September 1997, pp. 28+. 5 William Blair Co. LLC analyst report, Quintiles Transnational Corp., June 20, 1997, p. 3. international, multi-jurisdictional presence (to speed up drug approval, tests were being launched in several countries at once); With the exception of international presence, Candace and Chris felt comfortable with their ability to meet these criteria. Kendle’s staff had scientific expertise in multiple therapeutic areas, including cardiovascular, central nervous system, gastrointestinal, immunology, oncology, respiratory, skeletal disease and inflammation. The company also had broad capabilities, including management of studies in Phases II through Phase IV. It did not consider the absence of Phase I capabilities to be an issue, since this activity was quite separate. (See Exhibit 4 for a comparison of CRO geographical locations.) To build an integrated clinical data management capability, Chris had directed the development of TrialWare ®, a proprietary software system that allowed global data collection and processing and the integration of clinical data with clients’ in-house data management systems. TrialWare ® consisted of several modules including a database management system that greatly reduced study start-up costs and time by standardizing database design and utilizing scanned image technology to facilitate the design of data entry screens, the point-and-click application of edits from a pre-programmed library, and workflow management (parallel processing). Other modules included a system that coded medical history, medication and adverse event data and a touch-tone telephone system that was used for patient  randomization, just-in-time drug supply and collection of real-time enrollment data. Against the backdrop of a changing industry, Candace and Chris felt the need to develop additional business skills and focus Kendle’s strategy. To clarify their management roles, Candace and Chris switched their existing responsibilities. Chris pointed out, â€Å"Candace became CEO as we realized that her focus was long-range and I took over as Chief Operating Officer to focus on the short-range. In addition, the marketing strength of our competitors was propelling them further and further ahead of Kendle. Candace brought her science background and entrepreneurial skills, while I brought my management. The problem was that we were relatively weak in sales and marketing.† To broaden their skills, Candace went off in 1991 to the Owner/President Management Program (OPM), an executive education program run by Harvard Business School for three weeks a year over three years. Chris followed her to OPM in 1994. After completing the OPM program, Candace assessed the situation, We have to be big enough relative to our competitors to take on large, international projects. When Searle was looking for CROs for international work, all we could do was possibly subcontract it out to small shops. In contrast, Quintiles had six overseas offices of its own. Furthermore, when Searle calls and says, ‘I just got off the phone, Quintiles will cut their price by a million dollars,’ if you’re too small, you’re not going to be able to respond to that. Candace and Chris realized that Kendle could not grow fast enough internally to keep up with its peers and did not have the cash for acquisitions. They entertained the thought of selling Kendle, and were approached several times about a sale. But by nature, they were a competitive, athletic couple. Chris got up to play squash every morning at 7 AM, and Candace was an avid rower, recently winning a gold medal in a Cincinnati regatta. Perhaps not surprisingly, Candace and Chris decided to grow the firm and take it public rather than sell. As Candace described their motivation, â€Å"We were not driven to be a public company as such, but primarily to be bigger, and for this, we  needed public financing to succeed in the new competitive landscape. The whole target was not to let the big guys get too far out ahead of us.† Preparations for Growth By 1994, Kendle had grown to $4.4 million in revenues. Candace, the driving force throughout the IPO process, sought advice from an old college friend, a well-known Cincinnati businessman. He advised her, â€Å"before you go public, practice being a public company.† Candace therefore formulated a plan for Kendle to go public in 1999. Kendle began hiring key managers to build up functional units. Between 1994 and February 1997, new directors of clinical data management, information technology, biostatistics, finance, mergers and acquisitions, regulatory affairs, and human resources were hired. As Chris described, â€Å"the plan was to put this infrastructure in place to look and act like a public company— communications, IT, finance. The idea was hire at the top and they’ll fill in their organization.† Many of these new managers had previously worked together at other companies. To prepare for Wall Street scrutiny, Kendle began issuing internal quarterly fi nancial statements and sharing them with employees in an open-book management style. Candace and Chris tried to make the growing number of employees feel like â€Å"part of the family† in other ways, too. The Kendle â€Å"photo gallery† displayed professional portraits of employees with their favorite hobbies. In 1995 Chris led the development of a corporate mission statement and a document on strategic plans that was shared with all employees. Kendle was organized in a matrix fashion (see Exhibit 5 for organizational chart). Each department was treated as a strategic business unit (SBU) with a director who established standards and carried profit responsibility. At the same time, each research contract was managed by a project manager who assembled a team from across the various SBUs. Clinical trials involved five functional SBUs at Kendle: 1. Regulatory Affairs recruited investigators, helped them with FDA registration forms, and obtained approval from ethics boards. Regulatory Affairs maintained a database of 5,000 investigators. 2. Clinical Monitoring sent clinical research associates (CRA) out to the testing sites (every 4 to 6 weeks) to enforce Good Clinical Practice regulations. The CRAs were typically young, single health care professionals who spent a significant amount of their time on the road. The CRA would collect data from investigators, resolve queries generated by Clinical Data Management, and promote patient enrollment. 3. Clinical Data Management produced a â€Å"locked† database that could be submitted to the FDA. Data from case report forms were input into a computer system and â€Å"cleaned† through a manual review of the forms and an automated check of the databases. The challenge was to lock a database quickly while maintaining data quality. 4. Biostatistics would â€Å"unblind† the locked database and analyze it to determine if the data confirmed that the test results met the criteria for safety and efficacy. Biostatistics also defined the scope of new studies. 5. Medical Writing generated â€Å"the truckload of paper submitted to the FDA† for a New Drug Application, including a statistical analysis, a clinical assessment, preclinical and clinical data, a description of the manufacturing process, and the supporting patient documentation. 1996: The Celebrexâ„ ¢ Study, Filing Preparations, and European acquisitions 1996 was a busy year for Candace, Chris, and Kendle’s new management team. They simultaneously began conducting a major drug study, working with underwriters on IPO preparations, and looking for overseas acquisition targets. In 1996 Kendle managed 62 clinical studies at 4,100 sites involving approximately 20,000 patients. Celebrexâ„ ¢ Study In January 1996, Kendle began working on a major drug called Celebrexâ„ ¢ (celecoxib). Its client Searle was engaged in a neck-and-neck race with Merck, the largest U.S. drug company, to be the first to market a COX-2 inhibitor. A COX-2 inhibitor was a new type of anti-inflammatory drug that promised low incidence of bleeding ulcers in long-term, high-dosage users such as arthritis patients. The Searle-Merck race was closely followed in the business press. Searle awarded the international portion of the Celebrexâ„ ¢ contract to another CRO, since Kendle only had facilities for testing in the United States. However, Kendle did win the contract to conduct all the U.S. Phase II and III trials. The Celebrexâ„ ¢ contract was a â€Å"huge feather in our cap,† recalled the chief financial officer. â€Å"In order to beat Merck, we worked very hard and kept compressing the timelines.† To head the Celebrexâ„ ¢ project, Kendle hired Bill Sietsema, PhD, as assistant director of clinical research. A therapeutic expert in skeletal diseases and inflammation, Sietsema had worked at Proctor Gamble for 12 years. While Sietsema served as overall program director, Chris acted as the operational project manager, meeting with his Searle counterpart in Chicago on a monthly basis. In early 1997, Kendle also set up a new regional office in Chicago, close to Searle headquarters. For Kendle, the Celebrexâ„ ¢ project was a chance to â€Å"show what we could do and to develop a reputation as a leader in the field of skeletal disease and inflammation.† Kendle actively helped investigators recruit arthritis patients, running television advertisements, directing interested volunteers to a call center. Three hundred  investigators enrolled over 10,000 patients, producing over one million pages of case report forms. Most importantly, through close integration of information systems with Searle, Kendle was able to beat an industry standard. Instead of taking the typical six months to one year, the time span between the last patient in Phase II and the first in Phase III, which began in June 1996, was only 22 days. Preparation for SEC Filing By the time the Celebrexâ„ ¢ program rolled around, Candace and Chris felt that they might have to go public earlier than intended because of the competitive landscape. The new chief financial officer, Tim Mooney, took a leading role in the preparations. Prior to joining Kendle in May 1996, Mooney had worked as CFO at The Future Now, Inc., a computer reseller and Hook-SupeRx, a retail drugstore chain. At Kendle, Mooney replaced the controller with an audit manager from Coopers Lybrand to beef up his staff. Mooney also led the building of many of the other financially related departments at Kendle. To act as the lead underwriters on the IPO, in August 1996 Mooney chose two regional investment banks, Chicago-based William Blair Company, L.L.C., which had handled the 1995 IPO of Kendle’s competitor Parexel, and Wessels, Arnold Henderson from Minneapolis. William Blair began putting Kendle through the paces of preparing to file a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC). The process of going public generally took from 60 to 180 days. One of the key steps in the process was the conversion of Kendle from a subchapter corporation to a C corporation at the time of the IPO. (Subchapter S corporations were entities with 35 or fewer shareholders that were treated like partnerships for tax purposes. Corporate income tax was passed through tax-free to the owners who then paid personal income taxes due.) U-Gene In October 1996 Mooney hired Tony Forcellini, a former colleague, as director of mergers and acquisitions (MA). Tony had worked at Arthur Andersen in the tax department, and then as a treasurer at Hook-SupeRx with Mooney. The search for European acquisition targets was mainly conducted by Candace and Tony Forcellini, with back-up support by Tim Mooney and Chris. All the while, Chris and Bill Sietsema were working away on the Celebrexâ„ ¢ program. Forcellini’s first decision was easy—whether to pursue an offering memorandum that landed on his desk shortly after he arrived. The company for sale was U-Gene Research B.V. (U-Gene), a CRO based in Utrecht, the Netherlands. U-Gene was represented by Technomark Consulting Services Ltd. (Technomark), a London-based consulting firm uniquely specializing in the healthcare industry. Technomark had an extensive database on European CROs and was primarily in the business of matching its pharmaceutical company clients’ trial s with appropriate European CROs, but it also had a small investment banking division. U-Gene, a full-service CRO, was an attractive target for Kendle. The venture capitalist owners were actively looking for buyers. With a 38-bed Phase I facility in Utrecht and regional offices in the United Kingdom and Italy, U-Gene could increase both Kendle’s service offering and geographic presence. Since its founding in 1986, U-Gene had served more than 100 clients, including 19 of the worlds largest pharmaceutical companies. In 1996, U-Gene participated in 115 studies at approximately 500 sites involving approximately 4,700 patients and recorded net revenues of $12.5 million, a 37% increase over the prior year, and operating profit of $1.3 million, a 47% increase over the prior year. Because of its U.K. and Italian offices, U-Gene viewed itself as on the way to becoming a pan-European CRO.  (See Exhibit 6 for U-Gene financial statements.) With momentum building, in November 1996, Forcellini seized upon U-Gene as Kendle’s possible entry into Europe and submitted a bid, offering cash and private stock. Unfortunately, Kendle lost out on this bid to a competitor, Collaborative Clinical Research, Inc, as U-Gene’s owners either wanted a full cash deal or stock from a public company. Collaborative was a competitor slightly larger than Kendle ($25.7 million in revenues) that had gone public in June 1996 and had established a software partnership with IBM. Although it had access to investigators outside the United States, Collaborative also viewed U-Gene as the establishment of a European presence. On February 12, 1997 Collaborative announced that it had signed a letter of intent to acquire U-Gene in exchange for 1.75 million newly issued shares. While this put Kendle out of the picture, the prospects of a deal were not completely killed. On the same day, February 12, 1997, Collaborative also announced that its first-quarter 1997 earnings would be significantly below expectations. On the next day, on analyst speculation that a major client contract had been lost, their stock fell by 27.3%, closing at $9.00.6 This put Collaborative’s UGene deal in jeopardy. Underwriter Concerns About two weeks after Collaborative’s announcement, on February 25, 1997, another CRO, ClinTrials, also suffered a drop in stock price. ClinTrials’ stock lost more than half its market value,  dropping 59%, to $9.50 per share. The fall began when an analyst from Wessels Arnold downgraded the ClinTrials stock to â€Å"hold† from â€Å"buy,† citing a number of key management departures, and continued after ClinTrials announced that its first-quarter earnings would be half its year-earlier profit. The reason for the unexpected earnings decline was the cancellation of five projects totaling $37 million, with the possibility of even lower earnings due to an unresolved project dispute with a client.7 ClinTrials’ negative performance began to affect other CRO stocks, including that of Quintiles.8 With client concentration an issue in ClinTrials’ stock performance, William Blair developed doubts about the timing of Kendle’s IPO. Although Kendle was close to filing its preliminary prospectus, on the day after ClinTrial’s stock dropped, William Blair analysts had a meeting with Kendle’s management and told them that they had decided to withdraw as lead underwriters in the IPO. Candace was resolved to keep going. She said, â€Å"There’s no way out of the concentration issue. We can’t buy our way out of it, because we can’t do MA deals until we have a public currency, and every day Searle is bringing us more work, we won’t tell them no.† She then asked Mooney to find new investment bankers, and he thought, â€Å"what am I going to do now?† Hoping for a lead, Mooney called up a former security analyst from Wessels Arnold who had gone to work at Lehman Bros. Although Kendle was smaller than Lehman’s usual clients, Lehman agreed to underwrite Kendle’s IPO, with the reassurance that â€Å"we think we can sell through the client concentration issue.† After an agreement with New York-based Lehman was reached, Mooney searched for a regional firm because, as he decided, â€Å"I didn’t want two New York-size egos. J.C. Bradford, based in Nashville, Tennessee, had a good reputation in the industry, and struck us as a nice regional bank. They were more retail-oriented than institutional-oriented, so they wouldn’t directly be competing with Lehman in types of clientele.† Bradford had managed the IPO of the first large CRO to go public (ClinTrials, in 1993) and Lehman had led the IPO of PPD in January 1996. Gmi and U-Gene revisited At the same time, Forcellini was moving ahead on the acquisition search. In January 1997 he tasked Technomark with using its CRO database to generate a list of possible European acquisition targets that met the following criteria: â€Å"ideally a CRO with United Kingdom headquarters; $5 million to $7 million in revenues; no Searle business; certain types of therapeutic expertise; strong in phases II through IV; and certain country locations.† The initial list had 50 European CROs, which Kendle narrowed down to 14 prospects. Technomark then contacted these 14 prospects to sound out their willingness to sell, bringing the number down to five candidates: three CROs in Germany, two in the United Kingdom, and one in the Netherlands (not U-Gene). To assess the prospects, Kendle used information from Technomark on comparable MA deals. Candace and Tony Forcellini then traveled around Europe for a week visiting the five companies. They decided to further pursue two companies: a small, 15-person monitoring organization in the United Kingdom and one in Germany. The U.K. prospect was quickly discarded because of an aggressive asking price and accounting problems. Kendle then moved on to the German target, a company named gmi. Its full name was GMI Gesellschaft fur Angewandte Mathematik und Informatik mbH. Founded in 1983, gmi provided a full range of Phase II to IV services. gmi had conducted trials in Austria, the United Kingdom, Switzerland and France, among other countries, and had experience in health economic studies and 7 â€Å"ClinTrials Predicts Sharply Lower Profit: Shares Plunge 59%†, The Wall Street Journal, February 26, 1997, p. B3. 8 David Ranii, â€Å"Investors avoiding Quintiles,† The News Observer, Raleigh, NC, February 27, 1997, p. C8. professional training programs. In 1996, gmi participated in 119 studies at multiple sites and recorded net revenues of $7 million, a 32% increase over the prior year, and operating profit of $1.4 million, a 16% increase over the prior year. At March 31, 1997, gmis backlog was approximately $9.6 million. gmi considered itself to be especially good at Phase III trials. (See Exhibit 7 for gmi financial statements.) While Candace and Forcellini were narrowing down European targets, Mooney was hunting for cash. In February 1997 Kendle met at a special lunch with its existing bankers, Star Bank (later renamed Firstar), in Cincinnati. Mooney recalled the conversation vividly: â€Å"After Candace and Chris described their plans, Star Bank’s CEO made a proposal, ‘If you keep Kendle a private company and avoid the hassles of being public, we’ll lend you the money you need for acquisitions.’† With the financing in hand, Candace and Forcellini visited gmi in Munich. While gmi’s owners were willing to talk, they did not have much interest in selling. As Mooney described it, â€Å"gmi was a classic case of having grown to a certain size, had a comfortable level of income, but weren’t interested in putting in the professional systems to grow beyond that level.† After several conversations in March, it was not clear that Kendle and gmi’s owners w ould be able to reach a mutually agreeable price. At this point in early April 1997, the possibility of U-Gene as an acquisition candidate heated up. After the U-Gene deal with Collaborative Research began to collapse, Kendle had initiated a carefully structured inquiry about U-Gene’s interest in renewed discussions. This inquiry led to further discussions and a request in April for Kendle to meet in Frankfurt to try to reach an agreement. With the gmi deal in doubt, Kendle agreed to try to reach closure with U-Gene. After some discussion, both sides agreed on a price of 30 million Dutch guilders, or about US$15.6 million, $14 million of which would be paid in cash, and the remaining $1.6 million would be in the form of a promissory note payable to the selling shareholders.  U-Gene wanted to complete the transaction within the next several weeks, so it would have to be financed at least initially by borrowings. Even if Kendle went ahead with an IPO, the equity financing would not be completed until the end of the summer. Discussions with gmi continued through this period since Kendle was confident about its ability to obtain financing from Star Bank. Ultimately, Kendle’s team was able to agree upon a price with gmi. The owners were willing to accept a price of 19.5 million Deutsche marks, or about US$12.3 million, with at least $9.5 million in cash. They would accept shares for the remaining $2.8 million, if Kendle successfully completed an IPO. The owners were willing to hold off the deal until the IPO issue was resolved. Closing the Deals and IPO Decision To complete both the U-Gene and gmi deals, Kendle would need to borrow about $25 million to $28 million, so financing became critical. Mooney went back to Star Bank to take the bankers up on their promise. He described their reaction: â€Å"Star Bank said they couldn’t lend $28 million to a company that only has $1 million in equity. Nobody did that. They might be willing to finance one acquisition, with the help of other banks, but there was no way that they would provide $28 million.† Mooney was quite angry, but had no choice but to look for other sources of financing. He first tried to get bridge financing from Lehman and Bradford, but they refused, saying that they had â€Å"gotten killed on such deals in the 1980s.† There was also a possibility of financing from First Chicago Bank, but this did not materialize. Finally, in late April 1997, Mooney contacted NationsBank, N.A., which was headquartered in Charlotte, North Carolina and provided banking services to the CRO industry. Nationsbank expressed interest, but only in a large deal. Even $28 million was a small amount to Nationsbank. In 11  a few short weeks, Nationsbank ended up structuring a $30 million credit for Kendle, consisting of a $20 million, three-year revolving credit line and $10 million in five-year, subordinated notes. The interest rate on the credit line was tied to a money market base rate plus 0.50% (currently totaling 6.2%), and the subordinated debt carried a 12% rate. †So NationsBank stepped up in a pretty big way. They could have ended up with Kendle as a private company, with $30 million in debt.† Because of the risk, Nationsbank would also take warrants giving the bank the right to purchase 4% of Kendle’s equity, or up to 10% if the IPO was delayed and Kendle had to borrow the full amount to do both acquisitions. Lehman Brothers was confident about an IPO. The underwriters felt Kendle could raise $39 million to $40 million at a price between $12 and $14 per share, and that Candace and Chris could sell some of their shares as well. Premier Research Worldwide Ltd., a CRO with $15.2 million in 1996 revenues, had raised $46.75 million from its recent IPO in February 1997. Kendle felt they had a much better track record than Premier. Kendle now faced some difficult decisions. It could do the full program, including both acquisitions, taking the $30 million Nationsbank deal, and planning for an IPO in late summer. The successful acquisitions of gmi and U-Gene would establish Kendle as the sixth largest CRO in Europe, based on total revenues, and one of only four large CROs able to offer clients the full range of Phase I through Phase IV clinical trials in Europe. The pricing on the two acquisitions of 8 to 10 times EBITDA seemed in line with recent CRO deals (see Exhibit 8). And, once the IPO was completed, Kendle would have both a cash cushion and stock as a currency to help finance future growth and acquisitions. Assuming an IPO of 3 million new shares at a price of $13.00, Kendle would have a cash position of about $14 million and no debt in the capital structure. (See Exhibits 9 and 10 for pro forma  income statements and balance sheets showing the impact of the acquisitions and the IPO.) A related issue was how many of their shares Candace and Chris should sell if an IPO were done. Their current thinking was to sell 600,000 shares. Thus, a total of 3.6 million shares would be for sale at the time of the IPO, including a primary offering of 3 million shares and a secondary offering of 600,000 shares. This sale would reduce holdings controlled by Candace and Chris from 3.65 million shares (83.1% of the shares currently outstanding) to 3.05 million shares (43.4% of the new total outstanding). Doing the full IPO and acquisition program, however, was unprecedented among Kendle’s peers. â€Å"Nobody does this combination all at once—an IPO, senior- and sub-debt financing, and MA deals,† as Mooney described the situation. Furthermore, the stock prices of public CROs had been falling since last February (see Exhibits 11 and 12 for stock market valuation and price information). If Kendle bought into the full program and the market crashed or the IPO was unsuccessful, the company would have almost $30 million of debt on its books with a very modest equity base. Perhaps it would be better to do just the U-Gene acquisition and use Star Bank to finance it. After completing this acquisition, it could then pursue the IPO. This approach was safer, but of course Kendle might miss the IPO window and miss the opportunity to acquire the second company. Indeed, instead of discouraging Kendle from doing an IPO, the fall in CRO stock prices might be taken as a signal tha t Kendle should forge ahead before the window closed completely.

Ecofeminism In Environmental Ethics

Ecofeminism In Environmental Ethics Ecofeminism is a term that covers a variety of response to environmental problems and theorizing about them. This paper will look briefly on how the Ecofeminism has to do with Environmental Ethics. In the first section, will look briefly concept on Ecofeminism and environmental ethics and how do they apply. Next this paper will appear on the nature of Ecofeminist, critique of Ecofeminism and the implication of Ecofeminism to women. An attempt has been made in this paper to initiate a discussion about how the issue of how environmental degradation and exploitation of nature became a feminist issue also been discussed. Introduction The word or term of Ecofeminism was introduced by Francoise dEaubonne which is member group of feminists in France. This woman actually tries to pull out and bring out the idea and the attention to womens potential upon the crisis of ecological revolution during that time (dEaubonne 1994). Ecofeminism basely come out from idea on which the women or also known as Eve are closely with the nature compared to the men or Adam. This statement are said so because the behavior of women are feminine and fragile so do nature which are can depleted and destroy if there is no care about it. In last two decades, there are many topics and discussion especially on these Ecofeminism which are relates closely to the environmental ethics in order to prevent nature being degraded by human itself. In 1974, when the Ecofeminism come out with the issue of women and nature, the number of feminist and environmentalist on that time is increasing because of the attraction issue in Western country. The increas ing of number of both parties actually is due to the concern of the link between the domination of women and the domination of nature in Western culture especially in United Kingdom. Although the concept of Ecofeminism has come out to different meaning far from those day during Ecofeminism area in 1974 but at least it still follow the criteria and following claim (Karen 1990): (i) There are important connection between the oppression of women and the oppression of nature. (ii) Understanding the nature of these connections is necessary to any adequate understanding of the oppression of women and the oppression of nature. (iii) Feminist theory and practice must include an ecological perspective. (iv)Solution to ecological problems must include a feminism perspective. Nature of Ecofeminism There are many Feminist that are supportive on Ecofeminist and highlighted on the fact that ecology is a feminist issue. The feminist that highlighted on this issues is Susan Griffin (1998) and Mary Daly (1978), Carolyn Merchant (1980), Ynestra King (1981), Ariel Kay Salleh (1984), Karn Warren (1987,1990), Val Plumwood (1993) also discuss about the link between the oppression of women and nature in order to understand the connection why the environment is a feminist issue and why feminist issues can be addressed in terms of environmental concern(Gaard 1993). There are many feminist agree that ecology is a part of the feminist issue, which only they differ in term of nature and desirability. Ecofeminist can be based on variety of and certain of fundamental claims that point of view which link between oppression women and nature. Supposedly to understand and have wide of view in this discussion, one have to deep understand on nature of these link in order to understand more on oppressi on women and nature (Warren 1987). For ecofeminist, the idea of domination between women and nature is basic of in ideology (Warren 1990). In order to overcome, once has to reconstruct and re-concept of the underlying patriarchal value and structural relation of culture and promote equality, non-violence, non-hierarchical forms of organization to bring out new social forms (Warren 1987). Based on the feminist point of view, they said that one should inter-connect of all life process and revere nature and all life form. They also said that human should not control the nature but co-operate with it (Warren 1990). A characterization of Ecofeminism Ecological feminism is name given based on the characterization or position in different aspects of philosophies. Ecofeminism actually can interpret in much perspective of environmental ethics in the way of ecological such as understanding of the nature concept and how to mitigate or solve of environmental problems (Waren 1987). The understanding of ethics not only refers to one aspect only such as liberal, radical and socialist but it is wide world and it including of nature (Merchant 1992). So to be genuine Ecofeminist, it actually depends on how once describes it or conceptualizes of the Ecofeminist position. This is because to be the genuine Ecofeminist, it depends on how much, which or what level of the position in environmental philosophy to claim it as Ecofeminist. The different configuration of Ecofeminism is react in different way and it depends on how the linked connect between these two topic that discuss which is women and nature. It also depends on how people define it. Different people have their different understanding and view. In addition, it also differ the nature of womens oppression and how the solution been taken, the philosophy of human nature, equality and the how people response on freedom. All these aspect is depends on how each of the feminist theories to describe it (Merchant 1992). During 1960s, the issue on women in the workplace and education has become demanding for the feminist to bring out the topic in order to achieve a fulfilling life. Around the same year, the book Silent Spring written by Rachel Carslon which is feminist in 1962 that focus more on effect of pollution on the human and non-human world which give thousand question of life on earth and it become as a public issue. For an example of liberal in Ecofeminism, this perspectives actually are already been applied in Western country that are focus on political and philosophical framework that build in society to provide freedom in order to pursue their own interest. The liberal perspectives in Ecofeminism to be acceptable is actually depends on how people define it. Many Ecofeminism actually so far has do the concept of liberal feminist work such as keep intact oppressive and patriarchal ways of conceptualizing nature (Roach 1991). For an example, they actually focus work on problematic human- nature that global facing now. For liberal mode, environmental problem is one of the aspects of the degradation of natural resources which the issue are should blame on the lack of regulation of pesticides and other environmental problem. This issue can be mitigating with social production that is environmentally voice. To overcome this issue, combination of science, conservation and law is the best. Opportunity to women should open widely so that this gender can be conservator, lawyer and so on, like men. To change women profession in more professional work as discuss above, it is not the way that can decrease the environmental problem that the world facing right now. As the answer to the view that associated women and nature, these actually were devalued in Western country especially in United Kingdom which the Ecofeminist group with a radical are being analyzed the environmental problem with their critique and idea of patriarchy which could liberate both women and nature (Merchant 1990). So, the argument that always been said is that women are restricted by being closer of nature because their ability to bear children. In fact for the reality, women are actually are already gifted for feminine traits to become close to nature and earth. Critiques of Ecofeminism There are few feminist scholars such as Cecile Jackson (1993), Janet Biehl (1991), Meera Nanda (1991) and Bina Agarwal (1992) have voice out that Ecofeminist perspective which is ethnocentric, essentialist, blind to class, ethnicity and other differentiating cleavages, a historical and neglects the material sphere (Jackson 1993). The existing of Ecofeminist are results as historical exploitation and domination of women and nature as goes by which are seen as victims of development. If any harm to nature, it actually harm to women equally which is act as self-evident to certain Ecofeminist, since the women are close to nature compared to men. None of the claim or argument is link to both of those statements (women and nature). This claim is looking so personal observation and takes its position as self-evident. It actually looks as the maximization to the women and nature in ideology which neglecting the others such as the economic advantage and political power as well as the gender of labor and opportunity (Agarwal 1992). The view of women are become stereotype which men are expect women to become such as caring and nurturing without thought as a full range of women abilities to do other thing (Biehl 1992). Ecofeminist such as Susan Prentice (1998) argue about the combination of women with nature and politics imply that what men are do to earth is destroying or bad compare to women which nurturing to earth. This statement was argued which ignoring that men can also develop to care of nature. This argument actually is going beyond the radical which put Ecofemenism forward a critique that focusing on the relationship between production and reproduction and between ecology (Merchant 1992). Basically, women also provide knowledge of nature which helps in sustain life. The development of Ecofeminism was disrupted because of intervention and capitalist development in society. This which results men are concurred in production of exchange commodities in capitalist system economy while women are more in domestic sphere which specific work-force and social relations. In capitalist system, it actually focuses more on production which sustainability are being neglect. For socialism it focus more on production which to satisfy people need not greed. Based on Ecofeminism view, the socialist ecology should focus more on reproduction and nature rather that focus on production. But it does not happen because they homogenize the category of women. This is because they hardly to see women in other view basics in-term as caste, class, race and ethnicity. Because of this limitation Ecofeminists make effort to join and work together with the socialist framework Implication of Ecofeminist ethics for women. It is fact that females actually give socialized in certain way to achieve and maintain the appropriate system, that it also have been true that socialization aspects which must examined before they can be reclaimed and consider useful (Cuomo 1992).It actually not surprisingly by which the famous claim and argument that mentioned women are Ecofeminism compared to men throughout their behavior are much more closely to nature. The argument of this claim actually can tell that it reinforces the patriarchal ideology of the domination and limit Ecofeminisms own effectiveness which the results noted as the biology actually determine the social inequalities between men and women (Cuomo 1992). Based on the implication that has been studied, it belief that, women are actually very connected to nature with their feminine trait to preserving the environment in order to save the earth from being degraded. Men are actually cannot as feminine as women because the trait are reserve for them which w hy men cannot be expected to participate in the restoration of any environmental projects. This is because; men actually are lack of sensitivity sense to nature that women have it. Therefore, women actually are respectfully to in charge of cleaning up the global problem especially in environment sense as to full fill that they already been done such as nurturing mother. In the nutshell, the implications of Ecofeminst ethics are should appear to women not for men. If one believe that women have all the traits to preserving nature, so it qualifies to save the earth compared to men in a way to doing restoration projects since men gender are less sensitivity to nature. In the nutshell, women therefore can be leader in preserving earth as to full their biological traits which is nurturing mothers. For the conclusion, it actually difficult appears to be emancipator for women. Conclusion Understanding about humanity concept in this world and reality life actually can be build up based on the effort to comprehend those men-women into humanity-nature concept. The account of Ecofeminist that are actually separate both men-women are lead to the exploitation of women which this gender are more likely to viewed as closer to nature compared to men. The perspective of the Ecofeminist and Environmental ethics actually lead to the sense of interdependence of all individual and also human-nature. Interconnection between women and nature of dominant traits actually lead to show the Ecofeminism are mutually supporting each other, the conceptually are linked and the explicit of the acknowledgement of both is vital to any responsible to environmental ethics. The Ecofeminist philosophy actually not mainly focuses on one section that is understand of women characterization but also understanding of liberate women with nature in order to prevent it from the structure of oppression. It has been prove that women actually are very feminine with the nature through their biological behavior. Although it has historical oppression about woman, the Ecofeminism seem agree that trait in women genetic such as caring and nurturing their kid or baby should be include in environmental ethics.

A Separate Peace :: Free Essay Writer

Gene Forrester's difficult journey toward maturity and the adult world is one of the main focuses in the novel, A Separate Peace, by John Knowles. Gene’s journey into maturity begins the moment he jounces the limb of the tree. The process continues until he visits the tree, fifteen years later. Gene looks at things in the past. Gene must start to become self-aware, face reality and the future, confront his problems, as well as forgive and accept himself. He must become aware of and understand the person he is, and face the problems in his life. Only then, does Gene’s blissful ignorance change to the mature understanding of the nature of evil inside himself. This long and painful journey begins with this blissful ignorance behind the gates of Devon where Gene is preparing for war. Gene is isolated from the war. He does not yet see the importance of what the war is about and therefore is blinded from it. He begins the summer session, which is considered â€Å"wild and free†. He has not yet experienced what the war is like; he is in a â€Å"moment of carelessness† and does not see the importance of the war. Gene is immature and he starts to blind himself from the war and what is happening around him. He does not want to think about the war. He only wants to try to find out who he is, and what he his capable of. The first incident that Gene recounts indicates his dislike of Finny's attitude toward authority. Finny wears the school’s tie as a belt and dresses in a pink shirt for tea one day. Gene remarks that Finny is the only person who could "get away" (Knowles 26) with such an outfit. Gene is jealous and env ies Finny’s maturity, which he wants to achieve. In addition to Finny’s maturity, Finny conceives of the idea that he and Gene should jump from the tree, which is forbidden and only used for senior students. During the first jump, Gene loses his balance and Finny grabs his arm to steady him without thinking. This moment shows that Gene and Finny are friends and that they would risk their lives for each other. During another jump, Gene jounces the limb and Finny reaches out to him for help; yet Gene allows him to fall, causing him to break his leg. During this moment, we see Gene’s jealousy toward Finny.

The Evolution of C++ as a Programming Language Essay -- Information Te

The Evolution of C++ as a Programming Language C++ is a very useful programming language. Many educational curriculums will include either C or C++ as the tool entry-level programmers will use to learn the syntax, semantics, and data structures key to effective programming that is required of computer scientists. C++ is such a diverse language, one cannot help but wonder how it became the popular language it is today, and this paper is going to demonstrate just that. Introduction to CPL Cis the great-grandfather of C++, designed in 1963. It is short for â€Å"Combined Programming Language.† Many features within CPL are from, or are largely based on, Algol 60, which was a programming language developed in the early 1960’s. It was designed jointly by members of the University Mathematical Laboratory in Cambridge and the University of London Computer Unit. CPL was designed to be not just a mathematical calculation tool, but had support for uses in many non-mathematical applications as well. One of the biggest differences between Algol and CPL was the attempt to improve upon Algol’s precision with mathematical calculation. Algol commonly generalized different types of data in order to provide ease of manipulation, especially with simulation, but its precision suffered as a result. CPL is generally made up of definitions, different kinds of data types and expressions, and commands, which manipulate that data. Code is split up into sections called blocks, made up of one or more definitions and one or more commands, which was a feature directly drawn from Algol. Numerical and non-numerical data types were referenced through index registers using names, either a single lower-case character or a series of upper-case alphanumeric ch... ... retrieved 10/12/04 from http://www.cplusplus.com/info/history.html Thompson, K. 1996. Users' Reference to B, retrieved 10/12/04 from http://cm.bell-labs.com/cm/cs/who/dmr/kbman.html Ritchie, D.M. 2003. The development of the C language. Bell Labs/Lucent Technologies. Retrieved 10/12/04 from http://cm.bell-labs.com/cm/cs/who/dmr/chist.html Martin Richards's BCPL Reference Manual, 2002. Published in1967. Retrieved 10/12/04 from http://cm.bell-labs.com/cm/cs/who/dmr/bcpl.html Barron, D.W; Buxton, J.N; Hartley, D.F; Nixon, E; Strachey, C. 1963. The main features of CPL. The Computer Journal. Volume 6, Issue 2, pp. 134-143. Cambridge, UK. Retrieved 11/20/04 from http://www3.oup.co.uk/computer_journal/hdb/Volume_06/Issue_02/060134.sgm.abs.html Stroustrup, B. 1997. The C++ programming language, 3rd edition. Published by Addison-Wesley, Reading, MA, in 1998.

Indigenous Bilingual Education Programs in Australia Essay -- Austral

Introduction Despite Australia’s ever-growing multiculturalism, it has been found that ‘monolingualism is extraordinarily common in Australia throughout the general population and all occupational levels (Bostock, 1973).’ With such an array of cultures present, one would assume that Australian education systems would have endless bilingual programs in place. However, this is not the case. Despite the successes of bilingual education on a global scale, little effort has been made to preserve any Australian languages, meaning that language death has become an everyday factor that Indigenous individuals have to deal with (Wurm, 1991). This paper discusses the concept of bilingual education and its faults in the transition from theory to practice, the political and social reception of bilingual education and the bilingual education programs which have been resurrected internationally and nationally. In examining these areas, hopefully some clarity will be gained as to why bilingua l education programs of Australian languages have been so unsuccessful. Bilingual Education as a Theoretical Concept. ¬Ã‚ ¬Ã‚ ¬Ã‚ ¬ Bilingual education - in theory - is a concept that would enrich learning, especially under a constructivist teaching method, as well as students, parents and teacher’s lives (Rossi, 1999). In encouraging children to learn under a self-directed method, the enriching nature of ‘learning-to-learn’ allows youths to further the positives of constructivism even further (Rossi, 1999). Consequently, not only do they become independent, confident students, but have bilingual language competence, rather than just language performance. Harris (1978) states that language performance ‘is merely a speaker’s production of the words, sounds and phr... ...iarity with English. Consequently, this displays yet another positive of bilingual education in the family unit, reinforcing that the positives are restricted only to an educational means but stay with them as they continue to grow in society (Jaggs, 1975). International Bilingual Programs Internationally, bilingual programs have proven to be a success in enriching students academic and social lives and their quality of life overall. The bilingual program closest to Australia on a global scale is that of Maori-English bilingual education in New Zealand. Although the Maori language was evidently stronger and had a fair chance of threatening the assimilationist movement of English, the main driving force behind their fight to preserve their language was to fulfil the ‘psychological needs central to the well-being of Maori individuals and groups (Durie, 1997).’

Models of Organized Crime Executive Summary Essay

An organized crime is a group of three or more people of a formalized structure and the main object is to obtain money through an illegal activities. This definition is one of many for organized crime, there are five types of organized crime, and there are two models that are used to describe the structure of organized crime and even though both of these are models of organized crime, they are both different. These models are: 1. Bureaucratic or Corporate Model 2. Patron-client or Patrimonial Model The Bureaucratic model is different than Patron-client for the following reasons: * Bureaucratic model is efficiency is the prime factor for large operations or activities. * This model follows the characteristics of Weber’s and Taylor’s model. * Once activities expand, the bureaucratic structure becomes necessary to control the enterprise with rules, hierarchy, specialization, and means of communication. * Some examples of this structure are Colombian cartels and the outlaw biker groups. * A more susceptible to law enforcement efforts The Patron-client model is different than the Bureaucratic Model for the following reasons: * Patron-client is based on bonds that tie organizations together * Provides aid and protection while clients become a loyal member. * Offers the advantage of continuity. * This model is less centralized and has more control over subordinates. * It requires more of a complex law enforcement effort. * Often uninvolved in actual criminal activity and only provides information on targets for the client to rob or steal. Both models are similar in the following reasons: 1. Benefit law enforcement, researchers, society, and professionals 2. Supporting Research, statistics, facts, and convincing arguments 3. Information presented on organizational structure, purpose and cause, members, and clientele 4. These models are tools that provide answers to questions 5. They offer an explanation to why people engage in illegal activities 6. How criminal organizations develop 7. Why most criminal organizations are successful. The models are important for understanding organized crime because each provides a wide range of beneficial information. Models can display what geographical locations are more prone to the development of criminal organizations. It allows us law enforcement the ability to implant methods that will deter, prevent, detect, and apprehend people involved with illegal organizations. There are two different models in an organized crime with both having their differences and similarities, they are both important for understanding an organized crime. References Lyman, M. D., & Potter, G. W. (2007). Organized Crime (4th ed.). Upper Saddle River, New Jersey: Prentice Hall. Mallory, PhD, S. L. (2007). Understanding Organized Crime. Sandbury, Massachusetts: Jones and Bartlett Publisher, Inc.

Learning Framework Essay

1. I want my family to be proud of me. 2. I want to earn my degree in Network Management. 3. I want my children to be encouraged to stay in school and not quit. The reason I choose the three I did was because I have always felt like I could never do right in my family’s book. I am an unwed mother of five children and I have been ridiculed for that. I have always failed where my family is concerned. I figure going to school and making me better would help to fix that. I choose my degree in Network Management because I love computers and I am very good with them. I have a desktop that I built from the ground up and that is what also helped me decide this degree. When it comes to my children, I do not want them to quit school at a young age like I did and the years later figure out that they cannot get a job without a High School Diploma or a GED. I want them to get their careers out of the way before they have children so that they can have a secure future and not be struggling like I have for years. College for me is not only for me, but my children also. I want them to know that if I can do it, they can do it. I always tell them you can be whatever you decide to be in life. Having an education plays a major role in that I believe.