Acf Case O.M. Scott Sons Company Essays

Acf Case O.M. Scott Sons Company Essays Acf Case O.M. Scott Sons Company Paper Acf Case O.M. Scott Sons Company Paper Estimating Funds Requirements Short-Term Sources of Funds Subject:O. M. Scott Sons Company Problem:Should the O. M. Scott company keep with its Trust Receipt Plan in order to maintain 25% growth rate. Options: 1. Sell receivables to a third party at a discount rate to receive cash. 2. Issue preferred equity to help finance retailers in holding higher Inventory levels 3. Reduce growth rate to a sustainable Recommendation: In order to maintain the 25% growth, we need to first of all, abandon the trust receipt plan which causes sales growth rate to drop ever since implementation. we need to adopt alternative 1 (selling receivables) in order to reduce the cash cycle and free up some cash to meet our short term liabilities. Our external fund needed exceeds the maximum allowed line of credit of 12. 5 million according to the performa for March 1962, which means that we have to also incorporate alternative 2 which is to issue equity to cover for extra fund outside of the limit. Analysis: O. M. Scott Sons (Scott) is a lawn-care company that has its operations centered in Ohio. The company has successful established a customer base and has a positive outlook for future operations. Their goal for future years is to maintain a growth of 25% for sales and income, however, we believe that this is not plausible because receivables are not being collected at a rate that supports the growth in sales. This is the main source of the problem for the company is not getting paid for its inventory until they have been sold by the dealers. This places significant financial strain on the company, as it is responsible for obtaining the finances necessary in order to maintain the inventory levels at each of its 10,000 dealers. Starting with an analysis of the inventory period, we see a poor trend. Logically, the inventory period has also gone from bad to worst. Also alarming are the company’s accounts receivable turnover ratios, decreasing by 72% and its accounts receivable period going up by 253% from 1957 to 1961. What is most interesting is that these numbers were fairly stable prior to 1960, the year the O. M. Scott Sons Co. started implementing its Trust Receipt Plan. Pushing further, the ROA reflects a poor corporate ability to extract value from its assets, as the numbers are getting worst from year to year. The operating cycle was 106. 7 days in 1957, growing by 126% to 241. 3 days by 1961, demonstrating poor management efficiency. The cash cycle was extended by 100 days during the same period, which is not the direction in which you want cash flow to go. The cash cycle needs to be shorter in order to allow cash to flow into the company sooner, easing the financial strain on the company. Regarding profitability, the company’s net income over sales ratio was in an upward trend from ‘57 till ‘59 but dropped as soon as Scott implemented the Trust Receipt Plan. Higher operating expenses as well as interest expenses have had a non negligible impact on bottom line results. The ROE in 1961 is of 13. 53%, down from 19. 98% in 1959, demonstrating that the shareholder’s return is alarmingly going down. To dig deeper into the recent ROE results, we did a Dupont analysis and were able to relate the drop in return to the longer receivables collection and higher inventory levels. In turn, higher inventory levels grossed up total assets and dropped the ROA. A free cash flow model was constructed to further prove our point that the Trust Receipt Plan is not successfully claiming receivables from Scott’s dealers. By looking at the numbers in 1959 and 1960, we see that free cash flow in the company decreased by 72% after the implementation of the Trust Receipt Plan. This further proves our idea that the Trust Receipt Plan is not successful in bringing cash into the company. Despite these negative outcomes from the trust receipt plan, sales have been improving ever since the implementation. This is due to the fact that the trust receipt plan requires trustees to carry enough inventory to match seasonal peak demands as well as the full array of Scott and Son’s products. However, this growth in sales have been dropping ever since the implementation. The market for Scott and Son’s products is estimated to be $100 million yet sales in 1961 reached on $43 million. So the drop in sales growth cannot be explained by a saturated market. It can only be attributed to the trust receipt plan. Based on our analysis, we believe that in order to keep up with the projected 25% growth in sales the O. M. Scott Co. has to abandon its Trust Receipt Plan. There few things that we noticed that can improved with some change to the current plan, below is an analysis of the alternatives we suggested. Alternative 1 An alternative for Scott is to sell its receivables to a third party such as a bank. After implementing the Trust Receipt Plan in 1960, accounts receivables nearly tripled, increasing from $5,788,400 to $15,749,700. Due to this increase, Scott will need to hire additional labour to ensure the collection of their receivables. From, we can clearly see that the Trust Receipt Plan significantly slowed down the collection process for Scott. Scott is able to collect 75% of its receivables in the month it is due, therefore it only needs to sell the rest of the 25% to obtain cash that is equivalent to 100% of its accounts receivables. It is likely that the bank will only buy the receivables from Scott at a discounted rate, from internet research, we found that this is usually a 20% discount. This means that Scott will receive 20% instead of the full 25% of the receivables that they sell. However, when taking into consideration the time value of money, as ell as the 3% of receivables that Scott is unable to collect, obtaining 95% of the receivables by selling it to the bank seems to be the better option. Also, by selling their receivables, Scott will no longer need to implement methods such as hiring more staff to collect late receivables. By selling its receivables, Scott will immediately shorten its cash cycle, as accounts receivable period will only be 30 days. This brings the cash cycle to 23. 1 days, and the operating cycle to 89. 4 days. Alternative 2 A second alternative is to issue preferred equity in the open market. Preferred equity would be preferable because we assume that the market is not perfectly efficient and does not follow the irrelevance of financing construct according to Modigliani and Miller. Because equity prices are going down, existing shareholder`s benefit more from issuing equity such as preferred shares. Raising equity would help finance the dealers in holding higher levels of inventory, which was the initial problem being targeted by the Trust Receipt Plan. The raised amount of equity could also be used to reduce the high debt level and also reducing the high interest payments. This method would take pressure off the repayment timeline imposed by bank debt. Repayment to shareholders can be done on an longer schedule and dividend payments are also optional, compared to interest payments that are not. The problem with this alternative is that shareholder`s will not want to further dilute their profits while not having dividend payouts as tax deductible items. Another reason to raise equity is that our calculations of external fund needs for March 1962 is calculated to be $16. 4 million, $3. 8 million more than the maximum allowed line of credit of $12. 5 million. Alternative 3 After conducting a proforma forecast for the next four quarters, from Dec. 1961 to Sept. 1962, growing at a 25% rate for Sales and Net Income, we noticed that Scott and Sons’ short-term fund needed is not feasible, $12 million cannot cover $16. 4 million that is needed, and that Subordinated debt also exceeds that of the allowed maximum limit, 12million exceeds $11. 135 million that was calculated (Appendix: Equity Working Capital). Thus Scott and Sons’ will not be able to cover the EFN needed in March when sales peak, consequently, we must reduce the demand of EFN through reduction of the targeted growth rate of 25%. Through analyzing Scott’s Balance Sheet, we performed a Dupont analysis, it showed us that a worse situation as the trust plan and financial target of 25% have been implemented. For example, assets turnovers have been reducing from 1. 2840 top 1. 2071 and assets turnover period lengthened from 284 to 304 day (Appendix: Ratios). As Scott and Sons’ business process have been worsening lately, we strongly suggest the firm to stop growing at a farfetched rate of 25%. However, the sales and net income were indeed growing, but at a marginal diminishing fashion. Both sales growth and income growth showed us that the firm has been experience lower growth rate in Net Income and Sales in comparison to the prior period (Appendix: Growth in Accounts). As a result, ROA, ROE and turnover ratios also reflected that profit margin and turnover periods are getting worse in relative terms( Appendix: Dupont Analysis Ratios). As the peak season getting closer, even though income and sales are growing, we still believe that the low profitability certainly needs to be improved by lowering operating expenses and to create a cost effective process in shipping methods EOQ. In summary, with the violation of bank’s covenant and the lack of external fund, Scott will have to grow at sustainable 18. 27% (Appendix: Sustainable Growth Rate) and improve internal business processes to reach a higher level of profit margin, which brings us to the conclusion that 25% growth rate needs to be adjusted in a realistic manner towards better state of business. Conclusion In order to maintain the 25% growth, we need to first of all, abandon the trust receipt plan which causes sales growth rate to drop ever since implementation. e need to adopt alternative 1 (selling receivables) in order to reduce the cash cycle and free up some cash to meet our short term liabilities. Our external fund needed exceeds the maximum allowed line of credit of 12. 5 million according to the performa for March 1962, which means that we have to also incorporate alternative 2 which is to issue equity to cover for extra fund outside of the limit. We will not go with alternative 3 and redu ce growth rate because by capping growth to a sustainable rate, we are also reducing our income. Appendix | | |1957 |1958 |1959 |1960 |1961 | | |1 |Current Ratio |Current Assets/Current |2. 1273 |2. 4821 |1. 9712 |4. 2999 |3. 5864 |getting better | | | |Liabilities | | | | | | | |2 |Quick Ratio |(current assets Inv. )/C. |1. 2245 |1. 5799 |1. 0217 |3. 5346 |2. 8840 |getting better | | | |L. | | | | | | |3 |T. A. Turnover |(operating revenue/avg. |2. 1037 |2. 0360 |1. 4058 |1. 2840 |1. 2071 |getting worse | | | Period |total Assets) | | | | | | | | | | |173. 8 |182. 5 |260. 7 |284. 3 |304. 2 | | |4 |ROA |NI/Total Assets |0. 0508 |0. 784 |0. 0683 |0. 0597 |0. 0439 |getting worse | |5 |Net Profit Margin|NI/operating revenue |0. 0242 |0. 0385 |0. 0486 |0. 0465 |0. 0364 |getting worse | |6 |ROE |NI/Equity |0. 1927 |0. 2768 |0. 2945 |0. 2030 |0. 1679 |getting worse | |7 |Equity Multiplier|Total Assets/ Total shares|3. 7910 |3. 5308 |4. 3107 |3. 4014 |3. 8201 | | |8 |ROE |Profit margin * Assets |0. 1927 |0. 2768 |0. 945 |0. 2030 |0. 1679 |getting a lot | | | |Turnover * equity | | | | | |worse | | | |multiplier | | | | | | | Operating cycle | | |1957 |1958 |1959 |1960 |1961 | |INV Turnover |COGS/ Av INV |6. 62347 |5. 59640 |3. 44899 |7. 7069 |6. 14108 | |Inv Period |365/ INV turnover |55. 10709 |65. 22054 |105. 828 |46. 97139 |59. 4358 | |AR Turnover |Credit Sales/Av AR |7. 07420 |4. 99311 |5. 28016 |2. 43791 |2. 00647 | |AR Period |365/AR Turnover |51. 59591 |73. 10076 |69. 1266 |149. 7182 |181. 911 | |AP Turnover |COGS/AV AP |10. 06029 |8. 86100 |5. 82568 |10. 89817 |5. 0258 | |AP Period |365/AP Turnover |36. 28125 |41. 19172 |62. 6535 |33. 49185 |66. 3325 | | | | | | | | | |Operating cycle |Inventory period + A/R period |106. 703 |138. 32131 |174. 955 |196. 6896 |241. 347 | |Cash cycle |operating cycle A/P period |70. 42175 |97. 12959 |112. 301 |163. 1977 |175. 014 | Free Cash Flow |1957 |1958 |1959 |1960 |1961 | |EBIT |1094. 6 |2165. 5 |3567. 3 |4541. 8 |4368. 1 | |1-Taxes |0. 5 |0. 5 |0. 5 |0. 5 |0. 5 | |Depreciation/Amortization |263. 2 |185. 9 |377. 6 |584. 2 |589. 6 | |Change in CA |- |3784. |5219. 7 |7474. 7 |6552. 6 | |Change in CL | |1154. 1 |3619 |-2250. 5 |2844. 7 | |Change in NWC | |2630 |1600. 7 |9725. 2 |3707. 9 | |Capex | |186 |4925. 1 |638. 8 |366. 8 | |Free Cash Flow | |-1547. 5 |-4364. 55 |-7508. 9 |-1301. 05 | Sustainable Growth Rate | |Earing per share |Dividend |NI |ROE on Beginning Equity |Sustainable Growth | | |0. 99 |0. 099 | $ 2,109. 90 | | | |Retention Rate |0. 99-0. 099 = |0. 891 | $ 10,291. 68 |20. 501% |18. 266% | 1962 March Equity Working Capital Current Assets | | | |$ 28,324 | |Current Liabilities | | |$10,138 | | |LT Debt | | |$ 12,000 | | |Total Debt | | |$22,138 | $ 22,138 | |Equity working Capital | | | |$ 6,186 | | | | | | | |Maximum allowed parent company debt |300% |x |$6,186 |$ 18,558 | | | | | | | |Subordinated Debts Allowed |0. 6 |x | $ 18,558 | $ 11,135 | Ratios Dupont Analysis [pic] QuarterlyPr oforma[pic] Growth in Accounts [pic]

French Hyphens Dashes - Le Tiret et le trait dunion

French Hyphens Dashes - Le Tiret et le trait dunion Hyphens and m-dashes are important in both English and French, but they are considerably more common in the latter. This lesson explains when, why, and how to use hyphens and m-dashes in French. I. Trait dunion   -   Hyphen No space before or after A.  Rapport :  Indicate a link between words or parts of words. 1. Compound words grand-mre, couvre-lit, quatre-vingts 2. Hyphenated names Jean-Luc, Marie-Lise 3. Imperative + pronoun aide-moi, fais-le, allez-y 4. Inversion veux-tu, pouvez-vous, a-t-il 5. Prefixes non-fumeur, quasi-collision 6. Set expressions cestdire, visvis 7. Suffixes celui-ci, cet homme-l B.  Cà ©sure :  Link the parts of a word that breaks at the end of a line such as  Je veux aller la bou- tique. II. Tiret   -    M-dash Space before and after A. lments dune liste : deux bananes une pomme un kilo de fraises B. Incise : Emphasize a comment (aside, interjection, etc) Quand jtais la banque quelle horreur ! je lai vu.Paul mon meilleur ami va arriver demain. C. Dialogue : Indicate each change of speaker Jai vu Michel aujourdhui. Ah bon ? Oui, il tait avec sa fille.

Letter Essay Example | Topics and Well Written Essays - 250 words - 14

Letter - Essay Example They therefore helped me, in as much as my revision paper did, to brainstorm and develop a better understanding on how to purse my topic. When writing about a topic of interest, the use of emotion and audience awareness are important, whether you support or oppose the topic. Marijuana, for instance, is a common issue in the United States as Americans use it daily, and its rate of consumption has been rapidly increasing over the past decade. The use of emotion helps a writer to express feelings and attitude towards the topic, and give the reader a good idea of the writer’s opinion. Audience awareness is also important because it identifies potential avenues for effectively reaching the target group and establishes ground for appropriate application of communication skills for capturing the audience. I have developed a variety of strengths, despite a number of weaknesses, as an academic writer. My developed strengths include adherence to ethics of writing and application of correct grammar. I am also good in brainstorming, and effectively revising my work. Developing discussion topics, however, is my weakness as it takes me a while to bring in my thoughts to write a paper. This is because I find it difficult to consolidate my thoughts into a solid topic. I have however learnt a lot this semester and staying on one topic motivated me to work hard in order to complete my

Creating a plan for a proposed change to resolve issue in information Research Proposal

Creating a plan for a proposed change to resolve issue in information technology in health care - Research Proposal Example Proposed Change in Home Care Agency My recommendation is to introduce Electronic health information systems (EHIS) or Electronic Health Record (EHR) also called computerized patient record with standardized assessment data (like Outcome and Assessment Information Set [OASIS] and RAI-Home Care) to the Home Care Agency. It keeps an organized set of electronic health information of individuals in Home Care Agency. It keeps individuals’ medical history in digital format and this information can be shared within several health care settings. This record includes information about Demographics therapeutic history prescriptions allergies immunization condition Results of laboratory tests X- Rays Signs or sysmptoms of diseases Personal information like age or height Information about billing etc This will provide an electronic evidence of an individual’s general health record or medical history which is produced after one or more visits to Home Care Agency. The EHR will automat ically update the patient’s record. ... ontainer that holds all necessary details about a person in home care, also as an instrument that collects medical history for secondary use (like repeat prescription or payment etc). (Greenhalgh T, Potts HWW, Wong G, Bark P, Swinglehurst, 2009) Some other researchers see EHIS as a a socio-technical structure. Like, actor-network theory defines EHIS as an instrument in a set of connections Whereas, according to computer supported cooperative work or CSCW, EHIS is an instrument that assist in performing a specific task. Moreover, some researchers after reviewing its advantages defined EHIS as an essential tool for human history. (Baek and Robson, 2009). Up till now, the utilization of EHR in home care agencies has attained limited investigation and policy consideration. Moreover, despite the enormous development of the medical technologies, diffusion of EHR usage within home care agencies is not yet common Organizational and individual barriers to the proposed change The personal care nature of the industry, high costs of technology, limited health-care specific software, and low-budget operations have all been cited as factors in the limited usage of IT within Home Care Agency (Blau, 340). Another issue is Time factor, as majority of medical staffs and doctors do not show enthusiasm in learning a new system. Some of them have a perception that application of EHIS decreases medical productivity. Cost of EHIS is a major factor; other factors also include unresponsiveness towards its teaching, and insufficient acceptance of its users and staff resistance. Organizational Readiness for the proposed Changes There is need for a movement towards more effective IT adoptation within the health care industry that will address work flow issues, accessibility of information,

International Committee Essay Example for Free

International Committee Essay Normative ethics as a philosophical discipline tries to determine the degree of right or wrong in an individual’s actions. The level of right or wrong depends on a broad set of rules or norms agreed upon by the larger society. Therefore various people or institutions are obligated to act in a certain way and a breach of the same leads to consequences as may be prescribed by the same society and failure to which leads to a public outcry. Take for instance the United States army, the most powerful, well equipped and best funded military in the globe. The Army has been used to protect the nation from external attack and in previous wars like the world war two; it had to assist the rest of Europe against the Hitler aggression. The army is well trained with strong emphasis on the need to refrain from abusing the rights of war prisoners or the very people it has been commissioned to protect. However in some recent wars some military personnel have been caught by a diligent media subjecting captured enemies to inhuman treatment that have shocked the American people (International committee, 2005). However stern disciplinary measures have been undertaken by the military to punish those involved in a bid to deter future abuses. It would be expected that the US army with its military might and radical decisions for intervention would vet its recruits well to ensure that those employed do not cause intentional harm to civilians. The Battalion based in Iraq has revealed a great mistake in the selection of recruits whereby immoral decisions were made to include soldiers who had criminal records ranging from drug possession, violence and theft. One soldier in particular had an intensive criminal record and in March this year subjected an Iraq woman to inhuman rape. Further more these decisions to include soldiers who are morally unfit to serve has damaged greatly the image of the soldiers serving in Iraq and has shown a lack of integrity in the leadership of the U S army(Morgan,2008). Works Cited International Committee of the Fourth International â€Å"World socialist: US military atrocities and the moral choice facing the American people† 1998 as retrieved from http://www. wsws. org/articles/2005/may2005/nyt-m24. shtml on 9th December 2008 Robin Morgan â€Å"The Women Media Center: Manhood and Moral Waivers†2008 as retrieved from http://www. womensmediacenter. com/ex/081706. html on 10th December 2008

Comparing The Corner Residents and Dostoevsky’s Underground Man Essay

Comparing The Corner Residents and Dostoevsky’s Underground Man      Ã‚  Ã‚   I am a sick man.... I am an angry man. I am an unattractive man. [...] I don't understand the least thing about my illness, and I don't know for certain what part of me is affected. I am not having any treatment for it, and never have had, although I have a great respect for medicine and for doctors. [...] No, I refuse treatment out of spite. (Dostoevsky 1864: 17)    Fyodor Dostoevsky wrote these words around 1864 to describe the mental state of a hyperconscious retired bureaucrat whose excessive analysis and inability to act separate him from the mainstream of the society in which he lived. Dostoevsky's underground man, as he termed his character, is characterized by alienation, spite, and isolation. Dostoevsky presents the life of his character as a testimonial to the possibility of living counter to an individual's own best interests.    Frequently, the public debate over the those problems which occur in poverty-ridden urban environments is presented as if the inhabitants were copies of Dostoevsky's underground man who differed mainly in that they frequently had less education and more pigment in their skin. That is to say, although there are valid comparisons that can be drawn between the Underground Man and the inhabitants of west Baltimore who are so vividly depicted in The Corner, there are also important differences that make any claim of strict equality between a Russian intellectual from the nineteenth century and a 20th-century tout or slinger an absurd caricature. Moreover, the intent of portraying inner-city residents as Underground Men and Women is, frequently, to blame these people for all of their own problems, something t... ...and we may be in for another string of disappointing years in the War on Poverty and the War on Drugs.    Works Cited and Consulted: Dostoevsky, Fyodor. (1864) Notes from Underground. Trans. Jessie Coulson. Middlesex, England: Penguin Books. Hacker, Andrew. (1998) Two Nations: Black and White, Separate, Hostile, Unequal. In Reading Between the Lines: Toward an Understanding of Current Social Problems. Ed Amanda Konradi and Martha Schmidt. London: Mayfield Publishing Company. Simon, David & Burns, Edward. (1993) The Corner: A Year in the Life of an Inner-City Neighborhood. New York: Broadway Books. Wilson, William Julius. (1998) "Ghetto-Related Behavior and the Structure of Opportunity" in Reading Between the Lines: Toward an Understanding of Current Social Problems. Ed Amanda Konradi and Martha Schmidt. London: Mayfield Publishing Company.

Future of technology (advantages and disadvantages) Essay

From day to day, our world has been changed gradually from one condition to another. Nowadays, technology has advanced in huge leaps and bounds. We cannot imagine the world without technological advances such as computer, televisions, and machines and so on. However there are some advantages and disadvantages of technology. First, technologies play an important role in society because it makes life easier to live on and makes time less consuming. People do not have to do all the hard labor anymore. For example, many people have washing machines, clothes driers and dishwashers, so the amount of energy needed to wash and dry clothes and wash dishes is greatly reduced. Second, medical science is very progressive and saves many innocent lives. Medical treatment has been going well with the help of technology. Nowadays, hospitals use technology as assistance for operations. However, technology also brings harm to our society. The overuse and development of factory industries causes pollution to our world. For example the use of cars and machines causes smoke that affects the quality of our air and destroys our ozone layer and as a result people suffer illnesses like cancer. Another disadvantage is that technologies create financial problems in families because most technologies are expensive. For example people that do not have a washing machine will have to wash clothes by hand which is time consuming. In conclusion, we cannot stop technology from developing in our society. Nowadays, we as people rely on technology everyday to make our lives simpler. Without modern technology our world would be a tough place to live in.

Letter to my Husband

My Love, There is a mixture of joy and sadness sipping through my heart as I am writing this letter to you today. I have nothing but joy as I looked back into our 2 years of marriage and 9 years of relationship. The feeling of sadness at this moment is in knowing that I need to leave you in response to a calling. I could not help but treasure your endless support from the time I met you when I was 15 and you were 17. It took me many months to give you a peck on the lips, remember? Your love for me remained strong even when I have given up on our relationship. Mario, these are countless of things that I love about you†¦ I love your sweet smile and the way your face sparks up when I walk into the room. You made me feel so special and I never doubted your love for me. You know exactly what a woman needs most in life, that is, to know that she is loved. I love the way you come close to cuddle me for 5 minutes when I am about to sleep even though you just woke up. Although you think that I’m asleep, you made sure that my teddy bear is tucked under my arm and the blanket is over me. I love the way you add spice to our marriage. Your stubbornness and your disagreements on any subject matter that I have brought up are due to your desire to have something to debate on. Although I get annoyed on many occasions, you end up telling me that I am cute in spite of my anger and we would laugh and be in good terms again. I always have fond memories of those days. I love the comfort of your hugs each time I cry whenever I am so upset and you do not have any words to console me. The silence of your lips and your warm embrace is more soothing than any spoken words can convey. I love your forgiving heart and your willingness to trust me again in spite of the many temptations that I allowed myself to get into. In many challenging moments, you made sure that you are around not only to cushion my fall but to catch me whenever I plunge to the ground. I love the many times you never contest to anything that I wanted in life. You allowed me to have a dog even when you do not want any domestic animals at home. You tolerated my desire to become a flight attendant, and to move from our comfortable apartment to the house in Centerville. You are also willing to leave everything that matters to you so I can pursue my dreams. I love the question that you have asked, â€Å"Are you seriously upset that we don’t fall into a certain category of love?† when I was so depressed that I could not find a single Valentine’s Day card that could express my love for you. I love the way you motivated me in my struggle to lose weight. You never said that I was fat or big but you realized that the feeling of being overweight was more of a state of mind. While everyone was telling me that I wasn’t big or fat when I was upset, you simply said, â€Å"If you think you’re overweight, then, do something about it†. The power of your encouragement motivated me to lose 40 pounds and I now feel so good about myself. Thank you for loving me unconditionally and for supporting me in everything that I wanted to accomplish in life. You have been a great husband and I couldn’t ask for anything more. I may seem so selfish in my decision to leave you behind as I join the army but I want you to know that I am doing this for both of us. I truly feel that this is the right decision for us and I am thanking you for the love and support that you have extended as I journey to another phase of life. Mario, I want to assure you that the memories of your love and all the things that you have done for me are deeply etched in my heart and I will take them with me wherever I go. I will always love you†¦my husband†¦ my friend†¦ my soulmate†¦ Jennifer

Ethics of human cloning essays

Ethics of human cloning essays On February 23, 1997, news traveled around the world that scientists in Scotland had successfully cloned an adult sheep. What had previously seemed impossible, even to many scientists, was suddenly a reality. The sheep, named Dolly, had only one biological parent and possessed a genetic code identical to that of her original parent. Within days, the publics amazement over this development turned to questions of whether the technology that had produced Dolly could also be used to clone human beings. President Bill Clinton declared a moratorium on federal funding for human cloning research and appointed a commission to review the legal and ethical issues associated with the cloning of humans. More than three years later, there is still uncertainty about whether it will ever be possible to safely clone human beings. The scientists who cloned Dolly succeeded only once in a project involving the creation of 278 sheep embryos. The possibility of deformities and health risks in human children, as well as overwhelming public opposition to unrestricted cloning research, has led some U.S. lawmakers to call for a ban on human cloning, although no federal legislation has yet been passed. Medical and technical considerations are certainly not the only concerns surrounding the possibility of human cloning. The most contentious and difficult questions associated with human cloning are moral and religious in nature. Any discovery that touches upon the human creation is not simply a matter of scientific inquiry, President Clinton said in an Oval Office ceremony. It is a matter of morality and spirituality as well. In a recent poll presented by the Pew Forum on Religion and Public Life and the Pew Research Center for the People unrestricted scientific research related to human cloning and respondents most ofte ...

Siege of Acre in the Crusades

Siege of Acre in the Crusades Siege of Acre - Dates Conflict: The Siege of Acre took place August 28, 1189 to July 12, 1191, during the Third Crusade (1189-1192). Commanders Crusaders Guy of LusignanRobert de SableGerard de RidefortRichard the LionheartPhilip Augustus Ayyubids Saladin Siege of Acre - Background: In the wake of his stunning victory at the Battle of Hattin in 1187, Saladin swept through the Holy Land capturing Crusader garrisons. This culminated with the successful Siege of Jerusalem that October. One of the few Crusader cities to withstand Saladins efforts was Tyre which was administered by Conrad of Montferrat. Unable to take Tyre by force, Saladin attempted to obtain it through negotiation and treaties. Among the items he offered was the King of Jerusalem, Guy of Lusignan, who had been captured at Hattin. Conrad resisted these entreaties, though Guy was ultimately released. Approaching Tyre, Guy was refused admission by Conrad as the two had argued over the formers ascension to the throne. Returning with his wife, Queen Sibylla, who held legal title to the kingdom, Guy again was refused entry. Lacking options, Guy established a camp outside of Tyre to await reinforcements from Europe who were responding to the call for a Third Crusade. These arrived in 1188 and 1189 in the form of troops from Sicily and Pisa. Though Guy was able to sway these two groups into his camp, he was unable to come to an accord with Conrad. Requiring a base from which to attack Saladin, he moved south to Acre. Opening Stages: One of the most heavily fortified cities in the region, Acre was located on the Gulf of Haifa and was protected by large double walls and towers. Arriving on August 28, 1189, Guy immediately moved to assault the city despite the fact that the garrison was twice the size of his army while Sicilian ships began a blockade offshore. This attack was easily defeated by the Muslim troops and Guy began a siege of the city. He was soon reinforced by a variety of soldiers arriving from Europe as well as by a Danish and Frisian fleet which relieved the Sicilians. The Battle of Acre: Among the arrivals was Louis of Thuringia who convinced Conrad to provide military aid. This development concerned Saladin and he moved to strike Guys camp on September 15. This attack was repulsed though the Muslim army remained in the area. On October 4, Saladin again approached the city and began the Battle of Acre. In a day of bloody fighting, the strategic situation changed little as he was unable to dislodge the Crusaders from in front of the city. As the autumn passed, word reached Acre that Frederick I Barbarossa was marching to the Holy Land with a large army. The Siege Continues: Seeking to end the standoff, Saladin increased the size of his army and laid siege to the Crusaders. As the double siege ensued, the two sides contested control of the waters off Acre. This saw both sides exert control for period which allowed additional supplies to reach the city and the Crusader camp. On May 5, 1190, the Crusaders attacked the city but achieved little. Responding, Saladin launched a massive eight-day attack on the Crusaders two weeks later. This was thrown back and through the summer additional reinforcements arrived to bolster the Crusader ranks. Though their numbers were increasing, conditions in the Crusader camp were deteriorating as food and clean water were limited. Through 1190, disease ran rampant killing both soldiers and nobles. Among those who died was Queen Sibylla. Her death reignited the succession debate between Guy and Conrad leading to increased dissention in the Crusader ranks. Sealed in on land by Saladins army, the Crusaders suffered through the winter of 1190-1191 as the weather prevented receiving reinforcements and supplies by sea. Attacking the city on December 31 and again on January 6, the Crusaders were again turned back. The Tide Turns: On February 13, Saladin attacked and succeeded in fighting his way through to the city. Though the Crusaders ultimately sealed the breach, the Muslim leader was able to replenish the garrison. As the weather improved, supply ships began reaching the Crusaders at Acre. Along with fresh provisions, they brought additional troops under the command of Duke Leopold V of Austria. They also brought word that King Richard I the Lionheart of England and King Philip II Augustus were en route with two armies. Arriving with a Genoese fleet on April 20, Philip began constructing siege engines for assaulting Acres walls. He was joined on June 8 by Richard who landed with 8,000 men. Richard initially sought a meeting with Saladin, though this was cancelled when the English leader fell ill. Effectively taking control of the siege, Richard pounded away at Acres walls, but attempts to exploit the damage were thwarted by diversionary attacks by Saladin. These allowed the citys defenders to make needed repairs while the Crusaders were otherwise occupied. On July 3, a major breach was created in Acres walls, but the subsequent assault was repulsed. Seeing little alternative, the garrison offered to surrender on July 4. This offer was refused by Richard who rejected the terms offered by the garrison. Additional efforts on Saladins part to relieve the city failed and following a major battle on July 11, the garrison again offered to surrender. This was accepted and the Crusaders entered the city. In victory, Conrad had the banners of Jerusalem, England, France, and Austria raised over the city. Aftermath of the Siege of Acre: In the wake of the citys capture, the Crusaders began quarreling amongst themselves. This saw Leopold return to Austria after Richard and Philip, both kings, refused to treat him as an equal. On July 31, Philip also departed to settle pressing issues in France. As a result, Richard was left in sole command of the Crusader army. Crushed by the citys surrender, Saladin began gathering resources to ransom the garrison and conduct a prisoner exchange. Displeased by the exclusion of certain Christian nobles, Richard refused Saladins first payment on August 11. Further talks were broken off and on August 20, feeling that Saladin was delaying, Richard ordered 2,700 prisoners executed. Saladin retaliated in kind, killing those Christian prisoners in his possession. Departing Acre on August 22 with the army, Richard moved south with the intention of capturing Jaffa. Pursued by Saladin, the two fought the Battle of Arsuf on September 7 with Richard achieving a victory. Selected Sources History of War: Siege of AcreHistoryNet: Siege of Acre Medieval Sourcebook: Siege and Capture of Acre

Catcher in The Rye Coursework Example | Topics and Well Written Essays - 500 words

Catcher in The Rye - Coursework Example He is depressed, and he admits it himself several times throughout his narration. Besides the circumstances he got himself into, his brother died, and it had a great impact on Holden. Later, during his school years, he had another encounter with the death, when one of the boys, James Castle, jumped out of the window. However, I do not think Holden is capable of committing suicide. It is not â€Å"phoniness†; it is exaggerated way to express the feeling of depression and utter despair. He is not the type of guys that are so brave. He admits himself that â€Å"I’m one of these very yellow guys. I try not to show it, but I am†¦The more I thought about my †¦yellowness, the more depressed I got.† He would talk suicide, he will consider it, but he will not master up the courage to do it. Also, he does really love his parents and especially his sister Phoebe. He knows his death will make her very sad. He thinks about different things a lot, but he doesnâ€℠¢t do it. For example, he is thinking it would be good to go and say hello to Jane, and he is very excited about it, however he is not â€Å"in the mood† for it. In the other instance, he invites the prostitute, but he feels so peculiar about having sex, that he just talks with her. When thinking about prostitute coming to him, he took care to groom himself, even though he thought he did not have to.