FINANCIAL RESULTS Before you read List 10 expressions that you might find in an article about a company's financial results. Reading Read this article from the Financial Times by Rose Jacobs and do the exercises that follow. Al-Fayed goes out in style as Harrods leaps 40 per cent Rose Jacobs 1 Mohamed Al-Fayed’s swansong bought Harrods in May for £1.Sbn, The review also focused on possible financial results at Harrods revealed Ahmad Al-Sayed, the fund's Chief _overseas expansion, development of that the department store saw Executive, said the move was part an online offering and extending the strong growth in profits in the final ofa strategy of adding “prestigious, _sale of Harrods-branded souvenirs year under its colourful owner. top-performing businesses" to its forthe mass market MrAl-Fayed andhis op directors portfolio at low points in thes — MrAl-Sayed has nt spoken about who resigned in May following economic cycle the conclusions drawn from the the sale of the group to Qatar's Last year's results show Qatar review. but the company is develop- sovereign wealth fund ~ pointed 10 took on a group inthe midst of a ing its fashion portal, aiming 4 customer loyalty scheme and significant investment programme: create a seriou rival to oaline mar refurbishments of the group's Harrods put £35.6m into refurbish- ket leader Net-a-Porter. Meanwhile, Knightsbridge store as afew of the ment of its Knightsbridge store, while managers have said they forces behind a 12-per-cent rise including the addition of tworestau- would like to open a Harrods venue in sales and 40-per-cent surge rants. and the opening of a sbop and in Shanghai ~ a move that would in profit boutique in Heathrow’s Terminal 4. capitalise on growing demand for 2 ‘The £78m ($123m) in pre-tax luxury goods from Chinese shoppers profits reported for the year to promised “a similar level of capital _— no plans have been announced. In January 31 are two-and:a-halftimes investment in 2010". 2009, £515.5m of the company's the £30m Harrods earned in 1985, 4 That sort of capital expenditure £519 8m revenue was derived from when Mr Al-Fayed outbid rival may increase under the Qataris: Mr Harrods’ UK operations, with Japan businessman Tiny Rowland for the Al-Sayed this spring launched a as the next biggest contributor, at three-month strategic review of the £2.5m. business, which included consider- ‘ment vehicle for the Gulf state, ation of a makeover of the store.1 Look through the whole article to match the figures (1-9) to the things that they refer to in Harrods’ accounts (3-4). 1 £25m 2) increase in sales over the 2 £30m previous year 3 £35.6m —_8) increase in proft over the 4 previous year S tsioam 0 Price paid by Qatar Holding to buy the company peed 4) revenue worldwide ec ©) profits before tax & Ppercent Fy revenue infapan 9 Ao percent 8) money put into improving the store 1) profit made in 1985, revenue in the UK 2. Decide whether these statements about expressions in paragraphs 1 and 2 are true or false. 4) If something is your swansong, it's the ast time that you do it ) Ifyou describe someone as colourful, you mean that they are boring If xis described as a force behind y, xis the cause ofyy, 4) A surge is a large increase. ©) IS you outbid someone when buying something, you offer more for 1) A furore is a mild disagreement. 8) Something prestigious is of high quality and is famous. h) A portfolio isa collection of different investments. 1) The economic cycle is a means of transport 3 Complete this table with words from paragraphs 3 and 4, and related words. ‘noun verb [investment een ? refurbish [expenditure > makeover : ‘expansion 3 SPovnnad offer at [extend 7 4 Find nouns in Exercise 3 to match each of these definitions. a) something that is available for sale b) when you improve the look of something (two expressions) 2) when you make something bigger when you offer new products using the prestige, etc. of your existing products €)_ when you put money into something for proft when you spend money on something 5 Choose the best alternative (a, b or c) to replace each of the expressions in italic from paragraph 5, keeping the closest meaning. 1. MrAl-Sayed has not spoken about the conclusions drawn from the review, adendings of) results ofc etfects of 2 but the company is developing its fashion portal, aiming to cteate a serious tval to online market leader Net-a-Porter. a) website b) service provider) doorway 3. Meanwhile, while managers have said they would like to open a Hartods venue in Shanghai a} meeting place b)concert hallo) store 4 ..-amove that would capitalise on growing demand for luxury goods from Chinese shoppers na plans have been announced. invest in b)amortise 0) exploit 5 In 2009, £515.5m of the company’s £519.8m revenue wes derived rom Harrods’ UK operation, a)resulted in b) drew out from «came from {6 with Japan asthe next biggest contributor, at 25m, 2) second highest source of profts ) second most important source of revenue 0. second greatest profit centre Over to you 1 Go back to Before you read, and the list of financial, expressions that you made. How many of them actually ‘occurred in the article? Over to you 2 Think of anther retailer that you are interested in. Research its financial results for the latest year and compare ther with those for Harrods.aL aE la rie Before you read How important is mathematics in the area of business that you work in or would lke to join? Explain your ideas. Reading Read the article from the Financial Times by Gillian Tett and do the exercises that follow. What happens to markets when numbers don’t add up Gillian Tett 1A few years ago, Tim Johnson, 2 > _ Is this sense of indignation fair? been an old-fashioned Newtonian Brinsh academic at Heriot Watt Up toa point, yes. During the past branch of physics, not the Theory of University, was appointed to act as couple of decades, the world of Relativity, And insofar as bankers an official public “champion” for finance has certainly borrowed have used maths in the past (wo financial mathematics, It initially heavily from disciplines such as decades, they ~ like 18th-century seemed an easy job. Afterall, before mathsand science, and some of this scientists ~ have typically treated 2007, politicians were not very plagiarism has produced disastrous maths as a“mere” 100! ierested in things such ac probabil: results. Just 100k at all those crazy» Most academic mathematicians ity theory. So Dr Johnson mostly investment decisions inspired however, prefer to view their disci used his huge grant to conduct his by ulira-complex ~ and flawed ~ line asa form of intellectual research in peace. riodels to assess risk Inquiry. Many also feel uncomfoet: 2 No longer. In the years since the + But if you pecr closely at allthis able about assuming that maths. financial crisis exploded, financial plagiarism. itis dogged by a bitter offers crude “absolutes”, So, just as mathematics has come inthe line of irony. In the Theory of Relativity has forced fire, with “quants” ~ analysts with of their a Scientists to recognise that space and qualifications in advanced mathe in practice, though, the time can expand or shrink ina rela ‘matics ~ and their models blamed specific ideas that banks have been tivist manner, so too men such as Dr for felling the banking woes. Hence importing from disciplines such as Johnson tend to dhink that caleula- Dr Johnson now has his work cut maths or economics in recent years tions of “probability” can shift ‘oul. ashe tries todefendithe world of have not always been “culling according (o context. Money and maths. Or as he told a conference edge”. On the contrary, many of the statistics, in other words, are not this week: “There 1s a sense of imports that have been widely used _crude, fixed entities (as bankers have bewilderment amongst mathemati or abused ~ were distinctly out tended to assume); instead cians about the view that of date Dr Johnson's vision of “maths! mathematics was responsible for s For example, when finance has sounds more akin to the financial the ers." borrowed ideas from physics, has version of quantum mechanics,1. What or who from paragraphs 1 and 2 do the ‘words in italic refer to? 2) Until the rash of 2007, he led a relatively quit lie. b) Itwasa job that seemed easy. 0. They were not interested inthe mathematical theories behind finance, tis bei iy criticised, ©) tis where Tim johnson spoke this week. £) Mathematicians feel this because they have been accused of responsibilty fr the crash. 2. Look at paragraphs 3 and 4 and find... a) a noun refering toa feling connected to another feeling in paragraph 2. 1) anoun, used twice, meaning ‘subjects’ ©. anexpression meaning toa certain extent. 4) anoun referring to the copying of ideas. ‘€) an expression referring to very difficult ‘mathematica ideas that were mistaken. f)_ averb meaning ‘to look closely’. 1) a frm ending ined used to reer to something that has been subject to problems. ‘h) aroun for the feeling that something odd has happened, the opposite of what was expected 1) anexpression refering tothe most intelligent people 1) anexpression refering tothe most upto-date ideas. 3 Choose the best summary (a, b or ¢) of the main point of paragraphs 3 and 4, Financial mathematicians. a) are entirely to blame for the financial crash of 2007 because of the awed and risky models they used at the banks. ) are entirely blameless, a they were not responsible forthe outofdate ideas that were being used by the banks. © contributed to the crisis, but the ideas used by the banks were not as advanced as the theories developed by these people would have suggested 4 Find ‘linking’ expressions from paragraphs and 6 used to... 5 8) ive anillustration (two words). ) say that something is true up toa point but not completely (two words ~ can also be spelled as four words). 0. contrast two ideas (one word). ) add anidea (one word). ©) introduce a consequence of an argument (one word). add an idea similar to the one just stated (two words). @) re-express an idea that has already been stated (three words). 1) say that one idea is tru, rather than another just stated (one word). 5 Choose the best summary (a, b or ¢) for the article as a whole. 4) Financial mathematicians played a role in the crash, but ironically banks were not using their most advanced ideas and might not have falled it they had been using them. 1) Bankers do not understand financial mathematics and misunderstood the models that they were using, intimidated by the brilliance oftheir “brightest and best’ financial recruits ‘@) Financial mathematics as practised in universities, has nothing to do withthe maths used by financial institutions. Over to you 1 How is working in the Finance industry viewed in your country? What are the best qualifications to have if you want to work in it? Over to you 2 Think about your own area of business, or one that you would like to work in. 1 there a clase tink between it and universities? For example, is university research relevant to the business area? Why? / Why not?International banking Before you read What are the biggest banks operating in your country? Reading Read this article from the Financial Times and answer the ques! _ Why Deutsche resists national by Patrick Jenkins : ‘ver since Deutsche Bank Etec: pert Jabroad — particularly in Investment banking ~ was moro profitable than much of its root ‘and-branch business back home, Germany's biggest bank has had difficult relationship with the local establishment. For a nation that demands patriotism from its big companies, Deutsche's announcement recently that it ‘would be laying off 6.100 people ~ even though it had made record profits of €25bn ~ was hard to swallow, 2 Politicians of all parties have accused Josef Ackermann, the bank's affable Swiss-born ‘chief executive, of ‘immorality’ for putting profits before jobs. Yet politicians ~ especially those preparing for important regional elections against a background of @ record § million unemployed — were always likely to criticise Deutsche over its job cuts. For Deutsche, the real trouble is that the German social ethos fits uncomfortably with global shareholder value principles. 3 Deutsche might have made record profits last year. But, when compared with its global pocr group, a pre-tax return on equity of 19 por cent and a market capitalisation of barely €35bn put it outside the top 20 — even though, in terms of assets, revenues and investment-bank Teague-table performance, it champion status is a top-ten operator, For Mr Ackermann, it is the ageold tussle between what Germany demands and what investors and the analyst community want to hear - namely that he is undertaking serious measures to reach his goal of a 25 per cent pre- return on equity, om a par with US rivals. “Deutsche Bank is supposed to be a national champion, says David Williams, an analyst at Morgan Stanley in London. “The trouble is that the definition of a national champion differs. inside and outside Germany. Deutsche can only really play in the top tier If ts profits, share price and market capitalisation are com: parable with the best. But inside Germany, all that matters is for a bank to have a big balance sheet, employ a lot of people and lend money to anyone who wants it! ‘That Kind of tension does not only apply to Deutsche Bank, but to any company that pits itself against an international peer group and puts pressure on jobs while being highly profitable. For Doutsche, though, it is more acute, analysts believe. Sieme last year extracted longer hours for no extra pay from several ‘thousand staff in its mobile and networks operitions, while BASF said in November it would cut 3,600 jobs despite recording forecast-beating profits. Yet both ‘Siemens and BASF appear to have avoided a political onslaught by being open to compromise. Siemens abandoned initial plans to shift up to 5,000 jobs overseas, and BASF promised to wvoid compulsory redundancies. Deutsche'’s difficult relation. ship with the German estab lishment is long-standing. Despite carrying its nationality in its name, it no longer regards itself a8 a German bank, and these days employs more people - and makes more money — abroad than at home. To compound matters, Mr Ackermann is not even German. Despite reasonable links to government, advisers say Mr Ackermann’ is abliged to maintain a degree of distance in his political and corporate networking in order to avoid being drawn into unprofitable patriotic business. Morgan Stanley believes the political outery over the Deutsche Jobs saga carries a resonant message. “This kind of political interference is deralling capita- lism in Germany says Mr Williams, ‘It is social engineering. And it is delaying much-needed consolidation in German banking. It is a big deterrent for potential aequirers from abroad.’ Ror Deutsche, in particular, senior managers believe the debacle has exacerbated the ‘German discount? attached to the share price. That is the last thing Mr Ackermann needs as he tries to play catch-up with his International rivals FINANCIAL TIMESRead the whole article and complete this summary using BETWEEN ONE AND THREE words from the text in each space. Deutsche Bank is Germany's a bank, but there are increasing tensions between the expectations of German society and the bank's strategy to become a leading player in international banking. German b) ware accusing the bank of giving more priority to making profits rather than saving jobs. Although the bank made record profits last yea. its not ‘one Of the € mum investment banks in the world in terms ‘of share value. For this reason, Josef Ackermann, Deutsche's, CEO, needs to increase pre-tax return on d) °- order to compete with f) ‘Two other German companies, 8) pressure when they planned to cut jobs in Germany, and both had to h) In reality, Deutsche is a German ‘company in name only, since it now employs more people land makes more money abroad. Experts at Morgan Stanley believe that German banking isin need Off) suum but that D ves iS making this difficult. Read paragraphs 1 and 2, then match the two parts of these word partnerships. 4 investment 2) establishment 2 root-and-branch ») value 3 local - 9 off 4 laying 4) profits 5 record @) ethos 6 social £) banking 7 shareholder ®) business Match the expressions from Exercise 2 with the correct definition. 4) set of ideas and moral atitudes that are typical of particular group b) highest ever level of money gained from doing business ©) principle which states that the first considerat business decisions is the interests of people who own ‘company shares 4) group of people in a society who have a lot of power and influence and who are often opposed to any kind of ‘change or new idea ©) the complete network of local offices that are part of the larger organisation {activity of buying stocks and shares and then selling them to the public; also offering advice on mergers and, takeovers: 18) stop employing someone because there is no work for them to do Find the words and expressions in paragraphs 3 and 4 which mean the following. ‘) group of companies or products that can be compared because they are similarin a number of ways bb) amount of profit made on an investment ©) capital that a company has from shares 4) total value of a company’s shares €) things belonging to a business that have value or the power to earn money f) money a company receives from selling goods or services '8) expert who studies financial data and recommends, business actions hi) at the same level, value or standard as 1) participate atthe highest level 1) document showing a company’s finan wealth position and '5. Read paragraph 5. Which statements refer to Siemens, BASF, both or neither 4) increased working hours without increasing salaries in some divisions ») introduced longer working hours throughout the ‘company ©) made bigger profits than expected last year 4) planned to reduce the workforce in Germany 2) received the same strong criticism from politicians as Deutsche {will transfer about 5,000 jobs outside Germany 18) decided not to move thousands of jobs to other countries h) agreed to ask which staff want to leave their jobs in return for a payment 6 Read paragraphs 6 and 7 and say whether these statements are true or false. 2) Deutsche was on good terms with the establishment until recently, b) Mr Ackermann’s nationality has helped improve the bank's relationships with the establishment. (0) Mr Ackerman doesn't maintain close ties with the establishment so his company doesn't have to get involved in loss-making businesses. ) The angry protests about Deutsche's job cuts has a deeper significance in German business. ‘) Me Williams believes thatthe government Is interrupting plans to make German banks stronger. {) Mr Williams thinks foreign buyers are becoming more interested in German banks. ) Top management in Deutsche feel that the political situation is helping to increase the bank's share price. Over to yous Do you think the national government and establishment are right to put pressure on national companies? What are the potential risks of this level of political interferenco? What are the advantages? Over to you 2 Use the Internet to find three or four of the leading investment banks in the world. Choose one and find out how the firm is ‘organised and what careers are on offer within the company.Corporate recovery Before you read fa company is having financial problems, what can it do to help pay its debts? Reading Read this article from the Financial Times and answer the questions. Level of difficult by Dan Roberts + Some years ago at the Plaza Hotel in New York, a group of ritish clearing banks and officials from the Bank of England were introduced to ‘anew breed of investors who were to revolutionise what happens to ‘companies in trouble around the ‘world. The symposium, organised by PricewaterhouscCoopers (PC), aimed to acquaint the British bankers with an emerging US style of corporate regovery, led by Aistressed debt Investors and more aclively engaged —_bondholder ‘committees. 2 Inthe heady days of the late 1980s, bankruptey was far from the minds fof most businessmen, not least ‘among the more traditional lenders in Europe. Of course, soon after, the ‘explosive bursting of the technology bubble was to provide plenty of ‘candidates for this now approach - with entire industries, stich as telecommumications, in nocd of, financial restructuring. Rut it was ‘tho more recent arrival af hedge funds and cashrich private equity firms into the European market that Would really open the floodgates 10 this new style of restructuring. 3 Having sen dramatic and ‘extremely profitable turnarounds in US industrios such ax stecl, cnal and utilities, distressed investors_are deluging European markets with a flood of money looking for suitably hhigh returns. ‘No doubt about it, there has been a significant change in the market says Tan Powell, European business rocovery leader {for PwC. “US funds are investing big, style in Furopean _rocovery situations’ Their money brings with it both advantages and disadvan- tages for companies, but most of all it brings far greater complexity and a very fluid set of new stakeholders. ‘Te used to be just a case of advising local banks; now the people around, the table can represent international banks, distressed funds, bondholders and pension trustees’ explalns Mr Powell, ‘The results can be seen all over Europe and much of Asia. Lisa Donahue, a New York managing director at Alix Partners, the corporate recovery firm, says the new money ean bring inuch-needed liquidity to companies looking to restructure thelr debl. While In the past, European companies might have been entirely roliant on a hhandhul of conservative local banks for holp, they can now raise fresh capital ina variety of different ways. ‘More liquid debt markets are also creating more flexibility for the banks. Senior lenders are now able to exit ut a relatively early stage In a company’s financial difficulties, ‘meaning the got of facos around the nnogotiating table can change very rapidly once a company’s credit: worthiness begins to slide A big challenge for corporate recovery advisers is to make sure that any new capital structure is as liquid as possible, allowing investors to trade freely in and outof restructured debt ‘and equity, rather than finding ‘themselves locked in, ‘But the new faces around the table have also attracted a growing ‘amount of scepticisin from seasoned corporate recovery professionals in Europe. David James, a_ crisis manager, is one of many who fear that the US style of restructuring Floodgates open to a new style brings more disadvantages than advantages, ‘Tt has made exit strategies a lol more complicated, he wams, pointing out that the aggressive new investors are often focused on very short-term objec tives rather than worrying neces- sarily about the long-term health of the company. Even within the same firm, Aifferences of opinion are apparent ‘over this thorny question. Mr Powell at PwC in London is relatively upbeat about the benefits of in eroasod liquidity and tradable debit instruments. ‘It is positive in the ‘short term, as there Is so much cash centering the markel,’ he says. How Tong that window 18 going to stay ‘open is more difficult to assess But ‘across the Atlantic, Paul Kirk, who heads PwC's business recovery practice globally, stresses the other sido of the coin, “Yes, they have added Liquidity to the market, but the trad- ing in und out of debt means the goals of the stakeholders are not aligned, ‘and so doing, a successful work-out is, ‘much more difficult! ho says, “Tho US system focuses on keeping ‘tho company alive, the rest of the world focuses on keeping the ‘business alive and recognises when a company has no fulure) says Mr Kirk. Slowly though, the mnfiux of TS jnvestors and turnaround speciatists is changing tho character of urapoan business recovery. “The mindset change is pretty fundamental” says Mr Powell. “The US approach looks at valuations, in Burope and the UK the emphasis has ‘been on cashflow and the ability to service debt, but that is changing” FINANCIAL TIMESRead the whole article and match these headings withthe correct paragraph. 8) Comparing approaches to business recovery ) Same company, two diferent expert opinions ©) Anexperts warning about the US approach 4) British bankers introduced to a new system ©) Advantages of the US system for big lenders 1D. How the US system helps companies in debt 8) US distress funds investing in Europe 1) Changing times brings a need for Financial restructuring Read paragraphs 1 and 2 and match the two parts of these Financial terms, 4 distressed a) funds 2 bondholder ) equity 3 financial restructuring 4 hedge 4) debt 5 private ©) committee ‘Choose the correct explanation foreach term from Exercise 2 2) capital investments made in private companies that are not quoted on a stock market b) finance used to buy the bonds of companies that have fled for bankruptcy or appear likely to ©. making an agreoment with lenders to pay debts in diferent way to the one agreed originally {money usually sedby a small group of ric private investors and institutions to make investments that can often be high risk 2) group of lenders that has certificates of debt (usually interest bearing) which have been isued by a company toraise money Read paragraph 3 and find words and expressions which havea similar meaning to the following. 4) change in a company’s performance from bad to a very ‘00d one 2) sending a lot of something all tthe same time ©) alarge amount 4) likely to change quickly or often ©) people considered to be important to an organisation £) people that have egal control over someone else's ‘money and the power to invest it Read paragraph 4. Which of these points does Lisa Donahue NOT make? New money from US distress funds makes It easler for companies in financial difficulty to. 4) pay employees and suppliers and make interest payments to banks. b) negotiate with a small number of traditional banks. © find new sources of finance. 6 Read paragraph s. Choose the corect meaning fr the ‘expressions. ital inthe contex ofthe article. 8) Moe quid debt markets are aso creating more flexibility forthe banks. 1) freesRowing i) easily converted into cash smooth movement 1) Senior lenders are now able to ext at a relatively early stage leave the negotiations sell their stake in a company close down a frm ©) once o company's creditworthiness begins to slide. 1) Itbecomes dificult fora frm to pay loans on time. i) Accompany starts to ask for bigger loans to pay debts. ii) firm's share price be period 4) rather than finding themselves locked in. 1) There are some legal restrictions on ending a contract. i) They are morally obliged to financially support a failing company. i) They have gained something and are certain to keepit. 7 Read paragraphs 6, 7 and 8, Who makes the following Doints about the new style of corporate recovery? David James (D)), lan Powell (IP) or Paul Kirk (PK)? Who seems: most in favour of the new style? 2) The US style ofrestrut close a company. ) Adistressed-debt investor may not be interested in helping the company recover inthe lang tem. ©) Its good that there is mare capital availabe to help companies. snot easy to predict if this nance wil be availabe in the future. e) Planning a strategy for a company will be harder because the stakeholders’ aims are not always the 1) The US system tries to help a company survive. 1) The European system is becoming influenced bythe US system. Over to you ‘The US system emphasises keeping a company alive. What are some of the arguments for and against this approach? to decrease over a long makes it more dificult to press and the internet to find out about a company that isin trouble. What were the causes of the financial problems and what is the company doing about the situation?The investment game THE INVESTMENT GAME This game is designed to help you revise vocabulary and expressions you have encountered during the whole of this course. 1 Work in pairs. Fach pair has $200to invest. 2 Below are 20 questions. You must invest a nvinimum of $1 on |Your answerto each question and you can iavesta maximum | of $30 per question. Write the smount of your investment in the column ontheright 2 Hyougottheanswer rong youlsethemoneyyouhave invested, 4 Ifyou getthe answer right, your moneys multipked by the "number in brackets after the question e.g, ifthe question is. followed by (3) and you have investedSt5, you win SAS. ‘5 The winners are the pair who finish with the most money. 8 You may notiook at the Student's Book or use a dictionary. tocourthe hadto.(3) Aout Boack Cup Df. Due oan earnings... the company has not been able to pay as high a dividend asitwouldhave liked. (2) Ashortage Bshortcut Cshortfall Dshortterm ‘She's been workng.......the clackto getthe ‘report finished in time forthe annual conference. (2) ‘Around —Bthrough Cacross throughout We'linever come toa decision fwe allkoep off the point.Can you al pease ust concentrate onthe matter in hand? (3) | Awalking Bruning Clipping wandering Hour company can manageto......outthis racassion, wa should be strongly placed to expand when the upturn comes. (5) Acany Bride Cheep Dstay 2 ‘SECTION 1 Investment || SECTION 2 een There is one wrong word in most ofthese Putone word in each gap in the following eo on =e ‘carrect werd. yen think the sentence le corvect, before making any drastic changes to working ‘one step ahead of the competition. (3) au Reet aRiaresiniieerciee 2 When gavermenterpenistions puts patie | represent excellent valu .....money.(2) companies to put in a sealed bid. (4) gees ee set. (2) ae 4 Inbureaucratic organisations, itis often extremely 7 When ws ev tha paw compete stomp ond ‘important to do things by the manual and not cut ai ae eee run mwch more 5 Inourtactory we churn up cheap plastic toys || 10 Itseems a very strange productto me. seriously | = — | =o See | 11 Hedidn'twantto pay butwhen we took him one and outs jump melts up rutshell problem summary trouble 16 The siuation's extremely comple, so twit you some time to understand alte... (2) 17 Toputthe whole id .99ing pubic is clearly the best way for us to raise capital (3) 18 I should think that about 0% of my time asa ris spent shooting. (3 nd, the whole question matter of money. (8) 20 Itsagreat opportunity and 'dhave thought you's ati) downtoa