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THIRD QUIZ
FNCE 238/738
October 9, 2013
WRITE ALL ANSWERS ON THE TEST.
IF YOUR ANSWER CONTINUES ON THE BACK,
MAKE A NOTE OF IT ON THE FRONT.
30 PTS / 25 MINUTES
NAME:_____________________________________________
SECTION (12, 1:30 or 3):__________________________________
1.
(10 pts) In a year, Kepler Motorcars will be worth either 100 or 40, each with probability ½.
Kepler has a bond outstanding, with principal amount 100, maturing in a year.
The bond is held
by 100 investors, each holding principal amount 1.
The bond has a covenant making it senior to
all other Kepler debt, and this covenant can be amended by a majority vote of bondholders (i.e.
at least 51).
To bondholders, Kepler offers an exchange: bondholders can tender their bonds
while voting to remove the covenant, and if the vote passes, those who tendered get a new
bond with principal amount 0.9, senior to the old bond.
If you are a bondholder, are you better
off tendering your bond?
Why or why not?
What considerations are important?
Suppose at least 51 others tender.
Then there will be at least 51(0.9)=45.9 in SR debt.
If you didn’t
tender, then if the fir
m is worth 100 you’ll get 1 (since there’s <100 in total debt) and if the firm is worth
40 you’ll get 0 (since there’s >40 in debt SR to you).
So your expected payoff is 0.5.
If you did tender,
then if the firm is worth 100 you’ll get 0.9, and if it is worth 40 you’ll get at least 40/100=0.4.
So your
expected payment is 0.65.
So you’re better off if you tendered.
Suppose no more than 49 others tender.
Then it doesn’t matter what you did, because it fails with or
without you.
If exactly 50 tender, the
n it fails if you don’t tender, so you get ½(1)+ ½(0.4)=0.7, and it succeeds if you do
tender, so you get ½(0.9) + ½(40/51)=0.84.
So you’re better off tendering.
[if you just said that this is an
unlikely scenario, so it doesn’t much matter in your calculation, that’s OK]
So in the world where you don’t know how many others are tendering, tendering either helps you or
doesn’t make a difference, so you would be better off tendering.
But you would be better off still if you
coordinated with other investors and agreed collectively not to tender, because with the tender offer you
all end up with 0.65, whereas you have 0.7 without it, and nobody has the incentive to tender if they
know others won’t.
2.
(10 pts) Bob has two possible projects, P1 and P2, which both cost 150, and the value of his firm
in a year depends on which project he chooses, and whether the price of gas is high or low, each
of which has probability ½:
Project
Price of Gas:
High
Low
P1
130
200
P2
100
220
Bob wants to raise money toward the 150 cost of the project by selling a bond that would
mature in one year.
Bob will pay in whatever the bond doesn’t raise, and then choose the
project.
Suppose Bob has decided that the bond will have face value 120, and is trying to decide
whether the bond should be convertible into ¾ of the firm’s equity (that is, up until the last
moment, the bondholders can convert their bonds into ¾ of the firm’s equity; don’t worry here
about the convertible being callable).
What would you advise Bob?
Why?
If the bond is not convertible, then the payoff to equity, given the debt of 120 outstanding, is
Project
D
P
E[payout to equity]
A
10
80
45
B
0
100
50
-> B is chosen
Given that B will be chosen, investors pay ½(100) + ½(120) = 110 for the bond, so the entrepreneur pays
in 150-110=40 for an expected payout of 50, so the NPV to him is +10.
If the bond is convertible, then bondholders will convert when ¾ of the firm is worth more than 120, i.e.
when the firm is worth more than 160.
So regardless of the project choice, bondholders will convert in
state P and not convert in state D.
Therefore, the payoff to equity is
Project
D
P
E[payout to equity]
A
10
50
30
-> A is chosen
B
0
55
27.5
Given that A will be chosen, investors pay ½(120) + ½(150) = 135 for the bond, so the entrepreneur pays
in 150-135 = 15 for an expected payout of 30, so the NPV to him is +15, which is better.
So the bond
should be convertible
.
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3.
(5 pts) A news item from last month:
Furniture Brands closes six stores, including one in Triad
By Katie Arcieri
10 September 2013
The Business Journal of the Greater Triad Area Online
© 2013 American City Business Journals, Inc. All rights reserved.
St. Louis-based Furniture Brands International Inc. has closed six under-performing Drexel Heritage and
Thomasville stores, including a corporate-owned Drexel Heritage store across from Furnitureland South in
Jamestown, according to Furniture Today.
News of the store closings come on the heels of the company announcing Monday it has filed for
bankruptcy. Los Angeles-based Oaktree Capital Management LP plans to purchase most of the assets of Furniture
Brands, a move that some say could help the company emerge as a stronger business.
Furniture Today reports that Furnitureland South has acquired everything in the Drexel building in
Jamestown and is displaying the merchandise in its outlet center.
A company spokesman said Furniture Brands also has closed a Drexel Heritage store in Greenville, S.C.,
and four company-owned Thomasville stores in Greenville, S.C., Beaufort, Ga., Brookfield, Conn., and Geneva, Ill.,
because they were underperforming and in poor locations.
Drexel Heritage's headquarters are in High Point, while Thomasville is based in Davidson County.
What all could explain Oaktree’s decision to buy Furniture Brands out of bankruptcy, rather than
before they filed?
In bankruptcy, the transactors have access to Section 363, whereby assets can be sold free and clear
of liabilities, and without risk of attack ex post as fraudulent transfers.
Outside of bankruptcy, there
would be the risk of hidden liabilities and vulnerability to being viewed ex post as fraudulent
transfers
Also, bankruptcy allows Furniture Brands to exit leases cheaply, and therefore to close the under-
performing stores at a lower cost.
4.
(5 pts) A couple years ago:
Quiznos seeks deal
27 December 2011
The Advertiser
Copyright 2011 News Ltd. All Rights Reserved
DENVER: Quiznos says a majority of its creditors have agreed to a plan by the restaurant chain to
restructure or pay off some $875 million in debt, but it may yet file for bankruptcy protection.
The plan outlined calls for one of Quiznos's major creditors, investment firm Avenue Capital, to invest
$150 million of new equity capital into the chain
…
The plan would eliminate nearly one-third of Quiznos's debt and provide it with $75 million
…
Quiznos says it will file for bankruptcy protection if it fails to reach restructuring deals with all of its
creditors and cannot receive significant concessions from former executives and certain landlords and former area
developers…
Quiznos said it had reached debt restructuring support agreements with parties representing 75.1 per cent of
its first-lien loans and 72.8 per cent of its second-lien loans.
The plan involves restructuring the loans and equity interests in the company through either the out-of-
court exchange offer or a prepackaged Chapter 11 filing.
The exchange offer would pay the holders of $650 million in Quiznos's first-lien debt $75 million in cash
and extend the due date on the balance of the loans for five years after the restructuring plan closes. All of the first-
lien debt holders would be able to swap about $200 million in loans for a new second-lien debt, Quiznos said. Some
of its lenders already have agreed to swap about $150 million in first-lien loans.
Creditors with some $225 million in second-lien loans will exchange their loans for a proportional share of
40 per cent of new equity in the reorganised company, Quiznos said
…
It already has begun soliciting creditors for support of a prepackaged reorganisation plan under Chapter 11..
Quiznos never did file Chapter 11.
Did the rules of Chapter 11 play a role in this successful
restructuring?
Why or why not?
Explain.
Outside of bankruptcy, a debtor must voluntarily exchange his right to principal, interest and maturity,
but in Ch. 11, a reorganization plan that is binding on everybody requires on 2/3 by value and ½ by
number of approval from each class.
So a creditor can potentially free ride on the concessions of others
outside of Ch. 11, but not in.
In this case, Quiznos threatened a prepackaged filing if all of its creditors
didn’t participate, and this may have
encouraged creditors to participate rather than free-ride, since they
know that they would have to participate if Quiznos filed, and that Quiznos had a reasonably credible
threat to file, since prepackaged filings can be relatively quick and therefore not so costly.
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Consider the following situations for Shocker:
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Consider the following situations for Shocker:
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three months. Deferred Revenue was credited on November 28.
2. On December 1, 2024, the company paid a local radio station $2,490 for 30 radio ads that were to be aired, 10 per month,
throughout December, January, and February. Prepaid Advertising was debited on December 1.
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Calculate interest using a 360-day year. If required, round your answers to the nearest cent.
Principal Interest Rate
Time
Interest
$2,700
9.6%
30 days
45 days
3,300
6.0%
80 days
3,800
10.5%
120 days
$4
5,300
150 days
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A company pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 26, 2024,
and employees are paid $5,600. The next two-week pay period ends on January 9, 2025, and employees will be paid $5,600.
Record the adjusting entry on December 31, 2024. (If no entry is required for a transaction/event, select "No journal entry required"
in the first account field.)
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Record the adjusting entry on December 31, 2024.
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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- Question 15 pleasearrow_forwardCrop a question SIM ? 11:00 AM A elearning.ju.edu.jo The future value of $200 received today and deposited at 8 percent compounded semi-annually for three years is Select one: a. $352 b. $158 C. $253 d. $380 Previous page Next page Quiz navigation 4. 6. Finish attempt. Go Time left 0:19:14 IIarrow_forward+V My Questions | bartleby b References Chapter 3 Quiz Camden County College camdenccinstructure.com/courses/3788/assignments/35967?module_item id=88693| Next> K Prev Send to Gradebook Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) --/1 Question 15 View Policies Current Attempt in Progress Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total materials costs are $91000. How much is the conversion cost per unit? O $17.52. O $4.70. $12.82. O $30.33 eTextbook and Media Submit Answer Save for Later Attempts: 0 of 1 used 11:10 A 10/4/20 hp ins prt sc end home f12 11 DI delete f9 f8 f7 f6 fs 10 + & % num backspace 6 7 lock 5 { P T U Y II 96arrow_forward
- Hey I was wondering if I can get help with this thank youarrow_forward#5 is the questionarrow_forwardccounting | Spring 2023 uiz Course Home - kar X K Chapter 9 Quiz OA. $18,200 OB. $18,800 OC. $17,500 O D. $20,300 mylab.pearson.com Question 5 of 10 X G At year-end, Snow 0 4 kara harper 04/09/23 10:36 AM This quiz: 10 point(s) possible This question: 1 point(s) possible ? Submit quiz Buddy Company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $800. During the year Buddy wrote off uncollectible receivables of $2,100. Buddy recorded Bad Debts Expense of $2,800. Buddy's year-end balance in Allowance for Bad Debts is $1,500. Buddy's ending balance of Accounts Receivable is $20,300. Compute the net realizable value of Accounts Receivable at year-end.arrow_forward
- Mc Graw Hill M Question 5 - Week 11 - Homework #7 (100 points) - Connect Week 11 - Homework #7 (100 points) 110 ezto.mheducation.com bSuccess Confirmation of Question Submission | bartleby Saved 10 5 points eBook Fighting Irish Incorporated pays its employees $3,360 every two weeks ($240/day). The current two-week pay period ends on December 28, 2024, and employees are paid $3,360. The next two-week pay period ends on January 11, 2025, and employees are paid $3,360. Required: 1. Record the adjusting entry on December 31, 2024. 2. Calculate the 2024 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2024 is $0). Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Calculate the 2024 year-end adjusted balance of Salaries Payable (assuming the balance of Salaries Payable before adjustment in 2024 is $0). Ending balance hwo to ss on macbook - Google Search Help Save & Exit…arrow_forwardP7arrow_forwardEat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTESarrow_forward
- 5:42 AM Tue Nov 16 * 100% www-awu.aleks.coma Exam 2, 7.3-9.4 REVIEW Report Overall Assignment Score: 73% (Best Score) Ninotchka V Score. O O pont Submitteu. NOV Z 7.32 1 IVI Tme Spet. S s Español Incorrect Your answer is incorrect. Salma wants to save money to open a tutoring center. She buys an annuity with a monthly payment of $27 that pays 3.7% interest, compounded monthly. Payments will be made at the end of each month. Find the total value of the annuity in 10 years. Do not round any intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas. 圖 Answer Submitted: 00 $12345.92 Correct Answer: $3913.49 Assignments List EVEI IVIUIawll LLC. All Rights Reserved. Terms of Use Privacy Center Accessibility IIarrow_forwardвсе Google Chrome - D... My Learning Progre... N Northwestern Univ... Solution Manual Fo... Business Law Question 28 of 40 View Policies Show Attempt History < Current Attempt in Progress X Your answer is incorrect. 0/0.3 Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you go to graduate school. Starting next year, and for the following four years, he plans to deposit $2,350, $8,600, $7,200, $6,600, and $12,150 into the account. How much will you have at the end of the five years? (Round answer to 2 decimal places, e.g. 15.25.) Future value at end of five years eTextbook and Media Save for Later Using multiple attempts will impact your score. 20% score reduction after attempt 2 Q Search 41719.11 GUND Attempts: 1 of 3 used Submit Answerarrow_forwardMy Questions | bartleby b + Camden County College References Chapter 3 Quiz Ha X //camdenccinstructure.com/courses/3788/assignments/35967?module item id=88693 Next> Send to Gradebook < Prev Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) Question 19 -/1 View Policies Current Attempt in Progress A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were: O 95220 equivalent units. O 135300 equivalent units. O 70200 equivalent units. O 85200 equivalent units. eTextbook and Media Attempts: 0 of 1 used Submit Answer Save for Later 11:21 AM 10/4/2019 hp ins prt sc 12 end 11 home f10 delete fg f8 f5 f4 II & num backspace 6 5 lock } { P T U Y home + 96arrow_forward
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