Analysis Of Drama The Glass Menagerie - Free Essay Example

The Glass Menagerie is a four chapter memory play written by Tennessee Williams that reflects upon his own unhappy and dysfunctional family. With this being said, the narrator in the play, Tom Wingfield, resembles Tennessee Williams himself. The setting takes place in the winter and spring of 1937 in St. Louis and symbolically reflects the conflicts faced by the characters because it is Tom Wingfields recollections from his childhood. This setting, however, prevents the characters of The Glass Menagerie, Tom in particular, from obtaining what they desire in life. In this essay, I will discuss the various reasons that prevented Tom from achieving his desires and how the play resolves the conflict between desire and reality for him. The play is from the perspective of Toms memories by addressing the audience directly, but also participating in it as a character within his own recollection as well. As a child, Tom and his father did not spend much time together, which resulted in an unpleasant relationship between the two of them. He eventually found himself the only man supporting his family when his father abandoned him, his mother and sister. He supported his family by working in a shoe factory. While all he could think about was the day that he would get to leave home and purse his dream of being a play writer. This leaves Tom feeling trapped in a battle between wanting to run off and abandon his family like his father did and staying to support his broken family. Amanda, Toms mother senses that Tom wants to leave home, which results in conflict between the two of them because she believes it is his duty to support their family since her husband left. She illustrates this when she says What right have you got to jeopardize your job? Jeopardize the security of us all? How do you think wed manage if you were- (Williams, 2013, Scene 2, p.1044). The love that Tom has for his shy sister, Laura, and the guilt that he feels because of his mother is what kept Tom from running off like his father did for a long time. At this point, Tom becomes a more selfish character when he begins doing everything that he can to avoid his family and going home. He does this by escaping into fantasy and adventure through the movies he sees in the theater to briefly experience what he longs to have in his life. He feels that the actors in the movies are having all the adventures while he is trapped taking care of his family. Amanda eventually begins to nag Tom by calling him selfish for constantly escaping to the movies and drinking instead of taking care of his family like he should be doing. This causes Tom to lose his patience and intentionally hurt his family by spending this money on the movies and smoking rather than paying the electric bill. Laura encourages them to resolve their issues and make up, but he realized that he had put himself in a position of no turning back. It was clear that he intended on leaving at this point. Amanda later expresses a desire for Laura to marry and eligible bachelor so that not only Laura can be taken care of if Tom leaves, but herself. Due to Lauras painfully shy nature, Amanda ask Tom to find a gentleman for his sister which he does in an effort to please his nagging mother and help out his sister. This is where one of the conflicts in the play arises. Towards the end of the play, Tom introduces Laura to a friend from work that turns out to be a guy that she had once had a crush on resulting in her hiding in their living room until Jim, Toms friend, eventually talks her out. Jim gets Laura to open up throughout the night and they begin to bond which later led to a goodnight kiss that left Laura hopeful until they find out that Jim is engaged to be married to someone else. This upsets Laura and causes Amanda to blame Tom because she believes that he purposely tried to embarrass he when really he did not have any idea Jim was engaged. Along with the feeling of entrapment is the feeling of guilt that his mother makes him fell by constantly blaming him for not helping his sister find an eligible bachelor. This is ultimately what caused Tom to abandon his family shortly after that night in hopes of finding the happiness and adventure that he had been waiting so long for. He ends the play by telling his family that he is going to the mov ies like he always did, however, this time he didnt return back home. He later reveals that he could never shake the memory of how he left Laura behind just like his father once did. Williams related almost every aspect of the play back to his childhood with different characters and conflicts. We have learned various reason why Tom was unable to achieve his desires for so long. The conflict between Tom and his mother was established quickly when she learned that he wanted to leave. She called Tom selfish because she believed that it was his duty to support the family because her husband abandoned them which caused Tom to lose his patience with her. This also causes the issue of the missing father and the effect it had on Toms constant battle between wanting to leave and not wanting to abandoned them like his father did. Lastly, it was the thought of leaving Laura behind that limited him the most. In conclusion, the play resolves the conflict between desire and reality for Tom by making him realize that he did the wrong things to push himself into a corner so that he would feel that he only had one way to go because now all he feels is regret for leaving Laura the way that he did and has never been able to let it go. References Williams, T., Gioia, D. (10/2012). The Literature Collection, 1st Edition. [South University].   Retrieved from https:// digitalbookshelf.southuniversity.edu/#/books/9781269582674/

Essay on Death of a Salesman and Street Car Named Desire

Biff: â€Å"will you take that phony dream and burn it before something happens† Compare how the authors of Death of a salesman and â€Å"street car named desire explore the conflict between truth and illusion Truth and illusion are utilized in Tennessee Williams â€Å"Streetcar Named Desire† and Arthur Millers â€Å"Death of a salesman† through the use of the character; to lead the reader to a possible conclusion on the beliefs that went into the American dream that prompted people to work hard was that america was the land of opportunity while in fact that opportunity is used to manipulate those who follow this dream something that is most evidently shown in Millers main character Willy and to put forward a essential criticism of the materialistic†¦show more content†¦This Contrasts Millers use of this dramatic technique as â€Å"The Harmonious Flute† is used to obscure Willys sense reality, in contrast to Williams use of it to identify Blanches reality. Unlike Blanche, Willy is compltetly oblivious to the truth and resides to his memories to conceal himself away from the reality that the American dream has failed him. The flute is reminiscent of Willys p ast and often symblozies when Willy is reminscing becasue he is unable to bare the truth that his American dream is failing. This shows that Willy is unable to deal with the truth due to the false reality that the maerican dream has presented him with and made him beliveing into. The best example of this is the tape recorder which Willy accodentally sets in motion. In its â€Å"shrieking†, unpleasent tones of a child recounting phrases, we see how awful it is for Willy to have to live an accurate account of the past such as this. This is a vivid expression of his unconscious desire to repress the truth. This is proven even before the start of the play where the first stage directions should indicate â€Å"a dream rising out of reality† Thurther emphiseing Milliers critic throughtout the entire play. Though while Williams and Miller both identify these Illusions as a way of their characters protecting themselfs from their societys; Blanches male dominated patriarchal s ociety and Willy’s failed american dream. Blanche lives in a dream world,Show MoreRelatedCharacter Comparison906 Words   |  4 PagesName Tutor Course Date Blanche De Bois versus Willy Loman Blanche Du Boise is a character in Tennesse‘s fictional plain by the title a street car named desire while Willy Loman is a fictional character in Arthurs miller play; death of a sales man. Blanche in the play street car named desire is an extremely complicated character who appears to have internal conflicts throughout the play. She appears to be from the upper class society as her name suggests and upon meeting her she appears culturedRead MoreThe Tragic Blanche DuBois in A Streetcar Named Desire Essay examples1728 Words   |  7 Pagescontroversial. A Streetcar Named Desire is a 1947 play opened on Broadway on December 3,1947, and closed on December 17, 1949, in the Ethel Barrymore Theatre. While recognizing his compassion for frustrated and sensitive persons trapped in a highly competitive, commercial world, question whether he has not sacrificed his talent for popular success (Mood 43). â€Å"He [Williams] continued this study with Blanche Dubois of A Streetcar Named Desire (1947).† Stanley Kowalski in A Streetcar Named Desire is epitome ofRead MoreThe Wolf Of Wall Street : An Animal Inside1600 Words   |  7 PagesRyan Gandy Approaches to Film Lacefield April 7, 2016 The Wolf of Wall Street: An Animal Inside Martin Scorsese’s The Wolf of Wall Street introduces the life of Jordan Belfort. Based on a real-life person, Leonardo DiCaprio’s character is a sexually obsessed drug-addict who begins to accumulate his wealth through founding his firm Stratton Oakmont. He and his first-in-command, Donny Azoff, use securities fraud and money laundering to achieve immense wealth, and support their extravagant lifestyleRead MoreThe Antebellum South Thrived In Chivalry, Manners, And1856 Words   |  8 PagesThe Antebellum South thrived in chivalry, manners, and proper social standing. The old slave plantation, sun-tea, and gentle exchanges on the street were not uncommon sights during this time. Old-money and the disturbing thought of new money stitched in the pillows that sat on couches for luncheons. Too often, the people living in this period were so engrossed in creating a fake identity of perfection; they ultimately lost sight of who they were inside. To unveil the evils of the prac tice, many authorsRead MoreWhos Afraid of Virginia Woolf? 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Being memory, it allows for music to announce emotions and characters, and well as exaggerations and/or omissions. As Tom says in Tennessee Williams The Glass Menagerie: Being aRead MoreMarxism : The Theory Of Marxism2245 Words   |  9 Pagesnot held against his own will, he or she still work under the desires of the bourgeoisie, who own the means of income for the workers family. The constant work put in by the proletariat mixed with their desire for more in their life often makes them look for hope and one of the prime manifestations of hope for these people is the idea of the American Dream. As Marx and Engle’s stated the values of capitalism revolve around the desire for material possessions and their acquisition. The Marxist theoryRead MoreThe Impact Of Sherlock Holmes Essay2461 Words   |  10 Pagesdim-minded in order to further emphasize the grandeur and intelligence of Sherlock Holmes.   Ã¢â‚¬Å"His approaches to problem-solving are populist and simplistic while those of Holmes are complex and sophisticated (Gaines).† The real reasons for Doyle’s desire for such heavy comparisons is debatable, but there is reason to believe it was purely to appeal to the English society at the time, which was predominately white males from purely English descent. The better he could appeal to the society, the moreRead MoreEssay on Analysis of The House on Mango Street by Sandra Cisneros4759 Words   |  20 Pageson Mango Street† by Sandra Cisneros I will now concentrate on the background of the novel that moved Sandra Cisneros to write it by investigat ing the novel with special regard to its different dimensions. 1. The Novel 1.1 Summary The novel â€Å"The House on Mango Street† is written by Sandra Cineros. It deals with family, neighbourhood and dreams of a young Mexican girl, Esperanza Cordero growing up in Chicago. The novel begins when the Corderos move into a new house on Mango Street in the LatinoRead MoreThemes And Theories Of The Elderly Essay2676 Words   |  11 Pagesway down the street, he hears a young female voice screaming his favorite line â€Å"adventure is out there!† Out of curiosity, Carl makes his way into what seems to be a clubhouse belonging to a young girl, Ellie, and he befriends her. She shares with Carl that she also has a desire to travel to Paradise falls and relocate her clubhouse there. Carl and Ellie get married and fix up the old abandoned house, which was Ellie’s â€Å"clubhouse.† As their lives carry on, Carl becomes a balloon salesman and sells balloons

A Study Published In The Journal Pediatrics Found That

A study published in the Journal Pediatrics found that majority of fifth to twelfth-grade students were unhappy with their body weight and shape. For the older generation, it can be questionable that such young children would be concerned with their looks. But when one takes the time to explore through social media, popular television shows or magazines, it is hard to find elements that encourage healthy body images. As the pressure increases to have the false body image media has advertised for years, teenagers are left to seek for extreme measures such as cosmetic surgery to fit in with their peers. Although some studies show that cosmetic surgery shows temporal improvement in psychological issues such as self-confidence, for young†¦show more content†¦(Blanchette). Lastly, no current U.S. law prevents teens from having Botox treatments or fillers done. With parental consent, any teenager, who is willing to undergo Botox treatment, cannot be restricted by the law (Blanchet te). As the rate of teens having cosmetic surgery rise, many are questioning if teens should be allowed to have cosmetic surgery. Cosmetic surgery, which is an elective surgery to alter the physical appearance, has strong connections with someone s mental capacity to handle the sudden and painful change. For teenagers who are in the process finding their own identity, cosmetic surgery can lead to dangerous results. Mary Pritchard, a psychology professor at Boise State University, states that until the age of twenty-five, the brain’s decision-making functions are not yet fully developed (qtd. in Collins). Which concludes that teenagers have the possibility of making irrational decisions when it involves sensitive subjects such as popularity and beauty. Many who have experienced plastic surgery agree to the inefficiency when it comes to improving self-confidence, which is a popular reasoning for many teenagers. 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Confederate Commanders at the Battle of Gettysburg

Privacy Of A Healthcare Facility The Privacy Officer Essay

Privacy Officer in a Hospital Crystal Burch Utica College Abstract In a healthcare facility the privacy officer has many different areas in which they are responsible for managing. They have to develop and continually update the facilities policies and oversee and maintain the servers and computer used with in the facility. They also need to keep current on all the endlessly changing Health Insurance Portability and Accountability Act polices and regulations, which in turns means continually to educate the other employees of the facility how conform and stay within the ever changing regulations. Privacy Officer In A Medical Facility The Health Insurance Portability and Accountability defines the role as â€Å"the privacy officer shall oversee all ongoing activities related to the development, implementation and maintenance of the practice/organization’s privacy policies in accordance with applicable federal and state laws† (HIPPA One, 2014). The process in which it takes someone to become a privacy officer in the health care field, they need to meet an education requirement minimum of a bachelor’s degree and should be accompanied by a MHA, CPA, or a MBA along with a professional certification that should also include three years of experience in the health care system at a minimum. (HIPPA One, 2014). The privacy officer should, in this position, exhibit another set of attributes that include, but are not limited to: a high level of integrity, trust andShow MoreRelatedHipaa Complaint Procedures. Hipaa (Health Insurance Portability1710 Words   |  7 Pagesadministrative simplification pr ovisions may file a complaint with the Secretary.† (HIPAA, 1996). The Secretary investigates all complaints that are filed and then reports its findings to the facility and its complainant. HIPAA Complaint HIPAA complaint procedures protect the rights of all persons and their right to privacy. As technology continues to advance, the need for more stringent and relevant regulations has grown. The HIPAA Act, aims to provide consumers rights â€Å"to their health information andRead MorePatient Relations Manager, Privacy Officer, And Recipient Rights Director1138 Words   |  5 PagesRobin R. Nelson, MSA, patient relations manager, privacy officer, and recipient rights director is responsible for monitoring and assuring the facilities compliance with regulations pertaining to the privacy of patient records. Robin has a bachelor’s degree in Health Administration; a master’s in Public Health Administration and holds a registration in social work. She had originally intended to work in substance abuse, counseling, education, however according to her â€Å"it wasn’t a right fit† soRead MorePatient Relations Manager, Privacy Officer, And Recipient Rights Direct or Is Responsible For Monitoring And Ensuring The Facility1154 Words   |  5 Pages1. Robin R. 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The HIPAA privacy rule dictates that healthcare organizations must not disclose any identifying patient information, or alert any entity that a particular patient is participating in alcohol/drug treatment program. This type of privacy breach must be reportedRead MoreHealth Insurance Portability And Accountability Act1222 Words   |  5 Pagesadministrative burdens of healthcare by creating electronic formats. HIPAA is also used to develop standards and requirements to protect the privacy and security of protected health information. HIPAA consist of five titles. The main two important titles were title I and II. Title I focuses on the health insurance reform. The second title of HIPAA, applies to the Administrative simplifications; in which, includes the electronic transactions and code sets, unique indemnifiers, privacy and security. However

Workplace Violence And Its Effects On The Workplace

Employees encountering the biggest number of vicious attacks are those in medicinal services occupations—attendants specifics, and specialists, medical attendants and assistants who manage psychiatric patients; individuals from crisis restorative reaction groups; and doctor s facility workers working in confirmations, crisis rooms, and emergency or intense consideration unit. This is violence committed by an aggressor who either gets administrations from or is under the custodial supervision of the influenced work environment or the casualty. The aggressors can be present or previous clients or customers, for example, travelers, patients, understudies, prisoners, criminal suspects or detainees. The specialists regularly give direct administrations to general society, for instance, civil transport or railroad drivers, human services and social administration suppliers, instructors and deals work force. Law requirement staff is additionally in danger of strike from the people over whom they apply custodial supervision. (Oliver, 2015). 3) Violence by co-workers This sort of workplace violence gets a large portion of the media space. It happens when a specialist enters the working environment and carries on brutally against an administrator or collaborator. To keep this sort of violence, manager or leaders in the workplace must always search for indications of mental pain, for example, a withdrawal from socialization, an increment in at work unsettling and a decrease in workShow MoreRelatedThe Effects Of Workplace Violence On The Workplace1676 Words   |  7 PagesWorkplace violence (WPV) is defined as â€Å"any act or threat of physical violence, harassment, intimidation, or other threatening disruptive behavior that occurs at the work site† (OSHA, n.d., para. 1). For the nursing profession these threats include the following sources: nurse to nurse, patient to nurse, relatives to nurse, other health professionals to nurse. WPV happens in all healthcare settings, however some units are known to have higher incidences than others. On e healthcare setting that isRead MoreThe Effects Of Workplace Violence On The Workplace1501 Words   |  7 Pagesin the rate of workplace violence in private-sector hospitals by 110% (2016). Workplace violence, which consists of physical and psychological abuse during work or on duty, has been an increasing problem in the healthcare industry. Workplace violence occurs in all types of healthcare settings such as hospitals and nursing homes and includes violence from patients, visitors, invaders, and coworkers. Although many states, including California, have laws preventing workplace violence, there is no federalRead MoreThe Effects Of Workplace Violence On The Workplace1751 Words   |  8 Pageswe think of violence, we often reflect on an image the news has portrayed. We think of gun violence, robberies, or some other brutal attack that has left one dead or seriously injured. It is common to assume that this is often occurs in low income, poverty stricken areas. A description is p rovided of substance abusers, broken families, racism, and a host of other reasons why violence occurs. Sometimes, in the majority of cases, this description is correct. At any time, workplace violence can occurRead MoreThe Effects Of Workplace Violence On The Workplace1235 Words   |  5 PagesIntroduction Violence in the workplace has been around for centuries. Everything from verbal abuse and harassments to physical abuse and murders have been known to happen in a business. During the 1980’s several violent attacks happened in the Postal Service, public awareness of workplace violence began in August of 1986 when a postal employee shot and killed fourteen people before killing himself. Prior to these killings, violence in the workplace was only referred to as getting injured on theRead MoreThe Effects Of Workplace Violence On The Workplace1799 Words   |  8 PagesViolence in the workplace can happen to anyone at anytime, anywhere that is possible. Everyone is not safe from workplace violence, which is why we need to identify and prevent this from happening. Violence can cause a significant amount of fatalities and injuries throughout the entire United Sates. Nearly 2 million Americans are affected by assaults and violent acts by people in the workplace. Workplace Violenc e could also damage someone’s trust and the sense of security while working with othersRead MoreThe Effects Of Workplace Violence On The Workplace1191 Words   |  5 Pages Workplace Violence Abstract In the last several years, instances of violence in the workplace has risen dramatically. As of 2010, approximately a million people has been affected by this type of violence. Although violence in the workplace is not anything new, it is steadily receiving attention because of the rise in the instances of violence and the part that the media is playing in the reporting of these occurrences. 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Violence includes all behaviors ranging in aggressiveness from verbal harassment to murder. Currently there is no law that requires protection for violence which occurs in the workplace. However some states throughout the country has reached out to legislation an established prevention programsRead MoreThe Effects Of Lateral Violence On The Workplace1159 Words   |  5 Pageswithin many professions in today’s society. Often referred to as lateral violence, this occurrence is no exception in the nursing profession. It is also known as ‘horizontal violence’ or ‘workplace bullying (Coursey, Rodriguez, Dieckmann, Austin, 2013). In this evidenced-based paper, information will be provided in an effort to identify causes of lateral violence in the workplace and how to encourage civility. Lateral violence is defined as acts that occur between colleagues wherein, bullying isRead MoreThe Effects Of Workplace Violence On Nursing1329 Words   |  6 Pages Effects and Management of Workplace Violence in Nursing Gurdeep Kaur, Virender Kaur, and Ana Tolentino Jimenez California State University, Bakersfield Effects and Management of Workplace Violence in Nursing Workplace violence occurs due to an interpersonal conflict between two or more people that results from differences in their needs, ideas, goals, interests, or values (Marquis and Huston, 2015). Workplace violence is not limited to physical violence; it also includes negative

Disney Case Analysis free essay sample

It is 1984, and Disney is the target of a potential takeover by notorious greenmailer Sual Steinberg. Disney is faced with the option of fighting the takeover through the courts and media, or to repurchase Steinberg’s shares, in effect, giving in to his greenmail attempt. However, there are many other important issues which are facing Disney. These range from Disney’s abysmal return on investment in recent theme park investments, to the complete failure of Disney’s motion picture division, to Disney’s alarmingly high dividend payout rate. In the following four sections, we will address these four issues Disney faces and recommend solutions to improve the financial health of Disney. Theme Parks Issue Recently, Disney has been following a bad investment policy. Disney invested a total of $1. 9 Billion in Epcot over a 6 year period and has increased its capital expenditures on theme parks by a total of $1. 277 Billion from 1981 to 1983. Despite these massive investments in its theme parks, Disney has only earned a return of 4% on Epcot and an overall return on Theme Park assets of 6% in 1983. Disney needs to find a way to more efficiently invest its capital and produce greater returns on its investments. Analysis In order to understand why Disney’s Theme Park investments have been so unsuccessful, we must analyze a number of different contributing factors. Why Disney is investing in Theme Parks? In order to understand why Disney is investing in Theme Parks, we need to take a look at the financial results of Disney’s different segments. Out of Disney’s 3 segments, Entertainment and Recreation (or theme parks) is Disney’s only segment which is nicely growing its profits in addition to attaining a healthy profit margin. Motion pictures is currently suffering, and actually losing money. Whereas, Consumer Products is producing profits and holding the greatest profit margin, however profits are not growing significantly. After looking at this analysis and nothing else, it appears as though Entertainment and Recreation is Disney’s most profitable segment and the one which they should be investing in. This is exactly what Disney is doing. Why are additional Theme Parks are the Wrong Investment? Before the expansion on new theme parks, Disney’s older theme parks had enjoyed much success. As recently as 1978, Disney’s Entertainment and Recreation segment had experienced a return on assets of 15. 7%. However, as Disney introduced new theme parks, they reached a point where the optimal supply of theme parks had surpassed the demand. This â€Å"oversupply† of theme parks can be seen by taking a look at the United States Demographic data provided in the case. First, it must be understood that Theme Park attendance, and in turn revenues, are driven by the younger demographic. According to the information above, the population group that drives Theme Park revenues (0 to 14 years old) is actually shrinking from 1970 to 1995. This represents a decrease in demand for Disney’s Theme Parks. Yet, at the same time, Disney is investing in and opening new theme parks. Essentially, Disney is increasing the supply despite a decrease in demand. This is counter intuitive by any economic standard. To further back the claims that Disney’s increased investment in theme parks is a bad move; let’s quickly analyze some measures of financial performance for their theme park segment. Clearly, the Entertainment and Recreation segment has experienced an abysmal return on assets recently. These numbers are even more disappointing when considering the Entertainment and Recreation segment produced an ROA 15. 7% as recently as 1978. Disney has made the wrong move in investing heavily in additional theme parks despite the population decrease in its main customer segment. In order to improve Disney’s position, it must make some changes. Suggested Changes Overseas Theme Parks The demand for additional theme parks does not exist in the United States, as can be seen from looking at the demographic data above. Therefore, there is no reason for Disney to continue expanding and investing in additional United States theme parks. Disney needs to immediately stop United States theme park expansion. However, this does not mean that Disney must stop investing in theme parks altogether. Disney should look to other countries where there is a demand for theme parks. By looking for countries where the demographics are in their favor and there is sufficient demand without oversupply, Disney can begin to earn sufficient returns on their theme park investments. Management Change Disney’s management should have foreseen the downside of overexpansion. It’s even possible that management did realize the lack of demand, however they may have wanted to extract us much demand as possible by building more theme parks. Either way, the decision to invest so heavily in theme parks despite their main market segment shrinking for the foreseeable future is incomprehensible. Earning a ROA of 6% in 1983 on theme parks assets when a 1983 T-Bill earns 8. 86% shows an abysmal utilization of assets. Management responsible for the decision to invest so heavily in theme parks needs to be fired from the company. Implementation How to Expand Overseas First, Disney needs to conduct market research in numerous modernized foreign countries. The focus of this research needs to be on the demand levels for a theme park, and whether the demand outweighs the current supply of theme parks in each country. Once Disney chooses the country with the most favorable supply and demand situation, it can begin analysis to determine whether or not they should actually construct a theme park in that country. They will estimate costs and future cash flows in order to conduct a NPV analysis in order to determine whether or not Disney should actually construct a theme park in that country. How to Implement Management Change Ask around management, and conduct interviews with high level managers in order to determine who was responsible for the decision to invest more heavily in theme parks. Once you have identified the main individual or individuals responsible for the decision, you let them know that they are being let go for their ineptitude. Then, search for top management at other similar companies (or any promising prospects within Disney) to fill the open positions. Motion Pictures Issue The motion pictures business has been historically one of Disney’s strongest segments since the company was founded. Over the years, classic films like Snow White and Cinderella have provided valuable revenue streams for the company. Films have accounted for a significant amount of Disney’s earnings and had a large impact on the performance of the company. However, in recent years the motion picture segment’s performance has been lackluster and recording an operating loss of $33. 3M in 1983. The recent failures in the motion picture segment had a profound ripple effect on Disney’s financial performance. Just two years ago the same division boasted a 17. 59% profit margin and operating income of $34. M. Analysis The recent missteps can be attributed to a failed TV channel startup, lack of a blockbuster movie hit, and the cancelation of a new Disney TV show on CBS. Although the film industry in general was suffering in 1983, the performance of Disney’s motion pictures division was abysmal. Suggested Changes New Management Performance in this division has steadily declined over the past three years. New talent needs to be brought in to help revitalize this division. Disney has been a household name since the advent of cinema and should not be lagging behind their rivals. Management needs to be held accountable for these failures. Increased Investment in Film Disney has arguably been one of the most successful film companies in the world since it was started in 1923. Creating, distributing, and selling films have been a core competency of Disney for many years. Disney needs to invest more money into creating innovative films and future blockbusters. For the past several years, there has been a disparate amount of funds invested into their park business compared to the motion picture segment. Disney needs to focus on their core competency of film and invest into motion pictures. Historically, this business has proved to be lucrative and these additional resources will help finance future blockbuster movies. Implementation How to Acquire New Management Currently, many of the Disney executives worked under Walt Disney, himself, and often won’t accept projects due to the reasoning that â€Å"Walt wouldn’t do that†. It is hard for creative talent to come up with great ideas and have them put down without any reasoning, other than a dead man wouldn’t have approved their ideas or projects. The current executive’s ties are too strong to the late Walt Disney and at least some of them need to be replaced with fresh blood. Fire the executives who are the most repeat offenders of the above mentioned offense. In order to replace them, we suggest that Disney looks to other top movie studies for executive talent. How to Increase Investment in Film While Disney is halting its theme park expansion in the United States and conducting market research overseas for new sites, a lot of additional capital will be lying around waiting to be invested. Once the new executives are in place, we suggest that Disney allocates a considerable amount of its free capital to motion pictures and see what kind of results that its newly hired executives can produce. Dividend Policy Issue One of the many vital points of interest that Ron Miller must address as Disney moves into the future is making a decision on its dividend policy. When looking at the dividend policy of the company, it is critical to conduct a financial ratio analysis of the company. Upon doing so, certain trends can be noticed. One of these noticeable trends happens to fall within the dividend payout rate. For over a decade, the dividend payout rate fluctuated only slightly staying in the range of 4% to 8%. Then beginning in 1978, the dividends began to increase exponentially arriving at a rate of 44. 4% only five years later in 1983. This five year spike in the dividend payout rate has come at the same time as the earnings per share continue to fall. This immediately should raise concerns for the financial security of the company. Analysis In deciding on a dividend policy, it is crucial for the company to decide how growth oriented it would like to be. Speaking simply, the mor e dividends Disney decides to pay out, the less retained earnings it has to put into future positively valued projects. This can be seen in the company’s sustainable growth rate. Calculating for 1883, the growth rate is only 3. 70% Given the large dividend payout rate of 44. 44%, Disney cannot grow with retained earnings at anything more than a modest 3. 70%. If Disney wanted to grow more than that, it could consider taking on more debt. The company has historically been averse to taking on too much debt and will most likely want to continue that trend into the future. If Disney wants to continue to grow without taking on debt, the company will need to consider lowering the dividend payout rate. Suggested Change Lower Dividends To align the dividend payout rate more closely with earnings per share along with setting the company up for more future growth projects, it is crucial in Disney’s financial planning that they cut back the dividend rate. It is our suggestion that Disney reduces its dividend so that its dividend payout ratio is in line with its historic payout of about 7. 50%. This will require Disney to cut its dividend down to $. 20 per share (based on 1983 EPS of $2. 70 per share). Decreasing the dividend to $. 20 per share would nearly double Disney’s sustainable growth rate, increasing it to 6. 16%. As a result, Disney would be able to finance more projects through retained earnings and continue to keep its leverage down. Implementation How to Lower Dividends Obviously, shareholders are not going to be happy to hear that you want to cut the dividend by 83%. This is why you have to issue a press release for general shareholders and at least a conference call or meeting with major shareholders to inform them of your intentions. During the conversation with shareholders, you are going to have to explain how it was a mistake in the past to increase dividends as earnings per share continued to slide. Let the shareholders know that you are going to correct this mistake now, rather than letting it continue to slide. Finally, mention that decreasing dividends will also help Disney remain a financially healthy company by keeping its debt low. Corporate Takeover Attempt Issue Possibly the most important issue faced by Ron Miller and the leadership of Walt Disney Productions is the imposing takeover attempt by well-known corporate raider, Saul Steinberg. This attempt has been sparked by Walt Disney’s current financial situation and performance. Currently, Disney seems to be an ideal target for a takeover. Disney has a great amount of cash on hand, totaling about $18 million. This, along with Disney’s underperformance and inefficiencies, are strong motivating factors for Steinberg’s attempt. It is likely that Saul Steinberg believes Walt Disney Productions to be undervalued. This is a conclusion shared by most raiders about the targets in takeover attempts. Disney is currently trading at $50 per share. Steinberg just initiated a tender offer for 49 percent of the company for $67. 50 per share. This is where Ron Miller must face a difficult decision by giving in to the greenmailing attempt by agreeing to purchase back Steinberg’s shares at a premium, or letting Walt Disney Productions fall victim to a takeover. Analysis It is essential for the future of Disney for us to examine the value of the company. From there, Disney must decide at what price, if any, should they buy back Steinberg’s shares. As stated earlier, Disney’s stock has been recently trading at $50 per share. (Graph) For our analysis of valuing the company, we calculated a WACC of 16. 6%, as well as three different possible growth rates of 8%, 11%, and 13%. From these calculations we were able to surmise an estimated company value of $68. 12 per share. This would lead us, as well as Saul Steinberg, to believe Disney to be undervalued. Recommendation Don’t Buy Steinberg’s Shares To successfully ward of Steinberg and his attempted takeover, Disney must offer him a hefty premium for the purchase of his shares. With his ownership of 12% of the company and his recent attempt for 49 percent of it, a pivotal decision must be made. However, after valuing the company and weighing possible options, we have come to a recommendation. For the sake of both the shareholders and stakeholders of the company, it would be not be wise to buy the shares owned by Saul Steinberg. A decision to succumb to Steinberg’s greenmail would greatly cripple the company from a financial standpoint. If Disney were to buy his share of the company, investors would experience a huge decline in their shares. Such a decision would be made solely to preserve the jobs and welfare of top managers of the company. Disney would be failing to maximize shareholder value, thus weakening Disney’s position in the market. We concluded that in order to avoid the takeover attempt, Disney would have to pay Steinberg $69 per share. This is $0. 88 more than our estimated value of the company and a 38% premium with respect to the current share price. This would leave Saul Steinberg with $289. 8 million, or a profit of $24 million at the expense of Disney’s shareholders. Implementation Don’t Buy Shares, Improve Company Instead of buying the shares, Disney should focus on cleaning up its act as a financially sound company, as well as a leader in its respective industries. With the likely replacement of Ron Miller and top executives, Disney would find itself in a position to change its current business policies. Disney is already highly capital intensive, with the recent increased spending on theme parks. The company should not be acquiring more debt by purchasing two new companies with no apparent synergies. Disney should immediately dump these unwisely obtained businesses. The money from these sales would enable Disney to invest in new business ventures, like expanding abroad and tapping into new markets.