The article is concerned with how objective data (production, sales, raw material shortages, etc) and subjective data about the capabilities and weaknesses of the directors as…
Abstract
The article is concerned with how objective data (production, sales, raw material shortages, etc) and subjective data about the capabilities and weaknesses of the directors as managers and entrepreneurs, may be integrated to provide an estimate of future cash flows and hence the value of the firm.
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A new treatment for negotiating naïveté. Contemporary projects may be more impressive than those of the cave‐man, today's skills may be more sophisticated, but the need for trust…
Abstract
A new treatment for negotiating naïveté. Contemporary projects may be more impressive than those of the cave‐man, today's skills may be more sophisticated, but the need for trust between groups and between individuals within groups is as important as ever. Where trust is missing, suspicions are not slow to grow. Suspicions left unchecked begin to fester; rumours become rife and create ever more distrust. If such a process is allowed to continue, the main corporate objective becomes lost in an ocean of personal intrigues.
Aimee La France, Rosemary Batt and Eileen Appelbaum
The long-term financial stability of hospital systems represents a “grand challenge” in health care. New ownership forms, such as private equity (PE), promise to achieve better…
Abstract
The long-term financial stability of hospital systems represents a “grand challenge” in health care. New ownership forms, such as private equity (PE), promise to achieve better financial performance than nonprofit or for-profit systems. In this study, we compare two systems with many similarities, but radically different ownership structures, missions, governance, and merger and acquisition (M&A) strategies. Both were nonprofit, religious systems serving low-income communities – Montefiore Health System and Caritas Christi Health Care.
Montefiore's M&A strategy was to invest in local hospitals and create an integrated regional system, increasing revenues by adding primary doctors and community hospitals as feeders into the system and achieving efficiencies through effective resource allocation across specialized units. Slow and steady timing of acquisitions allowed for organizational learning and balancing of debt and equity. By 2019, it owned 11 hospitals with 40,000 employees and had strong positive financials and low reliance on debt.
By contrast, in 2010, PE firm Cerberus Capital bought out Caritas (renamed Steward Health Care System) and took control of the Board of Directors, who set the system's strategic direction. Cerberus used Steward as a platform for a massive debt-driven acquisition strategy. In 2016, it sold off most of its hospitals’ property for $1.25 billion, leaving hospitals saddled with long-term inflated leases; paid itself almost $500 million in dividends; and used the rest for leveraged buyouts of 27 hospitals in 9 states in 3 years. The rapid, scattershot M&A strategy was designed to create a large corporation that could be sold off in five years for financial gain – not for health care integration. Its debt load exploded, and by 2019, its financials were deeply in the red. Its Massachusetts hospitals were the worst financial performers of any system in the state. Cerberus exited Steward in 2020 in a deal that left its physicians, the new owners, holding the debt.
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L.J. Willmer, L.J. Winn and Edmund Davies
May 28, 1968 Factory — Floor — Maintenance — Slippery substance — Obligation to keep floor free from “so far as is reasonably practicable” — Extent of statutory duty — Whether…
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May 28, 1968 Factory — Floor — Maintenance — Slippery substance — Obligation to keep floor free from “so far as is reasonably practicable” — Extent of statutory duty — Whether necessary for plaintiff to show that reasonable occupier would have foreseen presence of substance on floor — Whether occupier's duty discharged by provision of proper system of cleaning of floor — Whether discharged by entrusting work resulting in substance on floor to responsible workman — Onus of proof — Factories Act, 1961 (9 & 10 Eliz.II, c.34), s.28(1).
L.J. Willmer, L.J. Russell and J. Scarman
March 4, 1966 Damages — Remoteness — Breach of warranty by sub‐contractors to contractors to provide suitable scaffolding — Concurrent breach of statutory duty by contractors to…
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March 4, 1966 Damages — Remoteness — Breach of warranty by sub‐contractors to contractors to provide suitable scaffolding — Concurrent breach of statutory duty by contractors to plaintiff's husband to see that suitable scaffolding provided — Fatal injury to plaintiff's husband — Contractors liable in tort to plaintiff — Whether damages “flowing from breach” — Whether rights under warranty affected.
L.J. Willmer, L.J. Diplock and Edmund Davies
April 3, 1968 Occupier's Liability — Common duty of care — High tension cable — Agricultural show — Uninsulated high tension wire crossing show site — Flagpole being erected by…
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April 3, 1968 Occupier's Liability — Common duty of care — High tension cable — Agricultural show — Uninsulated high tension wire crossing show site — Flagpole being erected by exhibitors' employee — Employee electrocuted by pole coming into contact with high tension wire — Whether unusual danger — Whether duty to warn — Necessity for notices on site — Contributory negligence — Experienced employee — Whether insufficient care taken for own safety — Occupiers' Liability Act, 1957 (5 & 6 Eliz.II, c.31), s.2.
L.J. Willmer, L.J. Harman and L.J. Salmon
November 10, 1966 Building — Safety regulations — “Working place” — Flat roof — Workman constructing flat concrete roof — No guard‐rails — Man's fall from roof — Whether roof…
Abstract
November 10, 1966 Building — Safety regulations — “Working place” — Flat roof — Workman constructing flat concrete roof — No guard‐rails — Man's fall from roof — Whether roof “working place” — Building (Safety, Health and Welfare) Regulations, 1948 (S.I. 1948, No. 1145), reg.24(1).
L.J. Danckwerts, John Stephenson J. and Gordon Willmer
May 6, 1969 Building — Safety regulations — Application — “Affect” — Workman's presence in particular place not reasonably foreseeable by employer — Whether workman affected by…
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May 6, 1969 Building — Safety regulations — Application — “Affect” — Workman's presence in particular place not reasonably foreseeable by employer — Whether workman affected by regulations — Workman not expressly forbidden to go to place in question — Whether impliedly authorised or permitted to be there — Workman's presence there unforeseeably foolish — Whether resulting accident entirely own fault — Liability of employers — Building (Safety, Health and Welfare) Regulations, 1948 (S.I. 1948, No. 1145), regs. 4(1), 27(2), 28(1).
L.J. Willmer, L.J. Diplock and L.J. Winn
May 10, 1967 Insurance — Employer's liability — Breach by brokers of contract to obtain employer's liability insurance — Damage flowing — Condition precedent in form of policy…
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May 10, 1967 Insurance — Employer's liability — Breach by brokers of contract to obtain employer's liability insurance — Damage flowing — Condition precedent in form of policy envisaged that employers should take reasonable precautions to prevent accidents — Accident to employee — Negligence and breach of statutory duty to fence dangerous machine established against employers — Risk not appreciated by employers — Whether employers would have been indemnified by insurers — “Reasonable precautions” — Whether necessary to establish their legal liability to do so — Whether probability of payment as matter of business policy sufficient.
L.J. Willmer, L.J. Danckwerts and L.J. Salmon
March 1, 1966 Factory — Dangerous machinery (fencing) — “Machinery” — Mobile crane — Whether “machinery” — Factories Act, 1961 (9& 10 Eliz. II, c. 34), s. 14(1).