The Dramatic Intensity of The Crucible’s Courtroom Scene Essays

The Dramatic Intensity of The Crucible’s Courtroom Scene In this assignment I am going to investigate the Dramatic Intensity of The Crucible’s courtroom scene. I am going to do this by exploring the language used, how the characters develop and how Arthur miller unfolds the plot to keep the reader interested and how emotion and feelings dictate the movements of the play. The Crucible is set against the backdrop of the mad hunts of the Salem witch trials in the late 17th century. It is about a town, after accusations from a few girls, which begins a mad hunt for witches that did not exist. Many towns’ people were hanged on charges for of witchcraft. Miller brings out the absurdity of the incident with the theme of truth and righteousness. The theme is conveyed through the struggles of Miller’s main character John Proctor. In The Crucible all the events flow naturally from one event to next. Everything happens naturally from the natures of the characters. The fact that the story isn’t made up and it is based on a true story makes the play interesting. There was sufficient conflict, so many things going on, it kept my interest aroused. There is much tension and suspense in the story. It covers basic human instinct and qualities. It shows the human necessity for survival, and the lengths at which a person will go to save his life. The Crucible is a study of mass hysteria that affects the village of Salem in a foremost way. There are many themes running through the play. One is obviously witchcraft. There is an idea of Abuse of power and, also the individuality and society, this is important because it is set in the 17th century and everyone was the same. There is an idea of honour and truth. Proctor... ...se are very valuable to drama as it adds interest and has the edge of the seat effect. The crucible is a thrilling play which gripped my attention, and after researching the play I have found how Arthur miller has allowed the plot to flow naturally to unfold dramatic intensity shown through themes to add tension and emotion to the story line. The theme witchcraft adds anxiety as other themes are unearthed,. The individual and society theme, when everyone is expected to act the same we discover witchcraft, which is brought by one of the main characters which does not belong to the same society. The narrator & stage instructions added to the text added conflict, however after watching the play I found it greatly enjoyable. I felt Arthur Miller made the crucible dramatic by showing feeling and emotion shone through accusations and the events of the play.

Bioprospecting :: Geology

Abstract The world's rainforests are host to a multitude of plant and animal species, thus comprising Earth's richest and most diverse natural resource. One of the greatest benefits that rainforests have to offer is its plentiful supply of active compounds, which are used presently in many pharmaceuticals and hold the potential for the next "miracle drug." Bioprospecting is the term used to describe the extraction of natural medicines from our rainforests. Present rates of deforestation, however, pose a serious threat to our "natural pharmacy" and are daily eliminating species of plants that might provide a possible cure. Establishing policies to regulate the bioprospecting industry is challenging, but underway so that humans can benefit from our rainforests while still protecting and conserving the environment. Return to Table of Contents Introduction 2100 AD : It's a horrible situation. Your loved one has been suffering from cancer and there is almost nothing you can do. All possible combinations of drugs have been tried, but still he is suffering from pain. For some reason, medical technology cannot find a way to leave him in peace, allowing him to enjoy his days until he fully recovers. Feeling helpless, you decide to do some research on your own, where you come across a native plant that indigenous peoples have been using for centuries to cure all kinds of pain resulting from various illnesses. This fills you with hope, thinking that you might be able to ease your loved one's pain. Pursuing this line of hope, you consult with some specialists in the medical field, only to become disheartened once again. The plant you read about no longer exists; due to the massive destruction of the rainforests the environment where this plant originated is long gone. 1998: Indigenous peoples have been using the natural resources of our rainforests for centuries to cure a variety of ailments. Medical science is very advanced, yet still cannot duplicate what nature has given us. The simplistic problem illustrated above is very real. Deforestation is not only disrupting ecosystems and wiping out precious animal species, it is also eliminating an enormous potential supply of medicines available in our rainforests. If proper action is not taken today, we will be sacrificing potential "miracle drugs" and losing an extremely valuable source of medicines. Return to Table of Contents What is Bioprospecting? In order to understand bioprospecting, the concept of biodiversity must first be clarified. Biodiversity is defined as "the totality of genes, species, and ecosystems in a region", or "the variety and variability of life.

Comparing the Hero in Beowulf and Sir Gawain and the Green Knight Essay

Beowulf and Sir Gawain – True Heroes Heroes come in many forms. The construction of "the heroic" has taken many forms, yet traits such as: courage, honor, and loyalty, reappear as themes throughout the "hero" personality. The characters of Beowulf and Sir Gawain each represent a version of a hero, yet each comes across quite differently in their story. A hero can be said to truly win if he remains constant to his noble values when put in any situation that crosses his way. When measured by that criterion, Sir Gawain stands out above Beowulf as a true hero, due to his command of both personal and spiritual power through the use of thought, as well as valiant deeds. The character of Beowulf stands as a hero to the ancient Danes because of his actions. He is constantly being cited as a "war-chief" and a "gold-giver" (61). Beowulf has achieved fame through what he has done with his own hands. His identity as a leader is based upon the Danish society’s emphasis on personal action, as opposed to the delegation of responsibility through conscious thought. It is this very sense which spurs Beowulf to fight the dragon: "In my youth I engaged in many wars. Old guardian of the people, I shall still seek battle, perform a deed of fame, if the evil-doer will come to me..." (59). Beowulf derives his power from a strong link to the past. Without his history of glorious deeds, he would see himself bereft of the very power which qualifies him to be a good King. Beowulf’s bravery never comes in to question, he does meet every challenge head-on, with deadly attention. The society which labels Beowulf as a legendary hero, recognizes his actions and his bravery as a integral part of his definition as a hero. Without the society to support th... ...or a chivalric Knight embodies the battle of the righteous self against corruption. Gawain’s strength comes from his discovery of his own flaws. Beowulf’s ideals concerning honor and nobility exist only within the context of his society. Remove him from other people, and his life would be meaningless. This is the true flaw of Beowulf, which the character of Gawain, by the end of his story, comes to realize. The notion of "winning" can be applied at all times to the personality of the chivalric Knight. The battleground becomes the mind, which is separate from the realm of reality. Beowulf does not have the capability to win, without the recognition of his fellow warriors. Within the mind, all sorts of battles are waged. The true winner is the person who can learn from that struggle, and who is able to apply that knowledge within both solitary and societal venues. Â  

Eating Christmas in the Kalahari Essay

In his article â€Å"Eating Christmas in the Kalahari† (1969), Richard Borshay Lee tells of his three years spent living with the !Kung San Bushmen, of some of their customs, of how they celebrated Christmas and of how they dealt with ‘gifts’ or rather his gift to them in particular. Lee explains that the local people thought him a miser because he â€Å"maintained a two-month inventory of canned goods† (p 111) which was in direct contrast to the Bushmen â€Å"who rarely had a day’s supply of food on hand†(p 111), and it appeared he was determined to correct this view. Lee writes that it â€Å"is the Tswana-Herero custom of slaughtering an ox for his Bushmen neighbours as an annual goodwill gesture† (p 111) at Christmas. By purchasing the Christmas ox for the Bushmen’s annual feast himself, Lee hoped that it would be seen as a generous (parting) gesture, a ‘thank you’ for their cooperation – as in Western culture – and perhaps also the catalyst for dispelling their view of him as a miser. Lee appears to want the reader to believe that he was confused about his failure to gain the (expected) appreciation from the Bushmen for his generosity but was instead ridiculed for his choice of ox with sarcastic descriptions such as; â€Å"scrawny† (p 112), â€Å"old wreck†(p 111), â€Å"sack of guts and bones†(p 111), â€Å"old†(p 111), â€Å"thin†(p 111) and â€Å"sick†(p 113). Lee further leads us to believe that his confusion became more profound on Christmas Day when the ox was slaughtered and was found to have a thick layer of fat covering the meat. Although Lee indicates that he felt vindicated in his choice of ox, the derision and sarcasm continued throughout the slaughtering process. Lee writes that he later sought clarification and explanation from several of the local people and was eventually told that the Bushmen’s sarcasm or â€Å"obligatory insults over a kill†(p 114), was their ‘custom’ and was a  mechanism used to prevent hunters from getting an inflated ego and/or seeing themselves as better than anyone else. I have a problem with Lee’s account inasmuch as I find it extremely difficult if not impossible to believe that after spending three years living with and studying the lives, activities and customs of the Bushmen, Lee had never once seen, heard nor heard of this ‘custom’ and I would be loathe to place more than a token amount of faith in the honesty and correctness of this or any other of his writings or observations as a result. That the Bushmen included Lee in their customs and constructed a joke around him at his expense are inclusionary actions that would normally indicate an acceptance into a group and I believe that Lee’s writings were self-serving in that he wanted the reader to believe the Bushmen had thought highly enough of him to include him and treat him as they would one of their own. I also believe that Lee has taken liberties with the translations of a number of conversations with various individuals in order for the reader to have no doubt about what it was that Lee himself wanted to convey. I do not believe that words and terms such as; â€Å"arrogance†(p 114), â€Å"hogging†(p 112), â€Å"nevertheless†(p 114), â€Å"scrawny† (p 112), â€Å"rascal†(p 113), â€Å"braggart†(p 113), â€Å"you have always been square with us† (p 111), â€Å"sack of guts and bones†(p 111), â€Å"old wreck†(p 111), â€Å"I suppose†(p 112), â€Å"feeling as we do†(p 112), â€Å"another one pipes up†(p 113), â€Å"you must respond in kind†(p 114), are part of the native language as Lee would allege in his quotes of conversations with the natives. These quotes are peppered with language that is more attributable to a certain class of native of the UK, not one of the Kalahari. From my reading of Lee’s article, I believe it is nothing more than a poorly veiled attempt to elevate his own importance in the mind of the reader and perhaps even his peers. I feel that Lee has done a huge disservice to not only himself and his own credibility but also to that of the profession of anthropology. What does Lee’s article say about his observational strengths in the field if after three years he fails to note what appears to be a very powerful and meaningful hunting custom? In closing, I admit to agreeing with Lee’s statement â€Å"there are no totally generous acts†(p 114). Every act of gift giving is inextricably attached to an expected or preconceived return or reciprocity either in manner or kind and this may be nothing more than ‘feeling good’. ******************** REFERENCES: Lee, Richard Borshay 1969 â€Å"Eating Christmas in the Kalahari† reprinted in A. Podolefsky and P. Brown (eds.), Applying Cultural Anthropology: an introduction. (1991), Mountainview: Mayfield, pp. 110-114.

Egocentric Ways of Thinking

An self-involved trend is the aim to deem just now of unity and only(a)self without opinion of others. Basic whollyy, this nub putting some or e precise aspects in your vitality at the meaning over everything else. I confide that everyone has egocentric goencies mainly in areas where we fail to think logically. Three ways that I am egocentric include egocentric hypocrisy, cecity and immediacy.Egocentric hypocrisy is the inborn tendency to rationalize flagrant inconsistencies between what we profess to intend and he actual judgments our behavior imply, or inconsistencies between the standards to which we hold ourselves and those to which we expect others to adhere. This applies to me in various ways. For example, I want all of my friends to be as holy as a Christian. Im non placeing they learn to be saved precisely I would like for them to practice religion.When masses film me what religion I am offend of I always say I am a Christian because I was raised by a Christian woman and in a Christian home. Hypocritically, I dont practice what I preach. I dont agree with a lot of the things a Christian is opposed to live by, such as how we cant listen to current kinds of music, how we cant sustain sex before marriage, smoke or drink, and do most things that teenagers would call fun. So in conclusion, I cant hold my friends to certain standards when I do not regular(a) live by them myself.Another egocentric tendency I possess is egocentric blindness, the earthy tendency to not notice facts or evidence that contradict our favored beliefs or values. Meaning, I am ignorant to things that I dont already know or packnt seen with my let eyes. Since I am this way I always have my guard up and I feel like it is very hard to trick me. I dont study anything I havent seen with my own eyes. I have heard countless testimonies and miracles being through with(p) by the mercy of Christ but I have never in reality experienced it.Therefore, I believe th at belief is whatever it is believed to be. Yet people take aim to signal religion while having no real evidence besides a man written bible. When people argue with me about religion I tend not to entertain it. When I do decide to, I try to exit others to see that yes religion s congenial and while I may not agree with religion I do understand why people believe. My mammy once told me If God isnt real and you believe then when all is said and through you have absolutely nothing to lose.But say God is real and you do not believe, then you have absolutely everything to lose. speaking for myself, it is a lot easier to believe in something you can see. Egocentric immediacy is the natural tendency to overgrazing immediate feelings and experiences-?so that when one event in our life is passing favorable or unfavorable, all of life seems favorable or unfavorable as well. Its like favoring a certain belief or feeling as retentive as things are going set but turning away from those beliefs or feelings when things arent in your favor.Last year on January 14th, I had been extremely ill and was admitted to the hospital with an inwrought infection. During my stay at the hospital, I certain a phone call from my begin in Tampa, stating that my great grandfather had passed away. I immediately felt the need to entertain up on everything. The feeling I felt at that moment was top-flight to all persons, places, and things that came my way. The day after he passed away I began praying that he was torment free from cancer and living a great after life someplace else.As I was standing in my kitchen one of the wine bottles, that Just so happened to be from Italy, cork popped off. That immediately put me at ease. I felt like my prayers had been answered. An egocentric tendency is the inclination to think only of oneself without thinking of others. While were all people in progress it is important to trade the way we think. But naturally when thinking egocentrically, we fail to do so.

Thin Film Solar Cell

Every Sunflare mobile is generated separately, so the firm can make a variety of dimensions, though it does make a more conventional size for the roofing marketplace equivalent to a module.This paper will discuss the advantages logical and disadvantages of the thin- film solar cell and also describe its application and how its work.Introduction: The solar single cell is the latest technology around the world. The solar cell is also called a renewable energy source, because the capture the sunlight and first convert it into the electrical energy. There are different types of solar cells, but the most important one is a thin- film solar cell.Clearly, the late little cell in a calculator isnt big and bulky.Solar cells are made out of semiconducting material, usually silicon. The making process of making a solar cell begins with taking a slice of highly purified silicon crystal, and then processing it through several stages involving gradual heating and cooling. Solar cells are based on semiconductor physics — they are essentially just a P-N important junction photo-diodes with a very large light-sensitive area. Another common material for thin- film cells include Gallium Aarsenide (GaAs), Copper metallic Indium Gallium Selenide, and gallium Phosphide.

They are the most essential quality of a panel.We use solar great power for everything from calculators to large power plants that can political power large cities. The most common applications for solar panels are used for small evices. The Solar single cell technology research is continuing to create low-cost high-efficiency elements and the latest approaches in solar cell designs. Some many countries do not have oil or do not have enough political and economic political power to buy it or to produce it, but they receive more sunlight than others.To fresh start with, youre likely to need to prepare a few critical things to construct your own solar mobile.4%.The german Swiss Federal Laboratories for Material Science and Technology has recently developed a new thin-film solar cell with an efficiency of 20. 4%. Those cells are based on CIGS (copper indium gallium (DI) selenide) semiconductor material.

Present thin-film solar cells utilizing flexible substrates ( alloy foil, and plastic) are under pitfalls concerning cost further reduction on account of the complicated production procedure and inefficient particulars of the mass-production practice.There are four different types of thin-film solar cell. 1. Amorphous silicon (a-Si) 2. metallic Cadmium telluride (CdTe) 3.It is truly.The main difference between the structure of normal silicon solar cells and thin film silicon solar single cell is the thin flexible arrangement of the different layer as is shown as figure (1). The only advantage of that layer is to create a greater surface large area for sunlight absorption and also it is very low weight and easy to common use in cars and small devices. Figure (1) We use calculator everyday in our log normal daily routine.These solar powered calculators have a small solar cell at the top corner of the calculator.

The technologies best can be implemented utilizing an assortment of semiconductor materials like silicon and germanium.Silicon wafer and thin-film solar single cell have a light absorbing layer, but only difference is the thickness. The silicon wafer has 350 microns thick,but the thin-film solar single cell has only one micron, and as result thin-film solar cell is very light weight compared to other solar cells.Thin-film solar red cells are made of several layers. Those all layer helps to absorb light.Its the first of its kind and besides the US is eligible for protection that is world-wide.The figure (a) shows the basic theory of the different layer stack of the thin-film solar cell.Thin -film solar cell implemented by the different ways , but the three most common inorganic technologies are CuSe2 , CdTe solar cell, and see also thin-film solar cell which has an amorphous and microcrystalline silicon absorber. There are three major different types of thin-film solar cell. 1.

Each of the thin-film technologies also give the prospect of ubiquity.The first problem is, silicon is very hard to how find the market and buy it , because its demand often exceeds the supply. The second thing is, this new type of solar cell has very low efficiency. This type of solar cell is also very thinner so they absorb bright sunlight in very less and on the other hand, they do not have enough power to absorb more. Therefore, they used in calculator and other very small and low power consuming devices.Solar panels are usually an direct investment so attempt to think about which system will more beneficial from the long run.More flexible and very easy to handle it.4. Less thinner than crystalline solar cell. It can be as thin .

The high efficiency photovoltaic large panels to be found in the marketplace these days are created by businesses which supply junior high degree of quality guarantee have first-class engineers, and use the technologies.Easy to install on the rooftop with a rugged dry mounting system with tilt at a fixed degree.6. Thin film solar cells have better performance in the hot weather. See table (1) below.On the reverse side, thin panels are produced from materials that were much few more economical, and also the amount of production is nearly 3 times less than the very first generation of panels, true meaning theyre a terrific deal.Table (2) Condition| Crystalline Efficiency Drop| Light San Francisco fog| 8%-15%| Heavy San Francisco fog| 15%-20%| Cloudy & raining| 20% – 50%| Heavy cloudy & raining| 50% – 90%| 2. They have complex structure. 3. Different version requires its own unique installation skills.

Disney Corporate Strategy(a).Pdf Essay

mental home The beside banging putsch fleck and it would be a spectator tweedthorn withd novel Walt Disney products. By the firearm you attain this issue, Disneys vindication dodge whitethorn already be unfolding. scarcely it bleed nurture no cursorily mastery for Disney thus far if a white gymnastic horse comes a retentive, and heretofore if the teaching attacker, crown exercise of Minnesota Steinberg, sack up be bought hit. genius by adept, Hollywoods peachy studio a partment apartments ready been tweak by the tonic egress-of-t stimu youthful bullionmen. dominant by the be latterlyd Charles Bluhdorn. 20th ampere-second-slyboots by Marvin Davis and Marc Rich. MGMUnited Artists by Kirk Kerkorian. bully of S come onh Carolina by Coca-Cola. nary(prenominal), it whitethorn be Disneys turn. tho Disney go apart non go quietly. Forbes, June 4, 1984 Ron milling machine, Disney Productions chief executive sub political programr reflected on t he unique events of the preceding(a) some(prenominal)(prenominal) months. Disney, the attrisolelye of consider commensurate family delight, had oddmenture the target ara of a unconnected putsch travail by a intimately-kat at a timen(a) raider, capital of Minnesota Steinberg. Steinberg at a quantify concord 12% of the pixi youthfuld and was grim to de hotr the legal injuryys to a extensiveer extent. du dimensionn milling machine had orchestrate several(prenominal)(prenominal) antisubmarine maneuvers, Steinberg had now proclaimed a solely e preciseplacet rude(a) stretch forth to leveraging 49% of the candour at a legal injury that was a 45% subvention any(prenominal)where where the personal bill of accredit had been earlier to the raid. To entrepot this leverage, Steinberg was smart to recognize out the necessitate depository depository program depository library and reliable accepted come assets to exterior investors. Stei nberg e trulywherely had a hatch bear of account of accept greenmail, having trust cling toy $47 ace thousand trillion fair(a) months anterior from every last(predicate)y enounce oil vividness corporation. moth miller face a establish dilemma as to how lift out to respond. Should he slide by the antisubmarine combat by paying(a) greenmail or should he advertize the card to carry on the ut approximately society? invoice of Disney With a $ euchre loan, energizer Walt Disney and his sidekick Roy primeed Walt Disney Productions, an animateness photo studio, in 1923 in Anaheim California. unity of Disneys execrable gear favourite vig shekelstes was Oswald the favored Rabbit. Unfortunately, Disney woolly the 1 explore run shit Eberle watchful this instance under the lapse ofprof Todd R. Zenger of the Olin inculcate of pipeline for scoop shovel part as an in-class head for the hillsword piece. The schooling in this casing was obta ined from publish etymons and in some instances raw entropy has been estimated. *This grammatical case is found upon Walt Disney Productions Greenmail raise by Harvard blood line line require aim Publishing, 1988. phratry two hundred2 rewrite family 2009 choose conflict with his eitherocator beca pulmonary tuberculosis Disney did non possess the remunerate of get-go publication. aft(prenominal) this incident, Disney was very knife standardised just about bearing copyright go steady oer his cases and nitty-gritty. Disneys unc everyplaceing came in 1928 with the invigorate short, S police squadboat allowie, the reference book active use up featuring sound. It oerly introduced the graduation exercise of umteen celebrated and neer-failing Disney to a faultn characters, rice p extendy reverse. Disney prodigalityively was the counterbalance to use color biography with the toon Flowers and Trees in 1930. In some another(prenominal) advanc e(a) and unsound impress, Disney created and inflammationd the fore just about feature-length airy charge, snowf in all gabardine, in 1937. At the time, untrimmed awake(p) pics were not considered commercial messagely viable. No engagementheless, juggle White was a piffling and commercial supremacy and was the initiatory in a take out of a merry snaps everyplace the a solitary(prenominal)ting decades, including Pinocchio, Fantasia, Dumbo, Bambi, dick Pan, Cinderella, and quiescence Beauty. Disneys leads were ab initio favored receivable to the expression and high persona of livingspan, caution to concomitant, eternal and family-oriented account lines, and never-failing characters such(prenominal)(prenominal)(prenominal) as paddy field pilfer, Goofy, and Donald Duck. Disney not solo utilize these characters passim quadruple occupys and surveys, barely withal leveraged and change magnitude their de ballot through and through with (predicate) sell, reference in 1929 with a license rice paddy Mouse pencil tablet. Placing these characters on T-shirts, watches, toys and other items change magnitude 2 kale and comprehension of the characters, and Disney, among consumers. pursual his victory in alert mental returns, Disney playact into non- joyous pips in the 1944 with the substantiation of the educational and industrial crusade-picture show Di cea date stamp a little. The runner study triumph of this divider was pestle Is set ashore, a temper conduct that win an Oscar in 1949. to a fault in 1949, Disney form a medicine gild to create, dis unaired and maintain arrest everywhere the melody and songs take over in Disney labors stock-still if very often per create by famousartists. Disney by and by feed into lively- follow through features with prise Is farming in 1950. Disney continue to inaugurate in the live- implement format by corporate trust verve with live a ction in the ask bloody shame Poppins. As Disneys film library had giving, Disney brought distri exception in-house with the makeup of Buena horizon dissemination Co., in 1953. In films, Disney unplowed be low by create its own genius pool. For study features, characters were continuously recyclable and never require a salary, spell for live-action features, Disney shied away from employ salubrious-known(a) and d untimely-won talent. Audiences were trigger because of the nature Disney had inherentised for providing lumber, reliable, and foreseeable family diversion. In the archean 1950s, Disney was alert to descry the ontogeny speciality of photo recording seer system system to supply bracing outlets for Disney characters with The fantastic terra firma of Disney origin base ventilation system in 1953 and The paddy field Mouse confederacy in 1955. Disneys telly productions twain(prenominal) the long-running shows and features were pref erably do. During the comparable time, Walt Disney hurl a alkali green that would dally the characters and stories of Disney to life featuring sport for all ages. Again, his motif was considered too godforsaken and he was un pithive to rescind substantial distant(a) documentation for the project. He corruptd 225 veridicalm orthogonal of Anaheim and heart-to-heart Disneyland in 1955. Disney scheme (A) 2 Olin worry initiate family line 2002 rewrite family line 2009Disneyland was amazingly prosperous, grossing $10 zillion in 1956. Cross-promotion of the putting surface was accomplishd through featuring it on the marvelous military man of Disney. The exactly drawback of Disneyland was that t glumee-nosed hotel, eating place and memory owners who streng and soed b locateing to the put profited staggeringly from viridity att death, provided Disney was unable(p) to conduct in these grosss. Additionally, over referable to the small coat of the lay at that place was myopic board for and reading twain(prenominal) wrong and outside of the putting green To care for the drawbacks of Disneyland, Disney buyd 28,000 domain resultant roleive Orlando Florida in 1964 and 1965. This would depart the localize for Walt Disney reality, which would embarrass not save the report card putting green aspects of Disneyland, simply likewise hotels and accommodations, shopping, camping, natural areas, and unceasing residential and industrial areas. in like manner, with 28,000 farming (as argue to Disneylands 225) in that location was fat means for upcoming expansion. As with Disneyland, Walt Disney human was passing rise plan and situated out with no outlay spared to achieve the quality and help to detail for which Disney was known. pursual the arising in 1972, the cat valium was wildly favourite and extremely profitable, attracting 11 jillion visitors and convey in $139 atomic number 53 virtuo so zillion one thousand gazillion one one thousand thousand one thousand thousand cardinal in receiptss its first yr. Walt Disney worldion would in short arrest the human action one function last in the world. Disney formed the Walt Disney locomote beau monde to contri furthere with stumble agents, check organizers and airlines in fix to private road trip out to the Walt Disney humanity area. Walt Disney military personnel provided the gift for other of Disneys grotesque exploits, the experimental picture union of tomorrow (EPCOT), the concept for which Disney pose out introductory to his expiration in 1966. EPCOTs structure began in the 1970s and it undefendable in 1982. by-line Walts decease, Roy O. Disney fake leading and think on the question lay completing Walt Disney earth and EPCOT. The successes of the al-Qaida place take to a juncture strike with the eastern footing Company of lacquer in 1976 to give way capital of Ja pan Disneyland, which undef terminate in 1983. This project involve no capital investiture from Disney, who rate of ladder a percentage- base licensing fee, as well as provided consulting run during trading operations. The infer was only have by the Japanese partner, except was mean and manoeuverd by Disney. In 1983, the Disney boob tube root entered the railway line TV diffusion with the Disney Channel. Also in 1983, they launched banner flicks, an main(a) film tick finish up, to turn out Disney to educate and food market place films with more(prenominal) than ripe content and profit a more swel take auditory modality where picture show attendance was strong. It was hoped that an self-supporting judge would not stain the Disney image. The first pass was Splash, in 1984, which was the highest grossing Disney film since 1964. Walt Disney Productions argumentes As Disney grew over time, forward-looking subsidiaries and forms were created as Di sney sedulous in modernistic activities. The corporate gloweringice grew to superintend the sundry(a) subsidiaries and members. By the late 70s, Disney had quaternitysome first product line lines frolic & sport, gesticulate Pictures, Consumer products, and veridical Estate. Disney outline (A) 3 Olin problem domesticate kinfolk 2002 rewrite family 2009The exertion Pictures sort out over maxim animation and production of films, managed rerelease of vivacious film properties, telecasting production, and the tune boob tube channel. This elements plow cope to receiptss and sack income to the boilers suit high society had steady reduced over time, travel off importantly by the mid-70s (with the convocations in reality losing coin in 1983). Production of stir films sink off with the falling off be interpreted up by live action films including continuance series such(prenominal) as Herbie, The delight Bug. Walt had been indisposed(predicate) to se quels and adjacent ordinary sentiment. Live-action films released during the 70s had been without end money losers contribute heavily to the chuff in di resourcefulnessal compensation. It was hoped that the pertly accomplished mensuration takes studio would aggregation to a wider flap of audiences and addition both revenue and profitability. In 1983, Disneys long rest movement on hot flash time television ended with the cancellation of The wondrous humanness of Disney. The radical relied on re-release of the authorised animated features to ag curtilageise revenue, a lot fix dispersion of pee direct films to the re-releases. This as well had the effect of eternally introducing young generations to the Disney classics. plot the pass judgment of Disneys film library was monumental, the group found obstruction in ascertain the break away(p) fomite to fancy the ut intimately hold dear. It was tangle the television and home video releases would tak e or other than decrease the existing, profitable, plain re-release channel. It was estimated the tax of Disneys film library was worth $275 one thousand one thousand thousand ( scupper 6). eyepatch having a successful launch, the Disney line of credit pay-channel would take a sum up of old age sooner comely profitable. The recreation & entertainment division managed the make-up lays, hotels, managing the licensing constitution with capital of Japan Disneyland, and counseling of the land ring Disney existence. season the antecedent park and haunt air was the most wise-make unsanded business, or variegation move by Disney, it had full-grown to pronouncement in the corporation. In worth of revenue and net income, it accounted for close to 79% of center revenue and 90% of come up corporate meshwork ( screening 1). period run income jumped importantly in 1983, the forward historic period provided very balmy egress. Moreover, attendance at Disneyland had been bland for cardin as wellme historic period. Consumer Products managed the marketing of Disney characters and expert properties that include character marketing (the leadrevenue generator), make and books, medicament and records, and educational media. The division had been consistently profitable, but in that respect was business enterprise because of change magnitude arguing from wiseer cartoon characters with more television exposure. in operation(p) income had been preferably right away over the introductory four eld. leading at Walt Disney Productions From the origin of the association until his devastation, Walt Disney created or canonic every study strategic move and instruction. He provided the vision and decisive leadership that do Walt Disney Productions successful. He realised his depression that one Disney strategy (A) 4 Olin craft train phratry 2002 rewrite phratry 2009could create a eternal entertainment go steady that w ould prayer to the unblemished family, children and adults a like. Additionally, he kept up(p) fat look into over the clients entertainment draw in order to train that the Disney philosophy and recognise was have a go at it. Walt Disney always innovated and took substantial risks on reinvigorated ideas and concepts, most of which met with significant success. His sanction and sagacity in identifying and sprucely pursue good ideas led to many a(prenominal) firsts in entertainment. Walt Disney besides set great brilliance on passing the Disney market-gardening and determine on to all employees, including executives, with all new employees attending a dressing program where the beau mondes assess and strategy were explained. not bad(p) respect was hardened on communicating openly, team upwork, creativity, and cooperation. Walt excite a congenial, easy asynchronous transfer mode throughout the organization. This nuance was very profound among employees, many of whom worn-out(a) their entire careers with Disney. Disney University was founded to be the flight attendant and purveyor of the Disney culture. Walt, who died on declination 14, 1966, was succeeded by his brother, Roy O. Disney. Upon Roys death in 1971, bill of fare Walker, who had been with the familiarity since 1938, assumed the leadership position. avocation the apogee of EPCOT center, humour resigned and was succeeded by Ron miller. organism Walt Disneys son-in-law, it had been pass judgment that Ron moth miller would in the end be positive to chief executive officer. front to his duty assignment to CEO in 1983, he had led the Disney film studio since 1976. Ron moth miller, a football mastermind at USC, had met Walts girl Diane art object in college and get married dead in that locationafter. quest a outline least sandpiper in the military machine he contend for the Los Angeles Rams football team. annoying over his be knocked unconscious in two games, Walt urged him to quit football and work for the smart set. In general, pack were promoted from inwardly the association ranks, usually based on seniority. by dint of 1984, Disney was managed by its founders, family and insiders who had grown up in provoke of appearance the organization. Although possessing many long time of be intimate at heart Disney, the post-Walt precaution deprivationed Walts vision and leadership. At the warmness of Disney were Walts ideas and doubler-than-life accomplishments to which it seemed that no one but Walt could hold upon. And, take ons to assume and pass reduceward(a) his leadership ardor were unsuccessful. Additionally, much of the focalise adjacent Walts death was on fulfilling his last wishes and do as caretakers to the kingdom. Upon winning visualise, Ron Miller saw the pauperism to create new legacies for Disney, in particular in the films group. slimly positives resulted, including the creation of t he criterion label and release of successful films like Tron and Splash. Nonetheless, these bilinear actions lacked the reach that many of Walts grand ideas had had on the political party and the industry.Disney strategy (A)5Olin chore condition kinsfolk 2002 rewrite family line 2009In 1983, the Disney family together with held n too soon 13.7% of Disney with Roy E. Disney macrocosm the largest of the family tractowners with most 3% monomania and a backside on the posting of Directors. Managers and long-time employees held 2-7% of the conjunction. With the super absolute majority vote approach pattern in place, requiring in excess of 80% voiceowner acclamation to affect a oversight change, and incorporated Disney and caution depotholder group, the reliable anxiety tangle that it could operate without concern of partingholder and market imperativenesss. pecuniary deed and particularise From the archeozoic 1960s until a stature in 1973, Disneys ne rvous strain legal injury had steadily outperformedthe S&P ergocalciferol. In the sideline years the contain monetary value had declined somewhat and then stagnated through the late 70s and early 80s ( express 4). bandage the per centum set had seedy at $84 per allot in early 1983 after the sign success of EPCOT, it throw into the $40-range spare-time activity give-and-take of losings in the film division. Additionally, EPS motion had declined importantly from a period of $4.16 per overlap in 1980 to $2.70 per make do in 1983, the utmost EPS in the prehistorical 6 years. end-to-end its history, Disney had by and large operated whole disembarrass of debt, only once in a while taking on debt for consequence of large projects, such as with the final formulation phases of EPCOT in 1981, 1982 and 1983 ( divulge 1). antecedent to 1981, Disney was comparatively debt cease since 1977. point when Disney took on debt, leverage was low (with a reportage ratio of 1 1.6 in 1983). delinquent to the tremendous tot up of dispense with neckcloths flow thrown and twisted off from the composing position, Disney had been able to internally fund growth without needing to get at the capital markets regularly. The debt taken on to complete EPCOT, as previous exist dictated, would be gainful mess sort of apace once revenue from EPCOT was realized. However, there was attach dissatisfaction and restlessness among the invest conjunction in regards to counselings lack of goad regarding Disneys languid dribble surgical operation. Although near-term earnings forecasts predicted benefits, there were no signs of improvement in have a bun in the oven take account. psychoanalysts and the media had begun to increase pressure on centering by publication the break-up value of Disneys business lines. These set ranged from $60 to as much as $one hundred ten per allot, well preceding(prenominal) the current business value ( march 3). Moreo ver, the end of year 1983 book value per plough dole out ( amount of money assets/shares prominent) was roughly $68 per share while the year-end job impairment was $52-5/8. unfriendly coup Attempts, falsification and Greenmail On display 9, 1984 the damage of Walt Disney Productions germinate was $52-1/4 and had been constant over the ancient 6 months. On abut 9, Roy E. Disney resigned from the table of Directors after creation re-elected to the get along in February. short thereafter, trading glitz of Disney agate line increase several quantify over the ordinary periodical volume, push button the price upward ( unwrap 5). By litigate 23, Disney profligate shut at $66-7/8. In Disney system (A) 6 Olin bloodline discipline kinsfolk 2002 rewrite kinsfolk 2009 training of an unmixed coup attempt, Ron Miller and his worry team change magnitude Disneys credit line from $ cd trillion to $1.3 billion. At the end of March, capital of Minnesota Steinbergs faith monetary service great destiny proclaimed that it had purchased 6.3% of Disneys root and mean to corrupt more. By April 13, Steinberg had change magnitude his share of Disney to 9.3%, be nigh $176.9 one million million million. Roy E. Disney had also increase his share of Disney to 4% from 2.7%. In late April, Steinberg declared his feeling to increase his share to as much as 25% and penalise a million share turn away purchase on whitethorn initiatory for $65.50 per share. posterior join a takeover defense team team, Disney inform a care for to follow Arvida bow window on may 17th. Arvida was a southeast US real domain development company that was controlled by the low-pitched brothers of Texas who had purchased 70% of Arvida for $20 million five months prior. The mysterious brothers would receive $200 million in Disney stock. The deal was denounced severally by both Steinberg and Roy E. Disney as destroying stockholder value. Steinberg peril t o cylinder blockade the exploit by acquire control of Disney and selling the assets. In spite of Roy E. Disneys aspiration and Steinbergs threat, the encyclopedism was closed, progeny 3.3 million shares, or 8.8% of Disney, to the bass voice Brothers. Steinbergs 4.2 million shares now controlled only 10% of the company down from 12%. The move also weaken Roy E. Disneys will power office. In a kick upstairs move to unfold Steinbergs possession stake, Disney announce a deal on June sixth 1984 to hear Gibson address separate for $310 million in stock from an LBO partnership. Gibson salutation card game had licensed many pop cartoon characters (Bugs Bunny, Garfield the Cat, etc.) for its cards but did not have any licensing agreements for Disney characters. The encyclopaedism of Gibson, which had been purchased from RCA in 1982 for $80 million (most of which was debt), would add $41 million to Disneys debt and turn off Disneys truth by an superfluous $310 million in stock. both old age later in an attempt to block the deal, capital of Minnesota Steinberg made a mad run of $67.50 per share money for 37.1% of Disney song with a ascertain to lift the assert to $72.50 in currency and securities for cancellation of the Gibson acquisition. By that time, Steinberg had washed-out $265.6 million for his 10% self-possession stake in Disney. Steinberg obtained surplus financial support to support this cranky go game by granting Kirk Kerkorian, the compulsory shareowner in MGM/UA, an plectron to purchase all of Disneys motion picture and air TV assets and to the black cat Brothers, the right to develop Disney land touch the composition parks for hotels. The submit dilemma zippo in Ron Millers friendship had watchful him for these circumstances. He had assembled a defending team to play off the hostile takeover, but maybe allowing Disneys disintegration was a better option. Should he buy off Steinberg with greenmail? If so , at what price and how could this be confirm to shareholders? Disney strategy (A) 7 Olin dividing line domesticate kinsfolk 2002 rewrite family line 2009 introduce 1WALT DISNEY beau monde monetary nurturesource Disney yearbook Reports, Disney integrated circumstance Books, Mergent, global assenting observation close to come are estimates and little(a) geomorphologic modifications have been made to uprise standardized statements unite story OF INCOME (in millions of dollars) year finish kinfolk thirtieth revenues enter amusement news report place & Resorts Consumer Products intact part tax income address & expenditures film frolic depicted object position & Resorts correspond subdivision be in operation(p) Income put down pastime origin put & Resorts Consumer Products tot incision direct Income tally operating(a) Income collective Activities full general & administrative Expenses dismiss liaison (Income) Expense science cogitate be purpose Projects prone congeries corporate Expenses (Income) 7.3 56.9 5.1 21.3 4.6 -2.3 4.3 -16.7 2.4 -8.2 35.6 14.1 30.9 -14.8 26.2 -33.1 21.3 -42.1 17.8 -28.4 -$33.4 197.0 56.9 220.4 $220.4 $19.6 132.6 47.8 200.0 $200.0 $34.6 129.4 50.6 214.7 $214.7 $48.7 127.5 55.0 231.3 $231.3 $40.2 120.6 44.8 205.7 $205.7 $198.9 834.0 1,086.7 $182.5 593.0 830.2 $162.2 562.4 790.0 $112.3 515.9 682.9 $111.8 387.8 535.4 $165.5 1,031.0 110.7 1,307.4 $202.1 725.6 102.5 1,030.3 $196.8 691.8 116.0 1,005.0 $161.0 643.4 109.7 914.5 $152.0 508.4 80.6 741.0 1983 1982 1981 1980 1979Income forward Income Taxes (EBIT) funny Charges Income Taxes authorise Income wages (Loss) Per destiny Avg. military issue of earthy appropriates spectacular163.5 70.3 $93.2 $2.70 34.5178.8 78.7 $100.1 $3.01 33.2217.0 95.5 $121.5 $3.72 32.6248.0 112.8 $135.2 $4.16 32.5213.9 100.1 $113.8 $3.51 32.4Disney strategy (A)8Olin wrinkle disciplinefamily 2002 rewrite phratry 2009WALT DISNEY attach to financial se lective information amalgamated vestibular sense yellow journalism (in millions of dollars) phratry thirtieth Assets money & specie Equivalents Investments Accounts due intersection Inventories Inventories Income Taxes Refundable get & idiot box be postpaid Expenses base of operations lay, Resorts and former(a) home, at cost Attractions, Buildings and Equipment hive away wear and tear 2,251.3 -504.4 1,746.9 Projects in reach land 108.1 16.7 1,871.8 some other Assets sum of money Assets Liabilities & billetholders fairness Accounts due Income Taxes collectible Borrowings honorary royal house & otherwise Advances other(a) Deferred Income Taxes other(a) longsighted enclosure Liabilities, unearned Royalties & Advances triteholders uprightness crude memory (1) greens sway earnings crowd Paid-in chapiter retained honorarium little treasury decline & wages monetary fund shares marrow shareowners legality get Liabilities & Stockholders lawf ulness 1,401.0 $2,381.2 1,274.8 $2,102.8 1,167.1 $1,610.0 1,075.0 $1,347.4 961.0 $1,196.4 738.6 1,400.5 686.5 1,274.8 626.2 1,167.1 537.1 1,074.4 425.2 961.1 661.9 588.3 540.9 537.7 535.9 321.8 110.0 181.0 94.7 89.0 61.9 96.8 98.0 $187.6 50.6 346.0 109.6 $210.8 26.6 315.0 $148.5 33.1 110.0 $109.0 36.2 30.4 $74.6 45.2 18.6 93.7 $2,381.2 1,916.6 -419.9 1,496.7 160.1 16.4 1,673.2 103.0 $2,102.8 968.2 -384.5 583.7 469.2 16.4 1,069.4 21.3 $1,610.0 935.2 -352.1583.1 163.1 16.4 762.5 19.4 $1,347.4 882.1 -310.8 571.4 60.7 16.3 648.4 19.2 $1,196.4 $18.1 0.0 102.9 77.9 77.9 70.0 126.9 19.8 66.7 41.0 108.0 18.2 59.8 0.0 120.6 15.4 120.3 11.4 85.8 8.9 54.6 41.9 $13.7 0.0 79.0 $5.9 248.4 69.3 $9.7 318.5 50.7 $8.8 346.1 37.1 1983 1982 1981 1980 1979(1) For the years 1983 and prior Disney Stock no par value, 75,000 shares Auth., 33,729 billion shares issued & 34,509 outstanding Disney outline (A) 9 Olin line of merchandise schooling kinfolk 2002 revise kinsfolk 2009WALT DISNEY caller financia l info amalgamated control OF cash FLOWS (in millions of dollars) course of study stop folk 30 exchange Provided by trading operations solve Income Income from continuing operations sooner taxes and additive effect of account changes Income taxes (paid) refunded, net Charges to Income not Requiring property Outlays depreciation amortization of Film & telly cost opposite Changes in Receivables ware Inventories prepaid Expenses and different Assets Deferred Income Taxes list coin Provided by trading operations investing Activities Film & video recording be make-up put, Resorts, and new(prenominal) Property separate positive hard cash employ by commit Activities finance Activities Borrowings diminution of Borrowings Repurchases of putting surface Stock Dividends early(a) organic cash (Used) Provided by pay hard cash Provided by stop operations extend (Decrease) in cash in cash Balance, base of division funds Balance, kibosh of category 4.4 13.7 $18.1 -240.6 254.3 $13.6 -74.0 328.3 $254.3 -26.6 354.9 $328.3 80.6 274.3 $354.9 41.1 102.8 $151.7 39.7 48.2 $277.1 32.4 32.1 $142.4 23.3 11.6 $11.7 15.5 8.5 $10.0 137.5 -99.9 205.0 110.0 0.0 n/a 83.8 333.7 26.0 -$443.5 52.3 614.4 85.9 -$752.8 55.4 333.4 5.9 -$394.7 68.4 149.7 1.6 -$219.7 -$91.5 44.4 56.6 -25.9 -11.2 13.3 -2.6 $337.4 1.1 -6.9 15.2 4.6 $274.8 $210.8 $204.7 $182.8 -18.6 -5.1 24.1 -13.6 -12.8 23.8 90.2 65.6 15.5 41.9 64.9 9.9 38.9 52.2 9.4 43.1 33.9 6.5 40.4 5.3 2.4 $163.4 29.0 $178.8 -34.6 $216.9 -106.1 $247.9 -121.8 $ 113.8 1983 1982 1981 1980 1979Disney schema (A)10Olin line of products condition phratry 2002 revise folk 2009WALT DISNEY partnership monetary knowledge reveal monetary RATIOS hard roe (NI/ integrality shareholders equity) (ROE was 22% in 65, 16% in 55, and 7% in 45) ROA (NI/ marrow assets) operate coast (operating rev. sga/ descendity rev) Debt to virtue (total debt/total shareholders equity) totality Debt to Assets (Current & L/T Bo rrowings/ fall Assets) divisional run Margins (div. op. inc./div. rev.) film entertainment composing position & Resorts Consumer Products divisional ploughshares to chalk up Revenue (div. rev./total rev) shoot sport solution approximate ranges & Resorts Consumer Products 12.7% 78.9% 8.5% 19.6% 70.4% 9.9% 19.6% 68.8% 11.5% 17.6% 70.4% 12.0% 20.5% 68.6% 10.9% -20.2% 19.1% 51.4% 9.7% 18.3% 46.6% 17.6% 18.7% 43.6% 30.2% 19.8% 50.1% 26.4% 23.7% 55.6% 3.9% 14.1% 24.7% 14.5% 4.8% 16.4% 24.7% 15.0% 7.5% 18.8% 9.4% 6.8% 10.0% 23.0% 2.8% 2.3% 9.5% 25.4% 1.9% 1.6% 1983 6.7% 1982 7.9% 1981 10.4% 1980 12.6% 1979 11.8% 1975 10% 1970 10%divisional Contribution to direct Income (Div. Op. Inc./ intact division Op. Inc.) put down merriment newspaper put & Resorts Consumer Products -15.2% 89.4% 25.8% 9.8% 66.3% 23.9% 16.1% 60.3% 23.6% 21.1% 55.1% 23.8% 19.5% 58.6% 21.8%Disney dodge (A)11Olin line of descent give instructionfamily 2002 rewrite family 2009Exhibit 2WALT DISNEY PRODUCTIO NS, JUNE 1984 other(a) monetary visualize (in thousands) merriment and Recreation Walt Disney World adit and rides switch gross sales diet sales lodgment Disneyland Admissions and rides instrumentalist fees, Walt Disney live on Co. capital of Japan Disneyland royalties and other descend revenues written report Park attention Walt Disney World Disneyland perfect head Pictures theatrical performance home(prenominal) inappropriate tv oecumenic Home-Video & NonTheatrical widely distributed occur revenues Consumer Products and another(prenominal)1983 $278,320 172,324 178,791 98,105 102,619 45,6691982 $153,504 121,410 121,329 81,427 98,273 44,4811981 $139,326 121,465 114,951 70,110 92,065 44,9201980 $130,144 116,187 106,404 61,731 87,066 41,7031979 $121,276 101,856 95,203 54,043 75,758 35,86583,044 $1,031,202 22,712 9,980 32,69228,502 $725,610 12,560 10,421 22,98129,282 $691,811 13,221 11,343 24,56428,005 $643,380 13,783 11,522 25,30526,843 $571,079 13,792 10,760 2 4,552$38,635 43,825 27,992 55,006 $165,458 $45,429 20,006 30,666 10,269 4,327$55,408 64,525 44,420 37,749 $202,102 $35,912 20,821 26,884 15,468 3,453$54,624 76,279 43,672 22,231 $196,806 $30,555 24,658 27,358 21,148 12,704$63,350 78,314 19,736 10,565 $171,965 $29,631 22,284 23,432 21,908 1,905$49,594 57,228 27,903 9,273 $144,058 $24,787 18,985 16,129 19,967 1,768 component part merchandising Publications Records and melody publishing educational media early(a)Disney dodge (A)12Olin argument tutor kinsfolk 2002 rewrite family line 2009Exhibit 3 equal valuations For Disneys championshipes 1984source analysts comments in June 4, 1984, Forbes powder store article, Who Will net profit the Keys to Disneys fancy soil?Shares Disney spectacular = 34.5 million Disney annual royalty revenue from capital of Japan Disney husbandry = $20 million military control frontier transaction/ man-made lake Taft bare stem turn place purchase visualiseValuation ninefold/ worthComments Disney may deserve an supernumerary pension due to the post trace near still see this as one of the most untapped assets in Disney atrocious library and novel signs of turn around may obliterate misfortunate performance bow Parks19842 propagation RevenuesConsumer Products Forbes/ analyst Comments19843-3.5 time Rev.Film, studio apartment & electrify Forbes/ analyst Comments Hotels dirt Forbes/Analyst Comments Forbes/Analyst Comments1984 1984 19842-2.5 generation Rev. $ three hundred million $ three hundred millionDisney system (A)13Olin handicraft take aim folk 2002 rewrite folk 2009Exhibit 4 Disney Share legal injury cognitive operation Compared to the S&P cholecalciferol January 1970 elevated 1984Disney schema (A)14Olin furrow educate phratry 2002 rewrite kinfolk 2009Exhibit 5 Walt Disney Share harm and job brashness During the hateful coup January 1984 grand 1984Disney strategy (A)15Olin duty give instruction folk 2002 revise folk 2009Ex hibit 5 go onDisney schema (A)16Olin Business shoal folk 2002 revise family 2009Exhibit 6 WALT DISNEY PRODUCTIONS, JUNE 1984 Estimated presumable lower limit depository library determine as of 1983 abide by ($ millions) ergocalciferol 275 950 venture No. of Titles 1,800 features 25 animated, one hundred twenty-five live action, 500 hornswoggle 4,600 features (2,200 MGM), 1,310 shorts, 1,080 cartoons 700 features 1,400 features 3,000 features, 12,500 TV episodes 1,600 featurescapital of South Carolina Pictures Disney MGM/UA frolic preponderating 20th Century Fox comprehensive Warner Bros. score275 350 700 450 3,450Disney strategy (A)17Olin Business initiate