Economic analysis of the current residential housing market in Houston Essay

Economic analysis of the current residential housing market in Houston - Essay Example Houston realtor’s housing data indicates that demand for houses increased by 29% as January 2013 representing a sales increase of 4680 units as compared to the previous year. Additionally, the housing prices were ranging from $500,000 on January 2012 to million dollars. For instance, the highest price were recorded on January 2012 was $200296 (Bivins, paras7-8). The data further indicates that prices of single family houses increased by 9.6% between 2012 and 2013. This indicates that there was a 22.45% increase in housing prices this year as compared to the last year. Additionally, the sale of condominiums was reported to be 422 residential units as at February this year while on February last year the sales of condominiums was 313 units. This indicates that there was an increase in demand for condominiums and mansions by 109 units as at February 2013. According to Eaton, Paras 2-4, higher demand for houses caused an increase in demand for mortgages. For example, demand for mortgage loans increased from 11.4% on January 2009 to 18.6% on January 2011.Therefore, study aims to explain three factors that increase or decrease demands for residential housing in Houston as well as those factors that increase or decrease supply of residential housing. In above connection, the study will put forth demand three examples that explain areas where demand or supply based market failure can be anticipated. Additionally, the study will put forth three examples that explain demand or supply based market failures and how the government can address such failures in a free market. Connectively, graphs will utilize to explain the concepts that are going to be discussed. Economic analysis of the current residential housing market in Houst on Numerous factors have been attributed to an increases demand for housing in Houston, among those factors includes: change in consumer’s disposable income, change in demographic, availability of substitutes to mention just but a few (Arnold p.65). Changes in consumer’s disposable income may involve increase or a decrease in income. Whereby, an increase income caused an increase in demand for houses in Houston as many consumers could afford to pay for houses despite having a higher price. This in turn caused a movement from point A to point B causing a right ward shift demand curve from D1D1 to D2D2 as indicated in 1.1. Additionally, change in population demographics such; as increase in population, could have contributed to an increase in demand for houses (Gwartney p.61). Whereby, as birth rates increases, demand for houses increase causing a rightward shift in demand curve as indicated in diagram 1.1. In above connection, availability of houses that could have been used as substitute contributed significantly to a high demand of houses in Houston. This means that better houses were readily available and therefore, most people were able to substitute their old houses with a new and better residential house depending on their needs. On the other hand, those factors that decrease demand for housing include: changes in consumers future expectations. Whereby, future anticipations that houses prices might fall in the future they may make consumers postpone their current demand for houses in order to purchases those houses in the future at a lower price (Hall p.60). This in turn leads to a decrease in demand for houses and hence causing a leftward shift in demand curve as indicated in diagram 1.2 at the end of the essay. Additionally, a fall in consumer’

Strategies for Building Effective Relationships Essay Example for Free

Strategies for Building Effective Relationships Essay Silburn Pitter This paper will look at the constructing of actual relationships with other manager and workers calls for more time and effort put into your work. The most operational relationships yield many different methods and are very successful, operational and substantial most of the time. This only happens when the people involved encourage a level of high trust in their dealings. This paper will discuss the simple skills that a leader must have in order to do well in having an operative rapport. It will also talk over some of the procedures used to shape actual relationships with bosses and their workers. Finally it will talk about the role a leader takes in different participating management approaches. Leader Skills Anyone coming up in management knows that in order for a leader to be effective they must have certain leadership skills. While not all leaders have these skills, we will show how a leader can become successful. These skills will include: Strategic Thinking, Collaboration, Emotional Intelligence, Critical Thinking, Communication, Motivation, Feedback, Tough Conversations, Coaching, and Making Values Visible and Viral. First we have Strategic Thinking, which means that you have to think big or outside the box. You have to step back and take a look at the big picture some times and just watch what is going on. Then you can see where the work is going good and where you need to work on a problem. Next we have Collaboration, which means you have to be a good role model to your peers and co-workers. You have to be a role model for in effective networking by presenting the value of bridging old limitations and breaking old habits. Next we have Emotional Intelligence, which means you have t o build your self-alertness, self-management, social alertness and correlation management. Emotional intelligence is critical. Know that as a leader, you are infectious. Being a source of energy, empathy and earned trust, showing hopefulness and level-headedness can co-exist. Understanding that elasticity is important to  leadership, especially in demanding times. Next we have Critical Thinking. Critical thinkers question orthodox knowledge. They are watchful about recognizing and challenging traditions that motivate actions or inaction. They are routinely cautious of sweeping statements, implications and unproven theories. Their favorite questions are: â€Å"How do we know that?† They make every effort to self-determining thinkers, careful to check how their own biases might shade their decisions. Next we have Communication, which is one of the easiest to understand. Bosses who don’t communicate successfully get in the way of their team’s success. You have to make it your goal to master every form of interpersonal communication and make it powerful: one-on-one, small group, full staff , email, social media, and of course, listening. It becomes a shortfall in establishments and its managers who point out the problem! Next we have Motivation, which means that you have to tell your people that they are doing a good job, give them a pat on the back, and sometimes giving them a bonus for their good work. You have to show your people that doing a good job is productive and sometime it can be fun. You can set up a program that when people come to work at the beginning of their shift, there is a dance that you do and sing a song that involves the job that they are doing. Next we have Feedback, which means that you are always on the lookout for opportunities to deliver specific, helpful information to people about their performance and their value to the business. Improvement of the quality of all of your communications by using them as chances for modified and operational feedback is good. Next we have Tough Conversations, which mean that you can’t avoid tough talks. Learn to do them skillfully, sidestepping the many drawbacks that they can present. Become an expert at addressing challenges and p roblems early and often. Don’t let problems stand for too long or bullies triumph. Build trust as a leader so people recognize your good intentions even in the midst or wake of stimulating talks. Next we have Coaching; this is totally unlike the skill of fixing. It helps people learn to progress their work and make decisions for themselves. Fixing is when you do the work for the people, but coaching is when you show them what they did wrong and you let them fix it. You can’t fix everyone, but you can coach all of your workers to be self-thinkers. And last we have Making Values Visible and Viral which means that you let people know what you stand for and you make discussions a part of your daily work.  Make it safe for your people to talk about values like integrity, diversity, community, and service. All we have to do is start those talks, and they always take off spontaneously. It should happen in the workplace, too. Each of these is a skill anyone can learn. And there’s nothing more satisfying than seeing professions progress as people grow from b eing all right managers to being great bosses who understand the key skills of leadership. If you don’t motivate, who will? No one that is who. Methods You will have to work with other leaders at your level to discover these openings. Generate strong associations with your peers and bosses. Generate strong associations with your peers and bosses. You will need to treat your peers and bosses with the same admiration and honesty as the other people in your team. Frequently this becomes a hard task because you are competing with them for serious assets. You will have to find new ways to help them in the ways they know. Imagine yourself walking around your office with a bunch of olive branches fastened to your back. Every day you go out and see how many olive branches you can give away to people that would quarrel with you. Whenever possible, be a verbal ally of their situations in gatherings. If you act like a supporter, it is harder for them to see you as an opponent. If you think of them as the opponent, they will give it back. You might have to go that extra mile to help them resolve their problems. Sometimes that means taking badly behaved people off their hands and let them make a fresh start in your business. It might mean that you have to loan them some of your equipment, or other possessions. Be generous with your support. You might have to Substitute excessive associations with the key reserves of your peers. They might have high impact and might be able to help your reason if they see you as a friend. You might have to Bond with your peers whenever possible in common surroundings. Get to know their families, their hobbies, their likes and dislikes, and their can dos and their can’t dos. The closer you are as friends, the more they will want to help you at work. You will have to discuss things often with your peers for means. Create a record of when you are being reasonable and looking for the win-win chances. Never try to win at another person’s expense. It will always come back to bite you on the butt and you will lose in the end. You will need to be noticeable with your allowances. Prove that you will always deal with  impartiality. Fight the offer to blow the whistle on a co-worker when they mess up. It might feel good at the time, but then you will have made a rival, and you never want to have a rival if it can be avoided and it almost always can be. Some people go about making rivals to please their self, their desire to just to have fun. They don’t last very long. If a peer makes a blunder, then this is a great chance to help them recover steadiness, kindness pays off.

White Fang Essay -- essays research papers

White Fang During peoples lives they can be influenced due to the emotions and feelings around them. In the book White Fang by Jack London, White Fang is influenced by three different emotions. The first influence on White Fang was the wild. Another influence on White Fang was fear. A third influence on White Fang was pure hatred. These influences can all be related to similar emotions in my life. The wild’s influence on White Fang is similar to influences in my life. The wild influenced White Fang many different ways throughout his life. One way that the wild has influenced White Fang was when he was a young pup and coming out of the cave for the first time, all the sounds and things that he couldn’t understand brought about in him a strange feeling that he would never forget. Another way that the wild influenced White Fang was by calling him out and away from the fires and tents of the Indian Village. "It was like something was calling him, urging him to run free through the meadows and play in the streams, this was the wild and his White Fangs home"(124). This feeling that White Fang was given when he was born, helps to lead him through life and teach him the dangers of the unknown. The third and most dramatic example of the wild’s influence on White Fang happened late in the book after Weedon Scott had met White Fang. White Fang was torn betw een his new found feeling of love and the way of life in the wild that he had enjoyed and mastered throughout his life. This proves the strength that the wild has on the creatures who live in it. The wild has also had a small effect on my life. The wild while not as suvier as the wild in White Fang has shaped me into a nature lover, ever since I was little I would always wonder to my grandparents woods and climb trees and just play there until I was forced to go home. Another example of the wilds influence on myself is by, the constant wanting to leave Monticello and travel down to Kentucky, where we have a house on a lake, so that I can be alone with all the things I have grown to love. The third example of the wilds influence on my life is the constant searching for something new and exciting that I have never done before. These are all ways that the wild has influenced my life. White Fangs dealings with the wild have had a ... ...it. Another way that hatred has influenced me happened last year when a former friend of mine made me and Aaron Newton so made that we took his wakeboard and broke it in half and sank his boots in the bottom of the lake. The third and most dramatic display of hate happened a few years ago when I said a few choice words to my step mom that got me kicked out of my house and sent to live with my mom. This was something that just fueled my hatred for her, by blaming her for what happened and causing the whole deal. These are all examples of how hatred has influenced me on some of the choices I have made during my life. White Fangs dealings with hatred have been somewhat similar to those that I have encountered during my life. White Fang has been influenced in many of the same ways that I have been influenced throughout my life. One of these influences was the wild that pulled on him his whole life. The second was a fear that kept him from enjoying many of life’s great things and the third was a pure hatred for several different things during his life. Even though White Fang is not a true story it can still be related to peoples lives today.

Nick Carraway Essay

Nick Carraway, the narrator and important character in the novel The Great Gatsby by F. Scott Fitzgerald, is deeply characterized through what he says, thinks, and is seen as by others. Many different perspectives of Nick are evident throughout the novel. He is judged and characterized by himself, his friends, and other strangers that he meets in the novel. Fitzgerald uses more dialogue to characterize Nick than other mediums. In the beginning of the book, on the first page, Nick himself declares that he is the narrator of the book. He states that he is â€Å"inclined to reserve all judgements† (Fitzgerald 1) because he has had many advantages which the average person would not have had. This is the first bit of character that we see developed in Nick’s character. He is not quick to judge people simply because he knows that if he was, he would be trying to understand a life which has not been a part of him. It could also mean that Nick is conscious of what other people tell him, because his father told him â€Å"Whenever you feel like criticizing anyone, just remember that all the people in this world haven’t had the advantages that you’ve had† (Fitzgerald 1). Clearly, Nick is an observant person based on the fact that the novel is narrated in such great detail by him. â€Å"Every friday five crates of lemons and oranges arrived from a fruiterer in New York—every Monday these same oranges and lemons left his back door in a pyramid of pulpless halves† (Fitzgerald 39). Nick is super observant, as observations just as detailed as that are told on most every page in the novel. Nick is not always as forgiving and understanding as he claims in the beginning of the novel, however. There are times, although only a few, when Nick is judgemental towards others. One quote stands out as a popular, recognizable line that Nick says on page 160. â€Å"‘They’re a rotten crowd,’ I shouted across the lawn. ‘You’re worth the whole damn bunch put together’† (Fitzgerald 160). This quote is an indirect insult and criticism toward the neighbors and residents who attended a party at Gatsby’s house. He shouts this to Gatsby after talking about Gatsby’s past and how he ended up where he is now. Nick can be characterized in that quote as being either extremely appreciative of Gatsby or being extremely judgemental of the crowd at the party. Likely both, Nick is going against what he said about himself in the beginning of the novel, which also says that he sometimes makes false statements. Fitzgerald also uses physical descriptions to characterize Nick. â€Å"Dressed up in white flannels I went over to his lawn† (Fitzgerald 41). Although not much is described, only his clothes that night, we can still see character development within that description. The fact that he’s wearing simple, white flannels, although fancy and expensive, are also very neutral and humble. Even though West Egg is considered to be â€Å"New Money†, Nick is more observant and in the background. It seems as though he would rather watch something than be watched by something. He could have worn flagrant colors and flaunted himself, but he chose to do the opposite. Another somewhat physical description of Nick is that he’s not a city-born character. He was born in Minnesota, not New York, and because of this, it could be implied that he grew up in a simpler place, where it did not matter what you wore or looked like. This can be considered while characterizing Nick’s physical traits. Fitzgerald exemplifies Nick’s characteristics in multiple ways throughout the novel. The evidence Fitzgerald provides for the reader is clearly given and shows how Nick is not always what he wishes he could be from a personality standpoint. What Fitzgerald did to show the different sides of Nick’s character is a major reason he is considered among the top American novelists; and The Great Gatsby is by far his best work.

Family Business Plan Essay

Besides that, Ming Yi Feeds is operated in the category of control and management of family member. All the important thing and decision is making by themselves but not the outsider. The business is the first generation and established for 8 years. The founder of Ming Yi Feeds Sdn Bhd is not currently planning his retirement and is not deciding to pass the ownership of the company to anyone since he is still young and is able to run the business. The succession factor of the company is the father of the CEO is highly support for the business. And one of the biggest customers of the company is the BM Lean Huat Chan a chicken farming company own by the CEO’s father. The supportive family members of the CEO is participating themselves in the business and the support from their father made the company successful. The business is kept private and confidential to the public as well as their family. The only persons able to access the business information are the CEO and his father. This is because all the business information is crucial to the company like their supplier and customers. The founder does not have any interested to sell their family business, because the owner dreams to remain the business in their family. However, in order to expand their business, shareholder may be required to gain some capital, but the family will still holding the majority share compare to other shareholders. The company is implementing a basic compensation method which is base salary and allowances. However, there is a bonus to every employee every year and the amount is based on the performance in the particular year. Background Information Company address: Plot 31, Jalan Perindustrian Bukit Minyak 9, Taman Perindustrian Bukit Minyak, 14100 Simpang Empat. Telephone No: 04-5078488 Fax No: 04-5086488 Types of Business Entity: Sendirian Berhad Work Force: Presently 20 Staff Member Building Particular: offices 24 X 98 feet Turnover per year: RM 100 million Profit Margin: 0 ~ 1 % Quality Policy Mr. Seah said that they are committed to consistently provide the quality product and services to satisfy or exceed customer’s expectations through continuous process improvement, adequately trained and developed work force and on time delivery. Vision Ming Yi wants to be a competitive manufacturer in agriculture product in Malaysia. Mission Ming Yi Feeds is committed to bringing the best and safe agriculture product to Malaysia agriculture industry through its innovative R&D department, facilities and services offering. Objective Ming Yi Feeds wants to further boost its sale by 10% in the next two years. Organization Chart Role of Family Members Chief Executive Officer – Seah Yeok Chee the CEO is responsible in making decision and ensures the smoothness of the business operation as well as the sale of the company. He is the eldest son in the family. General Manager – Kuo Yee Mei the GM is assisting the CEO in daily operation. She is responsible in maintaining stock level. She is the wife of the CEO Mr. Seah. Financial & Human Resources Manager – Seah Ai Ling the financial and human resources manager is responsible in the financial division in the company as well as recruitment and selection of new employees. She is the sister of the CEO. Operation Manager – Seah Yeok Chew the operation manager is responsible in the feed production process and ensures the quality of the product to meet the standard. He is the younger brother to the CEO. Conflict * Connectivity There is lack of connection between the company and the entire market, because most of materials are come from family member (other business entity in the same family). So, the cost is slightly higher. * Management problem The hierarchy level and the authority are unclear. Which are the difference / gap between first generation (father) and second generation (son). * Concept The company is implementing a conservative approach. The company is not actively sought for new customer and do not take risk in new investment. Solution * The company communicates to the market and gets other suppliers in order to minimize the cost. By this the company found different supplier and compare the price. * The authority among father and son are differentiated clearly. So, the decision made by the son is not affected by the father. In order to achieve the company vision and mission, they do some investment in marketing their product to new customer. Business Activity * Selling feeds * Selling Raw Material to others supplier especially Maize and Soya bean * Others services Raw Material The main raw materials are Maize, Soya bean meal, Corn gluten meal, Broken Rice, Feed Wheat, Salt, Meat and Bone, DCP, Feed Oil / Cooking Oil and Vaccine all the ingredients of grain are l ocally available at low prices but some vitamins other ingredients will need to be imported. Product Manufacturing Process The compound feed preparation process requires 1. High accuracy and precision of weighing 2. Feed ingredient handling and processing 3. Mixing 4. Packing 5. Labeling Process Flow Diagram Compound Feed Process flow of UBM Formula of Feeds R1 – 12 – 10 ( 8107C ) Group| Name| Amount| Big Scale| Corn| 1058| | SBM Hipro| 478| Liquid| Olien / Cooking Oil| 48| Bin| C. G. M | 70| | Feed Wheat| 100| | DDGS ( Low-Pro )| 100| | MBM| 70| Hand-add| D. C. P 18%| 14| | Limestone Powder| 9| | Salt| 0. 50| | Sodium Humate| 10| Premix | Premix Merah| 1 X| | Premix 8107| 1 X| L-Lysine| 9. 84| | DL-Methionine| 6. 58| | Choline Chloride 60%| 2. 40| | Toxisorb| 3. 00| | Natuphos ( 5000G )| 0. 30| | | 1979. 62| Types of Feeds * 8107 Crumbles * 8207 Crumbles * 8207 Pellet * 8307 Pellet * 8107 c is for the chicken ( 1-8 days old ) * 8207c is for the chicken ( 9-14 days old) * 8207p is for the chicken ( 15- 21 days old ) * 8307p is for the chicken ( 22days – selling ) Location Tanker for storage raw material Packaging process Photo of the storage exist Loading process Working condition Weight the feeds and truck before send to the farm

The Disunited States essays

The Disunited States essays According to the article, the majority of the nation seems to be pro-devolution, or for returning power from the federal government to state governments on several issues. The author gives several reasons for devolution and against it, but overall he thinks that devolution would be a major mistake for the nation and proposes that we instead readjust the federal government to meet the needs of today. There are several reasons given for devolution of the federal government, the first is that a single state could be used as a laboratory to try new economic and social ideas, being that if it didnt work it would not affect the nation as a whole. Competition between states is another reason given for devolution. Interstate competition would produce more creative and diligent ways to carry out the task of government. And last, as responsibilities flow to state governments, public sector efficiency will increase. Next the author goes on to give his reasons against devolution. The first reason is that it would have no effect on the public dept; devolution would only cause a cut in federal spending by less than half a percent. Devolution would also worsen the odds of prosperity by making unskilled labor jobs harder to come by. The last reason the author gives against is that it will cause interstate rivalries by making states compete for citizens causing lower and lower tax rates between cities making it harder for the state governments to operate. Instead of total devolution the author suggest that the federal government be reshaped by 5 different ways in order to meet the needs of today. The first is to devolve, but only in areas where the state would do a better job. Two, restore federal primacy in anti poverty policy, being that the federal government would do a better job. Three, recognize states limits as stewards of education. Four, curb competition for business and five, fix t ...

Valuation by Discounted Cash Flow (DCF) Essay Example

Valuation by Discounted Cash Flow (DCF) Essay Example Valuation by Discounted Cash Flow (DCF) Essay Valuation by Discounted Cash Flow (DCF) Essay As shown in Exhibit A, the revenues for USG were projected to be $2. 1 billion in 1988. Revenues were then projected to grow at 4% to 7% for the next four years from 1989 to 1992. Revenues for the terminal year were projected to grow at 4. 5% to $2. 7 billion, largely based on inflation as well as with consistent growth rate. EBITDA for 1988 was projected to be $396 million, versus the actual of $531 for 1987. The significant drop in EBITDA was attributable to the restructuring expenses, coupled with the decrease in sales. EBITDA would then gradually increase to $617 million in 1992 with EBITDA margin of 24. 2%. With the same EBITDA margin as 1992, EBITDA for the terminal year was projected to be $645 million. Depreciation and amortization for the projected period were in the range of $71 million to $84 million, and $70 million for the terminal year. The Company would invest between $58 million and $121 million in capital expenditures for the projected period. The terminal years capital expenditures were assumed to be at the same level as depreciation, which amounted to $70 million. With a 36% tax rate, the debt-free net income increased from $200 million in 1988 to $349 million in 1992, with $368 million in the terminal year. Total free cash flow ranged from $248 million to $315 million for the projected period except for 1989 with $785 million primarily due to asset sales realized. As illustrated in Exhibit B, with a risk free rate of 8. 9%, risk free premium of 6. 0% and the beta of 1. 37, the cost of equity for USG was calculated at 17. 2% by using the CAPM equation. The cost of debt was 10. 97% based on the Baa bond rating. Taken into account the 36% tax rate and the debt weighting and equity (market) weighting of 28. 5% and 71. 5%, respectively, the weighted average cost of capital (WACC) was calculated to be 14. 3%. Based on the WACC of 14. 3% and the long-term growth rate of 4. 5%, the terminal value for USG was $3. 6 billion. By discounting each periods free cash flow by the WACC of 14. 3%, the sum of the present value of free cash flows for the 5-year period 1988 to 1992 was $1. 3 billion. The present value of the terminal value was $2. 0 billion, also by discounting it by the WACC. As such, the enterprise value for USG was $3. 3 billion ($1. 3 billion + $2. 0 billion). To calculate the stub value, total debt at closing has to be subtracted from the enterprise value. With the total debt at closing as high as $3.1 billion, the stub value was computed at $188 million, or $3. 65 per share. Therefore, the value per share of the leveraged recapitalization was considered to be approximately $45. 65 ($37 + $5 + $3. 65). However, this value might have been too optimistically represented because the debt on the Company was evidently too high and the $5 of junior subordinated debentures might only be worth $1 to $2 per share while the stub value might be diluted to almost nothing, or worthless. Valuation by Multiples From the information available in the case, the transaction P/E multiples in the building products industry were between 11.6x and 13. 4x, with a median of 12. 8x. Multiplying USGs projected 1988 EPS of $3. 46 by the median P/E multiple of 12. 8x gave a $44. 29 value per share. The trading P/E multiples in the building products industry were between 10. 4x and 15. 7x, with a median of 11. 6x. Multiplying USGs projected 1988 EPS of $3. 46 by the median P/E multiple of 11. 6x gave a $40. 14 value per share. Please refer to Exhibit C for more details. It can be concluded that based on the valuation by market multiples (averaging transaction and trading), USGs value per share was worth approximately $42.22. Advantages of Leveraged Recapitalization USGs leveraged capitalization was intended to provide shareholders with a significant distribution of cash and securities and permit them to retain their proportionate long-term equity interest in the Company. As in this case, shareholders would be receiving $37 in cash for each share of common stock, $5 in stated face amount of 16% junior subordinated pay-in-kind debentures, and one share in the newly recapitalized company. The purpose of leveraged capitalization for USG was to defend against the hostile takeover by Desert Partners. To finance the leveraged recapitalization, USG had to raise approximately $2. 5 billion; a majority of that would be used to pay the shareholders. The substantial increase in leverage would discourage outside bidders. In addition, USGs leveraged recapitalization represented a continuation for the Companys long-term decentralization program and an attempt to get each subsidiary to focus on growth opportunities with their specific markets. The Company proposed selling three subsidiaries which was expected to generate $519 million after taxes. The Company would also discontinue any products and distribution channels that failed to pass certain stricter investment criteria. USG would also reduce capital expenditures by up to $100 million per year and operating expenses by $70 million per year. Another good point of leveraged recapitalization is that it stimulates management to perform well as a company. It alerts the Company to cut costs and improve its overall operations. Since USG would be burden with a large amount of debt, it created pressures for the Company to execute its business model and hit performance targets in order to develop cash flow to service its debt. Further, as discussed above, relatively large issue of debt is intended to use for the payment of a large cash dividend to non-management shareholders, and for the repurchase of common shares. The end result is an increase in the ownership share of USGs management. A defensive leverage recapitalization might succeed by returning cash to shareholders that is close to or more than the takeover offer. In the case of USG, we will be discussing and comparing the USG leverage recapitalization value and the Desert Partners offer.