Case 2.9 Powder River Petroleum International, Inc

Financial statements could be examined with varied degrees, as part of the client acceptance procedures Paige CPA got to perform a horizontal and vertical analysis, and financial ratio analysis of Vinand Petroleum financial statements. These procedures are not as in depth as other procedures used by auditors on financial statements, but these procedures may show areas of concern for auditors. From 2006 to 2007, Vinand’s long term debt tripled and its interest expense paid for the year did not reflect this drastic increase. This could mean that Vinand has taken on a large amount of debt with a low interest rate, which will not bode well for the financial health of the company in the future. In the same breadth,

1. Why is Brown Forman considering buying Southern Comfort? In your answer consider the strategic motives of Brown and the arguments in favour of and against the acquisition.

Advanced Fuels Corporation (AFC) was founded five years ago by Dr. Zachary Aplin. In the fourth year of research he and his two –member staff made a major break-through that can convert grain waste products into ethanol which can mix with gasoline to produce a better burning automobile fuel. Producing ethanol from waste products would lower its cost dramatically so the market potential of the blended fuel would be increased. After AFC receiving a patent for Dr. Aplin’s unique ethanol production process he decided to broaden the scope of operations of the company but he doesn’t have additional funds to put in. So, he developed

The plaintiff (Southern Prestige Industries, Inc.) initiated an action against the defendant (Independence Plating Corp.) in a North Carolina state court for a breach of contract. The plaintiff alleged that defects in the defendant’s anodizing process caused the plaintiff’s machine parts to be rejected by Kidde Aerospace. The defendant being a New Jersey corporation and having its only office and all of its personnel situated in the state filed a motion to dismiss citing lack of personal jurisdiction. The trial court denied the motion and the defendant appealed arguing that there were insufficient contacts to satisfy the due process of law requirements

"Generally, a plaintiff seeking to pierce the corporate veil must show that complete domination ' was exercised over a corporation with respect to the transaction attacked, ' and that such domination was used to commit a fraud or wrong against the plaintiff which resulted in plaintiff’s injury '" (Williams v Lovell Safety Mgt. Co., LLC, 71 AD3d

The case that I have chosen to discuss is Case 85 Cal.Rptr.2d 844 (1999) 978 P.2d 2 20 Cal.4th 785 Peter Ramirez, Plaintiff and Appellant, v. YOSEMITE WATER COMPANY, INC., Defendant am Respondent, No. S070114, Supreme Court of California, June 17, 1999.

Herein will begin with an overview and introduction from personal knowledge of DixieLands Glory, LLC; a small family owned and operated business for the purpose of owning and managing rental properties. The company was initially operated as Warf’s Rentals; in 2003 the business was renamed and incorporated to become DixieLands Glory, LLC. The business is operated from a small office located in the family’s home, which is located in Linden, Tennessee. DixieLands Glory owns, operate, and manage approximately eighty-five rental units ranging from single-family homes to 4-plexes and mobile home parks. The properties that the company owns are mostly located in the states of Tennessee and Alabama. Of this, about 50 percent are located in the family’s hometown of Linden, Tennessee, with the remainder being located in two other Tennessee counties, and Decatur, Alabama.

Plaintiff, Kaycee Land and Livestock, opened a case to hold Defendant, Roger Flahive, personally liable for (contamination) damages after an agreement made by Flahive’s LLC, Flahive Oil & Gas. The District Court of Johnson County presented the case to the Supreme Court of Wyoming to determine if Flahive could be held personally liable. Kaycee Land and Livestock contracted with Flahive Oil & Gas in order to use the surface of the land to raise the Plaintiff’s livestock. Kaycee Land and Livestock claims that Flahive Oil & Gas contaminated the surface area, leaving it useless for Kaycee Land and Livestock’s needs. Flahive Oil & Gas does not have any assets. Therefore, Kaycee Land and Livestock wants to use general corporate veil-piercing principles

There was insufficient evidence to demonstrate that Barnes did understand the label to constitute a representation in the form suggested. It was found that Glendale was negligent and in all circumstances, it was considered there was a duty on Glendale to include in the packaging a warning as to the consequences of using corrosive product with hot water in a confined space such as a drain. There was no specific defect with the caustic soda but the issue is whether it was defective within the meaning of Section 75AC. It was found by the court the label to be defective within the meaning of section 75AC.

Becton Dickinson (BD) is a large family-owned corporation with headquarters in New Jersey that emphasizes healthcare and diagnostic devices. Founding in 1897, BD has established its reputation based on a paternalistic human resource philosophy, e.g. never fires anyone, and rewards loyalty. Things had changed when Roger Kern was appointed as the vice president of human resources in 1981. He created a first-class traditional HR function at BD that focused on education, compensation, benefit and other key HR functions. In the late 1980s, despite these substantial changes, problems began to surface. More and more employees complained most HR programs and functions were “less

The latter has further been exacerbated by a lack of incentives for Metro branches, the main sales and marketing agents for the product, to sell Due Bills.

The Solyndra Corporation is a Limited Liability Company, (LLC) that creates and constructs solar panel systems for the large industrial rooftop companies. According to Hals-Ketcher (2006) a Limited Liability Company is structured so the members of the corporation are not held directly liable for the company's bills or liabilities. So when the company filled for bankruptcy, the partners were not obliged to pay the LLC's debts out of their own assets, and if the resources of the LLC are not adequate to cover the balance due, the creditors have minimal legal actions to compel the owners for payment. Their debt was with the LLC, not the people that owned the LLC (Hals-Ketcher 2006). Solyndra was the first company to get a guaranteed federal loan

The Wallace Group is devised of three operational groups which include Electronics, Plastics and Chemicals. Harold Wallace was the original owner of the electronics company, but now has 45% of the group after acquiring the plastics company and then the chemical company. He also serves as the Chairman and President of the Wallace Group, but each group is run by a Vice President. Recently, Hal Wallace hired Rampar Associates to put together an

They are a small, local company that assumingly delivers quality products on time and at the convenience of their buyer’s needs. While their relationship with CJI appears to have been professional and successful, they will not be able to continue to supply CJI with all of their bilge pumps once the demand reaches 50 pumps monthly. This situation forces them to consider their options which are: to expand their production capabilities or maintain their current production levels and risk losing their business with CJI.

When Petroquímica Bahia Blanca S.A. (PBB) began the process of becoming privatized by the Argentine government, Dow Chemicals saw the acquisition of this company as a golden opportunity to become the leading polyethylene player in Latin America. Dow Chemical’s was already a major player in the chemicals (ethylene), plastics (polyethylene), and agricultural products industries holding position as a low-cost producer. Breaking each segment of their business down into these categories respectively, Dow Chemicals was able to generate annual revenues of 20.2 billion making them the leader in market position worldwide for some chemical product lines accounting for 7% of global capacity. Dow embraced a strategy