F E N E D U C a T O R Oct. 30 2000

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F E N E D U C A T O R : C O U R S E S , C A S E S , A N D T E A C H I N G A B S T R A C T S Vol. 5, No. 6: October 30, 2000 ______

Publisher: Financial Economics Network a division of Social Science Electronic Publishing, Inc. (SSEP) and Social Science Research Network (SSRN)

Editors: ROBERT F. BRUNER Distinguished Professor of Business Administration, University of Virginia Mailto:[email protected]

PETER TUFANO Professor of Business Administration, Harvard Business School Mailto:[email protected]

KAREN HOPPER WRUCK Associate Professor, The Ohio State University Mailto:[email protected]

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T A B L E of C O N T E N T S ______

"The Transformation of Enron: 1986-2000" SAMUEL E. BODILY University of Virginia Darden Graduate School of Business ROBERT F. BRUNER University of Virginia Darden Graduate School of Business

"Iridium LLC" BENJAMIN C. ESTY Harvard Business School

"Corporate Finance: Do beginning students get it?" JAMES A. GENTRY University of Illinois at Urbana-Champaign MICHAEL A. DYER University of Illinois at Urbana-Champaign

PRESENT VALUE: AN INFORMAL COLUMN ON TEACHING

"Digital-Friendly but Learning-Focused: Action and Readings for Excellent Teaching" ROBERT F. BRUNER University of Virginia Darden Graduate School of Business

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"The Transformation of Enron: 1986-2000"

BY: SAMUEL E. BODILY University of Virginia Darden Graduate School of Business ROBERT F. BRUNER University of Virginia Darden Graduate School of Business

Document: Available in CD-ROM format from Darden Educational Materials Services.

Paper ID: Darden Case No.: UVA-G-0559-M Date: 2000

Contact: SAMUEL E. BODILY Email: Mailto:[email protected] Postal: University of Virginia Darden Graduate School of Business Box 6550 Charlottesville, VA 22906-6550 USA Phone: 804-924-4813 Fax: 804-293-7677 Co-Auth: ROBERT F. BRUNER Email: Mailto:[email protected] Postal: University of Virginia Darden Graduate School of Business Box 6550 Charlottesville, VA 22906-6550 USA

Requests For Copies: A free inspection copy of the case (in CD-ROM format only) and its teaching note (in paper format) may be requested by email or telephone to Darden Educational Materials Services at the coordinates below. Please mention FEN.

Email: MAILTO:[email protected] Phone: (800) 246-3367 (toll-free in the U.S.); (804) 924-0902 (for inquiries from outside the U.S.)

ABSTRACT:

SUBJECT AREAS: real options; strategy; financial performance; corporate transformation. CASE SETTING: 2000, U.S.

In mid-2000, observers remarked on Enron Corporation's unusual record of performance. This record included supernormal investment returns across the 1990s, bold redefinition of products and markets (in gas, electricity, and bandwidth), dramatic growth, and designation in five successive years by Fortune as the "most innovative firm" in the U.S. How had the firm transformed itself to achieve these results? What was the vision or set of ideas motivating this change? Was the transformation sustainable?

This case was developed to stimulate student discussion of corporate transformation to achieve extraordinary results. Because of the large ideas and themes the case raises, it would be suitable for use in fields as diverse as finance, strategy, organization, and leadership. Specific learning objectives of the case include these:

* Explore the role of optionality and real options thinking in setting strategy and the creation of corporate culture. Jeffrey Skilling, President and COO, advances the idea that "the purpose of the firm should be to gain alternatives."

* Reflect on external drivers of large corporate transformation, and particularly the two drivers that emerge prominently in this case, deregulation and capital market discipline. This case illustrates an important microeconomic story of firm-level response to sudden overcapacity and price volatility.

* Survey the dimensions of large corporate transformation, focusing especially on vision, strategy, culture, and organization. The case offers the insight that lasting transformation affects the entire firm in all dimensions, rather than small issues at the margin. The long-term sustainability of transformation and the limits to ongoing transformation efforts are questions that emerge as reflections on the transformation of the past 15 years.

* Consider the influence of organization and culture upon the firm's ability to innovate. The case affords the insight that innovativeness is not merely a matter of strategy or corporate will, but also requires consistent culture, organization, and leadership.

* Profile the attributes of the change leader. The case reveals a number of characteristics of Enron's change leaders - especially Jeffrey Skilling - in their own words.

JEL Classification: G30 ______

"Iridium LLC"

BY: BENJAMIN C. ESTY Harvard Business School

Paper ID: Case No.: 200-039; Teaching Note: 5-200-050 Date: July 18, 2000

Contact: BENJAMIN C. ESTY Email: Mailto:[email protected] Postal: Harvard Business School Morgan Hall 381 Soldiers Field Boston, MA 02163 USA Phone: 617-495-6159 Fax: 617-496-8443

Paper Requests: To receive a copy, please contact the author directly.

ABSTRACT:

SUBJECT AREAS: project finance, financial strategy and execution, valuation analysis, corporate governance, global investment CASE SETTING: August 1999, telecommunications, $5.5 billion investment, $6 billion projected revenue

This case analyzes the demise of Iridium LLC, one of the largest private-sector projects in corporate history. The satellite communications company declared bankruptcy on August 13, 1999, and is now in the process of being liquidated under the auspices of the US Bankruptcy Court. Despite almost $6 billion of investment, the assets appear to be worth less than $50 million.

The first half of the case describes Iridium's creation, development, and commercial launch, and gives students an opportunity to critique the vision behind this project and estimate its value using discounted cash flow analysis. The second half of the case focuses on Iridium's financial strategy and execution. In particular, the case describes Iridium's target debt-to-total book capitalization ratio of 60%, the various kinds of capital Iridium used (secured bank debt, guaranteed bank debt, zero coupon bonds, cash pay notes, etc.), and the sequence in which it issue them. Although this post mortem analysis is intended to help students understand the relevant issues in financing large, greenfield projects, the lessons on financial strategy and execution readily extend beyond the realm of large projects.

The case has four pedagogical objectives. First, it illustrates the financial strategy and execution of a very large, greenfield project. The case helps students understand why project sponsors select highly-leveraged capital structures, why they use specific types of capital (bank debt vs. public notes), and why they raise capital in the sequence they do. This analysis forces students to confront the "capital structure puzzle" yet the setting differs from other attempts to differentiate among various capital structure theories because Iridium is a start-up venture that is less affected by prior financing decisions or past performance.

Second, the case illustrates not only the benefits of using project finance for high-risk projects, but also the dangers of using project finance for high-technology projects. With more than $43 billion of announced capital expenditure for satellite communications systems, it is critical to learn from Iridium's mistakes. One key lesson is that while financial structure can improve firm performance and increase the probability of success, it cannot save a project with fundamentally flawed economics.

Third, it illustrates how difficult it can be to value a large project with unproven technology. The case presents wide ranging revenue projections from some of the most informed investors (equity research analysts). The combination of large, relatively certain, upfront costs with large, relatively uncertain, distant revenues makes large-scale investment very risky.

And fourth, it provides an opportunity to discuss the governance of large projects. One of the key questions in this case is, "How could this have happened?" Part of the answer lies in Iridium's board structure (size, independence, and ownership).

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"Corporate Finance: Do beginning students get it?"

BY: JAMES A. GENTRY University of Illinois at Urbana-Champaign MICHAEL A. DYER University of Illinois at Urbana-Champaign

Paper ID: University of Illinois, Working Paper No. 99-0128

Contact: JAMES A. GENTRY Email: Mailto:[email protected] Postal: University of Illinois at Urbana-Champaign Deparment of Finance 419 Commerce West 1206 South Sixth Street Champaign, IL 61820 USA Phone: 217- 333-7995 Co-Auth: MICHAEL A. DYER Email: Mailto:[email protected] Postal: University of Illinois at Urbana-Champaign Department of Finance 340 commerce west, mc 706 1206 South Sixth Street Champaign, IL 61820 USA

Paper Requests: Contact Illinois Research and Reference Center, 128 Library, 1408 West Gregory Drive, Urbana IL 61801 USA. Fax:(217)244-0398; Phone:(217)333-1958. Basic fee is $10. http://www.library.uiuc.edu/library/irrc/default.htm

ABSTRACT: Did the students get it? This question frequently confronts finance professors following the presentation of lectures to beginning corporate finance students. Performance on future examinations and in higher-level finance courses suggests that beginning students "do not get it" as clearly as professors would like to believe. One objective of this study is to examine if beginning students in a corporate finance class can identify the most important points in the lecture and determine the points they least understand. Another objective is to describe and use Angelo's Fourteen Principles for improving higher learning to help students better understand the material and to improve their performance. Finally, Angelo's principles are used to show faculty how to improve their teaching skills. The paper provides insights for finance professors to become better teachers, to create an improved learning environment, and to enhance student learning.

JEL Classification: G30 ______

PRESENT VALUE: AN INFORMAL COLUMN ON TEACHING

"Digital-Friendly but Learning-Focused: Action and Readings for Excellent Teaching"

BY: ROBERT F. BRUNER University of Virginia Darden Graduate School of Business

Document: Available from the SSRN Electronic Paper Collection: http://papers.ssrn.com/paper.taf?abstract_id=247829

SUBJECT AREA: classroom teaching.

Being digital (or at least heading there) is perhaps the most interesting forward-looking issue in the development of excellent teachers today. Society is awash in progressively higher tides of new information technology. For teachers, this creates a race to adapt, cheered by students who value flexibility and novelty, and by corporate partners who want their new recruits trained in the latest and greatest. However fleet of foot the instructor might be, the workout required to keep up with the pack is nontrivial. There is always new software or systems lying around the bend. The price tag for it all requires smelling salts for Deans. And though the invention and experimentation brings tangible rewards to the teaching enterprise, it also carries unintended adverse side effects. The finish line to this race keeps moving outward. And besides, as Gertrude Stein might have asked, is there a there there? I think the answer is "yes" though its shape is not obvious today. And getting there successfully depends crucially on the distinction between wisdom, knowledge, and information. This note offers some suggestions to guide the journey.

Past columns by Robert Bruner may be found by search at the SSRN website at: http://papers.ssrn.com/sol3/search.taf or by going to his Author Page at SSRN at: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=66030

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