Leveraged Buyouts

This study comprehensively reviews theoretical and empirical literature pertaining to leveraged buyouts. An agency theory framework best describes the source of LBO value creation. Agency conflicts are mitigated through extensive utilisation of debt capital and concentrated equity ownership, which are functions of asset and organisation structures. The evidence generally supports the hypothesis that economic wealth is created by leveraged buyouts, rather than merely redistributed among stakeholders. This thesis uses a multiple case design to examine leveraged buyouts in Australia. It compiles data from a broad range of public and private sources, and conducts qualitative and quantitative analysis on six (6) leveraged buyouts. Case results indicate that industry and business attributes synonymous with US and UK buyouts are important determinants of Australian leveraged buyouts. Business attributes are the primary motivating farces. Ownership structures comply with foreign expectations, and capital structures are more closely aligned with those reported in UK research. Industry adjusted performance was analysed for a subset of three (3) leveraged buyouts with post-buyout periods of sufficient duration. Profit margins and capital utilisation exceeded industry medians in each post-buyout year, for each leveraged buyout. Cost control, rather than increased sales, accounted for most gains. Australian buyouts did not manage working capital effectively, a result which contrasts markedly with US and UK leveraged buyouts. The evidence from the Australian leveraged buyouts analysed in this thesis is consistent with an agency theory framework

First Records for \u3ci\u3eAeshna Sitchensis\u3c/i\u3e (Odonata: Aeshnidae) and \u3ci\u3eEnallagma Clausum\u3c/i\u3e (Odonata: Coenagrionidae), and a Northwestern Record for the State-Endangered \u3ci\u3eSomatochlora Incurvata\u3c/i\u3e (Odonata: Corduliidae) in Wisconsin

While surveying for Odonata in coastal peatlands and associated shoreline areas adjacent to Lake Superior in Wisconsin, we documented populations of two new state record species, the zig-zag darner (Aeshna sitchensis Hagen) and the alkali bluet (Enallagma clausum Morse). We also located a robust population of the state-endangered incurvate emerald (Somatochlora incurvata Walker) at the northwestern edge of the known range of this species. Adults and exuviae of A. sitchensis and S. incurvata were found at an insular fen on Stockton Island, Ashland County, within the Apostle Islands National Lakeshore (AINL). Breeding of both species had occurred in areas of the fen where small pools had dried by summer. Additionally, a single adult male A. sitchensis was collected in the City of Superior in Douglas County. Adult E. clausum were found at two sites: on the Lake Superior beach near the mouth of the Sand River within the AINL in Bayfield County, and along the northeast shore of Allouez Bay in the City of Superior in Douglas County

Spontaneous Chelation-Driven Reduction of the Neptunyl Cation in Aqueous Solution.

Octadentate hydroxypyridinone (HOPO) and catecholamide (CAM) siderophore analogues are known to be efficacious chelators of the actinide cations, and these ligands are also capable of facilitating both activation and reduction of actinyl species. Utilizing X-ray absorption near edge structure (XANES) and extended X-ray absorption fine structure (EXAFS) spectroscopies, as well as cyclic voltammetry measurements, herein, we elucidate chelation-based mechanisms for driving reactivity and initiating redox processes in a family of neptunyl-HOPO and CAM complexes. Based on the selected chelator, the ability to control the oxidation state of neptunium and the speed of reduction and concurrent oxo group activation was demonstrated. Most notably, reduction kinetics for the NpV O2 +/ /NpIV redox couple upon chelation by the ligands 3,4,3-LI(1,2-HOPO) and 3,4,3-LI(CAM)2 (1,2-HOPO)2 was observed to be faster than ever reported, and in fact quicker than we could measure using either X-ray absorption spectroscopy or electrochemical techniques

Radio Observations of SN 1980K: Evidence for Rapid Presupernova Evolution

New observations of SN 1980K made with the VLA at 20 and 6 cm from 1994 April through 1996 October show that the supernova (SN) has undergone a significant change in its radio emission evolution, dropping by a factor of ~2 below the flux density S \propto t^{-0.73} power-law decline with time t observed earlier. However, although S at all observed frequencies has decreased significantly, its current spectral index of \alpha= -0.42\pm0.15 (S \propto \nu^{+\alpha}) is consistent with the previous spectral index of \alpha=-0.60_{-0.07}^{+0.04}. It is suggested that this decrease in emission may be due to the SN shock entering a new region of the circumstellar material which has a lower density than that expected for a constant speed (w), constant mass-loss rate (Mdot) wind from the progenitor. If such an interpretation is correct, the difference in wind and shock speeds appears to indicate a significant evolution in the mass-loss history of the SN progenitor ~10^4 years before explosion, with a change in circumstellar density (\propto Mdot/w) occurring over a time span of \lesssim 4 kyr. Such features could be explained in terms of a fast ``blue-loop'' evolutionary phase of a relatively massive pre-SN progenitor star. If so, we may, for the first time, provide a stringent constraint on the mass of the SN progenitor based solely on the SN's radio emission.Comment: 22 pages, 3 figures, to appear in Ap

A Performance Assessment of a Tactical Airborne Separation Assistance System using Realistic, Complex Traffic Flows

This paper presents the results from a study that investigates the performance of aspects of an Airborne Separation Assistance System (ASAS) under varying demand levels using realistic traffic patterns. This study only addresses the tactical aspects of an ASAS using aircraft state data (latitude, longitude, altitude, heading and speed) to detect and resolve projected conflicts. The main focus of this paper is to determine the extent to which sole reliance on the proposed tactical ASAS can maintain aircraft separation at demand levels up to three times current traffic. The effect of mixing ASAS equipped aircraft with non-equipped aircraft that do not have the capability to self-separate is also investigated

Spatial Distribution of Competing Ions around DNA in Solution

The competition of monovalent and divalent cations for proximity to negatively charged DNA is of biological importance and can provide strong constraints for theoretical treatments of polyelectrolytes. Resonant x-ray scattering experiments have allowed us to monitor the number and distribution of each cation in a mixed ion cloud around DNA. These measurements provide experimental evidence to support a general theoretical prediction: the normalized distribution of each ion around polyelectrolytes remains constant when ions are mixed at different ratios. In addition, the amplitudes of the scattering signals throughout the competition provide a measurement of the surface concentration parameter that predicts the competition behavior of these cations. The data suggest that ion size needs to be taken into account in applying Poisson-Boltzmann treatments to polyelectrolytes such as DNA

Photometric Accretion Signatures Near the Substellar Boundary

Multi-epoch imaging of the Orion equatorial region by the Sloan Digital Sky Survey has revealed that significant variability in the blue continuum persists into the late-M spectral types, indicating that magnetospheric accretion processes occur below the substellar boundary in the Orion OB1 association. We investigate the strength of the accretion-related continuum veiling by comparing the reddening-invariant colors of the most highly variable stars against those of main sequence M dwarfs and evolutionary models. A gradual decrease in the g band veiling is seen for the cooler and less massive members, as expected for a declining accretion rate with decreasing mass. We also see evidence that the temperature of the accretion shock decreases in the very low mass regime, reflecting a reduction in the energy flux carried by the accretion columns. We find that the near-IR excess attributed to circumstellar disk thermal emission drops rapidly for spectral types later than M4. This is likely due to the decrease in color contrast between the disk and the cooler stellar photosphere. Since accretion, which requires a substantial stellar magnetic field and the presence of a circumstellar disk, is inferred for masses down to 0.05 Msol we surmise that brown dwarfs and low mass stars share a common mode of formation.Comment: 37 pages, 14 figures, accepted by A

The Causes and Consequences of Nonenzymatic Protein Acylation.

Thousands of protein acyl modification sites have now been identified in vivo. However, at most sites the acylation stoichiometry is low, making functional enzyme-driven regulation in the majority of cases unlikely. As unmediated acylation can occur on the surface of proteins when acyl-CoA thioesters react with nucleophilic cysteine and lysine residues, slower nonenzymatic processes likely underlie most protein acylation. Here, we review how nonenzymatic acylation of nucleophilic lysine and cysteine residues occurs; the factors that enhance acylation at particular sites; and the strategies that have evolved to limit protein acylation. We conclude that protein acylation is an unavoidable consequence of the central role of reactive thioesters in metabolism. Finally, we propose a hypothesis for why low-stoichiometry protein acylation is selected against by evolution and how it might contribute to degenerative processes such as aging

First Records for \u3ci\u3eAeshna Sitchensis\u3c/i\u3e (Odonata: Aeshnidae) and \u3ci\u3eEnallagma Clausum\u3c/i\u3e (Odonata: Coenagrionidae), and a Northwestern Record for the State-Endangered \u3ci\u3eSomatochlora Incurvata\u3c/i\u3e (Odonata: Corduliidae) in Wisconsin

While surveying for Odonata in coastal peatlands and associated shoreline areas adjacent to Lake Superior in Wisconsin, we documented populations of two new state record species, the zig-zag darner (Aeshna sitchensis Hagen) and the alkali bluet (Enallagma clausum Morse). We also located a robust population of the state-endangered incurvate emerald (Somatochlora incurvata Walker) at the northwestern edge of the known range of this species. Adults and exuviae of A. sitchensis and S. incurvata were found at an insular fen on Stockton Island, Ashland County, within the Apostle Islands National Lakeshore (AINL). Breeding of both species had occurred in areas of the fen where small pools had dried by summer. Additionally, a single adult male A. sitchensis was collected in the City of Superior in Douglas County. Adult E. clausum were found at two sites: on the Lake Superior beach near the mouth of the Sand River within the AINL in Bayfield County, and along the northeast shore of Allouez Bay in the City of Superior in Douglas County

Multitargeted Imidazoles: Potential Therapeutic Leads for Alzheimer's and Other Neurodegenerative Diseases

Alzheimer’s disease (AD) is a complex, multifactorial disease in which different neuropathological mechanisms are likely involved, including those associated with pathological tau and Aβ species as well as neuroinflammation. In this context, the development of single multitargeted therapeutics directed against two or more disease mechanisms could be advantageous. Starting from a series of 1,5-diarylimidazoles with microtubule (MT)-stabilizing activity and structural similarities with known NSAIDs, we conducted structure−activity relationship studies that led to the identification of multitargeted prototypes with activities as MT-stabilizing agents and/or inhibitors of the cyclooxygenase (COX) and 5-lipoxygenase (5-LOX) pathways. Several examples are brain-penetrant and exhibit balanced multitargeted in vitro activity in the low μM range. As brain-penetrant MT-stabilizing agents have proven effective against tau-mediated neurodegeneration in animal models, and because COX- and 5-LOX-derived eicosanoids are thought to contribute to Aβ plaque deposition, these 1,5-diarylimidazoles provide tools to explore novel multitargeted strategies for AD and other neurodegenerative diseases