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• W1502177752 abstract "SUBJECT AREAS: Leveraged buyouts; spin-offs; financial distress; control function of debt; corporate governance; boards of directors; LBO associations. CASE SETTING: 1987; USA (Wisconsin); railroad industry. REQUESTS FOR COPIES: To obtain a copy of this case, please contact Harvard Business School Publishing, 60 Harvard Way, Boston, MA 02163. Phone: (800) 545-7685. MAILTO:custserv@hbsp.harvard.edu, web:http://www.hbsp.harvard.edu or you may contact the author directly. Case No: 9-190-062, Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress Case No: 9-190-070, Wisconsin Central Ltd. Railroad and Berkshire Partners (B): LBO Associations and Corporate Governance Case No: 9-891-509, Companion Video to A case: includes CEO of Wisconsin Central and Chairman of Berkshire Partners in Discussion with HBS Class Case No: 5-899-050, Teaching Note These cases provide an opportunity for students to understand the structure and operation of an LBO Association. Wisconsin Central Limited (WCL), formed in a 1987 leveraged buyout of 2,000 miles of unprofitable track from the Soo Line Railroad, is a regional railroad operating throughout Wisconsin and in parts of Minnesota, Illinois, and Michigan. For many years WCL has been the most profitable and highly rated railroad in the country. In the A case, there is conflict between the board of directors and the management of WCL over WCL?s response to the startup losses that caused its technical default. The policy disagreement is over whether WCL should try to grow its way out of the unexpected difficulties or respond by cutting costs. The main issues in the case, therefore, are: the nature of the conflict between WCL?s board and its management; and the role of WCL?s capital structure and division of equity holdings and governance structure in resolving the conflict. The B case describes the resolution of the default situation. It further examines the internal control mechanisms and distinct role of the board of directors of a typical LBO association. The teaching note provides instructors with detailed analysis of both the (A) and (B) cases, exploring the WCL buyout transaction, including strategy, valuation and capital structure, and the incentives of the major players in creating and resolving the conflict. The note includes cash flow projections for WCL, a suggested lesson plan for teaching the cases, and a transcript of a videotaped session held at Harvard Business School with WCL?s president and CEO, and a general partner of Berkshire Partners. Through the videotape, which serves as companion to the (A) case and is accompanied by a short viewing guide, students learn how differently these participants viewed the crisis at WCL, and how they were able to resolve the conflict in spite of their divergent views. This case series offers students an excellent opportunity to witness the control function of debt in action and highlights the important differences between traditional boards of directors, where equity ownership by directors is small, and LBO boards, whose members own significant amounts of stock. The series may be taught in conjunction with Eclipse of the Public Corporation, by Michael C. Jensen (Harvard Business Review, September-October, 1989, Reprint No. 89504). These cases are currently taught in Coodination and Control in Markets and Organizations, an elective course of about 600 students in the second year of the Harvard MBA program." @default.
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• W1502177752 date "1992-11-13" @default.
• W1502177752 modified "2023-09-27" @default.
• W1502177752 title "Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress, (B): LBO Associations and Corporate Governance with associated videotape and Teaching Note" @default.
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