Gasoline Prices Essay Example | Topics and Well Written Essays - 1500 words

Gasoline Prices - Essay Example Increased fuel prices forces American society to find alternative energy sources and motivates the government to invest more into research and development of the cars with less fuel consumption and improving efficiency of the refinery sector. Crude oil prices have the major impact on gasoline prices. Other factors include refinery capacity in the country, gasoline inventories maintained by refiners which is going downward, regulatory environment (national air quality standards), and the structure of the gasoline market. It is important to note that mergers lead to anticompetitive effects because more power is given to merged companies who are able to increase prices above competitive level. The first wave of mergers has started in 1990s in US when several competing with each other companies have merged. More than 2,500 mergers have occurred at that time - since 2000 only 8 mergers have occurred involving different market segments (exploration, production, and transportation) (Energy Markets: Factors Contributing to Higher Gasoline Prices, 1). Refining capacity in the United States is not expanding at the same rate as demand for the gasoline. The American average refinery capacity is 92 percent - as the result, there is no room to expand production (Energy Markets: Factors Contributing to Higher Gasoline Prices, 1). ... Experts attribute higher prices to the expending demand (particularly for the electricity production) while supply is not expanding at the same rate. The balance of demand and supply is especially affected if demand or supply changes unexpectedly. For example, the prices went up at the end of year 2005 when two hurricanes hit the Gulf Coast region (Natural Gas: Factors Affecting Prices and Potential Impacts on Consumers, 1). As it was noted above, the domestic refineries are already working at their full capacity and the fact that the gasoline is imported leads to the shortage of supply. According to market structure principles, the shortage of supply results in increased cost - people will buy gasoline despite of the price they pay. In 2004 the United States citizens have consumed approximately 20.5 million barrels per day of crude oil accounting for as much as 25 percent of global production. Half of this crude oil was used for the production of gasoline. Data from the Energy Information Administration indicate that the capacity of American refineries is approximately 16.5 million barrels per day. Even though the refineries are upgraded, the majority of them have been built over 25 years ago. By year 2020 the demand for gasoline is projected to increase by 20 percent and the country will not be able to satisfy the domestic demand. As Karen Matusic has noted, since May 2005 the demand for gasoline has increased by 3.3 percent while the price increased by 35 percent. From supply side, she continues, those refineries that has been destroyed by hurricanes are operating now and the capacity utilization rate rose to 91.7 percent (Matusic, 1). Despite of the increased capacity, the price for gasoline is not

Exploring University of Leicester (HERO GENIE) for Food@Uni Essay

Exploring University of Leicester (HERO GENIE) for Food@Uni - Essay Example The broader problem of this research is to find the effectiveness of the Food@Uni program in creating long term beneficial effects for the students to protect themselves from chronic diseases that are likely to develop in future. The research analysis along with findings and recommendations are explained in this paper. Several authors in this world have admitted that high consumption of unhealthy junk foods have serious effects on the health of the human beings. It is true that fast food items like wraps, sandwiches, burgers and French fries can be considered as junk food items. Consumption of junk food has serious effects on health. Obesity, heart disease, high calories, overweight, high blood pressure and diabetes are the consequences of high consumption of fast food items (Ronzio, 2003, p.247). It is true that these fast food items are highly popular among the children, kids and young adults. In addition to this, busy college students and office goers used to consume this fast food item due to quick processing time of these food items (Houston, 2005, p.109). People can save valuable consumption time and cost by buying fast food items. However, the growing negative consequences of consumption of fast food are creating major concerns for governments, households and several people (Murphy, 2013, p .39). It is true that several leading multinational fast food organizations are trying to offer quality fast food products in order to overcome the issues (Gallup, 2004, p.76). However, governments and several non-profit organizations are trying to create awareness among the people to consume healthy food items in order to stay healthy and feet. It is important for several colleges, universities and other educational organizations to develop several awareness programmes and events for people to reduce the possibility of human diseases. It is true that children, kids and young college students are

Study On The Seagate Technology Buyout Finance Essay

Study On The Seagate Technology Buyout Finance Essay Motivation and structure of the transaction. In early 1999, Seagate was planning on major restructuring proposal with the private equity firm, Silver Lake partners L.P. The plan implied a leveraged buyout of Seagates disk drive operations, followed by the tax free acquisition of Seagates remaining assets by VERITAS Software Corporation. The choice for this two step transaction was mainly a result of Seagates 40 percent ownership of VERITASs common stock. In the previous year the share price of VERITAS increased significantly and the market value of Seagates share in VERITAS had come to substantially exceed Seagates entire market capitalization. The value gap was a result of the perceived tax liability by the market if Seagate were to sell its VERITAS stake and Seagates core disk drive operations were not fully valued in the market due to increased interest in Internet firms and cheaper data storage providers. The two-step transaction was thus believed by Seagates management to genera te significant wealth gains for its shareholders. Before making their decision Seagates has to consider some alternatives to the previously described restructuring in order to address its low stock price. The company could sell the company as a whole, repurchase its own stock or sell off part of the VERITAS stake, or undertake a tax-free spin-off of either the disk drive business or its stake in VERITAS. We address each of these alternatives next. Seagate could choose to sell itself to other companies that may be interested. A merger or acquisition, in this case, could be either horizontal or vertical. Whereas a horizontal merger or acquisition could be beneficial for Seagate, because of the even higher market in the very competitive disk drive market, a vertical merger would be less successful as the company is already vertically integrated. However, it would be ideal for Seagate to be acquired by VERITAS as it holds 40 percent of its shares. But VERITAS was not interested in entering into the disk drive industry as management believed this was to far away from their core software business. A second alternative for the company is to sell its VERITAS stock or repurchase its own stock partially in the open market, however. However both actions proved to be ineffective. First Seagates ability to sell of VERITAS shares was limited by a prior agreement made with VERITAS. Even if they could sell off the entire VERITAS stake, it still seems an undesirable outcome since the transactions would be taxable on both the corporate as personal accounts. Second when the company performed a repurchase it had little impact on its stock price. A tax free spin-off would imply that Seagate spins off one of its business units, the core disk drive business or the VERITAS stake as an entirely new company. However the internal revenue code, as part of the US statuary tax law, requires that both the distributing corporation and the controlled corporation must be engaged immediately after the distribution in an actively conducted trade or business for a five-year period. Furthermore it also states that the corporate divisions lacking a business purpose can not be accomplished tax free (IRS, 2003). Clearly the VERITAS stake corporation will not satisfy these conditions and thus a tax free spin-off is unlikely. Besides the distribution must be the last resort for solving the business problem. In other words, it must be established that the business problem cannot be solved otherwise. This condition also does not hold since, as we will later see, the proposed two step transaction remains as a valid alternative. After reviewing these alternatives the proposed two step transaction seems to be baneful, mostly due to its low tax nature. As indicated in the case the stock-for-stock swap qualifies as a reorganization under the Internal Revenue Code, thus avoiding the tax implications as a swap. VERITAS will swap 109,330,300 shares for 128,059,966 shares previously owned by Seagate, and the tax advantage will be Huge as no personal or corporate taxes have to be paid on the transaction. Furthermore the decrease in total outstanding shares associated with the deal will cause earnings per share to rise, cetris paribus. In total this would be in the benefits of the VERITAS shareholders, enabling the two stage transaction to be pursued on their behalf. Seagates shareholders also benefit from the potential restructuring program. First they will receive 109,330,300 shares that have experienced a price increase of 200 percent after the half year that followed VERITAS acquisition of Seagates Network and Storage group. Compared to the 25 percent increase over the same period of its own shares this is a significant difference. Furthermore they will receive an additional amount generated from the sale of Seagates disk drive manufacturing assets (including $765m of cash) to the Suez Acquisition Company. The benefits to be received here, and thus also the potential benefits of Silver lake Partners L.P. are thus for the main part determined by this price, which was not determined yet. Seagates employees will also benefit from the two step transaction as their incentive to perform increases significantly when the new Suez Acquisition Company is no longer tight to VERITAS performance. Corporate governance is now considerable tighter than in th e old situation. A sincere loser of the reorganization is the government that could have gained more in taxes if one of the pre-described alternatives were chosen. Levering the buyout There are a number of benefits of leveraged buy outs. Business efficiency improvements, increased interest tax shields, change of management or improved management incentives and higher firm value are the most important possible effects. In the case Seagate an increase of the stock price was the most important target of the leveraged buyout. Before the leverage buyout Seagates stock price was more and more tied to VERITAS stock price. The performance of Seagates main business was a subordinated parameter. The trial to increase the stock price by means of selling VERITAS shares and buy own shares in the open market did not lead to the aimed target. Therefore a leveraged buyout was a possibility to lose the stock price from the performance of VERITAS. Besides of this main purpose to disconnect the stock price development from VERITAS also other positive effects of leveraged buyout could be realized, as the improvement of the market position of Seagate from a strategic and long-term point of view. As a consequence a higher probability to secure a positive stock price development after being on the stock market again can be attained. Another positive aspect of leveraged buyouts are taxes that can be saved through higher debts and interest that is tax-deductible. Although it should be considered that interest cannot be deducted unlimited because of interest barrier rules or earnings stripping rules. Therefore the interest only can be deducted to a certain extent, depending on the debt-to-equity ratio. There are specific regulations that differ from country to country. In case of cross-border leveraged buyouts the situation should be analyzed separately. Within the EU there is no different treatment in cross-border situations because of the freedom of establishment and the freedom of capital of the EC Treaty. A decisive argument of leveraged buyouts is the possibility that enterprises that were poorly managed before their acquisition can undergo valuable corporate reformation when they become private. An important change in the corporate structure is often the modification and replacement of the management staff or improved management incentives. In the Seagate case Silver Lake was convinced about the abilities of the management team. Silver Lake argued that the members of the management team had over ten years of experience in the disk drive industry and underlined that it was an important condition of the deal that the six top managers were taken over. In many articles it is argued differently as a restructuring without modification of management staff is much harder and there is a stronger opposition against many unpleasant but necessary changes. As incentives the management had to convert a portion of their Seagate equity into new equity and also got some deferred compensation. The re jection of unnecessary company sectors as well as the reduction of excessive expenditures also is an important factor for the success of the deal. In the leveraged buyout market stable and predictable cash flows and significant tangible assets which can be provided as security for bank loans are positive preconditions. These are features that make an enterprise for private equity firms interesting to invest. In the 1980s and early 1990s industrial companies were strongly favored and technology business was avoided. This has changed as the technology sector has become more and more important and in the last years this sector has become increasingly more interesting for Private Equity investments (von Nell-Breuning/2010). The disk drive industry as part of the technology sector is distanced by heavy price competition, short product life cycles which are often no longer than six months and high expenditures on RD. These are features that make buyouts very risky. It makes it difficult to predict cash flows, which plays a significant role for the success of a leveraged buyout. Nevertheless Silver Lake was convinced that in general the disk drive industry market development would be extremely positive and that the disk drives would be the key technological component in hardware products. It also should be taken into account that Seagate had a number of characteristics that were from a positive nature for a leveraged buyout like vertical integration for a better competitive position on the market. But also high RD while using up cash is a positive aspect to prevent market entry of smaller, less well-capitalized competitors. Another advantage of Seagate was the relatively high equity ratio compared with the technological industry. The equity ratio of Seagate was 26.6 per cent in June 1997, it was 29.6 per cent in June 1998 and in June 1999 the equity ratio constituted 23.9 per cent. The equity ratio of its competitors were lower, f.ex. the competitor Quantum HDD only had an equity ratio from about 13.5 per cent. The average equity ratio of mature industries is between 20 and 25 per cent depending on the country. Capital Structure In order to assess the capital structure of the deal and in essence the amount of debt the Luczo and the buyout team should take it is necessary to estimate the firm value. Two model are being considered for this task. The first one is the relative valuation model. The rationale for relative valuation stems from the notion that the intrinsic value of an asset is difficult to estimate. Its value can be measured by the price the market is willing to pay for its assets, based upon its characteristics. The second model being considered is the DCF model. When comparing relative valuation with DCF, one advantage over DCF is the reflection of market perceptions on the value of the company. Thus, in a perfect market, the perceptions of future prospects are already reflected in the stock price. It requires less information than DCF models and is therefore less prone to estimation errors. In addition, managers are often judged on a relative basis and relative valuation might therefore match th eir needs and horizons. Markets are assumed to make mistakes when pricing assets across time. DCF valuations detach themselves from market valuations and assess the fundamentals underlying the firm and its growth perspectives. Relative valuation leads to a reasonable estimate when there are many comparable assets that are priced in the market and a common variable can be applied to standardize the prices. Although the case offers some information on competitors we deem the data to be insufficient. Even more, relative valuation works best for investors that usually have relatively short investment horizons as it is rather difficult or impossible for the market to perceive long-term growth perspectives. In general a private equity investment(PE) spans on a 5 to 7 years time line meaning the PE investor has a medium to long-term investment horizon. More confidence in reasonable firm value estimation is thus assigned to the DCF valuation. The fundamentals of a company provide a prudent basis for estimations. Assumptions for the estimations are transparent while these are rather not in the case of relative valuation. A DCF valuation can be applied to long-time horizons and is thus more applicable for investors with long-term investment perspectives. In addition, a fundamental approach might work as a catalyst that moves the price in the market towards the real value of the assets. Silver Lake Partners L.P., as the bidder for the controlling stake of the company is interested in deriving the firm value, meaning the value of the equity stake in association with debt. Cash flows coming from operating activities would therefore need to be estimated. A first step concludes in the calculation of free cash flows to firm (FCFF). The FCFF is computed based on the following assumption: The company management provides three different projections for the buyout team: The Base Case, The Upside case and The Downside Case, each differing in EBITA and Revenues values. Capital expenditures and Depreciation are to remain the same in all three cases. The values used are provided in the operating performance projections table of Seagate. The working capital(WC) is mentioned in the case as being historically equal to 0 for the industry so the change in WC is to be ignored. According to this values the FCFF can be computed. After total cash flow is calculated, it is brought back to NPV using the companys weighted average cost of capital (WACC). The WACC, which is defined by the relative cost of the companys debt and equity is also viewed as the required rate of return for the company and its investors to compensate them for the inherent risks of ownership and realization risk for projected cash flows. The value for the risk free rate and the market risk premium have been set as given by Damodaran(2010) as 3.20% and 2.05% respectively. The beta of the company is supplied by the case as 1.2. Thus we come to the value of 6% for the WACC. Based on the values of the FCFF and WACC computed we can now asses the present value of the firm in the years to come. By summing up this values for the required time horizon we get to the firm values for the three cases Figure 1 Firm value analysis As it can be noticed the firm values for the cases register important differences. The Upside case stands out. Comparable to this the Downside Case has a much smaller difference. In order to better account for the possibility of worse than expected, but more importantly, for better than expected performance in the company we consider that the average of the three values should be used as the firm value and as the price the buyout team should pay meaning US$2.224 billion. We have determined a purchase price of $2.22 billion that Silver Lake Partners will pay to acquire the operations of Seagate. This will be a leveraged buyout that includes two different equity sources and two different debt sources. Our proposed capital structure will consist of 79% percent equity and 21% percent debt. This structure was chosen based on the BBB three-year median rates as referenced in the case (Exhibit 11). The EBIT Interest Coverage ratio set the median value over 1997 to 1999 of 3.9x. In order to get the highest value for the firm when deciding to sell it, the PE firm will try to maintain its rating or even to improve it so it makes sense to consider the BBB value as appropriate. Even more lower rating will also mean higher interest rates for its debt. Using this value and the EBIT values provided for the case we can compute the amount of interest that the firm can afford to pay every year. It can be noticed in Exhibit 1 that the lowest value for EBIT is predicted in year 2000 so it makes sense to consider this value as a benchmark as the following years the performance is expected to improve. Starting from amount of interest that the firm can afford to pay every year we calculated the value of debt that the firm has to take in order to be required to pay that amount of interest. This adds up to US$468.31 meaning 21% of the price recommended for the deal. By comparing this result with the values provided in Exhibit 11 from the case it can be noticed that the firm will remain under BBB rating. The remaining 79% is to be provided by the buyout team in form of equity. It should also be considered that Silver Lake Partners L.P. will receive US$765 million by acquiring Seagate, funds that can be used as equity for the deal. Figure 2 level of debt analysis In order to better assess the impact of the three scenarios on the capital structure of the deal we also used the values computed under The Base Case, The Upside Case and The Downside Case. Again it can be noticed that the better performance predictions stand out. This is based on the possibility that in the latter years of the investment the firm will perform over the expectations even though 2000 is perceived as the same in all cases.

Cars :: essays research papers

Looking for a fast and affordable small car? Two excellent choices are the Mitsubishi Eclipse GT and the Pontiac Grand Am GT. The Pontiac Grand Am GT and the Mitsubishi Eclipse GT are similar yet different in several ways.   Ã‚  Ã‚  Ã‚  Ã‚  The Pontiac Grand Am and the Mitsubishi Eclipse are similar in that they’re both affordable and fast small cars. First, both are under $25,000 brand new, with the Grand Am GT costing around $18,000 and a Mitsubishi Eclipse GT costing $20,000. The Grand Am GT goes 0-60 in 7.5 seconds, while the Eclipse sprints 0-60 in 7.9 seconds. The average 0-60 time for a small inexpensive car is around 11 seconds. Another similarity is they both have V6 engines. The Grand Am has a responsive 3.3L 175 hp V6 with 205 lb/ft of torque. The Eclipse has a 3.0L 200 hp V6 that kicks out 205 lb/ft of torque as well. They are both small, automatic transmission cars that seat up to 5 people. The Grand Am weights in at 3,100 lb and the Eclipse weights 3,200 lb.   Ã‚  Ã‚  Ã‚  Ã‚  Grand Am’s and Eclipses each have a different interior and exterior design however. For example, the style on the exterior of the cars is dramatically different. The Grand Am has an exuberant styling sure to attract attention. The Eclipse, on the other hand is a nice looking car, but it doesn’t look quite as fancy or as sporty as the Grand Am because it doesn’t have the RAM intake on the hood of the car, nor does it have dual exhaust like the Grand Am GT. Another difference is in the interior design. The Grand Am’s interior is cheap looking plastic and is plainly laid out. The Eclipse interior is more attractive and just doesn’t look cheap like the Grand Am.

Concealment in the Twelfth Night

British Literature: Concealment in Twelfth Night Throughout Twelfth Night, concealment influences each character’s life because it’s essential to portray how falsehood can be amusing or agonizing before they can discover their identity in life. Therefore, the concept of concealment not only affects the characters’ mistaken identities and abilities to express true love, but it gives the story comedic and entertaining qualities.Furthermore, concealment portrayed throughout this story makes each character develop an identity with either showing cleverness or madness, while it also makes each character realize the principles towards obtaining love and truth. For instance, Viola's disguise as Cesario and Feste’s costume as Sir Topas shows that they are both clever and amusing which causes characters to experience deception and confusion until their identities are revealed.With this in mind, concealment not only deludes characters from reality, but it exposes th e abundance of true love among Viola, Orsino, Olivia, Sebastian, Maria and Sir Toby, which leads to three marriages within the story. Nevertheless, concealment causes the people to experience deceptions and illusions, but also provides humor concerning the morality of human behavior. Moreover, the first example of concealment during the Twelfth Night is Viola's disguise as Cesario.Viola’s concealment is central to the plot because it is clearly evident that the fluctuation in attitude to the dual role and the situations and tribulations imposed upon the character Viola/Cesario, ends up creating a better understanding of both sexes and thus, allows Viola to have a better understanding of Orsino. For instance, at the end of the story when Orsino finally realizes who Cesario is, he professes his love to Viola by saying: â€Å"When that is known, and golden time convents, A solemn combination shall be made Of our dear souls.Meantime, sweet sister, We will not part from hence. Ce sario, come- For so you shall be, while you are a man; But when in other habits you are seen, Orsino’s mistress and his fancy’s queen† (5. 1. 352-358). Consequently, Viola learns that in the role of Cesario, she had to be quick on her feet and defend the probing questions and statements as to her love and others love for her. Also, she acquired the skill to bide her time, until the time was right, in case she reveal her true self or intentions.The disguise also prevents Viola from expressing her love for Orsino, it contributes to the dramatic ironies by causing complications of mistaken identity. Moreover, Viola cannot show her love for Orsino, the only way she can express them is in her soliloquies to the reader, this contributes to the dramatic ironies. For example, when Viola conveys to Orsino what Olivia told her concerning love by saying: â€Å"A blank, my lord. She never told her love, But let concealment, like a worm i' the bud, Feed on her damask cheek. She pined in thought, And with a green and yellow melancholyShe sat like patience on a monument, Smiling at grief. Was not this love indeed? We men may say more, swear more, but indeed Our shows are more than will, for still we prove Much in our vows, but little in our love† (2. 4. 108-115). There are many examples of concealment concerning Viola alone, which enables her to work for Orsino as a messenger: it causes Olivia to fall in love with her and it causes both of them to disguise their feelings from each other until Orsino becomes aware that Cesario is Viola. Concealment also causes mistaken identity.For example, Sir Andrew goes looking for Cesario, strikes him, finds out later it is, Sebastian. Sebastian hits him in return, but sevenfold, and Sebastian having been in Illyria only a few days is proposed to by a beautiful lady and is hit by a man he had never seen before, † Why, there’s for thee, and there, and there! Are all the people mad? â€Å"(4. 1. 16-1 7). This is a funny series of events started by the disguise of one single woman. It is evident therefore, that the disguises of Viola / Cesario as an example are very important and central to the plot.Also, it portrays how some characters are deceived about their true nature. An example of this is when Orsino sees himself becoming Olivia’s sweet perfections, fulfilling her sexual desire, thought and feeling. He naively believes that he is in love with Olivia when he has never really spoken with her. Another example is Olivia adopting the pretence of mourning and the puritanical Malvolio is tricked into the role of Olivia's suitor and becomes a smiling courtier. As a result, oncealment contributes to most of the comedy because there is the occasion when Feste dresses up as Sir Topas and Sir Toby brings the joke to an end out of self interest than any concern for Malvolio.Feste uses a black parson's gown, which is, ironically, the color normally associated with Malvolio, who i n contrast is dressed in bright colors. This reversal provides a visible symbol of just how thoroughly his pride has been humiliated. Feste says, â€Å"There is no darkness but ignorance† and Malvolio's ignorance has been ruthlessly exposed, although he was ignorant to think that Olivia loved him in the first place (4. . 33). It is the verbal and character comedy of Sir Topas, showing how humor comes from the rapid switching of roles and, if rather uneasily, from the deception of Malvolio. There are also more subtle examples of concealment in the Twelfth Night, the nature of characters as well as their identities are disguised. In the letter to Malvolio, Sir Toby Belch disguises his real motives behind his show of friendship for Sir Andrew. Illyria could also be a disguised England, not many people had traveled in Shakespeare's day and so perhaps he made up Illyria to be a fantasy England.This place could be where all stereotypes of English people get up to a variety of thing s, creating familiar stereotypes in a slightly different setting. Perhaps also, Shakespeare wishes to show his audience how ready humans are to disguise themselves: Orsino and Olivia are both disguising their feelings, Malvolio's vanity and illusions about himself and his mistress help in his humiliation. The irony is that Orsino and Olivia are led to face reality by the characters Viola and Sebastian, who are at the center of the confusion over identity.Disguised characters were a stock convention of comedy, but Shakespeare uses the device to give it wider significance. The play makes us consider what our beliefs are about ourselves and others based upon. Therefore, in conclusion, it can be seen how very important and significant the theme of concealment is. Many forms of concealment featured in the play portray how  emotions and intentions are disguised behind an outer appearance, pretence or an attitude in which the characters possess within each situation.Concealment connects the story, the characters and the different scenes in the play. However, if there wasn’t concealment in the Twelfth Night, there wouldn’t be any humor reflecting the conflicts or problems, which influences the characters’ lives with understanding the truth about love and what causes illusion/deception.Bibliography Shakespeare, William. Twelfth Night. The Longman Anthology of British Literature. Ed. David Damrosch et al. 4th ed. New York: Longman, 2009. Vol. 1B. pp. 1217-1272.

Reversals in “Ethan Frome” by Edith Wharton Essay

In Edith Wharton’s novel Ethan Frome, the lives of the characters are turned upside down but not in a sense that they are able to escape from the state are in. It’s more like the physical wellness of the characters and their social place within their microcosm is the one that is reversed rather than them, having totally opposite lives. Not much changes, except that Zeena’s health improves dramatically and Mattie becomes the one who needs medical attention. Ethan on the other hand is still with his wife, miserable and poor. Ethan Frome, as the title suggests is the story about Ethan, a farmer who has to attend to his sickly wife, Zeena. The couple is helped by Mattie, Zeena’s cousin. Ethan is intensely attracted to Mattie but he is duty bound to serve his wife. Zeena is suspicious for Mattie has been living with them for over a year and she has sensed the mutual attraction that Ethan and Mattie have. In defiance to the betrayal going on in her house, Zeena hires a different helper. Ethan of course, objects but in the end, he still obeys his wife. Before Mattie is able to leave town for good, she suggests that they commit suicide by sleighing directly on the path of an elm tree. Unfortunately for them, the â€Å"smash-up† doesn’t prove to be fatal because of Ethan’s hesitation before the impact. The failed suicide attempt causes Mattie to be paralyzed and Ethan almost suffering the same fate. Before the smash-up, Ethan was already in a position that is very similar to where he is at the end of the novel. If anything, he’s even in a poorer state than where he was before. As described by the condition of the house, â€Å"Even for that part of the country the kitchen was a poor-looking place† (Wharton, 1911, p. 63). It means that the reversal that happened to Ethan, isn’t exactly a reversal. He comes full circle, after having high hopes and dreams for a new life with Mattie, he ends up where he started, in that poor house with his wife. The reversal (and return trip) that would happen to Ethan is foreshadowed in Chapter IV; Ethan passes by a graveyard where his ancestors are buried. He sees on the epitaph his name, â€Å"Sacred to the memory of Ethan Frome and Endurance his wife, who dwelled together in peace for fifty years† (Wharton, 1911, p.27). Ethan wonders whether the same words would be place on his Epitaph. The real reversals that happen in the story are with Zeena and Matie. These two cousins would change roles by the end of the novel. Before the smash-up, Zeena was the sickly person that is being tended to by her husband and her cousin Mattie. But in the span of twenty years or so, Zeena would recover from her illness and she would end up to be the one who â€Å"takes care† of Mattie, or at least let her live in the house. Mattie would end up paralyzed after their mishap, or failed suicide attempt about twenty years ago. Now she is the one who needs to be taken care of. Before the smash-up Mattie was a perfectly healthy and beautiful woman, Ethan is not the only one who had eyes for her as evidenced by Eady’s invitations toward her during the opening chapters of the novel. But after the smash-up, she is reduced to be nothing more than a body on an armchair, unable to move with the freedom that she had in the past â€Å"Under her shapeless dress her body kept its limp immobility† (Wharton, 1911, p. 63). The smash-up had caused reversals in the novel, Ethan’s hopes of being with Mattie for the last time is crushed along with Mattie’s spine. Mattie who used to be a healthy and beautiful woman becomes a motionless body. Zeena on the other hand, before the smash-up was a sickly person, but twenty years after the incident, she is revealed to have recovered from her illness. Reference Wharton, E. (1911). Ethan Frome. New York: Scribner’s Publishing.

Battle of Marston Moor - English Civil War History

Battle of Marston Moor - English Civil War History Battle of Marston Moor - Summary: Meeting on Marston Moor during the English Civil War, an allied army of Parliamentarians and Scots Covenanters engaged Royalist troops under Prince Rupert. In the two-hour battle, the Allies initially had the advantage until Royalist troops broke the center of their lines. The situation was rescued by Oliver Cromwells cavalry which traversed the battlefield and finally routed the Royalists. As a result of the battle, King Charles I lost most of northern England to Parliamentary forces. Commanders Armies: Parliamentarian Scots Covenanters Alexander Leslie, Earl of LevenEdward Montagu, Earl of ManchesterLord Fairfax14,000 infantry, 7,500 cavalry, 30-40 guns Royalists Prince Rupert of the RhineWilliam Cavendish, Marquess of Newcastle11,000 infantry, 6,000 cavalry, 14 guns Battle of Marston Moor - Dates Weather: The Battle of Marston Moor was fought on July 2, 1644, seven miles west of York. Weather during the battle was scattered rain, with a thunderstorm when Cromwell attacked with his cavalry. Battle of Marston Moor - An Alliance Formed: In early 1644, after two years of fighting the Royalists, the Parliamentarians signed the Solemn League and Covenant which formed an alliance with the Scottish Covenanters. As a result, a Covenanter army, commanded by the Earl of Leven, began moving south into England. The Royalist commander in the north, the Marquess of Newcastle, moved to prevent them from crossing the Tyne River. Meanwhile, to the south a Parliamentarian army under the Earl of Manchester began advancing north to threaten the Royalist stronghold of York. Falling back to protect the city, Newcastle entered its fortifications in late April. Battle of Marston Moor - Siege of York Prince Ruperts Advance: Meeting at Wetherby, Leven and Manchester decided to lay siege to York. Surrounding the city, Leven was made commander-in-chief of the allied army. To the south, King Charles I dispatched his ablest general, Prince Rupert of the Rhine, to gather troops to relieve York. Marching north, Rupert captured Bolton and Liverpool, while increasing his force to 14,000. Hearing of Ruperts approach, the Allied leaders abandoned the siege and concentrated their forces on Marston Moor to prevent the prince from reaching the city. Crossing the River Ouse, Rupert moved around the Allies flank and arrived at York on July 1. Battle of Marston Moor - Moving to Battle: On the morning of July 2, the Allied commanders decided to move south to a new position where they could protect their supply line to Hull. As they were moving out, reports were received that Ruperts army was approaching the moor. Leven countermanded his earlier order and worked to reconcentrate his army. Rupert advanced quickly hoping to catch the Allies off guard, however Newcastles troops moved slowly and threatened not to fight if they were not given their back pay. As a result of Ruperts delays, Leven was able to reform his army before the Royalists arrival. Battle of Marston Moor - The Battle Begins: Due to the days maneuvering, it was evening by the time the armies were formed up for battle. This coupled with a series of rain showers convinced Rupert to delay attacking until the following day and he released his troops for their evening meal. Observing this movement and noting the Royalists lack of preparation, Leven ordered his troops to attack at 7:30, just as a thunderstorm began. On the Allied left, the Oliver Cromwells cavalry pounded across the field and smashed Ruperts right wing. In response, Rupert personally led a cavalry regiment to the rescue. This attack was defeated and Rupert was unhorsed. Battle of Marston Moor - Fighting on the Left and Center: With Rupert out of the battle, his commanders carried on against the Allies. Levens infantry advanced against the Royalist center and had some success, capturing three guns. On the right, an attack by Sir Thomas Fairfaxs cavalry was defeated by their Royalist counterparts under Lord George Goring. Counter-charging, Gorings horsemen pushed Fairfax back before wheeling into the flank of the Allied infantry. This flank attack, coupled with a counterattack by the Royalist infantry caused half of the Allied foot to break and retreat. Believing the battle lost, Leven and Lord Fairfax left the field. Battle of Marston Moor - Cromwell to the Rescue: While the Earl of Manchester rallied the remaining infantry to make a stand, Cromwells cavalry returned to the fighting. Despite having been wounded in the neck, Cromwell quickly led his men around the rear of Royalist army. Attacking under a full moon, Cromwell struck Gorings men from behind routing them. This assault, coupled with a push forward by Manchesters infantry succeeded in carrying the day and driving the Royalists from the field. Battle of Marston Moor - Aftermath: The Battle of Marston Moor cost the Allies approximately 300 killed while the Royalists suffered around 4,000 dead and 1,500 captured. As a result of the battle, the Allies returned to their siege at York and captured the city on July 16, effectively ending Royalist power in northern England. On July 4, Rupert, with 5,000 men, began retreating south to rejoin the king. Over the next several months, Parliamentarian and Scots forces eliminated the remaining Royalist garrisons in the region.