3. What has Milbank been involved in?
Text 14
Milbank, Tweed. Hadley & Me Cloy
1. The Los Angeles office of Milbank is known to be opened in 1987 to meet the needs of clients in a region characterized by dynamic growth and change. The Firm has responded with dynamic growth of its own. Some 75 partners and associates, including a number from our New York office and others from established Los Angeles firms, are now located in Los Angeles.
2. Our Los Angeles office provides services in all of the practice areas previously described, and complements and draws on our worldwide capabilities. We regularly provide a full range of legal services to regional, national and international leaders in banking, commerce and industry.
3. Project and Utility Finance. Because of Milbank's depth in banking and finance, the Firm has developed one of the nation's largest and most experienced teams of lawyers who have played a major role in structuring and financing some of the world's largest energy, natural resource and industrial projects. In addition to traditional public and private offerings in the capital markets, we have pioneered the use of innovative financing techniques for major new utility projects. In 1989 alone, the Firm completed more than 33 project financings, with a total capital cost of approximately $5.7 billion. Milbank attorneys are also involved in innovative financings such as the Virginia Toll Road Privatization Project and the Denver Highway Privatization project.
4. With 45 lawyers drawn from different practice areas and located in each of our seven offices worldwide, Milbank has represented clients in an extraordinary variety of lease transactions, including leveraged leases of equipment as diverse as satellite transponders, aircraft, vessels, mining and drilling equipment, leveraged leases of entire facilities, and sales and leasebacks of real estate. The Firm has represented clients in completing more than 70 major lease financing transactions in one year alone, with an aggregate value of over $6 billion, and has represented all sides on lease transactions: debt, equity, trustee and arranger.
5. Trusts and Estates. Milbank has long maintained an active trusts and estates practice. The department's 24 attorneys engage in a practice encompassing domestic and international estate planning; administration of trusts and decedents' estates; representation of nonprofit organizations; trusts and estates litigation; and domestic relations counseling and litigation in matrimonial and other sensitive family matters.
6. Clients include a number of the leading banks, major foundations, museums, universities, hospitals, other charitable and cultural institutions and public interest groups and many prominent families and high net worth individuals.
7. Our bankruptcy and reorganization practice, dating back over 50 years, has always been an important area of the Firm. In recent years, Milbank has represented parties in most of the major workouts and corporate reorganizations in the United States and our bankruptcy, and reorganization practice has taken a leadership role in corporate restructurings.
8. We have one of the largest bankruptcy practices of any law firm, with more than 35 lawyers working in this area. In addition, a substantial number of lawyers from our corporate, banking, tax and litigation departments devote a large percentage of their practice to bankruptcy and reorganization work. Milbank's experience in all these areas enhances our ability to find solutions to our clients' business challenges.
I. Прочтите и устно переведите со словарем весь текст. Письменно переведите абзацы 1, 2, 3.
II. Выпишите из абзаца 8 предложение с инфинитивом в функции обстоятельства цели. Переведите это предложение на русский язык.
III. Выпишите из абзаца 8 предложение с независимым причастным оборотом. Переведите это предложение на русский язык.
IV. Выпишите из абзаца 4 предложение с герундием, переведите его на русский язык.
V. Найдите в тексте ответы на следующие вопросы:
1. When was the Los Angeles office of Milbank opened?
2. Why was the Los Angeles office of Milbank opened?
3. What clients does the department «Trusts and Estates» include?
4. How many years does the bankruptcy and reorganization
5. practice date back?
6. What is Milbank noted for?
Text 15
Milbank
1. Milbank, Tweed, Hadley & McCloy is known to have an office in Washington.
2. Milbank's Washington practice focuses on the areas of international trade and investment, regulation of financial institutions (including a strong bank and thrift mergers and acquisitions ptactice), corporate finance including leveraged buyouts, representation of financial institutions and investment banks in securitization of pooled assets, federal energy regulation, including electricity and natural gas and corporate tax. We counsel and represent clients in the fields of U.S. and foreign banking transactions, general corporate law, bankruptcy, intellectual property, international trade and business transactions, and securities and commodity futures regulation. We regularly help clients in matters involving Congress, the Executive Branch, independent regulatory agencies and the federal courts, as well as in negotiations among private parties.
3. London Practice. Milbank attorneys in our London office offer United States-based and international clients the Firm's services there, with an emphasis on banking and corporate finance. Our corporate practice in London includes both Euromarket finance, ranging from conventional Euromarket securities to innovative asset repackagings, and representation of European clients raising funds or making acquisitions in the U.S. Our banking lawyers provide advice on U.S. bank regulatory issues and have extensive experience in a wide range of transactions, including project finance, leveraged lease transactions, LBO finance, sovereign debt restructurings, debt-equity swaps and syndicated lending. We provide clients with analysis and up-to-date information on developments leading to 1992, the year designated by the European Community for the completion of a single European market.
4. Structured Finance. Milbank represents some of the leading investment banks as well as commercial banks in the development flissuance of asset-backed investment products involving the securitization of commercial and residential real estate mortgages, consumer loans, trade receivables and receivables backed by established trademarks. Our lawyers in the structured finance area have served as underwriters' or issuers' counsel in connection with over $16 billion in offerings in recent years. These have included: public offerings of collateralized mortgage obligations, public offerings of residential mortgage loan pass-through securities, and private placements of residential and commercial mortgage loan pass-through securities.
5. Bank Credit. Milbank's bank transactional work has long been considered outstanding. We are one of the leading firms engaged in lesser developed country (LDC) debt restructuring and in such related areas as LDC debt trading and swaps, both debt-for-debt and debt-for-equity. Our detailed knowledge of bank regulatory, corporate, tax and accounting complexities enables us to structure elaborate transactions in innovative ways.
I. Прочитайте и устно переведите со словарем весь текст. Письменно переведите абзацы 1, 2.
II. Выпишите из абзаца 4 предложение с отглагольным существительным. Переведите это предложение на русский язык.
III. Выпишите из абзаца 3 предложение с причастием I. Переведите это предложение на русский язык.
IV. Выпишите из абзаца 5 предложение с инфинитивом. Переведите это предложение на русский язык.
V. Найдите в тексте ответы на следующие вопросы:
1. What does Milbank's Washington practice focuse on?
2. What does Milbank's London practice focuse on?
3. Whom does Milbank represent?
4. How has Milbank' bank transactional work been considered?
5. What does Milbank provide clients with?
Text 16
Scientific Management
1. Frederick Winslow Taylor (1856-1915). F.W. Taylor called the Father of Scientific Management was an engineer by training. Taylor believed that management's principal object should be to secure the maximum prosperity for the employer, coupled with the maximum prosperity of each employee. The mutual interdependence of management and workers was a common message he expressed.
2. Taylor's view of science insisted upon the systematic observation and measurement of worker activities. He was driven by the notion of applying science to answer questions about efficiency, cooperation, and motivation. Taylor believed that inefficient rules of management inevitably lead inefficiency, low productivity, and low-quality work. He recommended developing a science of management, the scientific selection and development of human resources, and personal cooperation between management and workers. Taylor believed that conflict among employees would obstruct productivity and so should be eliminated.
3. Taylor advocated maximum specialization of labour. He believed the person should become a specialist and master of specific tasks. Also, he assumed that increased efficiency would result from specialization. Taylor was unhappy with anything short of the one best way. He searched through the use of scientific methods for the one best way to manage.
4. Taylor tried to find a way to combine the interests of both management and labour to avoid the necessity for sweatshop management. He believed that the key to harmony was seeking to discover the one best way to do a job, determine the optimum work pace, train people to do the job properly, and reward successful performance by using an incentive pay system. Taylor believed that cooperation would replace conflict if workers and managers knew what was expected and saw the positive benefits of achieving mutual expectations.
Ответьте на вопросы:
1. What common message did Taylor express?
2. What did Taylor's view of «science» insist upon?
3. Why did Taylor try to find a way to combine the interests of both management and labour?
4. What was the key to harmony he believed in?
5. Why did Taylor advocate maximum specialization of labour?
Text 17
Managing the Future
What does it mean «managing the future»? It means paying attention to the past, to the present, and to past and current patterns of change in the world around you. In managing the future, understanding and initiating action are top priorities. Constant innovation and improvement are valuable action steps. Relying solely on the past is neither possible nor good business. Using a past orientation results in missing opportunities and not keeping up with changes in today's emphasis on the customer. The past-oriented manager wants to attract and retain customers, but focuses on other parts of the business: the accounting system, tax laws, the source and flow of available raw materials.
One future-oriented company that respects and has learned from the past and appreciates its founder is McDonald's. This fast-food firm knows that the past can't be repeated. This firm is in constant search of innovations to remain competitive, to build on its past reputation, and to improve its position in holding off more and more competitors. McDonald's innovations include the Big Mac, the Egg McMuffin, etc.
McDonald's keeps innovating and improving and learns from the past because it can't afford to be lazy and nonresponsive. The competition is too fierce and opportunistic. The firm responds to its changing external and internal environment with new products, environmentally friendly waste products, improved service and better ways of doing business.
Whether McDonald's Corporation founder Ray Kroc ever studied or considered the historical roots of management isn't known. However, by reviewing Kroc's style and strategies, we get the impression that he used the past as a way of learning how to manage his and McDonald's future.
Kroc was an innovator who favored taking action to stay ahead of the competition. The firm's history clearly shows that his insistence on quality has become a part of McDonald's internal cultural fabric.
Ответьте на вопросы:
1. What are top priorities in managing the future?
2. What is the difference between a past-oriented company and a future-oriented company?
3. Why is McDonald's a success?
4. Who was McDonald's Corporation founded by?
5. What has become a part of McDonald's internal cultural fabric?
Text 18
Faberge Jewelry: A Long Russian History
At the turn of the 19th century, Peter Faberge, the grandfather of the celebrated jeweler, moved from Schwedt-on-Oder to Rarnu. Here, in 1814, was born his son Gustav, founder of the famous company and father of Peter Carl Faberge.
Destined to become the most famous of the Faberge's, Carl studied in Germany, Britain, Italy, and France. In 1870, at^he age of 24, Carl came to St. Petersburg, Russia, to take over his father's business.
Faberge was soon to enjoy his first taste of success. He won a gold medal at an ail-Russian exhibition, praise from Alexander Ш, and the title of Jeweler to His Imperial Majesty and to the Royal Hermitage. Four years later, in 1885, he won international recognition in the form of a gold medal.
Faberge's greatest successes both at exhibitions and with the closely related royal families of Europe were his famous Easter eggs containing jeweled gifts. The first golden Easter egg was seen at the Nurnberg Exhibition. The idea of jeweled Easter eggs was itself nothing new. The tradition of presenting Easter eggs which were generously decorated by court jewelers, dates back to the time of Louis XV.
Yet Faberge didn't just imitate established styles nor did he copy his predecessors. His clients were struck: not only by the abundance of precious stones and the carefully considered combinations of materials that were previously regarded as incompatible. He blended multicolored gold, silver, platinum, rubies, sapphires, and emeralds with semiprecious stones (agates, jasper, and chalcedony) and mineral gems (jade, lapis, rhodonites, and obsidians).
Carl Faberge was not only bursting with new ideas, he was also an outstanding production manager. At its prime, the Faberge firm employed more than 500 craftsmen. Faberge encouraged each of them to develop his own distinctive style. Yet, despite the diversity of style and the range of Faberge products, the firm's goods are always recognizable and are always of a high quality.
Ответьте на вопросы:
1. When did Carl Faberge takeover his father's business?
2. What was Faberge's greatest success?
3. How did Faberge achieve and maintain a reputation for high
4. quality products?
5. What were his clients struck by?
6. Why are Faberge products always recognizable?
Text 19
Nestle Expands Globally
The Switzerland-based Nestle corporation, once a Swiss chocolate maker, now is the world's biggest food company and the largest producer of coffee, powdered milk, and frozen dinners. The company also became number 1 in candy after passing Mars. And with the purchase of Perrier for $2.7 billion, Nestle became the world's largest producer of mineral water with a 20 per cent share of the world market. Nestle achieved its success through intensive global expansion. Nestle does only 2 per cent of its business in Switzerland: the remaining 98 per cent is in other countries.
One of the first multinational corporation, Nestle now has production facilities in more than 60 countries. Its products can be found almost everywhere around the globe. In Europe, where Nestle's success is greatest, sales of instant coffee, mineral water, yogurt, frozen foods, cold cuts, candy, and cereal bars total roughly $10.2 billion.
One secret to Nestle's success is that many of its products — especially instant coffee, chocolates, and frozen foods — appeal to consumers all over the world. For example, coffee is closing in on tea as the favourite drink in Japan. Frozen dinners, long a hit in the United States, are catching on in Europe. And of course chocolate tastes the same in any language. Although these products have to be adapted slightly to local tastes, they generally can be sold worldwide. Because of high research and development costs as well as high costs of marketing, Nestle benefits greatly by offering products with global appeal. After making large investments in its products, the company has been to move brands from one country to another with relative ease.