My writer delivered an awesome dissertation on the Creek War, I definitely didn’t have the time to do all the research she did on my own.
Kilimanjaro Inc. began operations on January 6, 2007, with the issuance of 400,000 shares of $50 par common stock. The sole stockholders of Kilimanjaro Inc. are Donna White and Dr. Larry Klein, who organized Kilimanjaro Inc. with the objective of developing a new flu vaccine. Dr. Klein claims that the flu vaccine, which is nearing the final development stage, will protect individuals against 98% of the flu types that have been medically identified. To complete the project, Kilimanjaro Inc. needs $20,000,000 of additional funds. The local banks have been unwilling to loan the funds because of the lack of sufficient collateral and the riskiness of the business. The following is a conversation between Donna White, the chief executive officer of Kilimanjaro Inc., and Dr. Larry Klein, the leading researcher. White: What are we going to do? The banks won’t loan us any more money, and we’ve got to have $20 million to complete the project. We are so close! It would be a disaster to quit now. The only thing I can think of is to issue additional stock. Do you have any suggestions? Klein: I guess you’re right. But if the banks won’t loan us any more money, how do you think we can find any investors to buy stock? 1. Discuss the arguments for and against classifying the issuance of the $20 million of stock as debt. 2. What do you think might be a practical solution to this classification problem?
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