巴特勒公司案例英文版[1]

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1、ButlerLumberCompanyAfterarapidgrowthinitsbusinessduringrecentyears,theButlerLumberCompanyinthespringof1991anticipatedafurthersubstantialincreaseinsales.Despitegoodprofits,thecompanyhadexperiencedashortageofcashandhadfounditnecessarytoincreaseitsborrowingfromt

2、heSuburbanNationalBankto$247,000inthespringof1991.ThemaximumloanthatSuburbanNationalwouldmaketoanyoneborrowerwas$250,000,andButlerhadbeenabletostaywithinthislimitonlybyrelyingveryheavilyontradecredit.Inaddition,SuburbanwasnowaskingthatButlersecuretheloanwithi

3、tsrealproperty（不动产）.MarkButler,soleownerandpresidentoftheButlerLumberCompany,wasthereforelookingelsewhereforanewbankingrelationshipwherehewouldbeabletonegotiatealargerandunsecuredloan.ButlerhadrecentlybeenintroducedbyafriendtoGeorgeDodge,anofficerofamuchlarge

4、rbank,theNorthropNationalBank.ThetwomenhadtentativelydiscussedthepossibilitythattheNorthropBankmightextendalineofcredittoButlerLumberuptoamaximumamountof$465,000.Butlerthoughtthataloanofthissizewouldprovide.Afterthisdiscussion,Dodgehadarrangedforthecreditdepa

5、rtmentoftheNorthropNationalBanktoinvestigateMarkButlerandhiscompany.TheButlerLumberCompanyhadbeenfoundedin1981asapartnershipbyMarkButlerandhisbrother-in-law,HenryStark.In1988ButlerboughtoutStark’sinterestfor$105,000andincorporatedthebusiness.Starkhadtakeanote

6、for$105,000,tobepaidoffin1989,togiveButlertimetoarrangeforthefinancingnecessarytomakethepaymentof$105,000tohim.Themajorportionofthefundsneededforthispaymentwasraisedbyaloanof$70,000,negotiatedinlate1988.Thisloanwassecuredbylandandbuildings,carriedaninterestra

7、teof11%,andwasrepayableinquarterlyinstallmentsattherateof$7,000ayearoverthenext10years.ThebusinesswaslocatedinagrowingsuburbofalargecityinthePacificNorthwest.Thecompanyownedlandwithaccesstoarailroadsiding,andtwolargestoragebuildingshadbeenerectedonthisland.Th

8、ecompany'soperationswerelimitedtotheretaildistributionoflumberproductsinthelocalarea.Typicalproductsincludedplywood,moldings,andsashanddoorproducts.Quantitydiscountsandcredittermsofnet30d