A play "Other people's money"

Other People’s Money

CAST

William Coles ''Mid-forties. Attractive, polished, President of New England   Wire and Cable''

Andrew Jorgenson       ''Chairman of New England Wire and Cable, 68 years of age.''

Bea Sullivan ''Longtime assistant and friend of Jorgenson. An attractive woman in her early sixties.''

Lawrence Garfinkle      ''An obese, elegant, cunning New York "takeover artist". About forty.''

An abstract from the play:

Center to a podium''. We're at the Annual Meeting. Scene is played as if audience were the stockholders.''

Bea: That concludes the formal aspect of our Annual Meeting. The one remaining item of business is the election of directors. Is there anyone entitled to vote who does not have a ballot? Please raise your hand. (She looks about at the audience.) Will the inspector of elections distribute the ballots? Please keep your hand raised so you can receive your ballot. Thank you.

Jorgenson ''rises from his office and moves to lectern.''

Jorgenson: It's nice to see so many familiar faces ... so many old friends ... many of you I haven't seen for years. Thank you for coming and welcome to the 73 rd Annual Meeting of New England Wire and Cable—the 38th of which I am addressing you as your Chief Executive.

Bill Coles, our able President, has told you about our year; what we accomplished—where we need to make farther improvements-—what our business goals are for next year and the years beyond.

I'd like to talk to you about something else. On this, our 73rd year, I'd like to share with you some of my thoughts concerning the vote you are about to make in the company you own.

We've had some very good years. We've had some difficult ones as well. Though the last decade has been troubling for us it's been devastating for our industry. Ten short years ago we were the twelfth largest manufacturer of wire and cable in the country, the fourth largest in New England. We're now the third largest in the country and the largest in New England.

We might not have flourished—but we survived. And we're stronger for it. I'm proud of what we accomplished.

So, we're at that point where this proud company, which has survived the death of its founder, numerous recessions, a major depression and two world wars, is in imminent danger of self-destructing this day in the town of its birth.

And there is the instrument of our destruction. I want you to see him in all his glory. Larry the Liquidator—the entrepreneur in post-industrial America—playing God with other people's money.

Garfinkle ''waves to stockholders. Sits once again.''

At least the robber barons of old left something tangible in their wake. A coal mine. A railroad. Banks. This man leaves nothing. He creates nothing. He builds nothing. He runs nothing. In his wake lies nothing but a blizzard of paper to cover the pain.

If he said, "I could run this business better." Well, that's something worth talking about. He's not saying that. He's saying, "I am going to kill you because at this particular moment in time you're worth more dead than alive."

Well, maybe that's true. But it is also true that one day this industry will turn. One day when the dollar is weaker or the yen stronger or when we finally begin to rebuild the roads, the bridges, the infrastructure of our country demand will skyrocket. And when those things happen we will be here—stronger for our ordeal— stronger for having survived. And the price of our stock will make his offer pale by comparison.

God save us if you vote to take his paltry few dollars and run. God save this country if (Pointing to Garfinkle.,) "that" is truly the wave of the future. We will then have become

a nation that makes nothing but hamburgers, creates nothing but lawyers, and sells nothing but tax shelters.

And if we have come to the point in this country where we kill something because at the moment it's worth more dead than alive, then turn around and take a good look at your neighbor. You won't kill him because it's called "murder" and it's illegal. This, too, is murder, on a mass scale, only on Wall Street they call it "maximizing shareholder values" and they call it legal and they substitute dollar bills where a conscience should be.

Damn it. A business is more than the price of its stock. It is the place where we make our living, meet our friends and dream our dreams. It is, in every sense, the very fabric that binds our society together.

So let us, right now, at this meeting, say to every Garfinkle in this land, that here we build things—we don't destroy them.

Here, we care for more than the price of our stock.

Here ... we care about people!

Jorgenson ''moves from lectern back to table. Bea, Coles, and Kate stand and applaud. Garfinkle follows Jorgenson back and as the applause dies, says to Bea, Coles and Jorgenson respectively:''

Garfinkle: Amen. . . And Amen. . . And Amen. Say "Amen," someone, please! (Moves to lectern in and says in a hushed tone.) You'll excuse me. I'm not familiar with local custom ... The way I was brought up you always said "Amen" after you heard a prayer. You hear someone praying, after he finishes, you say "Amen" and drink a little wine.

'Cause that's what you just heard—a prayer. The way I was brought up we called the particular prayer "the prayer for the dead." You just heard the prayer for the dead, and, fellow stockholders, you didn't say "Amen" and you didn't even get to sip the wine.

What—You don't think this company is dead? Steel—you remember steel, don't you? Steel used to be an industry. Now heavy metal is a rock group.

This company is dead. Don't blame me. I didn't kill it. It was dead when I got here. It is too late for prayers, for even if the prayers were answered and a miracle occurred and the yen did this and the dollar did that and the infrastructure did the other thing, we would still be dead. Know why? Fiber-optics. New technologies. Obsolescence.

We're dead, all right. We're just not broke. And you know the surest way to go broke? Keep getting an increasing share of a shrinking market. Down the tubes. Slow but sure. You know, at one time there must have been dozens of companies making buggy whips. And I'll bet you anything the last one around was the one that made the best goddamned buggy whip you ever saw. How would you have liked to have been a stockholder of that company?

You invested in a business. And that business is dead. Let's have the intelligence, let's have the decency, to sign the death certificate, collect the insurance and invest the money in something with a future.

Aha—But we can't, goes the prayer—we can't because we have a responsibility—a responsibility to our employees, our community. .. What will happen to them? I got two words for that—"Who cares?" Care about them? They didn't care about you. They sucked you dry. You have no responsibility to them.

For the last ten years this company has bled your money. Did this Community care? Did they ever say, "I know things are tough. We'll lower your taxes, reduce water and sewer?" Check it out. We're paying twice what We paid ten years ago. And the mayor is making twice what he made ten years ago. And our devoted employees, after taking no increases for three years, are still making twice what they made ten years ago. And our stock is one-sixth what it was ten years ago.

Who cares? I'll tell you—me! I'm not your best friend—I'm your only friend. I care about you in the only way that matters in business. I don't make anything? I'm making you money. And, lest we forget, that's the only reason any of you became stockholders in the first place. To make money. You don't care if they manufacture wire and cable, fry chicken, or grow tangerines. You want to make money. I'm making you money. I'm the only friend you got.

Take that money. Invest it somewhere else. Maybe— maybe you'll get lucky and it will be used productive­ly—and if it is—you'll create more jobs and provide a service for the economy and—God forbid—even make a few bucks for yourself. Let the Government and the Mayor and the unions worry about what you paid them to worry about. And if anyone asks, tell them you gave at the plant.

And it pleases me that I'm called "Larry the Liquidator." You know why, fellow stockholders? Because at my funeral you'll leave with a smile on your face. .. and a few bucks in your pocket. Now, that's a funeral worth having. (Breathing heavily, Garfinkle pauses a beat and sits.)

Bea: ... Will the inspector of elections please collect the ballots.

''The lights dim. Players are now in shadows. Coles rises, moves slowly Center Stage.''

Coles;    That's what happened. That's it. All of it.

Bea: Is there anyone entitled to vote who has not turned in a ballot?

Coles:    It's happening everywhere. No one is immune.

Bea:    To retain the present Board: 1,741,416.

Coles: I think the old man gave the speech of his life. I can't think how he could have said it better.

Bea:    For the opposition slate: 2,219,901.

Coles: What do we do? Pass another law. There's already a law against murder. All he did was supply the weapon.

Bea:    Not voting: 176,111.

Coles: Garfinkle won in a landslide. Didn't even need my votes. Cost me the second half million, but I feel good about that. I feel better about getting the first half million. I feel best it cost him money he didn't have to spend. That's the only kind of lasting satisfaction you get when you deal with people like him.

Bea:    Mr. Garfinkle, your slate is elected.

Coles: He had the nerve to ask me to stay on while he dismembered the company. Even offered me a raise. I said "no," of course. There's a point at which we all draw the line.

'''OTHER PEOPLE`S MONEY''' The  role-play is based on Jerry Sterner`s play Other People`s Money and the movie of the same name. The play raises questions about how " free " a free enterprise system   that lets a few rich people profit at the expense of many who lose their jobs really is. It also raises questions about the need for more restrictions on activities of corporate raiders.

STAGE 1.  Answer the following questions:

Larry Garfinkle? the takeover is completed? kinds of actions? New England Wire and Cable company?
 * 1) What is
 * 1) What is his only real concern?
 * 2) What is he likely to do once
 * 1) What are the results of such
 * 1) Why did Garfinkle target the

Discuss the following topics:

that the Board of Directors has a social responsibility to the workers and social community? Or do you side with Garfinkle, maintaining that the directors` only responsibility is to the stockholders and thus to maximize profits? a free market and whether or not you go along with it? regulations, such as the injunction imposed on Garfinkle who poses the greatest threat to the capitalist system. Be specific about what restrictions, if any, you feel should be placed on raiders like Garfinkle. claimed Garfinkle "makes nothing and leaves nothing". Do you side with his opinion? Support your point of view. allowed in Russia?
 * 1) Do you feel, as does Jorgensen,
 * 1) Discuss Garfinkle`s concept of
 * 1) Discuss whether it is government
 * 1) At the meeting Jorgenson
 * 1) Would Garfinkle`s activities be

STAGE 2

Group 1   dramatizes  the meeting of the board of directors of New England Wire and Cable. At the meeting they should discuss the problem of the potential takeover of their company. At the meeting they discuss whether to accept the offer of Garfinkle or to try to withstand and  retain the plant as it is.

A chairperson (to conduct the meeting)

Jorgensen All of them will speak in favor of Coles }                           retaining the present Board of Directors Representatives from the management and

trade unions

Group 2 dramatizes the annual meeting of New England Wire and Cable. Annual meetings give the stockholders the opportunity to voice their opinions on issues of importance to the company. The task of the participants is to decide whether they support the current management headed by Jorgensen or the team headed by Garfinkle.

A chairperson (to conduct the meeting)

Jorgensen All of them will speak in favor of Coles }                           retaining the present Board of Directors Representatives from the workers

Local politicians

Garfinkle and his lawyers

Stockholders

After the vote is taken, students representing the stockholders (audience) will be asked to justify why they voted as they did (if they didn’t manage to speak at the meeting).

The following article provides important info for this meeting and the solution to the case. You should read it before taking part in the meeting:   ''Each participant of the meeting should deliver a brief speech of about 2-3 min based on the play and the article, and should use as many Meeting Terminology items as possible.''

MEETING TERMINOLOGY AND PROCEDURES The following statements include standard meeting terminology. Learn them in preparation for your dramatization of the meeting.

Chairing and leading discussion 'Opening the meeting'

Thank you for coming…

(It`s ten o`clock). Let`s start…

I declare the meeting open.

Introducing the agenda

You`ve all seen the agenda…

On the agenda, you`ll see there are two main items.

There is one main item to discuss.

The main item on the agenda is the question of the election of a new board of directors.

Stating objectives

We`re here today to hear about plans for…

Our objective is to discuss different ideas…

What we want to do today is to reach a decision…

Introducing discussion

The background to the problem is…

The issue is about

The point we have to understand is…

Calling on a speaker 

I`d like to ask X to tell us about…

Can we hear from Mr Y on this?

I`d like to hand over to  Z (= pass responsibility to)

Mr X now has the floor (=the right to speak)

Controlling the meeting

Sorry Peter, can we let Magda finish?

Er, Henry, we can`t talk about that.

Point of order, Mr Chairman; I believe I was next on the list of speakers, not Ms.Y

Order, order. Mr.W, you are out of order. It is not your turn to speak.

Summarising

So, what you`re saying is…

Can I summarise that? You mean…

So, the main point is…

Moving the discussion on

Can we go on to think about…

Let`s move on to the next point.

I propose that we…

Closing the meeting

I think we should end there. Just to summarise…

I think we`ve covered everything, so I`d like to go over the decisions we`ve taken…

So, we`ve decided …

I think we can close the meeting now.

So, to conclude… we`ve agreed…

'''Discussion in meetings '''

Stating opinion

It seems to me…    I tend to think… In my view…. We feel/believe…   There is no alternative to …

It`s obvious that…  Clearly / obviously…

Asking for opinion

I`d like to hear from…    Could we hear from…? What`s your view? What do you think about?...

Do you have any strong views on?... Any comments?

Interrupting

Excuse me, may I ask for clarification on this? If I may interrupt, could you say…?

Sorry to interrupt, but... Do you think so? My impression is…

What? That`s impossible. We/I think…

Handling interruptions

Yes, go ahead. Sorry, please let me finish… If I may finish this point… Can I come to that later? That`s not teally relevant at this stage…    Can we leave that to another discussion?

Asking for clarification

Could you be more specific? Can you explain that (in more detail)? What do you mean by…?

Clarifying

This means…   What I mean is…   What I want to say is…   To explain this in more detail…

Checking that the clarification is sufficient

Is that okay?/ Is that clearer now?

Ending the meeting/ Summarizing   

I think we should end there. Just to summarize… We`ve covered everything, so I`d like to go over the decisions we`ve taken…  So, to conclude...we`ve agreed…  Let`s take a vote on the issue. Let`s put it to the vote. Votes are still being counted.