Mr. Smith Case Summary
Mr. Smith established his own business 30 years ago; he began with only one single travel agency but succeeded with an achievement of a chain of 70 travel agencies in 15 years. Owning 20% of the shares, shorty he intends to pass the chief executive to his son and sells the rest of the shares to raise his retirement fund. However, concerning that Mr. Smith cannot receive a realistic price, the finance director utilizes creative accounting to increase Mr. Smith’s wealth.
Firstly, It is not an appropriate decision for Mr. Smith to appoint his son as next chief executive. Since the company is quoted, every decision that is made by the board of director is essential and it should be carefully considered. The selection of the next chief executive
…show more content…
Smith plans to give quarter of his shares (5%) to his son Eric and sell the rest of the 15% shares to raise retirement funds. From the perspective of a father, he has an incentive of providing his son with a great opportunity to be competent as a chief executive succession. He has nothing to be blamed as carrying out his obligation as a father. Theoretically, the chief executive, playing as a role of an agent for the shareholders, is supposed to maximize the wealth of the shareholders. However, from the perspective of an individual, Mr. Smith has his incentive of maximizing his own wealth. The agency issues arise from the conflict among the benefit of the shareholders and the individual. “Boards of the directors have incentives not to act in the best interest of the shareholders.” (DellaContrada, 2002) It is believed that the directors should own shares if they are to stand for the shareholders. But after the Enron case, it should be reconsidered whether it is better or worse for the board of the directors to own shares of the company and what role the board of directors is playing. The insiders of the Enron executives began to sell shares when the share price was still high and as a result they received $1.1 billion by selling 17.3 million shares. (Wayne, 2002) Shortly Enron Scandal was exposed to the public and the share price went down promptly. The shareholders lose money from the bankruptcy of the Enron but the directors do not. In this situation, the directors disobey the principle of putting the best interest of shareholders in the first
Ricky Smith 437 Mich Case Brief
616 Words | 3 PagesUpon reviewing the case of People v. Smith 437 Mich. 293 (1991), we find that the defendant Ricky Smith; an adult at the time of the commission of the offenses in question, was a habitual juvenile offender; possessing a juvenile record which included twelve juvenile entries including seven prior felonies, three misdemeanors, was charged, pleaded guilty, and convicted of breaking and entering with the intent to commit larceny and being a habitual offender. As a result of the admission of guilt by Smith, he was sentenced to 3 ½ to 10 years, however, the sentence was vacated after it was determined that Smith was a habitual offender, where the current offense constituted his 4th offense. (Justlaw) Therefore, as a result of the juvenile offenses being taken into consideration for sentencing, Smith received a sentence of 6 to 30 years as a habitual offender. Smith’s argument comes from the admission of his juvenile criminal record which was referenced in the presentencing investigative report, citing that pursuant to former MCR 5.913 which indicates that “the juvenile record of a former offender was expunged at the age of twenty-seven”,(justlaw) and as such, should
Felix Smith Case
1344 Words | 6 PagesMr. Felix Smith was found deceased at his residence at 225 Frost Avenue at approximately 6:00 am on Friday, June 12, 2012, by his neighbor Christy Moore. Smith is a white male approximately 5’ 9” tall and weighs 147.57 pounds within the normal body mass index to scale. Mr. Smith’s core temperature was 32.6 degrees Celsius taken at 7:00 am. The neighbor, Christy Moore reported she saw the victim alive at 11:00 pm on Thursday, June 11, 2012. Moore claims she left the victims residence at 11:00 pm after eating Chinese food and watching Dexter on television with the victim.
Jack Miller And Carmenon Case Brief
583 Words | 3 PagesSummary: On April 18, 1938 Jack Miller and Frank Layton were arrested by police when they attempted to take an unregistered sawed-off double barrel shotgun from Claremore, Oklahoma to Siloam Springs, Arkansas. Transporting a firearm that has a barrel under eighteen inches over state lines is not registered and has no stamped paperwork violates the National Firearms Act of 1934. The NFA was a, "revenue act, levying a $200 transfer tax on all covered firearms"(NYU Law, 61). This was a useful tax during this time because it helped control the gangsters from acquiring machine guns(NYU Law, 61).
John Smith V. Smith: The US Supreme Court Case
1742 Words | 7 PagesIn 1875, John Smith was unjustly arrested for an assault charge placed against him by his wife and the mother of his children. It began with a standard marital argument that included subjects such finances, the husbands sporadic work schedule and the wife’s claim that the John Smith’s drinking only made their problems worse. Mr. Smith told his wife that “he had not been drinking and that if (she) did not shut up that he would hit her”(Smith). Mrs. Smith continued to shout at her husband, all the while being in front of their child and the neighbors child. Mr. Smith then proceeded to walk over to a pile of kindling wood and a picked a piece about (roughly two inches in diameter) and then proceeded to walk back over to his wife with the piece
Ricky Smith Case Brief
853 Words | 4 PagesRicky Franklin Smith was convicted based on his guilty plea of breaking and entering and his fourth offense of being a habitual offender. During his sentencing hearing, the court referred to his juvenile court records and enhanced his final sentence. Smith appealed his sentencing in the Court of Appeals arguing that he was entitled to resentencing because his juvenile criminal records had been automatically expunged pursuant to former MCR 5.913 (People v. Smith, 2017). The Court of Appeals reviewed People v. Price which had ruled that a juvenile record automatically expunged pursuant to MCR 5.913 could not be used during the presentence investigation. They also reviewed People v. Jones where the panel concluded that an expunged juvenile
People V Smith Case Summary
769 Words | 4 PagesThe case People v. Smith was finally decided by the Supreme Court of Michigan in 1991. The case involved the defendant Ricky Franklin Smith whom pled guilty to breaking and entering and of being a habitual offender, fourth offense (People v Smith, 1991). The judge sentenced Smith to 6 to 30 years imprisonment for the Habitual Offender charge. Ricky Franklin Smith after sentencing requested to be resentenced because his juvenile record, which had been expunged, was considered by the judge for sentencing. The Michigan Court of Appeals agreed with the sentencing; however, when the case went to the Supreme Court of Michigan, they reversed the decision because the sentencing should not have been based on the defendant’s prior expunged juvenile record.
Ricky Smith Case
871 Words | 4 PagesRicky Franklin Smith was charged (as an adult) with breaking and entering a building with intents to commit larceny. Smith acknowledged that he had broken a window of a warehouse Pontiac, entered the building, and removed property without permission. Therefore Smith was sentenced to three and one-half to ten years for breaking and entering as a first time offender. But that sentence was vacated and Smith was sentenced to serve six to thirty years as a habitual offender (this was his fourth offense). Smith filed an appeal for improper sentencing because he cited that presentencing court judge used his juvenile record to characterize him as a “habitual offender” and a “danger to society”.
Summary Of The Morris Black Case
658 Words | 3 PagesSeptember 30th, 2001 this 13-year-old boy fishing in Galveston Bay, Texas spotted something in the water. A human torso, no head, no arms, and no legs. Later, police were able to locate the arms and legs in two garbage bags. The torso and limbs belong to 71-year-old Morris Black. Officials never imagined that an eccentric cross-dresser by the name of Robert Durst would be behind the murder of his neighbor.
People V. Smith Case Analysis
500 Words | 2 PagesMost states implement expunged laws; at the age of twenty-seven juveniles can have their record expunged. The purpose of the law is to allow juveniles become adults without having a criminal record. In the case of Docket No. 105833 People v. Smith, 448 NW2d 794, Michigan Supreme Court (1989), during the presentence investigation into Ricky Franklin Smith he was indicted on charges as an adolescent. Smith plead guilty to breaking and entering; the career criminal past decisions resulted in his incarceration.
People Vs Smith Case Brief
1394 Words | 6 PagesIn the case of the People versus Smith, it struggles with conflicts and balances. The verdict was decided by the Supreme Court of Michigan in 1991. The issue at hand was that the defendant, Ricky Franklin Smith, argued that he should be re-sentenced because of the action of the presentence investigation report of his previously expunged juvenile record. The Court of Appeals in Michigan agreed with the defendant and required that Smith is sentenced again. However, The Supreme Court heard the case and reverses the decision stating that Smith did not need to be sentenced again on the basis of the inclusion of his juvenile record alone.
People V. Smith Case Brief
649 Words | 3 PagesThe legal action before the court is a case that describes conflict with the People v. Smith concerning the laws that expunge a young offender’s juvenile criminal record. The defendant was charged with unlawful entry onto property and with being a repeat offender of offenses that are in violation and punishable by law. It was determined by the court that Smith is a habitual offender and he received a sentence of imprisonment. Point in fact is the defendant made a guilty plea to charges of breaking and entering and being a repeat offender by his own admission. Smith’s attorney stated the ruling was put in place to protect the people living in society and to be an example in order to discourage others from perpetrating the same kind of illegal or dishonest behavior.
Dr. Sam Sheppard Case
519 Words | 3 PagesDaytime Doctor Nighttime Killer In the Early morning hours on July fourth nineteen fifty-four, Marilyn Reese Sheppard was murdered at her home in Bay village, Ohio. Mrs. Sheppard suffered 35 blows to the body, the main trauma was seen to be taken out on the head. Dr. Sam Sheppard was placed on trial and convicted and charged five months later on December 21st, 1954 in the murder of his wife Marilyn Sheppard. Dr.Sheppard was sentenced to life in prison.
Dan White's Case Summary
139 Words | 1 PagesOn November 10, 1978, Dan White voluntarily left his position on the San Fransisco Board of Supervisors as a police and firefighter. This was because the annual salary was not enough to provide for White's family. A couple of weeks later, on November 27th, the press conference was about to announce White's replacement when he entered though a window avoiding the metal detector and shot Mayor Moscone and Harvey Milk who was the member of the Board. This became known as "The Twinkie Defense". White's legal team pronounced that White was suffering untreated depression and that decreased his capacity to know right from wrong.
Ethics And Moral Issues In The Enron Scandal
931 Words | 4 PagesKenneth Lay, Mr. Jeffrey Skilling and the company CFO, Mr. Andrew Fastow .The management level of Enron Corporation had misconduct the code of ethics and fail to performing the duties of a corporation which is telling the truth of the situation of a corporation .Instead , they tried try to hide the truth of their financial status and create a false prosperity situation and make the public believe on them in order to support their shares prices . The misconduct of code of ethics by the management level by Enron corporation has led to the another question – The ultimate responsibility of a corporation towards society ? The ultimate responsibility of a corporation is to gain profit or become a stable economic unit ?
Role Of Corporate Governance In Nestle
1346 Words | 6 PagesA system to check and balances the benefit of all the board of directors and to avoid some of top management from making decisions that only benefit themselves is created and named corporate governance. Corporate governance means the system of rules, practices and processes by which a company is directed and controlled. The set of rules provided as a guidelines for the board of directors to make sure that accountability and fairness in a company’s relationship with its stakeholders such as financiers, customers, management, employees, shareholders and also society in order to achieve company’s goals and targets in a manner that add a value to the company. All of the stakeholders play an important role in corporate governance to ensure that
More about Mr. Smith Case Summary
Ricky Smith 437 Mich Case Brief
616 Words | 3 PagesFelix Smith Case
1344 Words | 6 PagesJack Miller And Carmenon Case Brief
583 Words | 3 PagesJohn Smith V. Smith: The US Supreme Court Case
1742 Words | 7 PagesRicky Smith Case Brief
853 Words | 4 PagesPeople V Smith Case Summary
769 Words | 4 PagesRicky Smith Case
871 Words | 4 PagesSummary Of The Morris Black Case
658 Words | 3 PagesPeople V. Smith Case Analysis
500 Words | 2 PagesPeople Vs Smith Case Brief
1394 Words | 6 PagesPeople V. Smith Case Brief
649 Words | 3 PagesDr. Sam Sheppard Case
519 Words | 3 PagesDan White's Case Summary
139 Words | 1 PagesEthics And Moral Issues In The Enron Scandal
931 Words | 4 PagesRole Of Corporate Governance In Nestle
1346 Words | 6 Pages