The Key Procurement Issues For The Client Construction Essay

The Key Procurement Issues For The Client Construction Essay The purpose of this report is to analyse the key procurement issues for the Client Cinnamon Grand and to further evaluate the Clients objectives. Analysis of Clients objectives will be evaluated to provide a better understanding on the project issues and main concerns, which includes an analysis of the various procurement routes such as the Traditional Route, the Design Build Route and the Management Route to weigh the most suitable route to suit the Clients objectives. The report will allow the Client to make a better choice in selecting the best procurement route based on the recommendations discussed. This includes the advantages, disadvantages and risks involved for the 3 main procurement routes based on Clients objectives. It will identify issues on the project requirements on quality, time and costs ensuring the Clients objectives are met. INTRODUCTION The Client owns a large chain of hotels called Cinnamon Grand. The hotels provide guests with comfortable accommodation throughout the UK. Their main business includes adopting neglected historical landmarks and refurbishes the building to their former magnificent look. Although the Client is experienced at renovation of historical buildings, the Client does not have much experience in re-constructing damaged buildings or alteration works to the structures of the building. The project objective is to re-construct 3 Hotels, damaged by a period of bad weather and severe storms to an existing hotel quality or better. These Hotels are located in prime locations in town settings which means time is of the essence. For phase 1, time is the main priority due to the prime locations of the hotels. The opportunity cost will be incurred if there are any delays in phase 1. For phase 2, issues raised are the quality of the facilities and to ensure there is none or minimal disruption to the business. As the Consultant to the Client, we will discuss the 3 main procurement routes which are the Traditional Route, the Design Build Route and the Management Route and analyse the best route based on the Clients objective. CLIENTS OBJECTIVES Client is concern about the duration of the project and its quality. Internal facilities must be upgraded and reconstruction of building must preserve the historical outlook of the existing building. Although the Client has experience in renovation works, the current project development includes the demolition of structures and re-construction of hotels both external and internally. Projects done by Client previously is different in nature, one being renovation works, minor construction works and current is a complex re-construction and refurbishment of the damaged hotels. The project consists of 2 (two) phases:- Phase 1 is to re-construct the hotels outlook and structures and completing key areas for operation which are the Roofs, Guest Rooms, Restaurant and Swimming Pools. Expected date of possession of site by contractor is 1st Mar 2014 and expected construction completion date is 28th February 2015, a 1 year construction. Planned re-opening on 1st April 2015. Phase 2 is to enhance the hotels with new facilities such as Dance Studios, Health Fitness Centre, Conference and Meeting Rooms without any disruption to hotel operations. The Client is very concern about the duration of the project due to the location, a prime town setting which means, if the hotels completes early, the losses incur from no business days or opportunity cost will be lesser. The second concern is the quality of the building. Outlook must be the same as before being damaged, structurally must be improved to increase building total life cycle. While time and quality is of the main concern, the cost of the project must not exceed the budget of $120 million pounds for total of 3 hotels. The cost certainty must be known earliest possible. PROCUREMENT ISSUES The procurement issues are listed below:- No in-house executive by the client, means the Client have to engage consultants to oversee the project. Highly concerned about possible project delays and overrun of costs. Financial loan of $120 million pounds acquired for project. This means there is a tight budget, so cost certainty is required before the construction begins. Works in phase 2 must be done quickly to minimise the discomfort to guests. Quality of building should be high and sensitive to ensure the dignity of the building and services provided are not compromise. Every procurement route have its main priorities, no procurement can accommodate to the three main factors which are Time, Cost and Quality. PROCUREMENT ROUTES Traditional route: in this route the Client appoints a team of consultants to design and prepare tender documents. The process is in sequence as shown in Fig 1. The selection of a main contractor is done later through tendering. Fig 1 Advantages are the competitive tendering, low preparation cost for tendering, procedures are known widely and variations are easily arranged. Disadvantages are mainly the long timeline, no concurrent work at site, incomplete design results in less certainty, poor build-ability due to contractor not involved during design stage, risk by Client for the design. Risks on cost are low due to lump sum contract and there is a fixed contract date with exception that contractor claims extensions. Since the design is designed by the consultants, there is low design and quality risk. Although the Traditional route is sequential, there are 2 other variations. They are the traditional accelerated and traditional with re-measurement. For the Traditional accelerated, the contractor is appointed earlier based on partial design and brief through negotiation or competitive tendering. Traditional routes focus on the cost and the quality of the project. In this case, for the current project, time is of the essence. Traditional route is not suitable for the project. Design and Build route: in this route a main contractor is appointed to design and construct the project. This route integrates design and construction which means, the construction works are concurrent even before final design is completed as shown in Fig 2. This quickens the timeline of the project. Fig 2 Advantages of this route are the client liaises with a single point of communication and responsibility. The price certainty is known before the construction starts. The total project duration is shorter than in the traditional route as works are done concurrently with design. Disadvantages are there is no design overview because it is designed by the contractor. The design brief by client must be adequate and the bid through tender is difficult to compare. Changes made by client can be expensive. Risk on cost and time are low as it will be on a lump sum basis and works are done to a fix time. There is a high risk in design and quality as the contractor controls the design and some contractors do not have the capacity to carry out the proper design. Although the design is mostly done by contractor, variants such as Develop construct can be considered to improve design. In develop construct route the employer appoints a consultant at the initial stage to develop a detailed design to have more control on the design. Assuming the Client have the detailed design drawing for the existing building, this option is the most suitable for the project. Management route: this route consists of 2 variant, The Management Contracting and The Construction Management route. In this route, the Client appoints the Management Contractor at an early stage where they help to design and contribute management expertise. The appointments of sub-contractors/specialist contractor are decided by both the Client and Management Contractor before work commencement in packages, as shown in Fig 3. Fig 3 Advantages are the work packages of specialist contractors are competitive, due to the concurrent works, timeline will be quickened. Late changes can easily be accommodated and the relationship between the Client and the Management Contractor is much closer than in traditional. Disadvantages are the cost prediction, the need for a good project team and a quality brief. The design must be managed properly to ensure work packages is kept on programme. Risks are low for design and quality due to close link between client and contractor but medium risk for cost and time as the amount is known after the last package is let. This route is longer compared to design and build and require a good history between client and contractor. RECOMMENDATIONS Based on the Clients objectives, the Design Build variant (Develop Construct) is the most suitable for the project. This procurement route does not need an in-house executive as a consultant will be in-charge of developing the design of the project. Assuming Client has the design of the existing 3 hotels, the design for the structure is acquired and project can commence as early as a contractor is appointed, shorter timeline. The cost of the project will be known before the work commences and the quality of building will not be compromise due to existing design by Client and additional inputs by the design team for the phase 2 of the project. The quality of phase 2 will be based on design worked by the Client specifications and the design team, ensuring good quality facilities.

indians :: essays research papers

â€Å"James Luna, A Native American Man,† is an insightful, cut the bullshit, view of the modern Indian culture. I identify with Luna’s viewpoints as I have seen many of the situations he describes with his art to be true to life. I have spent a lot of time in Northern Canada fishing with my brother and father. The areas we visit are predominantly Indian reservations. Having spent quite a bit of time getting to know these types of towns and people, I have grown aware of some of the many problems that surround the modern day reservation lifestyle. It is true that most people have romantic and Disneyland-ish ideas about what it means to be a modern Indian, the most of which are complete fantasy. The reality behind the situation seems to be the exact opposite. The majority of reservation towns are dirty, poor, and run-down. Many of the people have alcohol and drug related problems starting at a young age. At a quick drive through one might assume he was passing through another slum. There are no teepees, no headdresses, and no rituals. For the most part there is only poverty. Unless the town is lucky enough to have a casino, the majority of the people live month to month on their reparation checks. This is where I believe, as do many of the Indians I have spoken to, the problem lies. The idea of reparations sounds good enough in theory. Pay people back for what was taken from them long ago. The long-term effects of reparations though tend to be devastating to the Indian culture. Why would giving people free money be harmful? Quite simply, handouts deprive people of pride, a sense of equality and belonging, and especially motivation. The people I have talked to all claim the same thing†¦Children growing up know that they don’t have to work if they don’t want to. That tends to be the common attitude of the reservation Indian. This also encourages what Luna calls, â€Å"Wannabee’s,† to try and get in on the action for a chunk of change. And lets not forget the known tendencies toward alcohol and addiction that makes it even easier to drink and pass the time, rather than having to work and entrepreneur.

How Does One Define Good Advice? :: Defintion Essays

How Does One Define Good Advice? I believe that a good advice is a truthful, general, specific and helpful idea given by someone that we know and trust. This idea usually transmits confidence and security in a time we need to make an important decision. Also, I would say that a good advice is an opinion given by someone that is prepared in a specific field. Usually they are called advisors or counselors, and they try to help people to guide their decisions, with a truthful, precise and accurate opinion that could even refer to their own past experiences. These decisions sometimes could change their lives. I think that when we receive an advice, we are the ones to determine if it is the right choice to follow it. Also, I think that sometimes human beings need to make their own mistakes, and obtain their own experience in specific situations of life, this doesn't mean that people shouldn't follow an advice, but to be able to decide on their own. "People need to learn somehow". Of course, there are many cases when we feel that by sharing our thoughts, feelings and experiences with someone that would listen and try to understand, we would feel more secure and confident in our actions. An example, I would refer to Roby Isaacs - Advices': "The next week my counselor could see major changes in my behavior". I believe she felt a higher grade of security by sharing her experience with a counselor. However, not everyone feels the same way, because even if an advisee gets an advice from someone with experience doesn't mean that the advisor has had followed his own advice in the past. For example, I would refer to Cale Sudwall - Advices': "Then my friend said, ya I should have listened to myself too, I put it off and I did shitty". In the other hand, a good advice could be expressed as a sugestion or in some cases as a warning too. Futhermore, even if the advisee knows that the advice is good, he has the right to decide to follow it or not. Also, I believe that sometimes is hard to accept a good advice even if it's coming from someone we trust, and I think there is when the advisee needs time to make a decision.

Artificial Intelligence for Speech Recognition Essay

ABSTRACT: When you dial the telephone number of a big company, you are likely to hear the sonorous voice of a cultured lady who responds to your call with great courtesy saying â€Å"welcome to company X. Please give me the extension number you want† .You pronounces the extension number, your name, and the name of the person you want to contact. If the called person accepts the call, the connection is given quickly. This is artificial intelligence where an automatic call-handling system is used without employing any telephone operator. Artificial Intelligence (AI) involves two basic ideas. First, it involves studying the thought processes of human beings. Second, it deals with representing those processes via machines (computers, robots, etc).AI is the behavior of a machine, which, if performed by a human being, would be called intelligent. It makes machines smarter and more useful, is less expensive than natural intelligence. Natural Language Processing (NLP) refers to Artificial Intelligence methods of Communicating with a computer in a natural language like English. The main objective of a NLP program is to understand input and initiate action. The input words are scanned and matched against internally stored known words. Identification of a keyword causes some action to be taken. In this way, one can communicate with computer in one’s language. One of the main application of AI is speech recognition system is that it lets user do other works simultaneously. The speech recognition process is performed by a software component known as the speech recognition engine. A speech recognition system is a type of software that allows the user to have their spoken words converted into written text in a computer application such as a word processor or spreadsheet. The computer can also be controlled by the use of spoken commands. As we can’t design electronic device which recognizes everyone’s voice, based on that it is divided into speaker dependency and speaker independency. The working of the system involves ADC, comparison of this binary version with the stored words. The limitations for this are: must be completely trained by the user, most successful for those competent in the art of dictation. It is applicable in blue eyes technology, telephone applications like travel booking, financial account information, in military for controlling of weapons. By considering all the above factors it differs from other technologies as it produce written text from the user’s dictation, without using, or with only minimal use of, a traditional keyboard and mouse. This is an obvious benefit to many people who, for any number of reasons, do not find it easy to use a keyboard, or whose spelling and literacy skills would benefit from seeing occur. Speech recognition will revolutionize the way people conduct business over the Web and will, ultimately, differentiate world-class ebusinesses the Web, decreases fatigue and created its own path across various fields. INTRODUCTION: Evidence of Artificial Intelligence folklore can be traced back to ancient Egypt, but with the development of the electronic computer in 1941, the technology finally became available to create machine intelligence. The term artificial intelligence was first coined in 1956, at the Dartmouth conference, and since then Artificial Intelligence has expanded because of the theories and principles developed by its dedicated researchers. Artificial intelligence, also known as machine intelligence, is defined as intelligence exhibited by anything manufactured (i.e. artificial) by humans or other sentient beings or systems (should such things ever exist on Earth or elsewhere). With the popularity of the AI computer growing, the interest of the public has also grown. Applications for the Apple Macintosh and IBM compatible computer, such as voice and character recognition have become available. Also AI technology has made steadying camcorders simple using fuzzy logic. With a greater demand for A I-related technology, new advancements are becoming available. Inevitably Artificial Intelligence has, and will continue to affecting our lives. Artificial Intelligence (AI) Effort to develop computer-based systems: that behave like humans: learn languages ï‚ § accomplish physical tasks use a perceptual apparatus With the development of practical techniques based on AI research, advocates of AI have argued that opponents of AI have repeatedly changed their position on tasks such as computer chess or speech recognition that were previously regarded as â€Å"intelligent† in order to deny the accomplishments of AI. They point out that this moving of the goalposts effectively defines â€Å"intelligence† as â€Å"whatever humans can do that machines cannot†. A speech recognition system is a type of software that allows the user to have their spoken words converted into written text in a computer application such as a word processor or spreadsheet. The computer can also be controlled by the use of spoken commands. Speech recognition software can be installed on a personal computer of appropriate specification. The user speaks into a microphone (a headphone microphone is usually supplied with the product). The software generally requires an initial training and enrolment process in order to teach the software to recognize the voice of the user. A voice profile is then produced that is unique to that individual. This procedure also helps the user to learn how to speak to a computer. WORKING: The user speaks to the computer through a microphone, which in turn, identifies the meaning of the words and sends it to NLP device for further processing. Once recognized, the words can be used in a variety of applications like display, robotics, Commands to computers, and dictation .The word recognizer is a speech recognition system that identifies individual words. Following are a few of the basic terms and concepts that are fundamental to speech recognition. Utterances Pronunciations Grammar Accuracy The speech quality varies from person to person. The grammar used by the speaker and accepted by the system, noise level, noise type, position of the microphone, and speed and manner of the user ¶s speech are some factors that may affect the quality of the speech recognition. The computer must be trained to the voice of that particular individual. Such a system is called Speaker-dependent system. Speaker-independent system can be used by anybody, and can recognize any voice, even though the characteristics vary widely from one speaker to another. SPEECH DEPENDENT WORD RECOGNIER: The normal speech has a frequency range of 200 Hz to 7KHz. Recognizing a telephone call is more difficult as it has bandwidth limitations of 300Hz to 3.3KHz.As explained earlier the spoken words are processed by the filters and ADCs. The binary representation of each of these words becomes a template or standard against which the future words are compared. These templates are stored in the memory. Once the storing process is completed, the system can go into its active mode and is capable of identifying the spoken words. As each word is spoken, it is converted into binary equivalent and stored in RAM. The computer then starts searching and compares the binary input pattern with the templates. It is to be noted that even if the same speaker talks the same text, there are always slight variations in amplitude or loudness of the signal, pitch, frequency difference, time gap etc.Due to this reason there is never a perfect match between the template and the binary input word. The pattern matching process therefore uses statistical techniques and is designed to look for the best fit. The values of binary input words are subtracted from the corresponding values in the templates. If both the values are same, the difference is zero and there is perfect match. If not the subtraction produces some difference or error. the smaller the error the better the match. SPEECH INDEPENDENT WORD RECOGNIZER: The search process takes a considerable amount of time, as the CPU has to make many comparisons before recognition occurs. This necessitates use of very high-speed processors. A Large RAM is also required as even though a spoken word may last only a few hundred milliseconds, but the same is translated into many thousands of digital words. It is important to note that alignment of words and speeds as well as elongate different parts of the same word. This is important for the speaker- independent recognizers. APPLICATIONS: HEALTH CARE: Speech recognition is used to enable deaf people to understand the spoken word via speech to text conversion, which is very helpful. Speech recognition is especially useful for people who have difficulty using their hands, ranging from mild repetitive stress injuries to involved disabilities that preclude using conventional computer input devices. (HAND FREE COMPUTING). MILITARY: speech recognizers have been operated successfully in fighter aircraft with applications including: setting radio frequencies, commanding an autopilot system, setting steer-point coordinates and weapons release parameters, and controlling flight displays. TRAINING AIR TRAFFIC CONTROLLERS: Training for military (or civilian) air traffic controllers (ATC) represents an excellent application for speech recognition systems. TELEPHONY: Speech is used mostly as a part of User Interface, for creating pre-defined or custom speech commands. LIMITATIONS:   It needs to be completely tailored to the user and trained by the user. It is often set up on one machine, and so can create difficulties for a user who Works from many locations, for example from school and home. It depends on the user having the desire to produce text and be able to invest the Time, training and perseverance necessary to achieve it. It is most successful for those competent in the art of dictation CONCLUSION: Speech recognition had prevailed and achieved tremendous results in different field’s .I t made our interactions with the computer easier than earlier. This technology had reduced the difference between human-to-human and human-to-machine interaction. FUTURE TRENDS: It would yield better results: When it was made noise resistant. Understand our emotions User friendly as accent of a machine differs from human’s It must be portable to use irrespective of the device. REFERENCES: www.seminoron .com www.edu.org www.ibm .com www.dragonsys.com

Network 360

Adrian D. Horstead, Sr. 1217 Belcourt Parkway Hurlburt Field, FL 32544 Cell: (770) 686-0425 [email  protected] edu OBJECTIVE: To attain a long term position with a stable growing company. EDUCATION: Bachelors of Science Degree in Business Administration Samford University, Birmingham, AL Major: Management (Graduated May of 2004) Fall 2004 Marketing Internship Samford University Athletics, Birmingham, AL Planning and execution of pre-game activities * Managed children’s activities( Kid-Zone) during football games SKILLS: Adept in Windows and Macintosh operating systems with demonstrated proficiency in Microsoft Office Suite Windows 98, Microsoft Office XP, Goldmine Sales and Marketing, ACT, SaleForce. com, QuickBooks Pro, Dreamweaver, E-mail, Intranet, Internet WORK EXPERIENCE: March 2009- Present Structural Craftsman- United States Air Force Reserve Structural layout/framing of floors, walls, wooden and metal studs and roofs * Masonry construction such as mixing mortar and l aying block * Finished carpentry (installing and repairing gypsum board) * Installation and maintenance on personnel and facility doors (wood, metal, roll-up doors, door closers, locking devices) * Sheet metal layout and fabrication * Oxyacetylene and plasma torches used on alloy * Stick, MIG, and TIG welding August 2005- January 2009 Bulk Advanced Sales Supervisor- Coca-Cola Bottling Company United, Inc. Birmingham, AL. Merchandise for all home market accounts (Wal-mart, Bi-Lo, Food Giant) * Trained bulk and trainee salesman on merchandising standards and accountability * Ensure production for all home market accounts * Worked hand in hand with other supervisors on ordering and merchandising products * Communicate with store managers on upcoming sales and displays July 2004- January 2006 Presentation Administrator – Nutro Products Inc, Birmingham, AL * Set up Nutro displays in the greater Birmingham area pet stores (Superpetz, Pet Supplies â€Å"Plus†, Pet Supermarket ) Make presentations about Nutro Products * Convert animal owners to Nutro customers * Maintain thorough knowledge of the pet food industry April 2004-January 2005 Sales Representative- DAXKO, LLC, Birmingham, AL * Planning and execution of promotion and distribution of web-based application * Develop and maintain thorough industry, market, and product knowledge * Develop customer relationships with C-level managers of YMCAs * Accurately forecasting sales activity and revenue achievement * Manage assigned market and opportunity pipelineMEMBERSHIPS: Structural Craftsmen, United States Air Force Reserve, 2009- present Scholarship Athlete, Samford University Football, 1999-2003 Member, Fellowship of Christian Athletes, 1996- present Member, Samford University Alumni Council CEO of Hocutt Foundation, Inc. 2004- present ACTIVITIES: Spring 2004 Recruiter- Senior Campaign Committee, Samford University Recruited representatives from different school departments Spring 2004 Group Leader- Ves tavia Hills Boys’ Bible Club, Birmingham, AL * Organized Bible-based activities for participating elementary children Spring 1999 Speaker- Upward Basketball, Opp, AL * Spoke to youth basketball organization References John P. Andrews II (Supervisor) 213 Hermey Ave Pensacola, Fl. 32507 (850) 281-3266 Robert W. Service, Ph. D. (Professor) Associate Professor, School of Business Samford University 00 Lakeshore Drive Birmingham, AL 35299 (205) 726- 2544 (Work) [email  protected] edu Barry Thomason (Supervisor) DAXKO, LLC 2204 Lakeshore Drive Birmingham, AL 35209 (205) 437-1400 x130 (Work) [email  protected] com Jerome Rogers (City Planner) City of Opp 607 Opine Road Opp, AL 36467 (334) 493-7700 (Home) [email  protected] com Cheryl A. Kidd (Administrator) Birmingham City Council Administrator City Hall 710 North 20th Street Birmingham, AL 35203 (205) 335-3895 (Cell) [email  protected] birmingham. al. us

From the assigned readings present an executive summary of the law in Term Paper

From the assigned readings present an executive summary of the law in 200 words or less, and discuss how the law is applied and - Term Paper Example One of the sub-groups of the CMS is responsible for enforcing the Program of CLIA. All the registered and non-registered medical laboratories in the U.S. are legally bound to implement the Amendments mentioned in the CLIA. In the year of 1965, the Medicare and Medicaid programs were drafted and signed into law. This draft was signed by President Lyndon B. Johnson as a health insurance cover to people who are aged 65 and over. Medicare is not sufficient enough to protect many senior citizens of U.S. against long hospital stays or major health related expenses. Individuals are required to first pay $800 of hospital care and the first $100 of outpatient physician visits. If they are required to stay for more than sixty or ninety days, additional $250 per day is required to be paid for hospital care (Pauly, 2008). The Equal Employment Opportunity Commission, which is a regulatory body, can guide employers over the issue of the health benefits. The Equal Employment Opportunity Commission can authorise employers either to decrease or drop health benefits for retirees reaching the age of Medicare eligibility. Second part of the assignment: Health care has become a serious and dangerous problem in the United States of America. The costs of health have no point to stop and provide relief to Americans.

Financial accounting Master Research Paper Example | Topics and Well Written Essays - 3250 words

Financial accounting Master - Research Paper Example Also, assume that the only thing that the Dow Jones sold was one piece of printing equipment for $190,000 in cash. a) How much did the Dow Jones originally pay for the piece of equipment that was sold COMPUTATION: Balance (at start) = 1,181,171 Add: Purchase during the year = 155,000 Less: Balance (at end) = (1,177,300) Cost of Equipment = 158,871 JOURNAL ENTRIES Debit Credit Cash 190,000 Allowance for depreciation 122,000 Equipment 158,871 Gain on Sale 153,129 So the payment is made $ 190,000. b At the time of sale, what was the accumulated depreciation on the piece of equipment that was sold COMPUTATION: Cost of Equipment = 158,871 Less: Depreciation = (122,000) Book Value = 36,871 Less: Sale proceeds = (190,000) Gain on Sale = 153,129 Therefore, the depreciation on the sale of equipment amounted $122,000. c Did Dow Jones record a gain or a loss on the sale of the printing equipment As per calculation in the part (b) it is clear fact that Dow Jones recorded a gain of $153,129 on the sale of equipment. PART III: Trump Hotels and Casino Resorts Inc. - Bonds 1. Were the "Trump AC Funding 11% First Mortgage notes, due 2006" issued at par, at a premium or at a discount Justify your answer. After reviewing the long term debt section, according to my assessment "Trump AC Funding 11% First Mortgage notes, due 2006" it was clearly indicated that the management of the company funds the mortgage at par and the management of the company issues mortgage notes at par on the secondary market. 2. Record the entry made at the original... Although, their is no clear indication about the face value but I assume that the face value of the mortgage is $100.And the "Trump AC Funding II 11 % First Mortgage notes" bonds are issued on discount. Bond prices are fluctuated when the company opt the aggressive or conservative accounting policies. The adaptation of those accounting practices enforces management to issue the bond at discount or at face value. Macro factors like fiscal policy, interest rate fluctuations, recession in the economy and difference of timing in the issuance of bond makes a significant impression on the overall valuation of the company. 5. Record the entry that was made for the "Trump AC Funding II 11 % First Mortgage notes" when these notes were issued on January 1, 1997 (Hint: These notes were issued at 95.70% of their face value). 8 Assume that on December 31st, 2001, Trump re-purchased all of the outstanding Castle PIK Notes for $119,500,000. What would the gain or loss be on the repurchase of bonds (net of tax rate of 40%) 10 Assume that on January 1st, 2001, the market rate of interest was 12% on bonds of similar risk to these Castle PIK Notes.