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Submitted By pedigree117
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Pilgrim Assurance Case

Pilgrim Assurance is a case that involves a sealed bid auction. Therefore, the auctioneers will need to sell the building to the highest bidder involved at a minimum bid of $15 million. David Bailey is given the decision to decide on how much to bid for an office building. Furthermore, he needs to make the decision whether to lease it as office space or to convert this office space into condominiums. In this case, I will analyze the goals and objectives of Bailey as well as the other participants. The sealed bid auction indicates that they are willing to take a chance on the market and try to receive high bids. There is no problem with the government participant besides using permits to do renovations. There is no financing constraints, so the lending is not an issue. In my analysis I did a five year discounting cash flow, NPV and IRR of upgrading the office building as well as condo converting.

That way there will be a good analysis of facts that we can base a decision on. The office conversion I feel is a less risky bet for David. On the other hand, the office rental market is weak and the housing market is hot. However, it is important to note that if Bailey would go with the condo, nearly 14,000 condo were in the process of being constructed. Also it looks like prices might be on the downturn. David’s one objective is to buy the building and upgrade it to office rentals by making square footage improvements, renovating bathrooms and reducing costs by using his network of laborers. This will decrease expenses and increase his revenues. His other objective would be to buy the building and convert it all into condominiums. His goal for the first objective would be to fill up the remainder of the 75,000 sf in the building and keep expenses down by using his own laborers and increasing square footage. His goal for the second…...

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