In December 2006, Pfizer announced the halt of the Torcetrapib clinical trial, a once very
promising drug in the fight against coronary artery and heart disease. At the same time, Pfizer
announced its initial plans of layoffs and cost reductions would be expedited as a result of the
trials. With the loss of patent protections for a series of drugs including Lipitor, the cancellation
of Bextra, and the black label warning on Celebrex tablets, how does Pfizer seek continued
success while appeasing shareholders? 9 pp. Case #07-01. (2007)

Founded by Henry Sands Brooks in 1818, Brooks Brothers' business was built on relationships
maintained over generations with employees, suppliers, and customers. Once the most admired retailer
in the country, Brooks Brothers lost its corporate identity and consequently, broke the trust of one of
America’s most loyal base of customers. During the 1980s and 1990s, three companies took ownership
of the nation’s oldest, and for much of its history, most profitable men’s retailer. In 2001, Brooks
Brothers was sold to Retail Brand Alliance for $225 million. RBA CEO Claudio Del Vecchio was
determined to save Brooks Brothers. Mr. Del Vecchio tailored a turnaround plan stitched with a
communication strategy for Brooks Brothers’ stakeholders. (A) Case, 8 pp. (B) Case, 7 pp. Case #06-09.
(2006)

On February 20, 2007, The Children’s Investment Fund sent a letter to the board of Dutch bank ABN
AMRO requesting that ABN AMRO explore options to merge, sell, or spin-off some of its assets, or even
the whole business. Never before had shareholder activism reached such a scale. As turmoil reigned and
speculation began, the largest bidding war in banking history began over one of Europe’s largest and
oldest banks. (A) Case, 6 pp. (B) Case, 2 pp. Case #08-01. (2008)

On September 22, 2006, Nicholas Maounis, founder of Amaranth Advisors LLC, reported to investors
that his hedge fund had lost approximately 65% of its value (about $6.0 billion of $9.2 billion) since the
end of August 2006. His hope was that, despite these losses, he would be able to convince his investors
to stay the course and not divest; if they divested, then Amaranth would join the annals of hedge fund
history as the largest financial meltdown ever. Looking beyond the local travail of Amaranth to the
potential global disruption of the world financial system, how would the situation play out in the long
term? 10pp. Case #07-09. (2007)