e is very abundant. Fortunately for Walbecker the team he had assembled was able to distinguish between relevant and irrelevant material. During the study the team was also required to take notes every day. They were also encouraged to go outside of the metropolitan area in order to gain a better feeling of the country and it's people.Upon return of the team from Athens, Walbecker concluded the following: the rate of return would be 16 percent, the partners had good integrity and intentions, the political situation was not extremely stable, the ownership option was good for other projects if the Patras investment was slow, and there were no technical or market developments evident to slow down progress in construction. From these findings Walbecker had to persuade the Board to agree to the venture. He concentrated on the soundness of the venture, the reliability of the partners, and the advantages of Greece. Using market analyses and forecasts, an audit of Titan's financial affairs, the geological report, plant layout and consolidated capital estimates, and a business-environment report, which covered the political situation, the economy, partner evaluation, and an outlook on the country's currency-the Drachma-Mr. Walbecker was prepared to start finalizing the report. Concluding the report were the financial details on the US$4.5 million equity needed by Yankee. Before giving a formalized presentation to the Board and other important associates, Mr. Walbecker had informal discussions over breakfast with the three top executives at Yankee about the project. The reason for this was not only to give the executives a briefing about the information that was gathered, but also to get an idea as to result of the vote on the project. After the formal presentation, the Board was given one month to decide on accepting or rejecting the project. At the conclusion of one month's time from the formal presentation the Board's vote revealed the accepta...
