$1.$ What are the potential upside opportunities and downside risks of an investment in Swift$$s master recordings?

$2.$ Critique the base$-$case financial forecast in case Exhibit $10.$ Do you believe it to be a reasonable forecast of the financial outcomes? If not, what are your specific concerns?

$3.$ Do you have any reservations about case Exhibit $11$ base$-$case valuation model of Shamrock$$s ownership of the masters? Do the assumptions about cost of capital and steady$-$state growth rate seem reasonable? Does $$582$ million represent a sensible base$-$case value for the investment?

$4.$ Based on the requested $3\%$ payment to Braun specified in the base$-$case forecast in case Exhibit $10,$ what is the discounted cash flow value of the deal to Braun? Note that the cash flow to Braun is equal to his after$-$tax royalty income.

$5.$ Based on the payments specified in the base$-$case forecast, what is the discounted cash flow value of the deal to Swift? Note that the cash flow to Swift is equal to her after tax royalty income less increases in the amount retained for her accounts receivable. The amount of Swift's Accounts receivable from Shamrock is$,$ by definition, the same as the amount of Shamrock$$s accrued royalties to Swift.

$6.$ How would a Swift decision to rerecord all six albums impact the cash flow to the three parties? How do the investment valuations change under the scenario of Swift rerecording?

$7.$ What other market information from comparable companies might be helpful as a benchmark in your valuation?

$8.$ Based on all your analysis, what do you believe the deal is worth to Shamrock? If you were Reynolds, what bidding strategy would you recommend to Shamrock$$s investment team?