O'Reilly logo

Creating Risk Capital: A Royalty Fund Solution to the Ownership and Financing of Enterprise by Ian Whalley

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

5. Aspects of Capital Structures

Untermyer: Is not commercial credit based primarily upon money or property?

Morgan: No, sir, the first thing is character.

Untermyer: Before money or property?

Morgan: Before money or anything else. Money cannot buy it.

Exchange between counsel Samuel Untermyer and the banker J. Pierpont Morgan [1]

As Morgan declared in this memorable exchange, character is indeed the first thing. With a good name, it should then be possible to plan and build an enterprise and the capital structure that goes with it. The capital structure is the interface between enterprise, capital and credit, which establishes how firms use the facilities which are available, and shows the financial strategies they adopt, notably ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required