CASE

Adventure & Recreation Technologies, Inc.

Sitting behind his desk, Ben Nunnally told Anna Martin, “At last week’s corporate board meeting, there was a discussion on the economic situation in Europe. One board member said that he had read that two major banks were predicting a substantially lower euro by year’s end (from the spot FX rate of 1.333 $/€ in February 2013, to 1.20 $/€ by the end of 2013). Another asked me how I thought a depreciation of the euro might affect the company’s future cash flows and stock value.” The meeting between Nunnally and Martin was taking place in early March 2013 in Nunnally’s office at Adventure & Recreation Technologies, Inc. (ART), in Boise, Idaho.

Nunnally, who had been the company’s chief financial officer ...

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