Did you know that one out of every 10 cars and trucks sold in the U.S. is a  Lexus or a Toyota? With the new Highlander, Toyota will easily cement itself  as one of the best-selling brands in North America. How can we be so sure? Because the Highlander represents an optimum blend of three utilitarian types  of vehicles: the station wagon, the minivan and the sport-utility vehicle. Based on the same platform as the Lexus RX 300, which itself is based on  modified Toyota Camry mechanicals, Highlander is longer, taller and wider  where the wheels meet the pavement than the Lexus. Despite its greater size,  the Highlander is lighter than the RX 300, so acceleration should equal or  better its upscale cousin. Braking will likely prove impressive, too. Highlander comes standard with four-wheel disc brakes equipped with  electronic brake force distribution (EBD) and brake assist (which maximizes  braking power during a panic stop). Highlander is rated to tow 3,500 pounds, when properly equipped. Helping to  meet that specification is the same 3.0-liter V6 that resides under the hood  of the RX. Making 220 horsepower at 5,800 rpm and 222 ft-lbs. of torque at  4,400 rpm, the V6 features Variable Valve Timing with intelligence (VVT-i). The standard engine, also using VVT-i to maximize power and efficiency, is a  2.4-liter inline four making 155 ponies and 163 ft-lbs. of twist. The  four-speed automatic transmission provides a "snow mode" for easy starts on  slippery surfaces. With 7.3 inches of ground clearance (6.9 on front-wheel drivers) and a fully  independent suspension front and rear, Highlander isn't designed to tackle  tough terrain. But it'll work great during heavy snowfalls. Toyota's Vehicle  Skid Control (VSC) system, which includes traction control, is optional, and  is designed to recognize when the Highlander isn't responding to the driver's  steering inputs. VSC will then apply selective braking to bring the truck  (car?) back under control. In the event it fails (not likely, but possible), Highlander protects  occupants with whiplash injury lessening (WIL) front seats, five three-point  seatbelts equipped with automatic and emergency locking retractors (ALR/ELR),  front seatbelts with pre-tensioners and force limiters and ISO-FIX child seat  anchors. Daytime running lights and side airbags are optional. Inside, Highlander delivers 38.5 cubic feet of cargo space with the rear  60/40 split folding seat in use, and a whopping 81.4 cubes when it's folded. Air conditioning, CD/cassette combo stereo with six speakers, cruise control,  tilt steering wheel, bottle holders, and grocery bag hooks are standard. Opting for Limited trim gives you JBL sound, automatic climate control,  remote keyless entry, woodgrain interior trim, alloy wheels with full-size  spare, fog lights, privacy glass and other upgraded features. Leather  upholstery is available on V6 models. Toyota is planning to sell 70,000 Highlanders in calendar year 2001. We'll  bet demand outstrips supply. B 
Answer: Toyota Highlander review
I spoke to Howard Volz at CT Corporation today, and he said he sent the  renewal to DAPSA in November (their renewal date is Feb. 1 of each year) and  hasn't heard from them. I asked him to refax the renewal notice to them. He  said CT will not revoke the consent for about 5-6 more weeks, so we've got  some time to resolve this. I'll keep you posted. 
Answer: DAPSA
I have received questions about interpreting the ratio. Let me use yesterday's closing price. The merger probability is derived from a two scenario test, merger closure or merger non closure (there is also a competing offer scenario in reality). Let's use a closing DYN price of $46.20 yesterday (note I had a typo), at the exchange ratio, (not taking into account timing and dividends), this yields a merged ENE price of $12.40 ($46.20 * .2685). ENE closed at $10.00 yesterday. Thus if the market thought there was complete certainty of merger, the prices would converge at $12.40. Now comes the artful part, the non merger ENE price. I included another tab (Merger) to sensitize this. Say we pick an ENE price with no merger of $4.00. Looking at a deterministic probability, one can look at the distance (difference) in dollars to calculate the probability. For instance:  ENE merged           12.40 ENE close 14-Nov   10.00 ENE no merger         4.00  Probability of merger = (1-((12.40-10.00) / (12.40 - 4.00))) or 71.4%. Said another way, there is a 71.4% chance of being worth $12.40 and a 28.6% chance of being worth $4.00, which yields a weighted price of $10.00  ($12.40 * 71.4%)+($4.00 * 28.6%). I also included a $1 distressed ENE price and a $7 previously observed low end ENE price as scenarios. Regards, 
Answer: Exchange ratio prices and probability
Rebecca,  I would also like to bring Jeff Shankman with me to the board meeting. He  has never attended one. It has been a long time since i have presented anything to board especially  like this. Would you please provide me a copy of the last couple of  presentations so that I can be consistent and give them the right kind of  information. Thanks, 
Answer:
August 14 board meeting