Lizzie Ward runs The Brick House, a fast-growing construction materials retailer in Christchurch, New Zealand. Strong sales are straining cash flow, making it hard to pay suppliers on time. She meets with her banker to seek a higher credit limit or alternative financing, as the business continues to expand rapidly.

The case focuses on the ill-fated relationship between the LIA, Libya’s new sovereign wealth fund, and Goldman Sachs, and the ultimately disastrous $1.2 billion derivatives (elephant) trades the LIA entered into in early 2008 on Goldman’s advice.

In late 2011, Infineon (IFX), a German semiconductor company, is sitting on a €2.4bn cash balance representing 40% of its assets. As part of a financial policy review, management is receiving conflicting advice from different quarters as to whether to pay out some of the cash holdings, how much and by which methods.