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In this two-part case, Richard Davis and Stephen Hodgetts, co-owners of D&H Management LLC, are trying to come to terms with changes in the real estate market‐changes that have made their rental homes worth less than their mortgages and at best yielding at most a break-even cash flow. In Part A Davis and Hodgetts are weighing the following options: (1) sell all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (2) walk away from all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (3) delay paying the mortgage on some of the homes, allow these properties, if necessary, to go into foreclosure, and in the interim use the positive cash flow to shore up some of the more positive cash flow homes; (4) contact all of the lenders and try to renegotiate the mortgages so as to have lower monthly rates.

In Part B Davis proposes that he and Hodgetts go their separate ways. Davis walks away with the two properties that have mortgages in his name, while Hodgetts obtains the four properties that have mortgages in his. From Hodgettsʼ perspective this is a losing proposition since (1) he would have to take over the management of four “loser” properties rather than Davisʼs two, an ʼunfairʼ split of the liabilities; (2) he had no interest in managing properties; and (3) he and Davis would be splitting up a long-standing team.

An examination is made of developments in port dynamics since 1965. Initially, this task is addressed by studying changes in past port patterns using a simple descriptive model to accommodate shifts induced by containerization. Over time these changes have led to the reversal of the concentration and centralization of port activities. Then consideration is given to the behavior of stakeholders active in the contemporary port scene by elaborating a bipolar global-local analytical framework through an invocation of the hybrid concepts of glocalization and loglobalization. This analysis leads to an examination of emerging economies to gauge future trends in port dynamics following the dramatic emergence of China. Finally, there is a discussion of the need to go beyond inter-port competition to comprehend global production-distribution networks by exploring synergies between the supply chain and the total transport network to bring out parallels in the hub-and-spoke structure not only underpinning maritime activities but also air transport and telecommunications.