Chapter 643: Two Time Differences

"Hello everyone, this is CNN's instant entertainment news. Since the end of June, due to the great success of the 2D animated film "The Lion King", the booming Disney animation department and the parent company Firefly Group have made a huge appearance in the development strategy of animated films. Disagreement, and then, the dispute showed signs of intensifying. ∈↗, this Monday, the Firefly Creditors Alliance initiated by well-known Wall Street investor Ron Perelman suddenly put pressure on Firefly’s board of directors to obtain two creditor directors on the board Seat. The request of the Firefly Creditors Alliance was soon publicly supported by the Disney animation department. Peter Schneider, director of the Disney animation department, said that the introduction of creditor directors could better supervise the management and operations of the Firefly Group, preventing major shareholders from arbitrarily acting arbitrarily and damaging minors. The common interests of shareholders, creditors and tens of thousands of employees of Firefly Group.”

A small reception is being held in a mansion in Beverly Hills. Ron Perelman, Roy Disney and Peter Schneider, who attended the reception, and some other guests, were shaking goblets in their hands. , staring at the TV set specially placed in the open field and playing CNN news with interest, as if waiting for something.

On the TV screen, the host briefly described the news, and then continued: "After "The Lion King" broke the box office record for domestic animated films last week, a Firefly spokesperson publicly stated that today will be held at the Sunset Tower Hotel in Hollywood for "The Lion King". Wang" held a grand celebration party. The industry generally speculated that the holding of this party represented the Firefly Group's beginning to compromise with the Disney animation department, but this afternoon, all employees of the Disney animation department issued a statement in the "Los Angeles Evening News", in order to support the Firefly Creditors Alliance settled in Firefly's board of directors and all employees of Disney's animation department will refuse to participate in this party. It is currently 19:15 Western time. For details, please see the live report sent by this reporter from Sunset Boulevard in Hollywood..."

The TV screen cuts to Los Angeles at sunset, and a CNN reporter, who is standing in front of the Sunset Tower Hotel with a microphone, said: "Hello, the host, everyone from the audience. We can see that what was supposed to be the bustling Sunset Tower Hotel is actually It's no different than before. Fifteen minutes ago, a Firefly spokesperson announced the emergency cancellation of tonight's "The Lion King" celebration party. However, before seven o'clock, Eric Williams, Jeffrey . Katzenberg and other Firefly executives still appear in the parking lot of the Sunset Tower Hotel one after another. We guess that this is the last fight of the Firefly executives, but obviously, this effort has ended in failure. So far, we have not found Any executives and employees of Disney's animation department show up at the Sunset Tower Hotel."

Looking at the Sunset Tower Hotel, which was deserted on the TV screen, Peter Schneider was suddenly a little worried about whether he had gone too far. He was not worried about offending Eric. At the moment, this situation does not seem to be of much benefit to his own interests.

Roy Disney, who noticed the change in Peter Schneider's expression, patted him on the shoulder and said, "Peter, think about how Eric Williams has treated us in the past two years. Moreover, as long as Ron and the others With two board seats and Disney Animation continuing to be profitable, we don't have to worry about anything."

Ron Perelman, who was still smiling like Maitreya Buddha, also said, "Don't worry,

Peter, as long as we get two board seats, the 11 directors of Firefly will have as many as five directors from Eric Williams' influence. We can also take the opportunity to cultivate our own influence within Firefly. At that time, even if Eric Williams has the absolute control of Firefly, he will not dare to take the risk of causing turbulence in Firefly to make any drastic actions. "

Peter Schneider nodded relaxedly. Roy Disney immediately raised the goblet in his hand and said, "Then, for our common goal, I suggest everyone to toast together."

Most of the participants in this small reception were representatives of Firefly's creditors. Hearing Roy Disney's words, he was about to agree, and the TV screen that was still playing the news just now suddenly changed.

On the screen, the various media reporters who were originally scattered near the Sunset Tower Hotel seemed to feel the nails attracted by the magnet, and suddenly rushed towards the gate of the Sunset Tower Hotel, among the reporters. Eric soon appeared in the somewhat shaky live footage of CNN.

In the picture, Eric was guarded by the bodyguards expressionlessly. After waiting for the reporters around to quiet down, Eric stared at the camera closely, as if staring at some people in front of the TV, and said in a gloomy tone. : "If that's the case, then at nine o'clock tomorrow morning, Firefly will hold a press conference, and those who are welcome and those who are not welcome will be present together."

Eric dropped these words and hurriedly got into his car under the escort of bodyguards.

In front of the TV, a group of people who were going to raise their glasses to celebrate looked at each other, even the wily Roy Disney had a bad premonition in their hearts. As a member of the Disney family that is very important to Disney, Roy Disney has had many contacts with Eric. In his impression, Eric has always been more calm than his peers, but no matter how precocious, Luo Eric Disney still had to admit that Eric was just a young man of less than twenty-five years of age. If Eric decides on the spur of the moment, he will probably be beaten.

Because of this anxiety, Roy Disney couldn't get a good rest all night. Early the next morning, Roy Disney got up and turned on the TV. He waited patiently until nine o'clock, when CNN's news station appeared on time. The scene of the conference hall of the Firefly headquarters.

"At present, Firefly Group already holds 17% of Marvel Entertainment's debt. As an important creditor of Marvel Entertainment, we found that Marvel Entertainment's operating loss in the first half of 1994 has exceeded 24 million US dollars. Entertainment's stock price continued to fall. Compared to Marvel Entertainment's total debt of $553 million, Marvel Entertainment, whose stock market value is less than $300 million, has experienced serious insolvency. In accordance with federal corporate law, Firefly Group issued a statement at the same time. A lawsuit will be filed in the New York District Court where Marvel Entertainment is located, requiring immediate bankruptcy protection against Marvel Entertainment. At the same time, we found that the huge debt financing used for the company's development was illegally misappropriated by Andrews Holdings, the parent company of Marvel Entertainment. , This serious violation of bond trading laws directly caused Marvel Entertainment to be on the verge of bankruptcy. Therefore, Firefly will file a lawsuit in accordance with the law. It is bound to make Andrews Holdings pay its due price for its illegal behavior."

Roy Disney patiently listened to Katzenberg's speech on the TV, and he felt relieved after worrying all night. This statement did not mention the Disney animation department at all, which shows that the firefly executives did not die. Intend.

but. Immediately afterwards, Roy Disney wondered about the purpose of this speech. He could hear it. It should be Firefly's revenge for Ron Perelman's actions, but he didn't quite understand many details, so he took it. Got on the phone. Dial the number of my personal lawyer.

After some explanation from a private lawyer, Roy Disney finally understood.

According to the company law of the United States, when a company is seriously insolvent and its performance continues to lose money, creditors have the right to request compulsory bankruptcy protection for the company. Bankruptcy protection is different from bankruptcy liquidation. Bankruptcy protection is equivalent to the creditor giving the debtor a In the buffer period before bankruptcy and liquidation, the debtor is allowed to propose relevant plans for the company's restructuring and debt repayment within a certain period, but once this plan still fails, the company will face bankruptcy and liquidation immediately.

The main purpose of Firefly Group's proposed bankruptcy protection of Marvel Entertainment is similar to that of Ron Perelman. The same is to gain control of Marvel as a creditor. However, unlike Ron Perelman's approach, the Firefly Group's claim will be upheld by the federal court because of Marvel's insolvency.

Once the Firefly Group seizes the control of Marvel, the weakness of Andrews Holding's illegal occupation of Marvel's debt financing will also become an important reason for the Firefly Group to attack Ron Perelman. Andrews Holdings will not only face a refund of Marvel's financing, but also face a huge fine from the Federal Securities and Exchange Commission, which is the last resort.

As a country with very strict financing supervision, the illegal use of hundreds of millions of dollars in financing is definitely not a joke of hundreds of thousands of dollars in fines. Once the crime is proven, even an industry giant with tens of billions of dollars in assets. May also be punished to the point of injury.

At this time, in the mansion where the reception was held last night in Beverly Hills, Ron Perelman, who was still wearing pajamas, no longer had the calm expression he used to have. Instead, the arm holding the microphone carried a feeling of fear and anger. of trembling. After the Firefly Group issued this statement, several companies, including Berkshire Hathaway, State Street Global Fund and Firefly Investments, issued similar statements as creditors. Marvel Entertainment's bond is close to 90%, once the New York District Court judges that Firefly Group's claims are reasonable. Ron Perelman knew that he had no room to turn around among other creditors.

"Avi, I want an explanation, why I didn't know about it until now, shouldn't I have been notified in advance of the transfer of 90% of the bond ownership, tell me why?" to Marvel Avi Allah After de roaring angrily, Ron Perelman patiently listened to the other party's explanation, and slammed the microphone on the table.

Avi Allard's explanation to Ron Perelman was that Firefly and several other creditor institutions had only submitted the relevant debt transfer statement to Marvel Entertainment in recent days, and Marvel had also prepared relevant documents at this time. It was only because Ron Perelman came to Los Angeles that it was not delivered to him in time.

Ron Perelman keenly discovered that there were two time differences in Avi Arad's words. Firefly and Berkshire Hathaway took advantage of a reasonable time difference. Marvel Entertainment was informed in writing within the time limit, and then Avi Allard of Marvel created a time difference again, further delaying the time when Ron Perelman was informed of the news.

Ron Perelman found that the situation he was facing seemed to be worse than he thought. If the guess is correct, Avi Arad may have been drawn over by the Firefly Group. Once this is the case, he is likely to There will be a big somersault on Marvel Entertainment.

Wandering around in the bedroom restlessly, Ron Perelman suddenly patted his bald head. He suddenly realized that the Firefly Group had already begun its layout at least a month ago, so he discovered two more possibilities. One is that Firefly Group realized a month ago that he wanted to use the events of the Disney animation department to enter the Firefly board of directors, so he planned to take precautions in advance. Another possibility is that the Firefly Group has long coveted Marvel.

After issuing more than $500 million worth of bonds, Marvel has no value in Ron Perelman's eyes, it's just a mess that can be thrown away easily. Ron Perelman is even very Pay less attention to the business of Marvel. If the Firefly Group also holds this concept, then the purpose of the other party's actions is probably to make him retreat and stop coveting the board of directors of the Firefly Group.

After a quick weighing in his mind, Ron Perelman keenly found that the first possibility was very low. If it was just to use Marvel's flaw to force him to stop, the Firefly Group and Berkshire Ha Companies like Thawe don't have to absorb nearly 90% of Marvel bonds, which is $500 million in cash.

In the eyes of Ron Perelman, the current Marvel is not even worth half of the $500 million. To be honest, if someone comes up with $500 million now, Ron Perelman feels that he will immediately sell Marvel Throw it to the opponent.

And once the purpose of the Firefly Group is the second possibility just now, then the $500 million is immediately explained.

The question now is, why does the Firefly Group want Marvel, and why does it make a move at this very sensitive time?

Aren't they afraid of a change in Disney's animation department?

Or, does anyone think Marvel is worth more than Disney's animation division?

Ron Perelman paced more and more slowly, and soon, he picked up the phone again, bypassed Avi Allard, and dialed the number of another person in charge of Marvel. (To be continued.) SJGSF0916 Baidu search "" to see the latest and most complete novels!