Chapter 1106? Be a Barbarian

"Carl Icahn's Icahn capital compounded annualized rate of return is even higher than that of Buffett, Madoff, and Ross, but the gameplay is completely different. He keenly observed the differences in the interests of senior managers and shareholders of listed companies. Among them, various financial means are used to make profits."

"When senior managers push up the stock price in order to obtain equity and option rewards, causing the company's value to deviate from the fundamentals, he manipulates the media to repeatedly criticize and start shorting, and when he hits a company's stock price below its actual value, he They will turn to attract money and wait for an opportunity to initiate hostile mergers and acquisitions. The more intense the management resistance, the easier it is to fall into his trap. Success or success can be profitable. One of the most typical methods is corporate raids, buying huge amounts of shares in fancy listed companies After securing the position of strategic shareholder and forcing the company to make management or strategy reforms, the stock price rose rapidly in a short period of time."

"But Carl Icahn doesn't actually care about business development, he only thinks about how to profit from the acquisition and sale of stocks. In 1985, he won TWA and served as chairman, and began to act as a barbarian at the door to spin off and sell company assets In 1988, he couldn't stand his management and other shareholders using various means to get him out of the game for personal gain. He has made nearly 500 million knives and left the company with a huge debt of more than 500 million. Later, I received various compensations worth more than 100 million yuan."

"So he hates the poison pill (a large number of new shares issued at low prices, which reduces the share of the acquirer's stock, dilutes the equity, increases the acquisition cost and prevents the acquirer from achieving the controlling target) plan that is extremely lethal to hostile mergers and acquisitions. He hates the board system of listed companies, especially those elected employee director representatives, and independent directors stationed by the government or strategic partners of the company. He claimed that these people have no way of thinking about the interests of the company and shareholders, and only want to greedily take To get more management shares, dividends and high salaries to win the support of other shareholders."

"So he is not a complete short predator. He intends to control the company itself, and he is also very patient. The battle for control with the management may last for ten years, such as the battle with another financial tycoon Perelman around Marvel. Years of contention."

After returning to Highland Park after a hasty trip to Tokyo, O'Grady reminded Song Ya, "3DFX should be a very good hunting target for him, and the struggle may be long-term."

"But we beat him this time, right?" Song Ya asked with a smile.

3DFX's stock price was violently pulled by O'Grady from more than 9 yuan to about 36 dollars at the close of Nasdaq, which means that the market value soared from 140 million dollars to 560 million dollars in one day.

"But it's already out of the fundamentals, Northern Trust will not allow me to mess around again."

O'Grady replied: "The company has internal discipline and external pressure. Icahn Capital has launched a media clamor this morning to ask the SEC (US Securities and Exchange Commission) to intervene in the investigation of the abnormal fluctuations in 3DFX's stock price."

"Do you think Carl Icahn can get enough stocks to close his position?" Song Ya asked.

"I don't know, he is an advanced player APLUS, but it is difficult for the short side to get enough bargaining chips in the securities market at present. 3DFX has only been listed for more than a month, and most of the stocks in your hands are due to the lock-up period. , I caught them off guard," O'Grady replied.

"How much will he lose?" Song Ya asked again.

O'Grady shook his head, "It depends on how much leverage is used, but it must be more than he earned from Goodman and the others."

"Ha!" Hearing this sentence, Song Ya expressed his satisfaction.

There is no doubt that Northern Trust has made a lot of money this time. It is a pity that O'Grady dare not spend the money of Netscape companies such as Infoseek by himself, but he will make up for it in other ways. This is Tokyo Part of the private deal between the two parties before the trip.

"We also need good news."

O'Grady said: "In order to save the stock price, Ballard, the president of 3DFX, previously claimed that the expected profit of this year is 60 million dollars, which is not reliable, not to mention that Sega's big contract has not yet been won.

Even if it is won, it will be at least a year later. "

"They lied from the beginning, and they always got an advantage, and now it's a habit."

Song Ya looked coldly out of the study window, the motorcade of members of the 3DFX board of directors had just entered the gate of Highland Park.

"I won't go down." O'Grady is no longer suitable to appear on the same occasion with 3DFX.

"Hey APLUS, great work!"

The stock price quadrupled in one day, and the director representatives of other shareholders were of course elated, while the three-man liar and Carmack's director representatives showed their dissatisfaction on their faces, and President Ballard was very worried.

"Look at this." The director representative of the second largest individual shareholder showed him a financial magazine in his notebook.

‘Extreme pressure maniac! Sega, who joined Shoichiro, is making great strides! '

On the cover, Shinko Shoichiro folded his hands, looking out into the distance with a firm gaze at a forty-five-degree angle. The background was Song Ya and a row of white people bowing in front of the Sega Logo wall. The subtitle was "The American 3DFX company in trouble came to apologize!" An unfavorable lawsuit against Sega has been eliminated! '

"We still need good news." Song Ya smiled, and O'Grady didn't show up, so he repeated the words by himself.

"Do you think it's good for you to go to Tokyo to bow down to me? APLUS!"

Ross in the trio suddenly stabbed, "We will win the lawsuit against them soon, and they will pay us tens of millions! The stock price will still rise by then, but now it's all gone!"

Scott, the CTO of the trio, said: "I knew that as soon as the company went public, you people would do anything for the stock price. It's unbelievably short-sighted and short-sighted! We don't need you to go to Tokyo to embarrass us APLUS, After the release of Voodoo2 at the end of the year, we can still shock the world!"

"Last year, you persuaded me to continue to invest money in the VoodooRUSH project. What happened? The graphics card that often had compatibility issues caused us to lose the trust of major customers such as Compaq!"

Song Ya replied unhappily, but unfortunately due to physical reasons in the body, the Qi in the middle is insufficient.

"In fact, we should focus on the performance of 3D chips. There are many 2D chip manufacturers, the competition is fierce, the profit is thin, and our technical reserves are insufficient." Carmack's director representative said.

"Of course you IDSoftware would like 3DFX to produce 3D chips to provide the best performance platform for your pure 3D shooting games, but that market is very small!"

The director representative of the second largest individual shareholder fought back.

The board meeting soon became a fruitless quarrel again, but Song Ya could feel that her control had strengthened, and most of the representatives were speaking for herself, after all, she was the one who could lead everyone to make money.

He quietly observes, assesses the situation, and trust is built up step by step. Afterwards, his proposal to transform 3DFX will be more radical, and it cannot be said that it will definitely be approved by the board of directors. Be patient and not rush.

"Stop arguing, it's the weekend, we have already released the news of reconciliation with Sega and continued cooperation, what should we do when the market opens on Monday?" A director representative of an investment institution looked at Song Ya, "Is there any good news to release? Is it?"

"There will always be a day when you can't make up a lie!" Ross, who was in the trio, said sternly.

Song Ya glanced at him.

"How about meeting the Compaq guys on Sunday? Post-mortem that they're still going to use our chips in new PCs in the future?"

Ross was ignored, and another director representative came forward to propose, "I have a way to ensure that Compaq will not rush to deny it. Anyway, it is a plan, and it will have to wait until their new product launch next year at the earliest."

"Yes." Good thing, Song Ya nodded.

While meeting Compaq people, he also needs to launch a public relations campaign for the American media for the first time. Going to the book and bowing to people in public is not a good thing here. The stock market reacted very honestly, and there were many negative comments from the media. .

At the gate of Highland Park, Compaq’s senior executives showed up accompanied by the director representative here. He greeted Song Ya, who came out to greet him in person, and quickly apologized when he found that the other party’s hand was only slightly raised. He approached the wheelchair and held it He shook hands and bowed his head in greeting.

'APLUS! Did you beg Sega for forgiveness? ’ The reporter didn’t care, and asked loudly while taking pictures.

"What do you want me to do? I was in a coma for five months, and the cash in my account was stolen to only a fraction after the decimal point, not even enough to buy an aspirin."

Song Ya smiled wryly at the camera.

This is really not a bad sale. PGE Law Firm began to clean up the mess left by Goodman, and the cash in the A+ copyright and asset management company account was wiped out. If Song Asheng hadn't kept the money in his private account for him There is also CNA's insurance compensation, he really can't even afford the travel expenses of leading the team to Tokyo.

The reporters all laughed, "Is it your lawyer? I heard they have disappeared!?" Someone asked again.

Song Ya's wheelchair has been pushed into the gate by the bodyguards.

"I'm here on a personal basis."

With no outsiders around, Compaq people directly pointed to the director representative who directed him, "Unless 3DFX launches a more mature new graphics card, we will not purchase any more."

"I understand, thank you."

Song Ya nodded to express the love between the two, "I just need you not to deny this matter for the time being."

"That's fine. So... do you have any new graphics cards?" PC machine manufacturers refer to graphics cards that integrate 2D and 3D functions, such as VoodooRUSH, and they may only use 3D functions in the top models of fever models. Voodoo is a generation card, but the purchase amount is negligible.

"There will be, I promise." Song Ya promised.

"Really? You're lying to me, APLUS."

The Compaq people don’t believe it. They have cooperated deeply with 3DFX before and after the release of VoodooRUSH. After the project failed, the relationship between the two parties was very bad, but they still have a better understanding of 3DFX’s follow-up development plan. The trio of liars in charge of technology were very frustrated with the failure of that project, but their idea was that the failure of VoodooRUSH proved the wrong business strategy, and they simply concentrated on working on the 3D acceleration chip in their old business in the future.

"I'll do my best, after all, I'm the chairman, right?" Song Ya laughed.

"Oh, by the way, someone wants to talk to you, if you don't mind."

Unexpectedly, Compaq executives came here not entirely based on their personal friendship with the director representative. He took out his mobile phone, "The other party asked for a private communication."

"Well……"

Song Ya had no choice but to answer the call.

"I'm from Icahn Capital... Is it convenient? APLUS."

It turned out to be from Carl Icahn. Song Ya glanced at the Compaq executives who went to the lawn to chat with the directors on behalf of friends, "Please tell me." Song Ya motioned for Sloan, who was holding the phone to help, to listen together.

Sloan bowed his head, and the two faced each other across the phone.

"If we trade, what conditions do you have?" the other party asked.

The stock and futures markets are a more dangerous and information-deficient fog of war. It sounds like Carl Icahn is really trapped by a short order?

But this may also be a trap to detect the truth, Song Ya and Sloan glanced at each other, "PGE Law Firm needs you to provide the two financing information of the American music website, and they found that the special fund you participated in the financing included Goodman, Hamlin and Delay's money, it's actually mine, they stole it from me."

If the other party doesn't look for me, I will look for them about this matter. After the opening of 3DFX, it would be great if Carl Icahn can be blackmailed. He helped Goodman and Hamlin transfer funds, and helped Delay A key figure in operating the spin-off of the American Music website.

The American music website doesn’t make money, and it’s losing a lot. Most Internet companies now play like this.

However, his long-term coma gave Dilai an opportunity. The preliminary investigation results of PGE lawyers and Alicia were that Dilai used the reason for filing for bankruptcy protection to introduce external funds. The new law firm, accounting firm and Goodman and Hamlin are all cooperating with the spin-off plan called saving the company. The debt is thrown to A+ Audio, the parent company that owns 85% of the shares. Carl Icahn and other institutions got The opportunity to enter the market at a low price also creates convenience for Goodman and others to embezzle their own shares.

This is a classic conspiracy of hungry wolves inside and outside taking advantage of the incapacity of major shareholders, a gluttonous feast for senior managers and capital.

"You misunderstood, APLUS."

The other party replied with a smile: "My deal refers to how you will compensate us if we don't hold you accountable for insider trading with certain organizations."

"PGE Law Firm will soon initiate a lawsuit to stop the listing process of the American music website, and your time is running out." Song Ya ignored this problem, and according to the current Internet bull market, wait for the American music website to go public. The net worth of Goodman and others skyrocketed, and he would not back down on this matter.

"What good does that do you? After all, you still own 85% of the shares of A+ Audio, the parent company of the American music website, and A+ Audio owns 32% of the American music website. After all, you personally There are almost 27% remaining, and it is still the largest shareholder."

It’s okay if the other party doesn’t say this. From 85% to 27% because of the collusion of these people inside and outside, after the IPO, it will definitely fall below 20%. Song Ya is not angry. "So you thieves are protesting at me?"

"You need to calm down, APLUS, accept the reality." The other party replied triumphantly.

"The reality is that you beat around the bush and beg everywhere, just to be able to talk to me." Song Ya retorted.

"Hehe... Then we don't need to talk anymore?"

"At least you don't deserve it."

Song Ya's eyes turned cold, and she asked Sloan to hang up the phone.

"So, what about?" Sloane asked.

"Do it."

Over the weekend, 3DFX confirmed the settlement with Sega and announced that its partnership with Compaq could continue next year.

On Monday, 3DFX’s stock price continued to rise slightly, fluctuating at a high of 40 yuan. Investors who still have stocks in their hands seem to be still waiting and watching, but O’Grady issued two consecutive warnings during the session.

Song Ya forced the 3DFX board of directors to Highland Park and continued the meeting.

"Then go ahead, let's vote, hands up?"

This time there was a lot of quarrel. After the NASDAQ closed in the afternoon, Song Ya’s voice just fell. The trio of liars immediately raised their hands high. Carmack’s director’s representative quickly followed. President Ballard hesitated for a few seconds. He also raised his hand.

Finally, the director representative of EA raised his hand after making a phone call.

Song Ya won the support of other directors, and it was difficult to win by a narrow margin.

With a straight face, he asked Sloan to push himself into the rehabilitation room, where Xue Linfen got a treadmill and was running in high-fork gym clothes.

"Huh! I'm exhausted, I have to get back into shape quickly."

She came over sweating and helped the nurse get Song Ya to the standing bed, "What's wrong with you? You look ugly, are you unhappy?" She asked.

"Nothing, just a little nervous."

At the same time, 3DFX suddenly announced the suspension of stock trading tomorrow, and announced that major information will be disclosed soon.

The market was in an uproar, and the financial media believed that it might be related to the previous abnormal fluctuations in stock prices.

"This kid is too young, and his concentration is not enough." Carl Icahn commented with a smile in the office the next day.

The subordinate who called before immediately flattered, "It's just like this after being scared by us haha!"

Unfortunately, they were immediately disappointed.

'3DFX announced again that they are negotiating with another American display chip manufacturing company, VideoLogic. If the two companies merge successfully, 3DFX will obtain VideoLogic's technical reserves in the field of 2D display chips, and VideoLogic will stop their failed 3D chips. Subsequent development of the PowerVR series, switching to full use of 3DFX's Voodoo technology...'

3DFX claims that this partnership will also allow the two companies to jointly develop graphics chips for Sega's next-generation game consoles. At the same time, the new generation of VoodooRUSH2 graphics cards with more powerful and stable performance will continue to work hard to enter the PC supply chain. '

"Hey... I finally saw Jin Xiang."

After sending away 3DFX and VideoLogic, Song Ya finally grinned happily. In addition to the great benefits, O’Grady also used his money to short VideoLogic and take advantage of the opportunity to attract funds, which was almost in sync with long 3DFX. Monday , the VideoLogic stock under Song Ya's name is enough for them to hold an interim board of directors.

Obviously, according to Sega's secret horse racing plan, there can only be one display chip company that wins in the end. Since Shoichiro Nieko chose to settle with 3DFX, it is not good news for VideoLogic, which is already in sight of victory.

Now 3DFX market value is high, and VideoLogic is cheap...

Who wouldn't be a barbarian at the door?

Although I was a little nervous for the first time, I can learn slowly while doing it in the future.

After reading the news, Carl Icahn was so angry that he threw the pen out of his hand.

"What should we do? We have an empty order in our hands..." the subordinates asked anxiously.

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