Chapter 643: Two time differences
"Hello everyone, here is the instant entertainment news. From the end of June, due to the great success of the 2d animated film "The Lion King", the Disney Animation Department and the parent company Firefly Group, which are in the limelight, have appeared in the development strategy of animated films. Disagreements, and the disputes are showing signs of growing. On Monday, the Firefly Creditors Alliance, initiated by Wall Street's famous investor Ron Perelman, suddenly pressured the Firefly Board to obtain two creditor board seats on the board. The requirements of the credit union alliance were quickly 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 operation of the Firefly Group, prevent major shareholders from acting arbitrarily and arbitrarily, and harming minority shareholders and creditors. And the common interests of tens of thousands of employees of the Firefly Group."
A small reception was held in a mansion in Beverly Hills. Ron Perelman, Roy Disney and Peter Schneider, who attended the reception, and other guests, shook their stems in their hands. I watched with interest the TV set that was being placed on the open ground and was playing n news, seemingly waiting for something.
On the TV screen, the host briefly explained the news, and then continued: "The "Lion King" last week at the box office broke the box record of the American animation movie, the firefly spokesperson publicly said that today will be the "Lion at Hollywood Sunset Tower Hotel" Wang held a grand celebration party. The industry generally speculated that the party was represented by the Firefly Group's beginning to compromise with the Disney animation department, but this afternoon, all employees of the Disney Animation Department made a statement in the Los Angeles Evening News. In order to support the Firefly Credit Union Alliance The Firefly Board of Directors. All employees of the Disney Animation Department will refuse to participate in this party. It is already 19:15 in the Western Time. What is the specific situation? Please see the live report sent by the reporter from Hollywood Sunset Boulevard..."
The TV screen was cut to Los Angeles, which was already in the sun. The reporter standing in front of the Sunset Tower Hotel said: "The host is good, everyone in the audience, we can see that it is supposed to be the lively sunset tower hotel. There was no difference between the past and fifteen minutes ago. A Firefly spokesperson announced an urgent cancellation of the "Lion King" tonight party. However, before 7 o'clock, Eric Williams and Jeffrey Carmenberg and other firefly high-rise cars are still appearing in the Sunset Tower hotel parking lot. We suspect that this is the final fight for the fireflies, but it is clear that this effort ended in failure. So far, we have not found Any of the executives and staff of the Disney Animation Department appear at the Sunset Tower Hotel."
Looking at the sunset tower hotel on the TV screen, Peter Schneider suddenly worried that he was too hot, and he was not worried about offending Eric. Even if he leaves the firefly, he feels he can find the next home. But at the moment, this situation does not seem to have much benefit to its own interests.
Roy Disney, who noticed the change of Peter Schneider, patted him on his shoulder and said, "Peter, think about how Eric Williams treated us in the past two years, and, as long as Ron they With two board seats, Disney animations continue to be profitable, so we don't have to worry about anything."
Ron Perelman, who is still as smiling as Maitreya, said: "Don't worry, Peter, as long as we get two board seats, then the director of the Firefly 11 is not the power of Eric Williams. With as many as five directors, we can also take the opportunity to cultivate our own forces within the fireflies. At that time, even if Eric Williams has the absolute controlling stake in fireflies, he does not dare to risk the turbulence of fireflies. What a radical move."
Peter Schneider nodded in a relaxed position, and Roy Disney immediately raised his goblet and said, "So, for our common goal, I suggest everyone raise their glasses together."
Most of the small-scale cocktail parties were representatives of the firefighters' creditors. When they heard Roy Disney's words, they were about to reconcile, and the TV screens that were still playing the news suddenly changed.
On the screen, the media reporters scattered around the sunset tower hotel seemed to feel the nails of the magnet suction, and suddenly they rushed to the front of the sunset tower hotel. In the group of reporters, n TV station had some shaking live shots. Eric appeared.
In the picture, Eric was blankly guarded by the bodyguards. After waiting for the reporters to calm down, Eric stared at the camera lens as if to stare at some people in front of the TV. "In this case, then at nine o'clock tomorrow morning, the fireflies will hold a press conference, and welcome popular and unwelcome people."
Eric dropped this sentence and hurried into his car under the guard of the bodyguard.
In front of the TV, a group of people who had intended to raise their glasses to face each other, even the veteran Roy Disney, had a bad feeling in their hearts. As a member of the Disney family who is very meaningful to Disney, Roy Disney has had many contacts with Eric. In his impression, Eric has always had a calmness far beyond his peers, but even if he is precocious, Luo I. Disney still has to admit that Eric is just a young man who is less than twenty-five years old. If Eric is impulsive and decides to break the net, he is likely to fight.
Because of this anxiety, Roy Disney didn't have a good rest all night. The next morning, Roy Disney got up and turned on the TV. He patiently waited until nine o'clock, and the news station of n appeared on time. The scene of the firefly headquarters conference hall.
"At present, the Firefly Group has already held 17% of the debt of Marvel Entertainment. 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, and Marvel Entertainment’s share price continued to fall, compared to Marvel Entertainment’s total of $553 million in debt, Marvel Entertainment, which has a market capitalization of less than $300 million, has experienced serious insolvency, in accordance with federal company law. At the same time as the statement, Firefly Group The lawsuit will be filed in the New York District Court where Marvel Entertainment is located. It is required to implement compulsory bankruptcy protection for Marvel Entertainment from the moment. At the same time, we find that the huge debt financing for the company's development has been illegally occupied by the parent company Andrews Holdings. This serious violation of the bond trading law directly caused Marvel Entertainment's current impending bankruptcy. Therefore, the firefly will file a lawsuit according to law, and it is necessary for Andrews to pay the due price for its illegal activities."
Roy Disney patiently listened to the TV set, and Kasenberger finished his speech, worried that the mood of the whole night would suddenly relax. There was no mention of the Disney animation department in this statement. This shows that there is no plan for the fireflies to be broken.
However, immediately after Roy Disney had doubts about the purpose of this speech, he could hear that this should be the firefighter’s revenge on Ron Perelman’s behavior, but he did not understand many details. So I picked up the phone and dialed the number of my personal lawyer.
After a private lawyer’s explanation, Roy Disney realized it.
Under the US company law, creditors have the right to demand compulsory bankruptcy protection for a company in the event of a company that is heavily insolvent and has sustained losses. Bankruptcy protection is different from bankruptcy liquidation. Bankruptcy protection is equivalent to the creditor giving the debtor a buffer period before bankruptcy liquidation. Let the debtor propose a related plan for the company's restructuring and debt repayment within a certain period of time, but once the plan still fails to work, then the company is faced with bankruptcy liquidation.
The Firefly Group proposed the main purpose of Marvel Entertainment's compulsory bankruptcy protection, similar to Ron Perelman, and also to gain control of Marvel as a creditor. However, unlike Ron Perelman's approach, the Firefly Group's appeal will be supported by the Federal Court because of Marvel's insolvency.
Once the Firefly Group seized control of Marvel, Andrews Holdings' illegal use of Marvel's debt financing will also become an important handle for the Firefly Group to attack Ron Perelman. Andrews Holdings will not only face the financing of the return of Marvel, but also face a huge fine from the Federal Securities and Exchange Commission, which is the last killer.
As a country with very strict financing supervision, it is definitely not a joke of hundreds of thousands of dollars in fines for illegally consuming hundreds of millions of dollars in financing. Once the crime is confirmed, even an industry giant with tens of billions of dollars in assets may be Color penalty to the point of injury.
At this time, in the mansion where Beverly Hills held a cocktail party last night, Ron Perelman, who is still wearing pajamas, has no previous calm look. The arm holding the microphone has a kind of fear and anger. After the Firefly Group issued this statement, several companies, including Berkshire Hathaway, State Street Global Fund and Firefly Investment Company, issued similar statements as creditors. Marvel Entertainment Bonds are close to 90%. Once the New York District Court has determined that the Firefly Group’s claims are reasonable, Ron Perelman knows that he has no room to switch between other creditors.
"Avi, I want an explanation. Why did I know this thing until now, 90% of the bond ownership transfer, should I not get notice in advance, you tell me why this is?" To Marvel eo Avi. After Arad snarled angrily, Ron Perelman listened to the other person's explanation with a sigh of relief and slammed the microphone on the table.
Avi Arad’s explanation for Ron Perelman is that Firefly and several other creditor agencies have only submitted relevant debt transfer statements to Marvel Entertainment in recent days. Marvel has prepared relevant documents at this time. It was only because Ron Perelman came to Los Angeles that he was not sent to him in time.
Ron Perelman was keenly aware of two time differences in Avi Arad’s words. Fireflies and Berkshire Hathaway used a reasonable time difference to legalize the transfer of creditor’s rights. Within the deadline, Marvel Entertainment was informed in writing, and then Marvel's eo Avi Arad once again created a time difference, further delaying the time when Ron Perelman was informed.
Ron Perelman found that the situation he faced seemed worse than he thought. If the guess is correct, Avi Arad may have been drawn by the Firefly Group. Once this is the case, he is likely Will plant a big heel in Marvel Entertainment.
A few turns in the bedroom, Ron Perelman suddenly took a photo of his bald head. He suddenly realized that the Firefly Group had started layout at least a month ago, and he found two possibilities. Sex, one is that the Firefly Group realized that he wanted to use the Disney Animation Department incident to enter the Firefly Board of Directors a month ago, so the layout was prevented in advance. Another possibility, the Firefly Group has long been guilty of Marvel.
After issuing more than $500 million in bonds, Marvel had no value in the eyes of Ron Perelman, just a mess that could be smashed, Ron Perelman even Less attention to the management of Marvel. If the Firefly Group also holds this concept, then the other party's purpose is to make it difficult for him to retreat, no longer ignoring the board of directors of the Firefly Group.
Quickly weighed in the mind, Ron Perelman was keenly aware that the first possibility was very low, if only to exploit the flaws of Marvel to force him to close, Firefly Group and Berkshire. These companies don't have to absorb nearly 90% of Marvel bonds, which is 500 million dollars in cash.
In the eyes of Ron Perelman, the current Marvel is not worth half of the $500 million. To be honest, if someone takes out $500 million, Ron Perelman feels that he will immediately put Marvel. Throw it to the other party.
And once the purpose of the Firefly Group is just the second possibility, then the $500 million is immediately explained.
The question now is, why does the Firefly Group want to be awesome, and why is it at this very sensitive time?
Are they not afraid of the Disney animation department's change?
Or, some people think that Marvel is worth more than the Disney animation department?
Ron Perelman's pace of pacing was getting slower and slower. Soon, he picked up the phone again, bypassed Avi Arad, and dialed the number of another person in Marvel. (To be continued.)