September 1, Manhattan, New York, Wall Street Wide Intersection.

A Citibank executive, Mr. Gibson, is anxious to welcome an important guest he is looking forward to.

Gu Biao's Cadillac Velega's top-of-the-line Lincoln motorcade slowly stopped downstairs at Citibank's headquarters, and then Gu Biao, accompanied by a group of bodyguards and a few female secretaries, walked into the building with swiftness and neatness.

"Gu, it's a pleasure to meet you, we have fully understood the goodwill you expressed in the fax, and we hope that the two sides can reach a pleasant cooperation. Gibson didn't dare to wait in his office, but went to the downstairs hall to greet him, and greeted Gu Biao with a smile on his face as soon as he saw him.

In the appointment communication in advance, he got limited information, and it seemed that Tiankun Group was interested in the pledged equity of Wang An Computer.

Although there was no quotation on the phone or fax, only the most preliminary intentions were conveyed, and the rest had to be interviewed, which was enough to make Gibson happy.

With the overall stock market crash in the United States, there are already five or six large companies with large equity pledges and bad debts on hand, and if you look at the default customers of Citibank as a whole, there are nearly 20. {The other clients are not in charge of him Gibson}

And Wall Street has not been able to spare enough credible reshuffle and oversight efforts to ensure that every pledge collapse company is restructured as the financial community expects. At this critical moment, we must give up the difficult and seek the easy, grasp the big and let go of the small.

It would be great if Gu Biao was willing to take over and come up with a reasonable price. Gibson can also breathe a sigh of relief, throw away one more hot potato, and concentrate on solving other difficult cases.

While Gibson was full of anticipation, Gu Biao also responded to him in a positive tone, but with a calm tone:

"I'm also looking forward to the cooperation, so didn't my people come as soon as I analyzed the benefits and feasibility with me. ”

"Uh...... In fact, we have been entangled with Wang An's reorganization for more than a month. Mr. Gu must have been in a hurry, and he didn't notice it in time. Gibson was embarrassed and had to disclose the schedule without a trace.

The speed at which Gu Biao came didn't seem to be eagerness at all, but procrastinating, dispensable.

Gibson is also a human being, and he heard that Gu Biao of course specifically mentioned the issue of timing, so he knew that Gu Biao wanted to lower the price.

Gu Biao is to set off the kind of "Actually, I'm not in a hurry, I can buy it if I have to." If it's not preferential enough, I don't care, anyway, your family has been ripping off for more than a month, and you haven't found a pick-up man".

In the face of Gibson's response, Gu Biao did not evade explanation: "You can't talk about all kinds of opportunities, you are young, and there are always many things." Recently, I accidentally played with the women around me and died.,Deal with it.。 This kind of small business of hundreds of millions of dollars can be put into practice. ”

Gu Biao understated it, revealing his indifference: Wang An can buy it if he has it, but in his brother's heart, this matter is not as important as a woman.

The two chatted like this, and soon the elevator had gone up dozens of floors to Gibson's office. There is also a CFO from Citi in the office with a financial evaluation team to assist in the negotiations.

Obviously, when it comes to cashing out billions of dollars worth of equity, Citibank must also pay attention to the extent that CFOs are personally involved.

Gibson helped to introduce: "This is Mr. Ronald, the CFO of our Citibank, and this is the Gu of Tiankun." ”

"Nice to meet you. ”

"Nice to meet you. ”

……

After some hypocrisy and grievances about wài wéi's conditions, Gu Biao stopped the other party's continued arguing and prepared to go straight to the point.

"Those strings will be discussed with my lawyer, and Mr. Peterson from Blackstone. I'm not here to tell you this. Gu Biao cleared his throat and seized the initiative of the topic,

"I'll just talk about the quotation -- the 45% pledge of Wang An Computer Company held by your company is more than $370 million according to today's NASDAQ current price, right? Well, on the plan that Mr. Peterson handed me a few days ago, the market price of this part of the equity is still $390 million, and it seems that there is still a bit of room for decline.

But I don't care how bad Wang An is, I think I have a certain degree of certainty that I will turn into decay - of course, only I can save it, and it is difficult for anyone else in the industry to find anyone at present.

I'll just give you a 25 to 30 percent privatization premium, and I'm willing to pay $500 million to buy the 45 percent pledge of Wang An's computer shares in your hands. Similarly, this premium ratio also applies to other existing shareholders of Wang An Computer.

If they are not satisfied with the business strategy and strategic direction of the company after the future control is vested in me, or feel that I have no future as the boss, they can sell the equity at the same price, and I will receive as much as I want. ”

In the face of this obviously unwilling offer from Citi, before Gibson could speak, CFO Mr. Ronald was the first to refuse:

"500 million US dollars? Gu, you should know that this is just taking advantage of the stock market crash, and the current market price is irrational, it is the product of the herd effect in a state of extreme panic, and it is seriously underestimated! If we were willing to throw out 500 million US dollars, there would have been an opportunity to leave a month ago.

But it is precisely because we at Citibank put $1.5 billion in cash on this pledge that if we can't get back even half of it, we might as well take a gamble and reorganize. We have now hired legendary Wall Street CEO Edward Miller to take over Ang Wang's computer.

I'm afraid you don't know, even Mr. Wang An himself has agreed to this alliance under the city! Do you think you only have a mere $500 million, and we will cash out?"

"If you can't even get half of it back, you're willing to continue gambling? How much do you want to be satisfied? It seems that you have to receive half of it before you stop? 7.50 million dollars? I can't accept this high price. Gu Biao seemed to be serious and casually suppressed the other party's confidence.

Ronald: "Half is just an attitude, not a bid! According to industry practice, if you want to take over the pledge of shares, you have to cash out at a 20% discount, we really paid 1.5 billion US dollars in cash, and now we don't count the interest, at least 80% of the principal must be recovered, and there is no need to talk about it if there is not at least 1.2 billion US dollars!"

Gu, I want you to recognize the reality that you are not negotiating with venture capital funds or investment banks right now. You are negotiating with a commercial bank! A commercial bank that is mainly engaged in credit business! We are providing credit, not equity investment! When we are earning the subject matter, we have already underestimated the price of at least 20% to lend, and you have already made a profit in this link.

When the credit industry is making mortgages and pledges, it is already a big concession to bear 20% of the bad debts of enterprises. Even if it is the risk of personal collapse, such as the mortgage being cut off and entering the compulsory judicial auction, the starting price stipulated by the law is at least 70% of the mortgage price, otherwise it is better to let the bank be the landlord itself!"

Ronald is afraid that Gu Wei will be young and arrogant, and measure commercial banks by the scale of the other party's risk perception when dealing with investment banks and even venture capital funds.

Commercial banks have always been very arrogant.

Just like your ordinary private loan, if the bad debt is super bad, even if the debt collection company is half opened, the creditor is willing to get the money back.

However, if you help the bank enforce the debt, or the bank goes to the debt collection agency to act as an agent, generally up to 7% of the commission/execution payment, it is absolutely impossible for the commercial bank to accept those high percentage of cash loss, and would rather not cash out and put it in bad debts.

As Ronald said, "I'd rather be my own landlord".

In this way, the cognitive difference between the two sides is very large.

Gu Biao felt that 500 million US dollars was already a conscience price, and he didn't even want to think about the 750 million proposed by the other party.

However, Citibank stood in the perspective of "I really released $1.5 billion in cash, how can I recover 1.2 billion, otherwise I would rather die in my hands".

This difference is more than doubled.

Then there is nothing to talk about for the time being.

If Ronald opens a half discount and asks for 700 million 500 million, then Gu Biao will still consider counteroffering in person, and if it is more than 600 million, maybe he will buy it. At present, this gap cannot be bridged by the negotiations themselves, and other new and major variables can only be expected to occur in the trading environment.

Gu Biao put on a tough posture of not continuing to talk with you for the time being: "Then there is no need to talk about it, it seems that the two gentlemen are very confident in Edward Miller's plan to reorganize Wang An Computer, and feel that they can cheat the stock price back to a large extent, and even survive until the stock market crash has passed and the bull market has returned, allowing ignorant shareholders to take over."

Then we can only wait and see - I have a piece of advice, Wang An's lack of stamina is not caused by the stock market crash, but it itself is not good. Edward Miller could only make the financial report beautiful, but he couldn't save the company. ”

Gibson stopped talking, and Citi CFO again cut the subject: "We don't expect Edward Miller to save Wang An." Even if he only temporarily created a false impression that Wang An was saved, it was enough, and I believe that he could do this. What we want is that Wang An doesn't die at our hands, it's better to die at the hands of retail shareholders. ”

Gu Biao couldn't help laughing: "If you say such crazy words, you're not afraid of me recording?"

Although this kind of remark is frustrating, it has to be said that it is very effective and extremely expressive when expressing one's determination and will not suffer a loss.

It's no wonder that Ronald would rather collapse his character than say this.

After being questioned by Gu Biao, Ronald's expression froze, and he was a little stunned: "So what? The United States is a country that speaks freely, and my words are a little incorrect at best, but they are not illegal or undisciplined." Moreover, if you disclose it to the public, you will be guilty of a big taboo on Wall Street, and even if Peterson is a former business chief, he will not be able to maintain your relationship in the investment world!"

Having said that, Ronald's heart is also turning sharply: Gu Biao, this guy won't really record, and he wants to make a scandal with each other, right?

It's a pity that Gu Biao's identity and his security measures also doomed Ronald to be impossible to search and restrict Gu Biao.

Citi is, after all, just a bank.

He could only comfort himself that Gu Biao would not do that kind of thing that harmed others and himself.

Of course, Gu Biao will not do anything that hurts people, but he will also be prepared, but he will not let the American fart leeks hear.

However, with one more chess piece at hand, maybe you can listen to Wang An when the time comes, or find other wonderful uses.