After lunch with Bill Michanik, Eric boarded a plane to New York. Pen, fun, pavilion www. biquge。 info

Today is Wednesday, November 18th.

In order to have enough time to formulate a targeted response strategy based on the stock price trend on the first day, Yahoo's IPO date was deliberately set on Friday, the last trading day of the week.

Inside the cabin of the Boeing 767.

Although growing up in a wealthy middle-class family, this was Anne Hathaway's first time flying on a private jet.

In order to avoid being treated as an ignorant little girl, after the plane took off, she stayed reserved in the cabin lounge.

After more than half an hour, a magazine used for entertainment in my hand was flipped through, but nothing was read. Looking around, Eric's female assistant seemed to have been looking intently at the papers in her hand, as if she had not noticed herself at all, and hesitated for a moment before Anne stood up and walked towards the front of the cabin.

Eric had just said he was going to the study.

There is also a study on the plane?

Phew, what's so strange about such a big plane having a study.

As if worried that her mental activity would be spied on by Mayer, Anne Hathaway turned her head to look at her weakly, and then tiptoed out of the lounge.

Passing by a reception room and a bathroom, and gently pushing open the third door, Anne saw Eric sitting behind a desk, and when she saw the man looking up, the girl quickly showed a harmless smile: "Eric, I, well, I'm just looking to see if you're there." ”

Eric motioned to the girl and smiled, "Do you think I have what it takes to sneak away from the plane?"

"Of course not," Anne Hathaway, realizing that she had just said something stupid, stuck out her tongue in a small excuse.

When he came to Eric's side, he saw the man reaching out to him, and naturally sat on Eric's lap.

Curiously glancing at the contents of the desktop laptop screen, feeling a strong big hand around her waist, Anne's body softened backwards, thinking of an incident a few days ago, she stuck to the man and whispered: "Eric, I went to see "Teddy Bear" with a few friends last Saturday, is that really the script you wrote?"

"yes," Eric said, casually closing the laptop screen and moving it to the side, "So, how does it feel?"

"Very," Anne thought for a moment and smiled, "very interesting." ”

"Oh, that's not what a good girl should say," Eric said with a smile, holding her by the waist and placing her on the desk opposite, "I thought you would say you couldn't help but run out after seeing 15 minutes." ”

Anne kicked off the small leather shoes on her feet, and her feet in black stockings gently rubbed on Eric's legs, and there was a little charm in her eyes: "This is your movie." ”

Eric pressed the girl's restless calves, looked up, and found that she was wearing a magenta mid-length trench coat today, with two long legs sticking out of the hem, so he curiously reached out and pulled the thin belt of the trench coat on the girl's waist, and there was only a light shirt and OL-style black tube skirt inside, and couldn't help but smile: "Do you know what the temperature is in New York now?"

Thinking that Eric was going to do something bad, Anne leaned back slightly, propped her hands on the desk table. Hearing the man's question, she was stunned, but quickly said, "I know, but Iric's definitely not going to let me freeze, right?"

Eric nodded, looking at the girl's seductive appearance at this time, his fingers went around her thin waist to find the zipper of the tube skirt and pulled it down, and said, "Now, since you've watched "Teddy Bear", I'll also test where your tolerance limit is?"

Anne lifted her body slightly, obediently letting Eric peel off her tube skirt, but with a little resentment in her eyes, she said half-truthfully, "You have obviously tested it." ”

Eric smiled wickedly and said, "Little one, do you think that's the limit, it's naïve." ”

More than three hours later, the Boeing 767 landed at Eric's private airport on Long Island, it was already night on the east coast, and the temperature in New York was about the same as London, and it was already winter.

There was a drinking party tonight that Eric needed to attend in person, so he called East Hampton and Eric boarded the helicopter to Manhattan again.

At around eight o'clock, the helicopter landed on the rooftop of Eric's mansion at the entrance to Sixth Avenue in Manhattan.

A group of seven people got out of the still black VH-60, Mayer went downstairs with a few bodyguards to arrange the car, and Eric took Anne back to his apartment first.

Turning on the air conditioning system in the mansion, Eric looked at Anne who was leaning softly on the sofa in the living room, and smiled, although he said on the plane that he would test the girl's endurance, he didn't actually do anything excessive.

Walking over and reaching out to pinch the girl's chin, Eric said, "Do you want to come with me to the drinking party later?"

"Is that okay?" Anne immediately cheered up, and in a blink of an eye realized that her reaction did not match the 'state' just now, she reached out and grabbed a pillow next to her and held it in her arms, "But, Eric, I don't understand anything. ”

"These drinks are just little vases that need nothing to understand," Eric said with a smile, "Now, that's it, come with me later, and I'll send you back to Milburn tomorrow morning." ”

Anne traveled with Eric this time, mainly to come back with her family for Thanksgiving and Christmas at the end of the year, her home in Mill City, New Jersey, Eric is not very clear about the specific location, but according to Anne's description, it is probably near Jersey City, across the river from Manhattan, and still belongs to the New York Region.

Hearing Eric's words, Anne said with some expectation: "Eric, in fact, I didn't tell my parents that I will be back in the next two days, can I play in Manhattan for two more days?"

Eric shook his head and said, "I've been too busy for the past two days to spend time with you." ”

Anne looked at Eric for a few more moments, and saw that the man was unmoved, so she had to give up her thoughts.

After a while, Mayer came back with a cold expression, watched Anne change into the little dress that actually she wore very suitable, and when Eric left with the girl, the female assistant tossed around the apartment like a cat left at home by her master, and drank the most expensive bottle of red wine in Eric's wine cabinet by the way.

IPO, which is commonly translated as 'initial public offering', is not a good translation, but the literal translation of the word "Initial-Public-Offerings" is more in line with the correct meaning of IPO: initial public market offerings (shares).

Because, when the IPO is carried out, in fact, the company has already completed the fundraising for institutional investors, and after the IPO, it means that the shares sold to institutional investors can be officially circulated and traded in the open market.

On the other hand, when people hear that a company has officially announced its IPO date, it already means that the company can basically be considered a successful listing.

Eric took Anne to Yahoo's thank-you reception tonight for representatives of institutional investors who subscribed to the company's stock.

Driven by the recent speculation of Yahoo's listed technology stocks, the Nasdaq index broke through 2,500 points in one fell swoop on Monday, entering what Eric believes to be the most dangerous and volatile range. As of today's daytime close, the Nasdaq index has reached 2567 points, which is not a small increase, but it also increases the uncertainty of the Nasdaq curve after Yahoo's IPO.

In the banquet hall of the Plaza Hotel, Eric took Anne to entertain some important guests tonight, and Chris, Ian Gnier, and John Mark, president of Morgan Stanley, gathered around Eric.

Giving Anne to Emily, several men stood in a corner of the hall, and the other guests were very interested in not coming over.

Although the IPO the day after tomorrow means that Yahoo has completed its first public fundraising, the next day, whether it is the Firefly system, Morgan Stanley, which is responsible for underwriting, and several other banks, are facing more serious problems.

Everyone has a large number of technology stocks in their hands, and although the exact amount is not known, Eric is sure that the scale of technology stocks held by the major investment banks on Wall Street at this time is definitely no less than the Clover Fund of Firefly Group. Moreover, these investment banks entered the market much later than Clover Fund, and if they want to ensure profits, they must ensure that the entire Nasdaq market will not be affected by Yahoo's stock price fluctuations after Yahoo's IPO.

As the largest pure-play Internet company to date, Yahoo's stock is strongly bearish or short-sold after the IPO, which is definitely more likely to trigger a domino-like chain reaction than any other technology company.

"Because the number of subscriptions after the roadshow was better than we expected, according to the greenshoe mechanism, we sold a total of 172.5 million shares this time, of which 22.5 million shares were greenshoe options, accounting for 15% of the established issuance. Once the stock price has a downward trend after the IPO, Morgan Stanley can come up with $735.75 million to support the market. ”

In the crowd, John Mark once again briefed Eric on some of the measures Morgan Stanley had taken.

The so-called 'greenshoe mechanism' is scientifically called the over-allotment option.

To put it simply, the issuer authorizes the underwriter to sell more shares to institutional investors that occupy up to 15% of the predetermined number of shares during the pre-subscription process.

However, these shares are not officially delivered, but an option-like transaction by the subscribers, and because they have paid cash like other equity subscribers, the institutional investor's subscription of this option cannot be reversed, which is actually equivalent to a risk.

After the greenshoe option is confirmed, and the company's stock price rises after the IPO, which is a great success, the underwriter then gets the shares from the issuer at the issue price and transfers them to the option subscribers. If the company's share price falls, or even falls below the issue price, the underwriter uses the proceeds from the sale of the option to buy back the shares from the open market and sell them to the institutional investors who call the options.

The greenshoe mechanism can ensure that when the company's shares are very popular, it can flexibly raise more funds for issuers, and also allow an additional group of institutional investors to reap the benefits of handsome. But in fact, the most important thing is that once the company's stock price is not satisfactory after the IPO, the underwriter can openly and legally carry out the market operation to avoid the stock price falling too hard and damaging the interests of all parties.

John Mark briefly introduced a few words, then looked directly at Eric, and continued: "However, Eric, I think that the fund of more than 700 million dollars is still not too safe, and I hope that the Firefly system can take more measures." Although Firefly Investment just acquired Sony's film assets some time ago, this expenditure is only a small part of the funds from the sale of AOL's shares, and I think that in the event of an accident, Firefly Investment should be able to invest another amount of money to secure Yahoo's share price. ”

Eric smiled as he listened to John Mark and nodded, "If necessary, John, the fireflies will definitely do it." ”

To be sure, Eric is more worried than Morgan Stanley about the knock-on effects of a loss in the stock price after Yahoo's IPO.

If several major investment banks lose money on technology stocks, it is actually those investors who entrust investment banks to manage their finances. But on the Firefly side, a large part of the technology stocks held by the Clover Fund are considered Eric's own, and if tens of billions of dollars are lost, even with Eric's current net worth, it will definitely be very painful.

Moreover, the most important thing is the 30% forward equity transfer agreement signed between Yahoo and Microsoft.

Microsoft has formed a very stable monopoly situation on the operating system, even if the Nasdaq collapses, Microsoft's stock price will not fall too hard, but Yahoo, which is still in a period of rapid growth, cannot be so lucky, because there is no actual profit support, the stock price decline will definitely be very shocking. Although after several years of operation, after this listing, even if Microsoft is given another 30% stake, Firefly will not lose absolute control of Yahoo, but in any case, Eric does not want to sell 30% of the stake to Microsoft at this time.

"And the media, this requires Eric to do it yourself," although Eric's somewhat ambiguous promises did not satisfy John Mark, he continued: "I recently found out that there have been negative comments on CNN about Yahoo for several days, and the Warsalton Post, they published a critical article on tech stocks yesterday that was very aggressive, Eric, I don't understand this matter, if I remember correctly, you should have a good relationship with Mr. Buffett." ”

Eric is also a little puzzled, although the "Washington Post" is in the hands of the Graham family, Buffett has been the majority shareholder and one of the important directors of the "Washington Post" for a long time, and has a very strong influence on the newspaper. Turning his head to look at Chris beside him, although Buffett's Berkshire Hathaway is also one of the important shareholders of the Firefly Group, Chris and Buffett are relatively close in terms of personal friendship.

Chris shook his head: "It's been too busy for the past two days, I haven't paid attention to it, and I'll talk to Warren on the phone in person tomorrow morning." ”

"I'll see if I can have a meal with Terry Semel tomorrow at noon," Eric said, adding, "I'll say hi to a few other stations." As for the newspapers, Chris, you're in charge of that, and make sure that there isn't any mess in the media during the time Yahoo goes public. ”