"Hello everyone, this is CNN Instant Entertainment News, since the end of June, due to the success of the 2D animated film "The Lion King", the popular Disney animation division and the parent company Firefly Group have a huge disagreement on the development strategy of animated films, and then the dispute has shown signs of intensification. On Monday, prominent Wall Street investor Ron . The Firefly creditor coalition initiated by Perelman suddenly pressured the Firefly board of directors to secure two creditor board seats on the board. The request of the Firefly Creditors Alliance was soon publicly supported by Disney's animation division, which headed the Disney animation division, Peter Brown. Schneider said that the introduction of creditor directors can better supervise the management and operation of the Firefly Group, prevent the majority shareholders from acting arbitrarily and arbitrarily, and damage the common interests of minority shareholders, creditors and tens of thousands of employees of the Firefly Group. ”

A small drinking party was being held in a mansion in Beverly Hills. Perelman, Roy. Disney and Peter. The three Schneider trio and other guests, shaking goblets in their hands, watched with interest at the television set that was being placed in the open field to play CNN news, as if waiting for something.

On the TV screen, the host briefly recounted the news, and then continued: "After the box office of "The Lion King" broke the box office record of domestic animated films in the United States last week, the Firefly spokesman publicly said that a grand celebration party for "The Lion King" will be held at the Sunset Tower Hotel in Hollywood today, and it is widely speculated in the industry that the holding of this party represents the beginning of the compromise between the Firefly Group and 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 Creditor Alliance, the Firefly Board of Directors was established. All employees of Disney's animation department will refuse to attend this party. It's already 19:15 Western time, what is the specific situation, please see the live report sent back by our reporter from Hollywood Sunset Boulevard......"

The TV cut to Los Angeles at dusk, and a CNN reporter standing in front of the Sunset Tower Hotel with a microphone in his hand said: "Hello host, hello audience friends, we can see that the Sunset Tower Hotel, which should be bustling, is actually no different from before, fifteen minutes ago." A Firefly spokesperson announced the urgent cancellation of tonight's "The Lion King" celebration party. Before seven o'clock, though, Eric . . . Williams, Jeffrey. Katzenberg and other Firefly executives are still showing up in the Sunset Tower Hotel parking lot, and we suspect that this is the last effort of the Firefly executives, but it is clear that this effort has failed, and so far, we have not found any high-level Disney animation executives and employees showing up at the Sunset Tower Hotel. ”

Looking at the TV screen in the deserted Sunset Tower Hotel, Peter. Schneider suddenly wondered if he had gone too far, and he wasn't worried about offending Eric. Even without Firefly, he felt like he could find his next home. But the current situation does not seem to be of much benefit to their own interests.

Noted Peter. Schneider's expression changed Roy. Disney patted him on the shoulder and said, "Peter, think about the past two years Eric. Williams would have treated us like that, and as long as Ron and the two board seats were secured and Disney Animation continued to be profitable, we wouldn't have to worry about anything. ”

Still smiling like Maitreya Buddha. Perelman also said: "Don't worry, Peter, as long as we get two board seats, then the directors of the Firefly 11 will not be Eric. There are as many as 5 directors of the Williams Force, and we can also take the opportunity to cultivate our own power within the Firefly. When the time comes, even Eric. Williams has an absolute controlling stake in the Fireflies and does not dare to risk causing the Fireflies to be in turmoil. ”

Peter. Schneider nodded relaxedly, Roy. Disney then raised the goblet in his hand and said, "So, for the sake of our common goal, I suggest that everyone raise a glass together." ”

Most of the people who attended this small drinking party were representatives of Firefly's creditors. Disney's words were about to echo each other, when the TV screen that was still playing the news suddenly changed.

In the screen, the media reporters who were originally scattered near the Sunset Tower Hotel seemed to feel the nails of the magnet suction, and suddenly rushed to the gate of the Sunset Tower Hotel.

In the picture, Eric is expressionless and protected by the bodyguards in the middle, waiting for the surrounding reporters to calm down, Eric stares at the camera lens closely, as if staring at some people in front of the TV, and says in a gloomy tone: "In that case, then tomorrow at nine o'clock in the morning, Fireflies will hold a press conference, and welcome those who are welcome and those who are not welcome to be there." ”

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

In front of the TV, a group of people who were going to raise a glass to celebrate looked at each other, even the scheming Roy. Disney has a bad premonition in his heart. As a member of the Disney family, Roy. Disney has had many contacts with Eric, and he has the impression that Eric has always been calm and far beyond his peers, but even if he is precocious, Roy . Disney still had to admit that Eric was just a young man under twenty-five years old, and if Eric decided to die on the spur of the moment, he would probably be beaten up.

Because of this anxiety, Roy. Disney then didn't get a good night's rest, and early the next morning, Roy. Disney got up, turned on the TV, and waited patiently until nine o'clock, when CNN's news station appeared in the press conference hall of the Firefly headquarters.

"At present, the Firefly Group has held 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, and Marvel Entertainment's stock price has continued to fall, relative to Marvel Entertainment's total debt of $553 million, Marvel Entertainment, whose stock market value is less than $300 million, has been seriously insolvent, in accordance with the federal corporation law. At the same time as the statement was made. The Firefly Group will file a lawsuit in the District Court of New York, where Marvel Entertainment is located. Require mandatory bankruptcy protection against Marvel Entertainment with immediate effect. At the same time, we found that the huge debt financing used for the company's development was illegally embezzled by Andrews Holdings, the parent company of Marvel Entertainment, and this serious violation of the Bond Exchange Act directly caused Marvel Entertainment to be on the verge of bankruptcy. ”

Roy. Disney listened patiently to the TV as Katzenberg finished reading his speech, and his mood suddenly relaxed after worrying all night, and the statement did not mention the Disney animation department at all. This shows that the firefly executives have no intention of breaking the net.

However, immediately after Roy. Disney was again confused about the purpose of his remarks, and he could hear that it was supposed to be a firefly to Ron. Perelman acted in retaliation, but he did not understand many details, so he picked up the phone and dialed the number of his personal lawyer.

After some explanation by a private lawyer, Roy. Disney just got it.

Under U.S. corporate law, creditors have the right to require mandatory bankruptcy protection against a company in the event of a company's serious insolvency and consistent performance losses. Bankruptcy protection is different from bankruptcy liquidation, which is equivalent to a creditor giving the debtor a buffer period before bankruptcy liquidation. Ask the debtor to propose a plan for the restructuring of the company and the repayment of debts within a certain period of time, but if such a plan still does not work, then the company will face bankruptcy liquidation.

The Firefly Group proposed the main purpose of Marvel Entertainment's mandatory bankruptcy protection, and Ron. Perelman is similar, also in order to obtain control of Marvel as a creditor. However, with Ron. Perelman's approach is different in that because of Marvel's insolvency woes, such a claim by the Firefly Group will be upheld by the federal court.

Once the Firefly Group seizes control of Marvel, Andrews Holdings' illegal occupation of Marvel's debt financing will also become a weakness for the Firefly Group to attack Ron. Perelman's important handle. Andrews Holdings will not only face the return of Marvel's financing, but also face a hefty fine from the Federal Securities and Exchange Commission, which is the last killer feature.

As a country with very strict financing regulations, the illegal appropriation of hundreds of millions of dollars in financing funds is definitely not a joke of hundreds of thousands of dollars in fines, once the crime is confirmed, even an industry giant with assets of tens of billions of dollars may be fined by the SEC to the point of breaking the bones.

At this time, in the mansion where Beverly Hills held a drinking party last night, Ron was still wearing pajamas. Perelman no longer had the calm look he used to have, and the arm holding the microphone trembled with fear and anger. Several companies, including Hathaway, State Street Global Ventures and Firefly Investments, have made similar statements as creditors, and these companies have held nearly 90% of Marvel Entertainment bonds. Perelman knew he didn't even have room to turn back between other creditors.

"Avi, I want an explanation, why I didn't know about this until now, 90% of the bond ownership transfer, shouldn't I have been notified in advance, you tell me why?" Xiang Marvel CEO Avi. After Arad roared angrily, Ron . Perelman patiently listened to the other party's explanation, and slammed the microphone on the table with a snap.

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

Ron. Perelman was keenly aware of Avi. There are two time gaps in Arad's words, Firefly and Berkshire. Hathaway took advantage of a reasonable time lag and informed Marvel Entertainment in writing within the statutory period after the assignment of the creditor's rights took effect. Once again, Arad created a time difference, further delaying Ron. When Perelman was informed.

Ron. Perelman finds himself facing a situation that seems even worse than he had imagined, and if his guess is correct, Avi. Arad is likely to have been co-opted by the Firefly Group, and once this is the case, he is likely to plant a big heel in Marvel Entertainment.

Wandering around the bedroom a few times in a nutshell, Ron . Perelman suddenly patted his bald head, and he suddenly realized that the Firefly Group had started the layout at least a month ago, so he found two more possibilities, one was that the Firefly Group realized a month ago that he wanted to use the Disney animation department incident to enter the Firefly Board of Directors, so he planned in advance to prevent it. On the other hand, the Firefly Group has long coveted Marvel.

After issuing more than half a billion dollars in bonds, Marvel has launched a lucrative bond in Ron . Perelman has no value in his eyes, just a mess that can be thrown off at hand. Perelman is rarely even paying attention to Marvel's operations. If the Firefly Group also holds this concept, then the other party's purpose in doing so is likely to make him retreat from the difficulties and no longer covet the board seat of the Firefly Group.

A quick weigh-in in his mind, Ron. Perelman keenly found that the first possibility is very low, if it is just to use the flaw of Marvel to force him to stop, the Firefly Group and Berkshire. Hathaway doesn't have to absorb nearly 90% of Marvel's bonds, which is $500 million in cash.

In Ron. In Perelman's eyes, the current Marvel is not even worth half of the $500 million, and to be honest, if someone comes up with $500 million now, Ron . Perelman felt that he would immediately lose Marvel to the other party.

And once the purpose of the Firefly Group is just the second possibility, then, the five billion dollars are immediately explained.

Now the question is, why does the Firefly Group want Marvel, and why would it make a move at such a very sensitive time?

Aren't they afraid of something happening 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 and bypassed Avi. Arad, dialed the number of another person in charge of Marvel. (To be continued.) )