I’m in Hollywood Chapter 643: Two time differences
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"Hello everyone, here is the CNN instant entertainment news. Since the end of June, due to the great success of the 2D animated film" The Lion King ", the thriving Disney Animation Department and the parent company Firefly Group have huge differences in the development strategy of the animated film Then, the dispute showed signs of intensification. This Monday, the Firefly creditor alliance initiated by Wall Street famous investor Ron Perelman suddenly pressured Firefly Board of Directors to obtain two creditor director seats in Board of Directors. The request of the Firefly creditor alliance soon obtained Disney Animation Department The public support of Disney Animation Department director Peter Schneider said that the introduction of creditor directors can better monitor the management and operation of Firefly Group and prevent the major shareholders from arbitrarily and arbitrarily, harming the common interests of small shareholders, creditors and Firefly Group tens of thousands of employees. "
A small mansion in Beverly Hills Manor is holding a small drinking party. Ron Perelman, Roy Disney and Peter Schneider who participated in the party together with some other guests shake the stemware in their hands and watch with interest watching the special place The TV set that is broadcasting CNN news on the open field seems to be waiting for something.
On the TV screen, the host briefed the news, and then continued: "" The Lion King "Box Office broke the United States local animation movie Box Office record last week, a Firefly spokesman publicly stated that today will be" The Lion King "in Hollywood Susnet Tower Hotel The grand celebration party was held. The industry generally speculated that the party held on behalf of Firefly Group began to compromise with Disney Animation Department, but this afternoon, all employees of Disney Animation Department issued a statement in the "Los Angeles Evening News". In order to support the Firefly creditor union to settle in Firefly Board of Directors, all employees of Disney Animation Department will refuse to participate This time party is currently 19:15 Western Time. For the specific situation, please see the live report sent by our reporter from Hollywood Sunset Boulevard ... "
The TV screen was cut to Los Angeles, which was already sunset, and the CNN reporter who stood in front of Susnet Tower Hotel with a microphone said: "Good host. Hello everyone, audience, we can see. The Susnet Tower Hotel should have been very lively. Fifteen minutes ago, a spokesperson for Firefly announced the urgent cancellation of tonight's "The Lion King" to celebrate party. However, before seven o'clock, Eric Williams, Jeffrey Katzenberg and other high-level Firefly cars still appeared in Susnet Tower Hotel In the parking lot, we guess that this is the final fight of Firefly executives, but it is clear that this effort ended in failure. So far, we have not found any Disney Animation Department executives and employees appearing in Susnet Tower Hotel. "
Looking at the indifferent Susnet Tower Hotel on the TV screen, Peter Schneider was a little worried that he was too overdone. He was not worried about offending Eric. Even if he left Firefly, he felt he could find his next home, but the situation now seems to be There is not much benefit to one's own interests.
Roy Disney, who noticed the change in Peter Schneider ’s look, patted him on the shoulder and said, "Peter, think about how Eric Williams treated us in the past two years. And, as long as Ron gets two Board of Directors seats, Disney animation Keep profitable. We do n’t have to worry about anything. "
Ron Perelman, who still smiled like Maitreya, also said: "Relax, Peter, as long as we get two Board of Directors seats, then the number of Firefly11 directors among the non-Eric Williams power directors is as many as 5 people. You can take the opportunity to cultivate your own power within Firefly. At that time, even if Eric Williams has an absolute controlling stake in Firefly, it will not dare to make any excessive moves to risk turbulence in Firefly. "
Peter Schneider nodded relaxedly, Roy Disney immediately raised the stemware in his hand, and said: "So. For our common goal, I suggest everyone toast together."
Most of the participants at this small reception were representatives of creditors of Firefly. Hearing the words of Roy Disney, it is about to echo. There was still a sudden change in the TV screen that was broadcasting the news just now.
On the screen, all the media reporters who were scattered around Susnet Tower Hotel seemed to feel the nails of the magnet and suddenly rushed to the gate of Susnet Tower Hotel. Among the reporters, CNN TV Station appeared in some shaking live footage quickly. The figure of Eric.
The Eric in the picture was guarded by the bodyguards in a blank expression. After waiting for the surrounding reporters to calm down, Eric stared closely at the camera lens, as if staring at some people in front of the TV, and said dumbly: "Since this is the case, at 9 o'clock tomorrow morning, Firefly will hold a press conference and welcome those who are welcome and those who are not welcome to come together."
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 planned to raise a glass to celebrate looked at each other, even the Roy Disney, which had a good budget, had a bad hunch in his heart. As a member of Disney Family, which is very important for Disney, Roy Disney has had many contacts with Eric. In his impression, Eric has always been far more stable than his peers, but even if he is precocious, Roy Disney still has to admit that Eric is just a A young man less than twenty-five years old with blood and energy, in case Eric impulsively decides that the net is broken, he is likely to be beaten.
Because of this anxiety, Roy Disney failed to rest well the following night. Early the next morning, Roy Disney got up and turned on the TV, and patiently waited until nine o’clock. The Firefly Headquarters press conference appeared on the CNN news station on time. Scene in the lobby.
"At present, Firefly Group already holds 17% of Marvel Entertainment's debt. As an important creditor of Marvel Entertainment, we found that the operating loss of Marvel Entertainment in the first half of 1994 exceeded 24 million USD, and Marvel Entertainment's stock price continued to fall, relative to the total of Marvel Entertainment. 553 million USD's debt, Marvel Entertainment with a stock market value of less than 300 million USD has become seriously insolvent. In accordance with the Federal Company Law, at the same time when the statement is issued, Firefly Group will file a lawsuit in the New York local court where Marvel Entertainment is located, requiring immediate enforcement of Marvel Entertainment Bankruptcy protection. At the same time, we found that the huge debt financing used for the development of the company was illegally occupied by Marvel Entertainment parent company Andrews holding company. This serious violation of the bond transaction law directly caused Marvel Entertainment ’s current embarrassment on the verge of bankruptcy. Therefore, Firefly will be filed in accordance with the law Litigation is bound to make Andrews Holding Company pay the due price for its illegal actions. "
Roy Disney patiently listened to the Katzenberg on the TV after reading the speech. Worried to relax all night, the statement did not mention Disney Animation Department at all, which shows that the Firefly executives have no intention of breaking the net.
However, immediately after Roy Disney raised doubts about the purpose of this speech, he could hear that this should be Firefly's retaliation for Ron Perelman behavior, but he didn't understand many details, so he picked up the phone. Dialed the number of his personal lawyer.
After some explanations by private lawyers, Roy Disney only understands it.
According to United States ’s company law, in the case of a company that is severely insolvent and the performance continues to suffer losses, creditors have the right to require mandatory bankruptcy protection for the company. Bankruptcy protection is different from bankruptcy liquidation. Bankruptcy protection is equivalent to creditors Give the debtor a buffer period before bankruptcy and liquidation, and let the debtor propose a relevant plan for the company's reorganization and debt repayment within a certain period. However, once such a plan still does not work, then the company will face the next Liquidation.
The main purpose of Firefly Group to propose Marvel Entertainment mandatory bankruptcy protection is similar to Ron Perelman. The same is to obtain control of Marvel as a creditor. However, the way it differs from Ron Perelman is because Marvel is insolvent. This appeal of Firefly Group will be supported by the Federal Court.
Once Firefly Group seizes control of Marvel, the weakness of Andrews holding company illegally occupying Marvel debt financing will also become an important handle for Firefly Group to attack Ron Perelman. Andrews Holdings not only has to face the refund of Marvel financing, but also faces a huge fine of Federal Securities and Exchange Commission, which is the last killer.
As a country with very strict financing supervision, it is absolutely not a joke to face hundreds of thousands of USD fines for illegally occupying hundreds of millions of USD financing funds. Once the crime is confirmed, even if it is an industry giant with 10 billion USD assets, it may be Was fined to the point of being injured by SEC.
At this time, Beverly Hills Manor was in the mansion where the reception was held last night. The Ron Perelman, still wearing pajamas, no longer has the usual calm look, and the arm holding the microphone carries a tremor caused by fear and anger. Immediately after this statement was issued by Firefly Group. Several companies, such as Berkshire Hathaway, State Street Universal Fund, and Firefly Investment Company, issued similar statements as creditors. The Marvel Entertainment bonds held by these companies are close to 90%. Once the New York local court determines that the Firefly Group ’s claims are reasonable, Ron Perelman knows He has no room to turn around among other creditors.
"Avi, I want to explain why I did n’t know about it until now. 90% bond ownership transfer, should n’t I have been notified in advance, you tell me why?" angry at Marvel CEO Avi Arad After snarling, Ron Perelman patiently listened to the other party's explanation, and Pā dropped the microphone on the table with a sound.
The explanation given by Avi Arad to Ron Perelman is that Firefly and several other creditor agencies have only submitted the relevant debt transfer statement to Marvel Entertainment in recent days. Marvel has also prepared the relevant documents at this time, only because Ron Perelman came to Los Angeles, it was not timely. Delivered to him.
Ron Perelman was keenly aware that there were two time differences in the Avi Arad story. Firefly and Berkshire Hathaway used a reasonable time difference, and informed Marvel Entertainment in writing within the legal period after the transfer of the creditor ’s rights took effect. Then, Marvel ’s CEO Avi Arad again A time difference is created, which further delays the time for Ron Perelman to learn the message.
Ron Perelman found that the situation he faced seemed worse than expected. If the guess is correct, Avi Arad is likely to have been drawn by Firefly Group. Once this is the case, he is likely to plant a big head on Marvel Entertainment. .
I turned around anxiously in the bedroom a few times. Ron Perelman suddenly took a picture of his bald head. He suddenly realized that Firefly Group had already started layout at least a month ago, then he discovered two possibilities, one It was Firefly Group a month ago that realized he wanted to use the Disney Animation Department event to enter Firefly Board of Directors, so he planned ahead to prevent it. And another possibility, Firefly Group has long coveted Marvel.
After the issuance of more than 500 million USD bonds, the Marvel has no value in the eyes of Ron Perelman. It is just a mess that can be thrown away. Ron Perelman even rarely pays attention to the operation of Marvel. If Firefly Group also holds this concept, then the other party's purpose in doing so is probably to retreat in order to make him aware of the difficulties and no longer covet the Firefly Group board seat.
We quickly weighed in our minds. Ron Perelman was keenly aware that the first possibility was very low. If it was just to use Marvel to force him to close, Firefly Group and Berkshire Hathaway would not have to absorb nearly 90% of Marvel. Bonds, this is 500 million USD cash.
In the eyes of Ron Perelman, the current Marvel is not even worth half of the 500 million USD. To be honest, now if someone takes out 500 million USD, Ron Perelman feels that he will immediately throw Marvel to the other party.
And once the purpose of Firefly Group is just the second possibility, then the 500 million USD will be explained immediately.
The question now is, why did Firefly Group want Marvel, and why did it come at this very sensitive time?
Are n’t they afraid of the accident of Disney Animation Department?
Or, someone thinks that Marvel is more valuable than Disney Animation Department?
The frequency of Ron Perelman pacing is getting slower and slower. Soon, he picked up the phone again, bypassed Avi Arad, and dialed the number of another person in charge of Marvel. (To be continued.)