I’m in Hollywood Chapter 1069: Green shoes
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After having lunch with Bill Michanik, Eric boarded the plane to New York.
It is already 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, the IPO date of Yahoo is specifically set at The Day After Tomorrow, which is Friday, the last trading day of the week.
In the cabin of the Boeing 767.
Although growing up in a wealthy middle-class family, this is the first time Annie · Hathaway has flown in a private jet.
In order to avoid being treated as an unsophisticated little girl, she stayed reserved in the cabin lounge after the plane took off.
After more than half an hour, a magazine used for recreation was turned over again, but nothing was read. Looking up and looking around, the female assistant of Eric seemed to have been looking at the files in her hands intently, and she didn't seem to notice herself at all. Hesitated for a while before Annie stood up and walked to the front of the cabin.
Eric just said that he went to the study.
There is also a study on the plane?
Bah, it's strange that such a big plane has a study.
It seemed that he was peeping into his psychological activities by Meyer. Annie Hathaway turned his head in a guilty look before leaving the lounge crouchingly.
Passing through a reception room and a bathroom, and gently pushing the third door open, Annie only saw Eric sitting behind a desk, saw a man looking up, and the girl quickly revealed a human Harmful smile: "Eric, I, um, I just see if you are there."
Eric gestured towards the girl and smiled: "Do you think I have the ability to sneak away from the plane?"
"Of course not," Annie · Hathaway realized that she had just said something stupid, and defended her tongue a little.
When I came to Eric, I saw the man reaching for him and sat naturally on the Eric lap.
Looking curiously at the contents of the desktop laptop screen, I feel a powerful hand around my waist. Annie softened backwards. I thought of something from the previous days and posted it on the man. Said: "Eric, I went to see 《Ted》 with a few friends last Saturday. Is that really the script you wrote?"
"Yeah," Eric easily closed the laptop screen, moved it aside, and said, "So, how do you feel?"
"Very," Annie thought for a while, and smiled, "It's very interesting."
"Oh, this is not what a good girl should say," Eric smiled and lifted the girl's waist and placed her on the desk opposite, saying, "I thought you would say you saw it in 15 minutes. Can't help running out. "
Annie kicked off the small leather shoes on his feet, his feet wearing black stockings were gently placed on the legs of Eric, and there was a little charm in his eyes: "This is your movie."
Eric pressed the girl ’s restless calf, looked up, and found that she was wearing a magenta mid-length windbreaker today, with two long legs directly protruding from the hem, so she reached out curiously and put the windbreaker on the girl ’s waist. The thin belt was pulled apart, and there was only a thin shirt and an OL-style black tube skirt. He couldn't help laughing: "Do you know what the temperature of New York is now?"
Annie thought that Eric was going to do something bad, leaned back slightly, and put his hands on the desk. When she heard the man ’s question, she froze, but said quickly: "I know, but Eric will definitely not let me freeze, right?"
Eric nodded, looking at the girl ’s seductive appearance at this time, and pulled her fingers around the waist around her thin waist to find the zipper of the tube skirt and said, "Nà, since you have seen 《Ted》, I will also test it Where is your tolerance limit? "
Annie lifted his body slightly, obediently let Eric strip off his skirt, but with a little bit of grudge in his eyes, he said half-truth: "You have already tested it."
Eric has a mischievous smile on his face, saying: "Little guy, do you think that is the limit, too naive."
More than three hours later, the Boeing 767 landed at the private airport of Eric and Long Island. The east coast is already at night. The temperature of New York is similar to that of London, and it has entered the winter.
Tonight, there will be a cocktail party that requires Eric to attend in person, make a call to Eath Hampton, and Eric will board the helicopter to Manhattan again.
At around eight o'clock, the helicopter landed on the rooftop of the high-rise mansion at the entrance of Sixth Avenue at Manhattan at Eric.
A group of seven people came down from the still black VH-60. Meyer took a few bodyguards downstairs to arrange the car. Eric took Annie and returned to his residence.
Turn on the air-conditioning system in the mansion, Eric looked at Annie softly leaning on the sofa in the living room, and smiled. Although he said on the plane that he wanted to test the girl ’s ability to bear, he did n’t do too much. thing.
Come over and reach out and squeeze on the girl ’s chin, Eric said: "Will you go to the reception with me next time?"
"Is it okay?" Annie immediately regained his enthusiasm and realized that his reaction did not match the "state" just now. He reached out and grabbed a pillow beside him and held it in his arms, saying: "But, Eric, what am I Don't understand. "
"These cocktail parties are just small vases that you don't need to understand," Eric smiled. "Nà, that's it, it's settled, wait with me, and send you back to Milburn tomorrow morning."
Annie is traveling with Eric this time, mainly to come back with her family to spend the end of the year at Thanksgiving and Christmas. Her home is in Millburn, New Jersey. Eric is not very clear about the specific location, but according to the description of Annie, it is probably in Near the city of Jersey across the river from Manhattan, it still belongs to the New York region.
When I heard Eric, Annie said expectantly: "Eric, in fact, I did n’t tell Papa Mama that I will be back in these two days. Can I play Manhattan for two more days?"
Eric shook his head and said, "I have been too busy these two days, but I have no time to accompany you."
Annie looked at Eric again for a moment, and saw that the man was unmoved and had to give up his thoughts.
After a while, Meyer looked cold and brought a few sets of clothes back, watching Annie put on that set. In fact, she put on a small dress that was also very suitable. When Eric took the girl away, the female assistant seemed to be thrown by the owner only. At home, I am annoyed by the infinite cats, and some little frantic toss around in the apartment, by the way, drinking the most expensive bottle of red wine in the Eric wine cabinet.
IPO, the usual translation is "initial public offering", but Eric feels that this translation is not appropriate, but the literal translation of the three words Initial-Public-Offerings is more in line with the correct meaning of the IPO: supply to the open market for the first time ( stock).
Because, when the IPO is going on, in fact, this company has already completed the fund-raising for institutional investors. After the IPO, it represents that these stocks sold to institutional investors can be formally traded in the open market.
On the other hand, when people hear a company officially announce the IPO date, it already means that the company can basically be considered a successful listing.
Eric took Annie tonight to participate, it was Yahoo's thank-you reception for institutional investor representatives who subscribed to company shares.
Due to the recent Yahoo-listed technology stocks, the Nasdaq index broke through 2500 points and entered the most dangerous turbulence range considered by Eric on Monday. As of today's close, the Nasdaq index has reached 2567 points, which is not a big increase, but it also increases the uncertainty of the Nasdaq curve after YahooIPO.
In the banquet hall of the Plaza Hotel, Eric took Annie to entertain some of the important guests tonight. Chris, Ian · Gnier, Morgan Stanley Chairman John · Mark and others gathered around Eric.
GAnnie was handed over to Emily, several men stood around the corner of the hall together, and the other guests were very interesting and did not join in.
Although the IPO of The Day After Tomorrow means that Yahoo has completed the first public fundraising, then, whether it is the Firefly system or the Morgan Stanley underwriting and even several other banks, they are facing more serious problems.
Everyone has a large number of investment in technology stocks. Although the exact amount is not clear, Eric can be sure that the size of the technology stocks held by the major investment banks in Wall Street is definitely not less than that of Firefly Group's clover fund. Moreover, these investment banks have entered the market much later than the clover fund. To ensure profits, it is necessary to ensure that after the YahooIPO, the entire NASDAQ market will not be affected by Yahoo stock price fluctuations.
As the pure Internet company with the largest IPO to date, once Yahoo's stocks have suffered a strong downturn or a large number of short sales after the IPO, it will definitely be more likely to trigger a domino-like chain reaction than any other technology company.
"Because the number of subscriptions after the road show is better than we thought, according to the green shoe mechanism, this time we sold 100 million 72 500,000 shares, of which 22 500,000 shares were green shoe options, accounting for 15% of the established circulation. Once the stock price shows a downward trend after the IPO, Morgan Stanley can use 700 million 357 50,000 USD funds to support the market. "
Among the crowd, John · Mark once again briefly introduced some measures taken by Morgan Stanley to Eric.
The so-called 'green shoe mechanism' is called the over-allotment option.
In short, the issuer authorizes the underwriter to sell more stocks that account for a maximum of 15% of the established issue volume to institutional investors during the previous subscription process.
However, these stocks have not been formally delivered, but are an option-like transaction for the subscribers. Moreover, since they have paid cash like other equity subscribers, this option subscription by institutional investors cannot be regretted. This is actually equivalent to an adventure.
The green shoe option was confirmed. After the IPO, the company ’s stock price rose and was a great success. Then, the underwriter obtained the shares from the issuer according to the issue price and transferred it to the option subscriber. If the company's stock price falls, or even falls below the issue price, then the underwriter uses the funds obtained by selling the options to repurchase the stock from the open market and then sell it to institutional investors who purchase the options.
The green shoe mechanism can ensure that when the company's stocks are popular, it can flexibly raise more funds for the issuer, and also allow an additional group of institutional investors to obtain generous returns. But in fact, the most important thing is that once the company's stock price is unsatisfactory after the IPO, the underwriter can openly and legally carry out the stock market operation to avoid the share price falling too badly to damage the interests of all parties.
John · Mark briefly introduced a few words, and then directly looked at Eric, continuing: "However, Eric, I think that 700 million more USD funds are still not too insurance, I hope the Firefly system can take more measures. Although the Firefly investment just acquired Sony's movie assets some time ago, this expenditure only accounts for a small part of the AOL equity sale funds. I think that if an accident occurs, the Firefly investment should be able to invest another amount of money to ensure the Yahoo stock price. " /
Eric smiled and listened to John · Mark, and nodded: "If necessary, John, Firefly will definitely do so."
In all fairness, Eric is more worried than Morgan Stanley investment banks, after the YahooIPO, the chain reaction caused by the stock price loss.
If several major investment banks lose money on technology stocks, the losses are actually those who entrust investment banks to manage their wealth. But on the Firefly side, a large part of the technology stocks held by the Clover Fund must be considered Eric's own. If a few 10 billion USD are all lost, even with the current net worth of Eric, it will definitely be very painful.
Moreover, the most important thing is the 30% forward equity transfer agreement signed by Yahoo and Microsoft.
Microsoft has formed a very stable monopoly on the operating system. Even if the Nasdaq crashed, the share price of Microsoft 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 Supported by the profit, the decline of the stock price will definitely be very shocking. Although after several years of operation, after this listing, Firefly will not lose absolute control of Yahoo even if it gives another 30% equity in Microsoft, but in any case, Eric does not want to sell 30% equity to Microsoft at this time. .
"There is also media, which requires Eric you personally shot," although Eric has some ambiguous promises that did not satisfy John · Mark, but he continued: "I recently found that CNN has appeared for several days in a row. The declining Yahoo remarks, as well as the "Washington Post", a critical article they published yesterday against technology stocks was very radical, Eric, I do n’t quite understand this matter, if I remember correctly, you The relationship with Mr. Buffett should be very good. "
Eric also has some doubts. Although the "Washington Post" is in the hands of the Graham family, Buffett has long been a major shareholder and important director of the "Washington Post". Home newspaper has a very strong influence. Turned his head and looked at Chris beside his eyes. Although Berkshire · Hathaway of Buffett is also one of the important shareholders of Firefly Group, in terms of personal friendship, Chris and Buffett are closer.
Chris shook his head: "These two days are too busy, but I did n’t pay attention to this matter. I will call Warren in person tomorrow morning."
"I see if I can have a meal with Terry · Semel at noon tomorrow," Eric also said: "I will say hello to several other TV Station. As for newspaper, Chris, you are responsible , In short, to ensure that the at sixes and sevens statement will not appear in the media during the Yahoo listing. "