Chicago 1990

"Karl Icahn’s Icahn capital compounded annualized return rate is even higher than that of Buffett, Madoff, and Schloss, but the gameplay is completely different. He keenly observed the difference in the interests of senior managers and shareholders of listed companies. Among them, various financial means are used for profit."

"When a senior manager caused the company's value to deviate from the fundamentals in order to obtain equity and option rewards to push up the stock price, he manipulated the media to criticize repeatedly and began to short, and when the stock price of a company was lowered than the actual value, he Will turn to attract money and wait for opportunities to initiate malicious mergers and acquisitions. The more intense the resistance of the management, the easier it is to get into his sleeve. If it fails, it will make a profit. One of its most typical methods is corporate raids and huge purchases of shares of listed companies that they fancy After securing the position of strategic shareholders and forcing the company to make management or strategic reforms, the stock price rose rapidly in a short period of time.

"But Karl Icahn actually doesn't care about corporate development, he only considers how to profit from the acquisition and sale of stocks. In 1985, he took over TWA and served as chairman, and began to act as a barbarian at the door to split and sell company assets. To obtain personal benefits, he couldn't stand his management and other shareholders using various methods to invite him to the show. After he has made a huge profit of nearly 500 million dollars, he has left the company with a huge debt of more than 500 million. Later, he received various compensations worth more than 100 million yuan."

"So he hates the poison pill that is extremely lethal to hostile mergers and acquisitions (a large number of new shares are issued at low prices, which reduces the proportion of stocks in the acquirer's hands, dilutes the equity, increases the acquisition cost and causes the acquirer to fail to reach the controlling target) plan. He hates the board of directors system of listed companies, especially those elected by employee director representatives, and independent directors dispatched by the government or strategic partners of the company. He claimed that these people are simply unable to take the interests of the company and shareholders into consideration, and only think of greedily To get more management holdings, dividends and high salaries to win the support of other shareholders."

"So he is not a complete short predator. He intends to control the company itself, and he is also very patient. The battle for control of the management may be as long as ten years, such as another financial tycoon Perelman around Marvel. Years of contention."

After hurriedly ending his trip to Tokyo and returning to Highland Park, O'Grady reminded Song Ya, "3DFX should be a very good hunting target for him. The struggle may be long-term."

"We beat him this round, right?" Song Ya asked with a smile.

At the close of Nasdaq, O'Grady violently pulled 3DFX's share price from more than $9 to about $36. That is, the market value soared from $140 million to $560 million in one day.

"But it is already out of the fundamentals, and Northern Trust will not allow me to mess around again."

O'Grady replied: "The company has internal discipline and external pressure. Icahn Capital has launched a media outcry this morning, asking the SEC (US Securities and Exchange Commission) to intervene in the investigation of abnormal fluctuations in 3DFX's stock price."

"Do you think Karl Icahn can get enough stocks to close the position?" Song Ya asked.

"I don't know, he is an advanced player APLUS, but it is already difficult for the bearers to get enough chips in the stock market. 3DFX has only been listed for more than a month, and most of your stocks are due to the lock-up period. , I hit them by surprise." O'Grady replied.

"How much will he lose?" Song Ya asked again.

O'Grady shook his head, "It depends on how much leverage is used, but it must be more than he earns from Goodman and the others."

"Ha!" Song Ya expressed satisfaction when he heard these words.

There is no doubt that Northern Trust has made a lot of money this time. It is a pity that O'Grady dare not use his own money from Infoseek and other Netscape companies, but he will compensate in other ways. This is Tokyo. Part of the private transaction between the two parties before the trip.

"We still need good news."

O'Grady said: "In order to save the stock price, Ballard, the president of 3DFX, previously claimed that he expected a profit of 60 million dollars this year. It is not reliable, not to mention that Sega’s big contract has not been won.

"They lied from the beginning, and they always reaped the benefits. Now they have developed a habit."

Song Ya coldly looked out the study window, and the convoy of 3DFX board members had just entered the gate of Highland Park.

"I won't go down anymore." O'Grady is no longer suitable for appearing on the same occasion with the 3DFX people.

"Hey, APLUS, good job!"

The stock price has quadrupled in one day. Of course, the directors and representatives of the other shareholders are happy, the trio of scammers and the directors and representatives of Carmack put their dissatisfaction on their faces, and President Ballard is worried.

"Look at this." The representative of the board of directors of the second largest individual shareholder showed him a copy of the financial magazine.

'Extreme pressure madman!Sega, who joined Shoichiro, strides forward!'

The acquaintance Shoichiro on the cover embraces his hands and looks firmly into the distance at a forty-five degree angle. The background is the scene of Song Ya and a line of white people bowing in front of the Sega Logo wall. The subtitle is'The US 3DFX Company in Dilemma Comes to Apologize!An unfavorable lawsuit against Sega was eliminated invisible!'

"We still need good news." Song Ya smiled, and O'Grady didn't show up, so he repeated the words.

"Do you think it's good for you to go to Tokyo and bend your knees to the book? APLUS!"

Ross in the trio suddenly exploded, "We will soon be able to win the lawsuit against them, and they will pay us tens of millions of dollars! The stock price will still rise by then, but now it's all gone!"

CTO Scott of the trio said: "I knew that as soon as the company went public, you people did everything for the stock price. Incredibly short-sighted and short-sighted! We don't need you to go to Tokyo to shame us APLUS. We can still shock the world after Voodoo 2 comes out at the end of the year!"

"Last year you persuaded me to continue to invest money in the VoodooRUSH project. The result? The graphics card that often has compatibility issues caused us to lose the trust of major customers such as Compaq!"

Song Ya replied uncomfortably, but it was a pity that due to physical reasons on the body, the Qi was not enough.

"In fact, we should focus on the performance of 3D chips. There are many 2D chip manufacturers, fierce competition, thin profits, and our technical reserves are insufficient." Carmack's director representative said.

"Of course, your IDSoftware is willing to 3DFX to produce 3D chips to provide your pure 3D shooting games with the best performance platform, but that market is small!"

The director representative of the second largest individual shareholder fought back.

The board meeting soon became a fruitless quarrel, but Song Ya could feel that his control was strengthened, and most of the representatives were speaking for himself. After all, he was the one who could lead everyone to make money.

He quietly observed and judged the situation. Trust was built step by step. After that, his proposal to transform 3DFX will be more radical. It cannot be said that it will be approved by the board of directors. You must be patient and not rushed.

"Don't quarrel, it's the weekend. We have already released the news of reconciliation with Sega and continue to cooperate. What will we do when the market opens on Monday?" A representative of the board of directors of an investment institution looked at Song Ya, "What good news can I release? Is it?"

"There will always be a day when you can't make up a lie!" Ross in the trio was righteous.

Song Ya glanced at him.

"Would you like to see the people from Compaq on Sunday? I will post a message that they will still use our chips in new PCs in the future?"

No one paid any attention to Ross, and another representative of the board of directors made a proposal, "I have a way to ensure that Compaq will not rush to deny it. Anyway, it is the plan, and the new product will be launched next year at the earliest."

"Yes." Good thing, Song Ya nodded.

At the same time as meeting with the people of Compaq, he also needed to start a public relations campaign for the American media for the first time. Going to the book and bowing to others in public is not a long-faced thing. The stock market reacted very honestly, and there were many negative comments from the media. .

At the entrance of Highland Park, Conpak’s senior executives showed up accompanied by the representative of the board of directors. He greeted Song Ya, who was personally greeted by him. He quickly apologized after seeing that the other party’s hand was raised slightly, and took the initiative to approach the wheelchair and hold his hand. He shook his hand and bowed his head in greeting.

'APLUS!Have you beg for Sega's forgiveness?'The reporter didn't care about it, and asked in a strange voice while taking pictures.

"What do you want me to do? I was in a coma for five months, and the cash on my account was stolen so that there was only a fraction after the decimal point. It was not even enough to buy an aspirin."

Song Ya limply smiled bitterly at the camera.

This is not really a miserable sale. PGE law firm began to clean up the mess left by Goodman. A+ copyright and the cash in the asset management company's account were swept clean. If it weren't for Song Asheng to keep the money in his private account for him There is also CNA's insurance coverage. He really can't even pay for the trip to Tokyo with the team.

The reporters sneered, "Is it your lawyer? I heard they have evaporated!?" Someone asked.

Song Ya's wheelchair has been pushed through the door by the bodyguard.

"I came here on a personal basis."

There are no outsiders here, and Compaq’s people point to the board representative who directed him to the point, “Unless 3DFX launches more mature new graphics cards, we will not purchase any more.”

"I understand, thank you."

Song Ya nodded to express the love between the two, "I just need you to not deny this matter for the time being."

"That's okay. So... do you have a new graphics card?" PC OEMs refer to the graphics card that integrates 2D and 3D functions, such as VoodooRUSH. They may use only 3D functions in the fever top models. Voodoo is a genuine card, but the purchase amount is negligible.

"There will be, I promise." Song Ya promised.

"Really? You are lying to me, APLUS."

The people at Compaq didn't believe it. They and 3DFX had worked in depth before and after the release of VoodooRUSH. After the failure of the project, the relationship between the two parties was very poor, but they still understood the 3DFX follow-up development plan.The trio of scammers in charge of technology were frustrated with the failure of the project, but their thinking was that VoodooRUSH's failure proved the mistake of the business strategy. In the future, they should simply concentrate on the 3D acceleration chip of their own business.

"I will do my best, after all, I am the chairman, am I not?" Song Ya smiled.

"Oh, yes, if you don't mind, someone wants to chat with you."

Unexpectedly, the senior executives of Compaq did not come here completely based on the personal friendship with the director representative. He took out his mobile phone and said, "The other party requested a private exchange."

"Uh……"

Song Ya had to answer the call.

"I'm from Icahn Capital... Is it convenient? APLUS."

It turned out to be from Carl Icahn. Song Ya glanced at the senior Compaq who went to the lawn to chat with the director on behalf of a friend, "Please tell me." Song Ya motioned to help Sloan who was holding his mobile phone to listen.

Sloan lowered his head, and the two faced each other across the phone.

"If we trade, what conditions do you have?" the other party asked.

The stock and futures markets are more dangerous and lack of information in the fog of war. Listening to the meaning, it seems that Karl Icahn really has a short order trapped?

But this may also be a trap for investigating falsehood and reality. Song Ya and Sloan looked at each other, "PGE Law Firm needs you to provide two financings of the American music website. They found that the special fund you participated in financing included Goodman, Hamlin and Dile’s money, that money actually belongs to me, they stole it from me."

If the other party does not find himself, he will also find them about this matter. After the breach of 3DFX is opened, it would be great if he can really threaten Karl Icahn. He helped Goodman and Hamlin transfer funds and help Dilei. It is a key figure to operate the spin-off and listing of the American music website.

The Amerika music website does not make money, and it suffers a lot. Most Internet companies now play in this way. There is nothing in the beginning, and everything is not a problem to be listed.

However, his long-term coma gave Dilei an opportunity. The preliminary findings of PGE lawyers and Alicia were that Dile used the grounds for applying for bankruptcy protection to introduce external funds. Dile replaced the new law firm, accounting firm and Goodman and Hamlin are all cooperating with the company's spin-off plan called Salvage Company. The debt is dumped to A+ Audio, the parent company in which they hold 85 percent of their shares. Karl Icahn and other institutions have received two financings. The opportunity to enter the market at a low price also facilitated Goodman and others to embezzle their own shares.

This is a classic collusion of hungry wolves inside and outside taking advantage of the incompetence of major shareholders, and a gluttonous feast for senior managers and capital.

"You misunderstood, APLUS."

The other party smiled and replied: "My transaction refers to how you will compensate us if we do not hold you and certain institutions for insider trading crimes."

"PGE Law Firm will soon initiate a lawsuit requesting to stop the listing process of the Amerika Music website, and your time is running out." Song Ya ignored this stubbornness and waited for the Amerika Music website to be listed in the current bull market. Goodman and the others' net worth soared into the sky, and he would not give in in this matter.

"What good is that for you? After all, you still own 85% of A+ Audio, the parent company of Amerika Music.com, and A+ Audio owns 32% of Amerika Music. Almost 27% is still the largest shareholder."

It’s okay for the other party not to say this. From 85% to 27% by collusion between the inside and outside of this group, it will definitely fall below 20% after the IPO, and Song Ya is angry. Everywhere, "So you thieves are demonstrating to me?"

"You need to calm down, APLUS, accept the reality." The other party replied triumphantly.

"The reality is that you are begging for help all around, just to be able to talk to me." Song Ya retorted.

"Hehe...then we don't need to talk anymore?"

"At least you are not worthy."

Song Ya's eyes were cold, and Sloan hung up.

"So, do it?" Sloan asked.

"Do it."

Over the weekend, 3DFX confirmed the settlement with Sega, and announced that the partnership with Compaq may continue next year.

On Monday, 3DFX's stock price continued to rise slightly, oscillating at a high of 40 yuan. Investors who still have stocks in their hands seem to be still on the sidelines, but O'Grady issued two warnings in a row.

Song Ya pulled the 3DFX board of directors in Highland Park and continued the meeting.

"Then go ahead, let's vote, and those who oppose raise their hands?"

This time there was a lot of quarrel. After the Nasdaq closed in the afternoon, Song Ya's voice just fell. The trio of liars immediately raised their hands high. Carmack’s director representatives quickly followed, and President Ballard hesitated for a few seconds. Also raised his hand.

Finally, EA's director representative raised his hand after making a call.

Song Ya won the support of other directors and won by a narrow margin.

With his stern face, Sloan pushed himself to the rehabilitation room, and Xue Linfen got a treadmill and was running in it, wearing a high-fork gym suit.

"Huh! I'm exhausted, I have to get back in shape quickly."

She came over in sweat to help the nurse get Song Ya onto the standing bed, "What's wrong with you? Your face is ugly, aren't you happy?" she asked.

"Nothing, just a little nervous."

At the same time, 3DFX suddenly announced the suspension of stock trading tomorrow and announced that major information will be disclosed.

The market was in an uproar, and the financial media believed that it might be related to the previous abnormal stock price fluctuations.

"This kid is too young, and his concentration is still not enough." Karl Icahn smiled and commented in the office the next day.

The subordinate who called before immediately flattered, "I was scared by us, that's it, haha!"

Unfortunately, they were immediately disappointed.

'3DFX once again announced that they are in negotiations with VideoLogic, another American display chip manufacturing company. If the two companies merge successfully, 3DFX will obtain VideoLogic’s technical reserves in the field of 2D display chips, and VideoLogic will stop their failed 3D chips. The follow-up development of the PowerVR series has turned to the full use of 3DFX Voodoo technology...'

'3DFX announced that this cooperation will also help the two companies to work together to develop display chips for Sega's new generation of game consoles.At the same time, a new generation, more powerful and stable VoodooRUSH2 graphics card will continue to work hard to enter the PC supply chain.'

"Hehe...Finally saw the entry."

After sending away the people of 3DFX and VideoLogic, Song Ya finally grinned happily. In addition to the good news, O'Grady also used his money to short VideoLogic and take the opportunity to raise money, almost synchronized with long 3DFX. Monday , Song Ya’s VideoLogic stock is enough for them to hold an interim board of directors.

Obviously, according to Sega's secret horse racing plan, there can only be one display chip company that will win in the end. Since Shoichiro chose to settle with 3DFX, it is not good news for VideoLogic, which is already in sight.

Now the market value of 3DFX is high, and VideoLogic is very cheap...

Who wouldn't be a barbarian at the door?

Although I was a little nervous the first time, I can learn it slowly while doing it.

After reading the news, Karl Icahn was so angry that he smashed the pen in his hand.

"What to do? The empty order in our hands..." the subordinate asked in a panic.

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