Riyu's Back File 2011

However, after the SVB investment company invested three billion US dollars in real gold and silver, JAL Group’s operating difficulties have not improved at all. It is still as if it were to live, and it has been on the verge of bankruptcy.

Until the RB government decided not to continue to inject capital into the JAL Group and save the company with taxation, JAL finally declared bankruptcy that year.After Peter Johnson learned of the news, he almost didn't have a heart attack, and SVB's stock price fell by nearly one-fifth.This acquisition can be regarded as the Waterloo of Peter Johnson's investment career, almost not buried the old man alive.So, if you don't do the best of it, you will suffer a lot.

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As JAL is a landmark company in the RB aviation industry, it has as many as 180 subsidiaries and more than 500 upstream and downstream companies. Once JAL goes bankrupt, the entire RB economy will be seriously affected.

So the RB government neither allowed the JAL Group to go bankrupt, nor did it allow it to merge and reorganize, which made SVB even more annoyed.As the major shareholder of JAL Group, the more stalemate, the greater the loss of SVB in JAL Group.

What irked Peter Johnson and SVB even more is that according to the RB "Corporate Regeneration Act", RB officially asked the major bond banks to implement debt relief for the planned reorganization of JAL, reducing the burden on JAL, followed by the two major debtors of JAL Group. One is the RB Policy Investment Bank, which is an official policy bank established by the RB government. It naturally agreed to the government's request. The second is Nomura Trust Bank Co., Ltd. under Nomura Securities. Naturally, their relationship with the RB government does not need to be discussed again. I have expressed the hope that all creditors will forgive JAL’s debts in order to help JAL get rid of its business difficulties.It also followed by agreeing to forgive JAL Group’s debt.

The two major creditors changed from creditors to shareholders, which naturally reduced SVB's share of JAL Group.At that time, facing the JAL Group that filed for bankruptcy, SVB had two options. The first one was naturally to continue to hold shares in JAL Group, hoping that it would be reborn from the ashes.Second, give up the shares of JAL Group, and the RB government is responsible for repaying this part of the equity.

Considering that JAL’s stock price was approaching the freezing point at the time, RB would certainly only acquire the shares held by SVB at the stock price at that time. SVB would directly lose more than half of its investment, with a direct loss of more than 1.5 billion in 3 billion.

After several nights of tossing and turning, Peter Johnson made another important decision in his life.Continue to hold shares in JAL Group until it can be reborn from the ashes and re-listed.This situation can be described as bold, because if the reorganization fails, it means that SVB's 3 billion investment has been completely wiped out, and even half of it will not be recovered.

Fortunately, the old man won the bet.Less than two years after the Hatoyama Cabinet requested Mr. Kazuo Inamori, "the saint of management", the JAL Group recovered completely, and its net profit returned from a loss of 200 billion to a historical high of more than 200 billion yen. , Will also be listed again next month, SVB's investment has achieved unprecedented returns.Therefore, a person's destiny depends not only on personal struggle, but also on the development of the times.

In fact, in essence, is the rebirth of the JAL Group really because Kazuo Inamori is so powerful?No, he is also a human being. Kazuo Inamori just carried out normal corporate reforms. In the final analysis, it was the one of increasing income and reducing expenditure.The market share of JAL Group was still very high at the time of bankruptcy, but abandoning the rigid system and the interference of the RB government on the enterprise, and after a lot of efforts, JAL was naturally back on track.

At this time, Peter Johnson gave Miyazaki Sosuke the task of further consuming the liquidity of Nomura Securities. Naturally, he did not directly sell the shares of JAL Group held by SVB to Nomura Securities. Such a task can be done by an intern.

For Miyazaki Sosuke to successfully complete the test of Peter Johnson and even to impress the senior executives of Goldman Sachs, he must find ways to consume Nomura's strength while still retaining this part of the shares. After all, the JAL Group will soon Will be listed again, and its stock price will naturally rise further.The longer SVB can hold its shares, the higher the income it can obtain.

Miyazaki Sosuke was thinking about the JAL Group and Nomura Securities at the computer desk, and his eyes turned to the shares of Nomura Securities held by UBS. He suddenly thought about how to consume Nomura Securities’ liquidity. At the same time, being able to continue to hold shares in JAL Group gradually cleared up a vague idea.

"The person who helped me make an appointment with UBS said that Goldman Sachs has a deal about Nomura Securities shares and wants to talk to them." Miyazaki picked up the phone on the desk, called Hill, and asked him to make an appointment for himself. Silver man.Hanging up, Miyazaki Sosuke opened a word document, picked up a pen, and started writing a plan for the deal.

In the afternoon, Aosuke Miyazaki walked into Peter Johnson's office holding the plan and handed the new plan to the old man.After undergoing Peter Johnson's review, Miyazaki Aosuke got his authorization to start a digging plan for Nomura Securities.

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In Tokyo in late August, the weather is still hot. The vapor from the Pacific Ocean fills the entire city, making people feel like they are being cooked endlessly in a giant steamer. Until the night falls, the high temperature reluctantly leaves. Pedestrians also slowly increased.

In a high-end sushi restaurant in Shibuya, Aosuke Miyazaki is receiving guests invited by UBS, the head of UBS Tokyo, an old white man Thompson with gray hair but still hearty spirit.

Miyazaki Sosuke took a bite of the tuna sushi in his hand, took the wet tissue that Hill handed him and wiped his hands, and while wiping it, he said to Thompson on the opposite side, "How is it? It tastes good, this one. The store’s tuna is specially purchased bluefin tuna, caught near Sado Island, and only the best belly meat is used."

"Well, it is delicious. I have been in Tokyo for so many years, and I still love the deliciousness of tuna sushi. It's great." Thompson is the head of UBS Tokyo branch, and his rank is equivalent to that of Aosuke Miyazaki. Senior managing director.It has been seven or eight years since I transferred from UBS Hong Kong to Tokyo, and he is especially addicted to tuna sushi. After Miyazaki asked about his counterpart’s preferences, he found a top sushi restaurant to entertain the old British man.

"What do you think of the plan we sent in the past? For UBS, this should be a good return, and the risk is very low." Miyazaki Cangsuke took off Vacheron Constantin from his hand and opened it again. I removed the second button of the shirt on his chest. Although it was night, the weather was still hot.The location of this store is a typical Japanese-style decoration. In order to ensure privacy, Miyazaki Chosuke chose a small independent courtyard with a small courtyard outside the living room.

"If we follow the description of the plan, we would naturally be willing to make such a deal with Goldman Sachs." Thompson finished eating the sushi in his hand, and Hill also handed over a wet wipe to let the other party wipe it.

"However, the board of directors believes that since Goldman Sachs holds shares in RB Aviation for better returns, why not just sell it to UBS. We are willing to pay a price that satisfies Goldman Sachs, which will definitely be higher than Nomura." The old German man was very happy, but not soft at all, and made a very tricky request.

UBS Group has been aggressively deploying in the aviation field in recent years. From the British aviation industry to the American aviation industry, UBS is flooded with money-saving acquisitions. Realizing the layout of the global aviation industry is a major goal of UBS in the near future.

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In the plan formulated by Miyazaki Sosuke, SVB will enter into a series of transactions with UBS, including the use of cash to acquire shares of Nomura Securities held in its hands, and an announcement that it will acquire SVB holdings at a high premium. The shares of JAL Group are nominally optimistic about the development prospects of JAL Group after its listing.

But all this is to get the attention of Nomura Securities and get the other party hooked.UBS will not really buy shares of JAL Group, but just play a scene with SVB, and maliciously raise the bid, just like the previous sale of shares in Katanga Mining by Morgan Stanley.In this regard, Goldman Sachs is willing to acquire UBS shares in Nomura Securities at a premium as a labor fee for UBS.

As for why Nomura Securities will definitely take action, on the one hand, as the largest airline of RB, JAL Group’s special significance to the RB government is irreplaceable. UBS’s layout in the world aviation industry in recent years, RB does not You may not know that once UBS really gets the equity of JAL Group, it will definitely have ideas for JAL Group’s board of directors to intervene in the operation of JAL Group.

But this is definitely unacceptable for the RB government. Not to mention that the RB government has solved a large number of jobs and face projects through the JAL Group, and the JAL will not want many of the company's tricks to be exposed.During a crisis, JAL will naturally work hard to survive, but after the re-listing of JAL, even the board of directors has not changed much, how can it not return to the old path before?Therefore, as long as UBS breaks out its intention to acquire SVB's shares, under pressure from various quarters, Nomura Securities, as the major shareholder, is likely to bid for the acquisition. After all, the shares of JAL Group will definitely be at a high premium at that time, whether it is RB The policy bank is still the JAL Group, the former is an official bank, and the latter is about to go public, which is not suitable for this kind of obvious meat cutting business.

Of course, what Miyazaki Cangsuke didn't expect was that UBS actually had evil thoughts about the shares of JAL Group, and wanted to make a fake show, which made him a little headache.He didn't know how to reply to Thompson for a while, and he thought with his right hand on his leg and his chin.

"You UBS really embarrass me." Miyazaki Cousuke said a little annoyed.He twisted his body to find a comfortable position.UBS also has shares in Nomura Securities that Goldman Sachs needs. Although the amount is not large, the ammunition reserve is always the better.If the other party rejects the transaction request of RB Airlines, Miyazaki has no idea whether the other party will continue the transaction.It is even possible to turn to Nomura Securities, and it is not impossible to become Goldman Sachs' short-selling opponent.

When Thompson saw this, he was not in a hurry, and he asked the waiter outside to serve another tuna sushi and began to feast on.Now UBS is both a seller and a seller, but their desire to teach Yijiao is far less intense than Goldman Sachs.In other words, Miyazaki Aosuke who did not lead the transaction was strong.

With the passage of time, when Thompson solved the second tuna sushi, Miyazaki Sosuke revised the plan in his heart and made a decision.

"Happy cooperation. SVB can sell the shares of JAL to UBS." Miyazaki motioned to Hill and asked her to go out and ask the waiter to serve some more food. He raised the chopsticks and ate a piece of tempura, facing Thompson. Talk while eating.

"However, not now, but in the future, we can write the relevant transaction matters into the contract. UBS still has to cooperate with us in this scene." Before Thompson was happy, Miyazaki Aosuke immediately turned the conversation. Conditions.

So Thompson also put aside the food, listened carefully to Miyazaki Aosuke’s changed plan one by one, and had many detailed discussions with him, such as how to calculate the benefits, the obligations of both parties, etc., until late at night, the two The talents reached an agreement on some important issues, and Miyazaki Sosuke took Hill away and returned to the Goldman Sachs office in Tokyo, where he produced a new plan overnight and submitted it to Peter Johnson for approval the next day.

The speed of both parties was very fast. On the afternoon of the plan's approval, Goldman Sachs formed a joint negotiation team with SVB to negotiate details with UBS.Since Miyazaki Sosuke and Peter Johnson have communicated with UBS in advance about many general issues, the two parties can quickly reach an agreement.

UBS will acquire the shares held by SVB at the average stock price of the first half month of the JAL Group transaction in three months, while UBS will sell its shares in Nomura Securities to Goldman Sachs at the current market price, and cooperate with SVB Do a big show to attract Nomura Securities into the hole.

………

The headquarters of RB Airlines, Shinagawa, Tokyo.

As the dusk receded, the flashing streets began to shine in the light of the city.The headquarter building of the JAL Group in Shinagawa is still brightly lit and stands out in the dim night sky.

In the small conference room on the 17th floor of the building, Kei Oda, the current president of the JAL Group, was having a secret discussion with the visiting Nomura Securities CEO Kenichi Watanabe. The door of the conference room was full of people. Except for the entourage, they were all security personnel dressed in black.There is a clear contrast with the empty space in the room.

"Watanabe, you should have heard of it too." Kei Oda who spoke first was another kind-looking old man, with white sideburns. From the upper collar of his shirt, he could slightly see old spots lying on his neck.

"Well, as soon as the news came out in the morning, someone told me." As soon as Ken Watanabe took the cup of tea that Kei Oda handed over, he didn't drink it, and placed it on the table.He leaned back on the sofa again, took out the cigarette case from his upper body pocket, and lit a cigarette.

"The ambition of the Swiss bank can be seen by anyone." Kei Oda passed the cup of water in his hand again, and while talking, he washed the cup with hot boiling water. He was skilled, and it was obvious that there was something wrong with the tea ceremony. Few days.

"Drink while it's hot, it tastes good." Kei Oda saw Kenichi Watanabe's movements again, and said unhappily.

"Then there is no way. UBS wants to enter the RB aviation industry in a day or two. Last year they deliberately sought board seats by financing ANA. Later, the transaction was rejected by the Financial Services Agency, which caused a public outcry. Now UBS For transactions with SVB, the Financial Services Agency has no suitable reason to veto it." Kenichi Watanabe said indifferently. Nomura Securities does not have much stance on UBS’s intention to intervene in the RB Aviation Group. , No matter what.It was only due to pressure from certain quarters that he had to come here to discuss countermeasures with Kei Oda.

"Heh, don't pretend to be indifferent. If UBS really got the shares and asked to enter the board of directors on the grounds, and some things were revealed, can you run Nomura?" Oda Kei again I am very dissatisfied with Kenichi Watanabe’s attitude. Don’t look at Nomura Securities’ on the surface, except for the government’s request for debt-to-equity swaps to become a major shareholder of JAL Group, it has nothing to do with JAL’s equity transaction this time, but during the financial crisis. How tricky is the related party transaction between JAL Group and Nomura Securities, who dare to say it clearly?The fuel reserves purchased by the senior executives of the JAL Group were carried out through Nomura.

Otherwise, no matter how bad the JAL Group is, it will not cause tens of billions of dollars in losses in just a few months and be forced to declare bankruptcy.Kazuo Inamori is really a god, and he can't turn a company that has lost tens of billions of dollars into profit in one year. It is not possible for the JAL Group to have a good foundation.It is difficult for a clever woman to cook without rice.

### Chapter Thirty-Nine Chapter Idiot Bridge###

Oda Kei, who is familiar with the inside story of the old man of the JAL Group and the three major shareholders of RB Policy Bank, is dissatisfied with Kenichi Watanabe’s attitude towards crossing the river and breaking the bridge.But this time SVB's equity sale requires the help of the other party, so Kei Oda can only put away his temper.

"Watanabe-san, the dispute between us cannot decide anything. Even if I believe your words, what can be done." Kei Oda looked kind again, because he was telling the truth. There is not much freedom in the first place. "Things are already like this. I just want to tell you, no matter how unwilling Nomura is, you must get the equity in SVB's hands. This is not my request, but a suggestion."

After speaking, Kei Oda closed the gap again.Walked straight out of the meeting room.After hearing the noise coming from the room a moment later, Kenichi Watanabe should have lost his temper after throwing something.But Yuki Oda meant to stop at all, and left the building and went home.

"Damn Swiss Bank, damn Nikko." In the meeting room, Oda Yukei, who was originally the owner, had already left. Instead, Kenichi Watanabe, a visitor, threw everything that appeared in front of him angrily in the room.He is a face-conscious person. He had already vaguely expressed his attitude when he had promised to come to JAL Group, but some of them were unable to come to Taiwan.

He also understands that Nomura Securities does not have much freedom in this matter, because if there is any scandal, he will definitely become a backer, and apologizing and resigning is his last choice.

He was angry that Yukei Oda and the people involved in this matter were actually reluctant to say a few more words, but dryly informed him that he needed to do this. This attitude was the reason for his anger.

But what about regeneration gas?Kenichi Watanabe fell off the things in the conference room and sat on the sofa panting. After all, he was an old man in his seventies and his physical strength was not as good as when he was young. The fierce movements made him a little collapsed. He pursed his lips. Kenichi Watanabe was still sad. Dropped his head.After a short break, he also left the JAL building with his entourage.

On the way from Shinagawa to Wangang District, Kenichi Watanabe looked at the scenery of Metropolitan Expressway Line 2 outside the window. He didn’t know what he was thinking. It took nearly half an hour to return to the headquarters of Nomura Securities. Kenichi Watanabe returned. I went to my office and stayed alone all night.No one knows what he did in it.

Early the next morning, the board of directors of Nomura Securities and the heads of Nomura Holdings received a notice from the headquarters. Kenichi Watanabe asked them to rush to the headquarters and hold a meeting to discuss the sale of shares of JAL Group by SVB.