Chapter 25： Waiver of redemption of shares
Therefore, in fact, William Chen's debt on Building 666 at this time, plus interest, still has about 700 million US dollars. It is said that the valuation of this building at this time is about 2 billion US dollars, and Chen William's shares account for 60%, which is the building shares in his hands, and the valuation is about 1.2 billion US dollars. 500 million US dollars, it should not be too uncomfortable to be forced by the bank.
This is also the reason why Gared told him at the time that if he sold the building, there would still be hundreds of millions of dollars in funds, and he could develop a film career.
But what needs to be considered is that the debts of the bank were all lent five years ago. At that time, the valuation of the building was 1.5 billion US dollars. Therefore, when Chen William sold the shares, the 60% stake he held was valued at 9 One hundred million U.S. dollars. If he wants to make additional loans, he can only negotiate with the banks that gave him loans before, and it is impossible to mortgage the building again to borrow.
Moreover, it is impossible for a mortgage loan to lend you money according to market valuation, and there will always be a discount. If those banks are not optimistic about William Chen's repayment ability, they will definitely set the discount at a safer level, and naturally they are unwilling to do so. Agree to his additional loan.
Therefore, before William Chen faced the problem of how to repay the loan. But these are not too big problems for him now. After repaying the 50 million New York Bank loan at the end of this month, his debt is only 650 million US dollars. For him, he has been able to lift the alarm. .
What Andal Trust informed Chen William was that they received an offer from Kushner Group, hoping to acquire 40% of the building’s shares held by Andal Trust for $800 million at an overall valuation of $2 billion for the building. They also have the intention of selling shares in the building.
Therefore, according to the original agreement, they told William Chen that if he could not buy back the building shares at the same price, then they would agree to Kushner Group's offer to sell 40% of the building shares to them.
At that time, when Andal Trust acquired 40% of the shares in the building held by Chen William's predecessor, the agreement that had been signed had a clause on repurchase, that is, when Andal Trust was ready to sell this part of the shares they bought. , William Chen has the priority to repurchase at the same price.
This clause was still added when Tom reluctantly agreed to sell the shares of the building, in order to hope that one day in the future he could buy back this part of the shares, so that the building left by William Chen's parents could be fully recovered.
Therefore, when the Kushner Group made an offer and they had an intention to sell, the Andal Trust Fund was obliged to notify William Chen and asked him whether he wanted to activate this buyback clause and buy back this part of the shares at the same price.
After hearing the news, William Chen suddenly realized. The Kushner Group, huh, isn't that the real estate group of the Gared Kushner family. No wonder he was a little strange before, in Kushner's mind, why was it so wise to not continue to raise the price when he bought the "New York Observer".
It turns out that his main goal is here. It is estimated that Gared was worried that if he raised the bid, Chen William would simply give up the acquisition. After all, what he said at the time was his final offer.
And his mind is probably to hope that William Chen spent money in the process of acquiring the "New York Observer", and then when he buys the shares of the building held by the Andal Trust Fund, even if there is a buyback on William Chen's side Priority clauses, there is nothing that can be done about it.
After all, according to his information, William Chen not only has to face the building's debt of US$50 million due at the end of the month, but also mortgaged the property to take out an additional loan.
William Chen knew that when Gared purchased Building 666 in his previous life, it was not all the funds paid by the Kushner Group, but the quotation of US$1.9 billion at that time. The Kushner Group only paid US$200 million, and the rest was also financed by various loans. delivery made.
Then he estimates that the 800 million US dollars that he needs to pay for this 40% stake in the Andal Trust Fund will not exceed 200 million US dollars. After all, he also has ambitions for 60% of the shares in Chen William's hands. , he expects to take the entire building into his own hands.
Therefore, in Garred's loan banks, there must be a bank of New York who disclosed Chen William's loan information to him. It is precisely because of this interest that the New York Bank is so dedicated to the acquisition of Garred .
In Garred's view, even if Chen William's investment can make money, it won't make too much money. The worst result he predicts is that Chen William can earn more than 60 million with a loan of 20 million US dollars. U.S. dollar funding, in addition to paying off $50 million in bank debt at the end of the month and then buying the New York Observer.
Maybe he doesn't believe that William Chen can really earn the 60 million US dollars within a month. After all, this return ratio is already outrageous. If it is so powerful, are the previous prodigal behaviors acting? Are you trying to play a prodigal with more than $500 million?
Therefore, it is even more impossible for him to expect Chen William's real investment income, which has broken through his understanding of Chen William.
If Chen William got this news before today, he would definitely use this buyback clause without hesitation to get back 40% of his shares. Now he has more than $400 million in cash on hand, and it does not mean that the money for the acquisition of shares must be paid in one lump sum. It is also easy to negotiate the result of instalments.
But now, he made another decision, he replied to the Andal Trust, he gave up the repurchase, so the Andal Trust sold the shares to Gared.
After putting down the phone, William Chen had a smile on his face. I'm afraid that after hearing this news, Gared's smile would be even worse than his. Not only did he get 40% of the building's shares, but he also tried out William Chen's truth. But what he didn't know was that the subprime mortgage crisis was about to break out.
How terrifying the subprime mortgage crisis is. William Chen had experienced it in his previous life. At that time, he was the one who just graduated and started working, so he was deeply impressed. Once the subprime mortgage crisis breaks out, the real estate and banking industries will be hit the hardest, and then the banking industry will be destroyed, causing the flow of funds to dry up and affecting other industries.
That is to say, Kushner Group, which is a real estate company, and the banks that provide them with a high proportion of loans for acquisitions will be greatly impacted. At that time, they will be deeply immersed in the quagmire, and I don’t know if they can still struggle to escape. It is also an opportunity for William Chen to hunt for bargains at a low price.
Therefore, he is not in a hurry to bid with Gared to get this part of the Andal Trust Fund. After the crisis broke out, the damage caused more and more, and he would break the price and take back the shares, wouldn't it be good? ?
But speaking of it, this Andal trust fund is lucky. At the beginning, they bought 40% of the shares of Building 666 from William Chen's predecessor for $640 million, and now they sold it for $800 million, making a profit of $160 million. . And just before the subprime mortgage crisis broke out, he found the unfortunate Gared to take over and escaped perfectly.
"Hello, Nelson. I have two things I want to entrust you with..." William Chen called Nelson.
After the acquisition of The New York Observer, Nielsen's consulting company earned a commission of $500,000 from William Chen in a short time. He is still very interested in William Chen's re-entrustment.
At his current age, it is also the time when he most hopes to achieve performance. As one of the top consulting firms in the United States and even in the world, Deloitte Consulting's competition is also extremely fierce.
Usually, the consulting business of this kind of company usually takes about ten weeks on average, and involves a small professional team of about 5-10 people, depending on the complexity of the project. Total consulting fees range from $900-200 million.
As for William Chen's project, because the target is not too high and the time taken is not too long, the final quotation is 500,000 US dollars. It was expected to be completed in about a month, but because Nielsen completed the project ahead of schedule, it was also for the company. The cost has been saved, and this time is also considered a very dazzling achievement for him, which will play a great role in his subsequent promotion.
Of course, he knew in his heart that William Chen's attitude was also a key factor for him to shorten the completion time, and during the acquisition process, through contact with William Chen, he also felt a completely different image from the rumored image, so now he Chen William, a customer, still attaches great importance to it.
This time with William Chen's entrustment, UU Reading has two things. One is to find a person named John Paulson. This person is engaged in the financial industry and has a certain reputation before. William Chen hopes that Nielsen can put the He organizes his information for himself, and then contacts the other party.
In a previous life, William Chen watched a movie called "The Big Short", which was about the subprime mortgage crisis. One of the prototypes of this movie is this John Paulson.
He was one of the biggest beneficiaries of the subprime mortgage crisis, setting the record for the highest annual income of a fund manager at $3.7 billion. The fund he was in charge of was only a few hundred million dollars in size at first, but after the subprime mortgage crisis, it swelled to tens of billions of dollars.
Therefore, after confirming that the subprime mortgage crisis is about to break out, William Chen wants to profit from it. It is definitely unreliable by himself or Jos's team, so he needs an experienced professional to help him. To operate, at this time, the first thing he thought of was this John Paulson.
In the previous life, since he was able to perform amazingly in the subprime mortgage crisis, if there is such a person in this world with similar experiences, then he can also be entrusted to help him operate.
Of course, all decisions can only be made after careful investigation, seeing John Paulson himself, and knowing more about him. After all, many things have changed, and Chen William will not do things like carving a boat and seeking swords, especially when it comes to investment, more caution is needed.
If Chen William did this kind of thing by himself, it would be very troublesome and a waste of time. However, as one of the world's largest consulting firms, Deloitte Consulting will have very comprehensive information on these and make it easier to investigate, so William Chen entrusted Nielsen to investigate and find this John Paulson.
This is also the reason why Gared told him at the time that if he sold the building, there would still be hundreds of millions of dollars in funds, and he could develop a film career.
But what needs to be considered is that the debts of the bank were all lent five years ago. At that time, the valuation of the building was 1.5 billion US dollars. Therefore, when Chen William sold the shares, the 60% stake he held was valued at 9 One hundred million U.S. dollars. If he wants to make additional loans, he can only negotiate with the banks that gave him loans before, and it is impossible to mortgage the building again to borrow.
Moreover, it is impossible for a mortgage loan to lend you money according to market valuation, and there will always be a discount. If those banks are not optimistic about William Chen's repayment ability, they will definitely set the discount at a safer level, and naturally they are unwilling to do so. Agree to his additional loan.
Therefore, before William Chen faced the problem of how to repay the loan. But these are not too big problems for him now. After repaying the 50 million New York Bank loan at the end of this month, his debt is only 650 million US dollars. For him, he has been able to lift the alarm. .
What Andal Trust informed Chen William was that they received an offer from Kushner Group, hoping to acquire 40% of the building’s shares held by Andal Trust for $800 million at an overall valuation of $2 billion for the building. They also have the intention of selling shares in the building.
Therefore, according to the original agreement, they told William Chen that if he could not buy back the building shares at the same price, then they would agree to Kushner Group's offer to sell 40% of the building shares to them.
At that time, when Andal Trust acquired 40% of the shares in the building held by Chen William's predecessor, the agreement that had been signed had a clause on repurchase, that is, when Andal Trust was ready to sell this part of the shares they bought. , William Chen has the priority to repurchase at the same price.
This clause was still added when Tom reluctantly agreed to sell the shares of the building, in order to hope that one day in the future he could buy back this part of the shares, so that the building left by William Chen's parents could be fully recovered.
Therefore, when the Kushner Group made an offer and they had an intention to sell, the Andal Trust Fund was obliged to notify William Chen and asked him whether he wanted to activate this buyback clause and buy back this part of the shares at the same price.
After hearing the news, William Chen suddenly realized. The Kushner Group, huh, isn't that the real estate group of the Gared Kushner family. No wonder he was a little strange before, in Kushner's mind, why was it so wise to not continue to raise the price when he bought the "New York Observer".
It turns out that his main goal is here. It is estimated that Gared was worried that if he raised the bid, Chen William would simply give up the acquisition. After all, what he said at the time was his final offer.
And his mind is probably to hope that William Chen spent money in the process of acquiring the "New York Observer", and then when he buys the shares of the building held by the Andal Trust Fund, even if there is a buyback on William Chen's side Priority clauses, there is nothing that can be done about it.
After all, according to his information, William Chen not only has to face the building's debt of US$50 million due at the end of the month, but also mortgaged the property to take out an additional loan.
William Chen knew that when Gared purchased Building 666 in his previous life, it was not all the funds paid by the Kushner Group, but the quotation of US$1.9 billion at that time. The Kushner Group only paid US$200 million, and the rest was also financed by various loans. delivery made.
Then he estimates that the 800 million US dollars that he needs to pay for this 40% stake in the Andal Trust Fund will not exceed 200 million US dollars. After all, he also has ambitions for 60% of the shares in Chen William's hands. , he expects to take the entire building into his own hands.
Therefore, in Garred's loan banks, there must be a bank of New York who disclosed Chen William's loan information to him. It is precisely because of this interest that the New York Bank is so dedicated to the acquisition of Garred .
In Garred's view, even if Chen William's investment can make money, it won't make too much money. The worst result he predicts is that Chen William can earn more than 60 million with a loan of 20 million US dollars. U.S. dollar funding, in addition to paying off $50 million in bank debt at the end of the month and then buying the New York Observer.
Maybe he doesn't believe that William Chen can really earn the 60 million US dollars within a month. After all, this return ratio is already outrageous. If it is so powerful, are the previous prodigal behaviors acting? Are you trying to play a prodigal with more than $500 million?
Therefore, it is even more impossible for him to expect Chen William's real investment income, which has broken through his understanding of Chen William.
If Chen William got this news before today, he would definitely use this buyback clause without hesitation to get back 40% of his shares. Now he has more than $400 million in cash on hand, and it does not mean that the money for the acquisition of shares must be paid in one lump sum. It is also easy to negotiate the result of instalments.
But now, he made another decision, he replied to the Andal Trust, he gave up the repurchase, so the Andal Trust sold the shares to Gared.
After putting down the phone, William Chen had a smile on his face. I'm afraid that after hearing this news, Gared's smile would be even worse than his. Not only did he get 40% of the building's shares, but he also tried out William Chen's truth. But what he didn't know was that the subprime mortgage crisis was about to break out.
How terrifying the subprime mortgage crisis is. William Chen had experienced it in his previous life. At that time, he was the one who just graduated and started working, so he was deeply impressed. Once the subprime mortgage crisis breaks out, the real estate and banking industries will be hit the hardest, and then the banking industry will be destroyed, causing the flow of funds to dry up and affecting other industries.
That is to say, Kushner Group, which is a real estate company, and the banks that provide them with a high proportion of loans for acquisitions will be greatly impacted. At that time, they will be deeply immersed in the quagmire, and I don’t know if they can still struggle to escape. It is also an opportunity for William Chen to hunt for bargains at a low price.
Therefore, he is not in a hurry to bid with Gared to get this part of the Andal Trust Fund. After the crisis broke out, the damage caused more and more, and he would break the price and take back the shares, wouldn't it be good? ?
But speaking of it, this Andal trust fund is lucky. At the beginning, they bought 40% of the shares of Building 666 from William Chen's predecessor for $640 million, and now they sold it for $800 million, making a profit of $160 million. . And just before the subprime mortgage crisis broke out, he found the unfortunate Gared to take over and escaped perfectly.
"Hello, Nelson. I have two things I want to entrust you with..." William Chen called Nelson.
After the acquisition of The New York Observer, Nielsen's consulting company earned a commission of $500,000 from William Chen in a short time. He is still very interested in William Chen's re-entrustment.
At his current age, it is also the time when he most hopes to achieve performance. As one of the top consulting firms in the United States and even in the world, Deloitte Consulting's competition is also extremely fierce.
Usually, the consulting business of this kind of company usually takes about ten weeks on average, and involves a small professional team of about 5-10 people, depending on the complexity of the project. Total consulting fees range from $900-200 million.
As for William Chen's project, because the target is not too high and the time taken is not too long, the final quotation is 500,000 US dollars. It was expected to be completed in about a month, but because Nielsen completed the project ahead of schedule, it was also for the company. The cost has been saved, and this time is also considered a very dazzling achievement for him, which will play a great role in his subsequent promotion.
Of course, he knew in his heart that William Chen's attitude was also a key factor for him to shorten the completion time, and during the acquisition process, through contact with William Chen, he also felt a completely different image from the rumored image, so now he Chen William, a customer, still attaches great importance to it.
This time with William Chen's entrustment, UU Reading has two things. One is to find a person named John Paulson. This person is engaged in the financial industry and has a certain reputation before. William Chen hopes that Nielsen can put the He organizes his information for himself, and then contacts the other party.
In a previous life, William Chen watched a movie called "The Big Short", which was about the subprime mortgage crisis. One of the prototypes of this movie is this John Paulson.
He was one of the biggest beneficiaries of the subprime mortgage crisis, setting the record for the highest annual income of a fund manager at $3.7 billion. The fund he was in charge of was only a few hundred million dollars in size at first, but after the subprime mortgage crisis, it swelled to tens of billions of dollars.
Therefore, after confirming that the subprime mortgage crisis is about to break out, William Chen wants to profit from it. It is definitely unreliable by himself or Jos's team, so he needs an experienced professional to help him. To operate, at this time, the first thing he thought of was this John Paulson.
In the previous life, since he was able to perform amazingly in the subprime mortgage crisis, if there is such a person in this world with similar experiences, then he can also be entrusted to help him operate.
Of course, all decisions can only be made after careful investigation, seeing John Paulson himself, and knowing more about him. After all, many things have changed, and Chen William will not do things like carving a boat and seeking swords, especially when it comes to investment, more caution is needed.
If Chen William did this kind of thing by himself, it would be very troublesome and a waste of time. However, as one of the world's largest consulting firms, Deloitte Consulting will have very comprehensive information on these and make it easier to investigate, so William Chen entrusted Nielsen to investigate and find this John Paulson.
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