EG :: Volume #12

#1171: Deterioration of Worldcom

After a while, Kameido Masao came back on smiling. Actually so long as he accepts the interview, «Business Weekly» was very satisfied. Naturally, if Feng Yu can accept interview to be better. 过了一会儿,龟田正雄就笑眯眯的回来了。其实只要他接受采访,《商业周刊》就很满意了。当然,如果冯宇能接受专访就更好了。 Now although Feng Yu has not accepted the interview, but Kameido Masao said that must sell to a «Business Weekly» exclusive explosive news, this news, let «Business Weekly» has thought all of a sudden of the bankruptcy soon safely. 现在虽然冯宇没接受专访,但龟田正雄却说要卖给《商业周刊》一个独家劲爆新闻,这个新闻,让《商业周刊》一下子就想到了破产不久的安然。 The «Business Weekly» shareholders, may also many rich men, they fully realize that such a news, can bring the big profit. 《商业周刊》的股东们,可也有不少有钱人,他们深知这么一个消息,能够带来多大的利润。 Therefore immediately made, tomorrow their person will fly to come to San Francisco, made the interview to Kameido Masao. If were not Kameido Masao said that today has the matter, they want to come today. 于是马上约好了,明天他们的人会飞来旧金山,给龟田正雄做专访。如果不是龟田正雄说今天有事,他们今天就想来呢。 Knew the Nvidia matter has solved, Huang Jiansen has not remained, went to be busy. Corporation is in the rise, cannot idle. Establishes a big section of superiority in the initial period of Corporation development, will then be more relaxed in the future, Corporation is preparing to promote accelerates the processor. 知道了鹰伟达的事儿解决了,黄建森也没多留,又去忙了。公司正处于上升期,一刻都不能闲啊。在公司发展的初期就建立一大截优势,那么未来会轻松许多,公司正准备推出加速处理器呢。 office/bureau on remaining Feng Yu, Kameido Masao and Ralph three people, Ralph made three cups of tea to come. Grew with the Feng Yu time, he also thinks this entrance pain, the green tea that but provides much food for thought is very good. 办公室就剩下冯宇、龟田正雄和拉尔夫三人,拉尔夫泡了三杯茶过来。跟着冯宇时间长了,他也觉得这种入口苦,但回味无穷的绿茶很不错。 Kameido Masao is the Japan person, likes drinking tea. 龟田正雄是岛国人,更是非常喜欢喝茶。 After Feng Yu zi slides tea, satisfied nod, this tea...... Very relieves thirst! 冯宇嗞溜一口茶之后,满意的点点头,这茶……挺解渴的！ Kameido Masao somewhat worried actually, but only the ability the temper, is also accompanying Feng Yu to drink tea. 龟田正雄其实有些着急了,但也只能耐着性子,陪着冯宇喝茶。 Feng Yu puts down the teacup to ask: „Kanda, Worldcom Corporation, do you know?” 冯宇放下茶杯问道:“龟田啊,世通公司,你知道吗？” „Worldcom Corporation? Knows. United States two communication Corporation, are next to ATT, last year the peak, Worldcom Corporation peak stock price has exceeded 180 billion US dollars. However now passed through the internet/network bubble, probably had about 70 billion US dollars. That that Boss, you said makes the forged account Corporation, should not be Worldcom Corporation?” “世通公司？知道啊。全美第二的通信公司,仅次于att,去年巅峰时期,世通公司的巅峰股价超过了180000000000美元呢。不过现在经过了网络泡沫,好像只有70000000000美元左右了。老板,您说的那家做假账的公司,该不会是世通公司吧？” Kameido Masao was saying was saying thought is not right, should not, Worldcom Corporation compared with safely bigger Corporation, be the world first big internet/network service provider, if this blows out the forged account scandal, that stock price with safely is different, falls into the valley. Afterward if nobody purchases, then bankruptcy was an only road. 龟田正雄说着说着就觉得不对了,可不应该啊,世通公司可是比安然更大的公司,还是世界第一大网络服务商,这要是爆出假账丑闻,那股价还不跟安然一样,跌到谷底啊。随后如果没人收购,那么破产就是唯一的一条路了。 „Right, is Worldcom Corporation. The development of Worldcom Corporation, is actually very interesting, you have a look at the report form of Worldcom to discover carefully that Worldcom is one in the internet/network bubble, rapid rise Corporation. How Corporation develops, through merger and acquisition. The fund of merger and acquisition, is not they gains, but through the release stock, finances. In other words, Worldcom with the money of investor, carries on expansion......” “没错,就是世通公司。世通公司的发展,其实很有意思,你仔细看看世通的报表就能发现,世通是一家在网络泡沫中,迅速膨胀的公司。公司是怎么发展起来的,就是通过并购。并购的资金呢,不是他们赚来的,而是通过发行股票,融资来的。也就是说,世通是用投资者的钱,来进行扩张的……” The cash that each Corporation of Worldcom merger and acquisition, pays are not many, controls stock through the stockholder's rights replacement, either owned stocks through oneself the exchange, either issues additionally the new stock exchange, thus obtains enough controlling interest. Cash that they pay, major part, fund that also through issuing additionally the new stock raises. 世通并购的每一家公司,付出的现金都不多,都是通过股权置换来控股,要么是通过自己原本持股交换,要么是增发新股交换,从而获得足够的控股权。就连他们付出的现金,绝大部分,也都是通过增发新股募集到的资金。 Such advantage, is the management pressure of superintendent is extremely light, with the low cost, carries on the blind expansion. This behavior, is a circle money shop is, presses the Company development to bring the advantage very much. The scale that but if he merges is big enough, achieves the monopoly sufficiently time, at that time can make a profit. 这样的好处,是管理者的经营压力极轻,用低成本,进行盲目的扩张。这种行为,本质上来说,就是一种圈钱行为,很难为企业发展带来好处。但如果他并购的规模够大,足以达成垄断的时候,那时候就能获利了。 Normally, issues additionally the stock, is equal in giving the liquor exchanges the water, the common investor, will discard the stock leverage, evade risk. But since Worldcom „has displayed Zhuoyue” on stockmarket, large quantities of bank in, investor, not only has not discarded the stock of Worldcom, instead continues to hold the city, making stock price further flattering of Worldcom rise. 正常情况下,增发股票,相当于给酒里兑水,一般的投资者,都会抛掉股票套现,来规避风险。但世通在股市上一直以来“表现卓悦”,有一大批银行家在挺,股民们不但没有抛掉世通的股票,反而继续进来托市,让世通的股价进一步吹捧性上扬。 Finally is Worldcom this Company, in several years, from billions US dollar Corporation, turned into 180 billion US dollars Corporation. Feng Yu remembers, previous generation time, Worldcom peak stock price close 200 billion US dollars. However this is been earlier because of the Microsoft stock, NASDAQ that Feng Yu throws has not been the previous generation the peak, causes the market value of Worldcom, not having the previous generation to be so high. 结果就是世通这家企业,短短几年时间,从十几亿美元的公司,变成了180000000000美元的公司。冯宇记得,前世的时候,世通巅峰股价接近200000000000美元。不过这一世因为微软股票被冯宇抛的更早,纳斯达克并没有达到前世的巅峰,也导致世通的市值,没有前世那么高。 However the advantage is, although the stock price of Worldcom fell, but falls does not have the previous generation to be so quick. 不过好处就是,世通的股价虽然跌了,但跌的也没有前世那么快。 Although this internet/network bubble is quite serious, but Worldcom CEO initial a few words, made investor boost the confidence. 虽然这次网络泡沫比较严重,但世通ceo当初的一句话,就让股民坚定了信心。 Our goals are not obtain the market share, or the globalization, our goals, want to become no.1 in Wall Street stock! 我们的目标不在于获得市场份额,或者全球化,我们的目标,就是想成为华尔街股票中的no.1！ Is this, making the stock of Worldcom have investor to hold the city unceasingly. 就是这一句,让世通的股票不断有股民来托市。 But the turning point, appeared at the end of last year. 可是转折点,出现在去年底。 The end of last year time, Worldcom Corporation wanted to merge sprint communication Corporation, sprint communication Corporation, was US third largest communication Corporation, the merger and acquisition amount, about 130 billion US dollars! 去年年底的时候,世通公司想要并购冲刺通讯公司,冲刺通讯公司,是米国第三大通讯公司,并购金额,将近130000000000美元！ This is in history the highest merger and acquisition amount, once succeeds, Worldcom will surpass ATT, becomes world biggest communication Corporation. 这是史上最高的并购金额,一旦成功,世通将超过att,成为世界最大的通讯公司。 What what a pity is, the merger and acquisition case has encountered European and collaboration ambush of US anti- monopoly organization, they believe that this will create the fact monopoly. Any Corporation that is a suspect to monopolize, they want to force to analyze, do not say after this wants to merge, monopolizes. 可惜的是,并购案遭到了欧洲和米国反垄断机构的联手狙击,他们认为,这样会造成事实垄断。凡是涉嫌垄断的公司,他们都想强制拆分呢,更不要说这个想要合并后垄断的。 After this merger and acquisition case miscarries, Worldcom Corporation vitality damages severely. Front said that Worldcom through unceasing merger and acquisition, maintained stock price. If after the success, then they become the profession first, naturally will get the extremely high profit. 这次并购案流产后,世通公司元气大伤。前面说了,世通本来就是通过不断的并购,来维持股价的。如果成功后,那么他们成为行业第一,自然就会获得极高的利润。 May merge Failed, before the malpractices of these merger and acquisition investments manifested. If not merge, cannot distribute the new stock, does not distribute the new stock, Worldcom cannot support. 可合并失败,之前那些并购投资的弊端就体现出来了。如果不并购,就不能发行新股,不发行新股,世通就挺不下去。 Before Worldcom merger and acquisition time, had the debt of high quota, one group of data can manifest, surpassed 100 million US dollars bank to Worldcom loan, over 50. But Worldcom is relating , to continue to loan. They also discussed with some bank, plans to look for 25 bank once more, the loan exceeds 2.5 billion US dollars. 之前世通并购的时候,就有高额的负债,一组数据就能体现出来,给世通贷款超过100000000美元的银行,超过50家。而世通正联系,继续贷款呢。他们又跟一些银行商量了,打算再次找25家银行,贷款超过2500000000美元。 If there is not loaned, they are unable to manage. At this time Corporation ratio of debt to net worth, already serious superelevation. But these bank have to loan to give him, otherwise beforehand these loans, is unable to repay. 如果没有贷款,他们将无法经营下去。此时公司的负债率,就已经严重超高。但那些银行还不得不贷款给他,否则之前那些借款,也将无法偿还。 At this time, to maintain stock price, continued to attract the investor, they have to take risks, through accountant on „small skill”, came empty to increase the profit, created Corporation by this also in the false appearance of profit. 这时候,为了保持股价,继续吸引投资者,他们不得不铤而走险,通过会计上的“小技巧”,来虚增盈利,以此造成一种公司还在盈利的假象。 However what Worldcom from is safely different, the forged account amount of Worldcom is higher, a fabrication, is higher than safely many years of amount. Does not have the means that the market value of Worldcom is safely higher, moreover the disbursement are also many. 不过世通跟安然不同的是,世通的假账数额更高,一次造假,就比安然多年的金额还高。没办法,世通的市值比安然高很多,而且支出也多嘛。 Feng Yu after Kameido Masao said these, from Ralph received him to let the Ralph in secret investigation the result. 冯宇跟龟田正雄说了这些后,从拉尔夫手里接过他让拉尔夫暗中调查的结果。 „To, this is the evidence.” “给,这个就是证据。” Kameido Masao unbelievable looks at Feng Yu: „Boss, how do you think of the Worldcom possible financial fraud?” 龟田正雄难以置信的看着冯宇:“老板,您怎么想到世通可能财务造假呢？” Feng Yu ignites Corporation financial audit that column: „You have a look carefully, audit Corporation that Worldcom invited, was audit Corporation safely!” 冯宇点着公司财务审计那一栏:“你仔细看看,世通请的审计公司,就是安然的审计公司！” ......( To be continued.) ……(未完待续。)
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