Ericdoes not pay attention to the people who the screenoppositeexpressionvaries, appearssomewhatcareless, said: „Therefore, Steve, youwon. Iformally announced that starting today, the FireflyinvestmentcannotmeddleAOLanyinternal affairsagain, you can definitely handlethiscompanyaccording toyouridea.”艾瑞克不理会屏幕对面表情各异的众人,显得有些漫不经心,道:“所以,史蒂夫,你们赢了。我正式宣布,从今天开始,萤火虫投资不会再插手美国在线的任何内部事务,你们完全可以按照自己的想法打理这家公司。”In the New Yorkconference room, hearsEricthese words, allpeoplerelaxed.纽约的会议室里,听到艾瑞克这句话,所有人都松了一口气。However, is listening to the speaker the Ericdesolateexpression, StevealthoughKyesinheartsameloosen, but is actually a horridness.
不过,听着扬声器里艾瑞克冷淡的语气,史蒂夫・凯斯虽然心中同样一松,但紧接着却是一阵惶恐。Nobodyis clearer than this CEO, the importance of FireflysystemtoAOL, is not only only the status of firstmajor stockholdersois absolutely simple.
没有人比他这个CEO更清楚,萤火虫体系对美国在线的重要性,绝对不仅仅只是第一大股东的身份这么简单。Theseyears, except for the support in fund, the Fireflysystem the resourcesinclinesspare no effortinmediaandtechnologyand othertoAOL.
这些年,除了资金方面的支持,萤火虫体系对美国在线在传媒和技术等方面的资源倾斜都可谓不遗余力。AOLweb portalinFirefly Group and Internet information of News Corpmediaissuedin the power is not only having and Yahooequally matchedtreatment, but, AOLalsoobtainedYahoosurpassed2000 various patentsto be authorizedin the email, the instant messengerand evenbrowsersoftware techniqueand otheraspects, both sidesin the built-insearch engine, the onlinepaymentplatformand other cooperation in specific projectarecomplicate.美国在线的门户网站在萤火虫集团和新闻集团旗下媒体的互联网新闻发布权上不但拥有着和雅虎不相上下的待遇,而且,美国在线还得到了雅虎在电子邮件、即时通讯乃至浏览器软件技术等方面超过2000项的各类专利授权,双方在内置搜索引擎、在线支付平台等具体项目方面的合作更是盘根错节。Resources that the majority ofcooperation, AOLobtainsmustgo far beyond the price of paying, thisisAOLtook advantagesuperficially, butalsoinunknowinglydeepeneddependency of AOLon the Fireflysystem.
大部分合作,美国在线得到的资源都要远远超过付出的代价,这从表面上来看是美国在线占了大便宜,但也在不知不觉中加深了美国在线对萤火虫体系的依赖。Not difficult to imagine, after separating from each other, once before the Fireflysystemshuts offboth sides, all sorts ofcooperation that establishes, AOLwas far behind the YahooInternetmediaservice, even will directly possibly fall into the collapse.
不难想象,分道扬镳之后,一旦萤火虫体系切断双方之前建立的种种合作,美国在线本就远远落后于雅虎的互联网传媒业务,甚至可能会直接陷入崩溃。Let alone, thissituationalsoabsolutelyis not the most seriousaspect, the Fireflysystemeventuallyis the AOLfirstmajor stockholder, thisis all personingrainedpressuresources.
更何况,这种情况还绝对不是最严重的局面,萤火虫体系终究是美国在线的第一大股东,这才是现场所有人根深蒂固的压力来源。In the heartflashes througha series ofpossibilities, SteveKyesterrifiedeventransforms the fear, heopens the mouth saying: „Eric, IthoughtthatI need to explain.”
心中闪过一连串可能性,史蒂夫・凯斯的惶恐甚至转化成恐惧,他不由开口道:“艾瑞克,我觉得,我有必要解释一下。”„Ijusthad said that Isaidthatyouare listening,”does not wait forSteveKyessaidthatEricbe relentlesshas interrupted the opposite partywords, waits forSteveKyescomplexionshuts upembarrassedly, Ericcontinues saying: „Next, Ipromisedhere, variousaspects that withintwoyears, the severalcompaniesandAOL of Fireflysystemachievecooperate, will not haveanychange. Moreover, toextinguishseveraldays ago justhad the influence that matterbrings, ChrisHansson, IanGonulandRobert the threepeopleat the tomorrow'srelease conference, will announce that resigns fromAOLdirectorBoard of Directors the position. Therefore, Steve, youhave won, Iwith may truly not infringethiscompanyinterests the wayto capture the AOLdomination.”
“我刚刚说过,我说,你们听着,”不等史蒂夫・凯斯说下去,艾瑞克就毫不留情地打断了对方的话,等史蒂夫・凯斯脸色难堪地闭上嘴,艾瑞克才继续道:“其次,我在这里许诺,两年之内,萤火虫体系的几家公司与美国在线达成的各方面合作,不会发生任何改变。而且,为了消弭几天前刚刚发生那件事所带来的影响,克里斯・汉森,伊恩・格尼尔和罗伯特・艾格三人会在明天的发布会上,宣布辞去美国在线董事会董事职位。所以,史蒂夫,你们又赢了,我确实不会用可能损害这家公司利益的方式来夺取美国在线的控制权。”Ininitialcapitalprocess, Ericpledged for threeyearsnot to meddle the management of AOL. The three-yearlimitedin1995expires, tocoordinateto go on the market, AOLreorganizedBoard of Directors.
最初的注资过程中,艾瑞克承诺三年内不插手美国在线的管理。三年期限在1995年到期,为了配合上市,美国在线重组董事会。
The Fireflysystemobtainedthreepositionsfrom the AOL11Board of Directorsseats.萤火虫体系从美国在线的11个董事会席位中获得了三个位置。
The Chrisaccording toshareholder representativestatushas won a directorseat, YahooCEOIanGonulandABCGroupCEORobertrespectivelytosingle-handedly the status of directorhave wonanothertwodirectorseats.克里斯以股东代表身份拿到了一个董事席位,雅虎CEO伊恩・格尼尔和ABC集团CEO罗伯特・艾格分别以独力董事的身份拿到了另外两个董事席位。EricishopesKatzenbergentersAOLBoard of Directors, was onlyKatzenbergresidentLos Angeles, on the eve of the AOLlistinghas moved toNew YorkHeadquartersfromVirginia, thereforeleft a Firefly Groupsingle-handedlydirectorseatthento giveRobert.艾瑞克原本是希望卡森伯格进入美国在线董事会,只是卡森伯格常驻洛杉矶,美国在线上市前夕将总部从弗吉尼亚州搬到了纽约,于是留给萤火虫集团的一个独力董事席位便交给了罗伯特・艾格。
The function that bigcompanydirectorBoard of Directorsdeclaredto the outsideprovided the bonefor the development of thiscompany, butin fact, theybasicallywerevariousmajor stockholderor the benefitspokesman of management. Even if single-handedly the director, in factabsolutelyis impossiblereallymaintainssingle-handedly.
大公司董事会董事对外宣称的作用是为这家公司的发展提供建设性意见,但实际上,他们基本上都是各大股东或者管理层的利益代言人。哪怕是独力董事,实际上也绝对不可能真的保持独力。Under normal conditions, listed companyBoard of Directors that the populaceown stocksin factis a power core of company, theyhave the appointmentandrecall the companymanagement the authority. Therefore, eachBoard of Directorsseathas been full ofgambling of allinfluence, whichsidehand the Board of Directorsseatcontrol, whichsiderepresentsin factto control the domination of thiscompany.
通常情况下,大众持股的上市公司董事会实际上才是一家公司的权力核心,他们拥有任命和罢免公司管理层的权力。因此,每一个董事会席位都充满了各方势力的博弈,董事会席位控制在哪一方手中,就代表着哪一方实际上掌控着这家公司的控制权。HearsEricto give up the Fireflysystemin the AOLBoard of Directorsthreedirectorseats, in the New Yorkconference room, allpeople is very difficult to be calm. Thisnewstopeopleon the scene, compared withhearingEricguarantees for twoyearsnot to change and AOLcooperationconditionletspresentallpeoplesurprisedandmoves restlessly.
听到艾瑞克将放弃萤火虫体系在美国在线董事会的三个董事席位,远在纽约的会议室里,所有人都很难在淡定下来。这个消息对在场的众人来说,比听到艾瑞克保证两年内不会改变与美国在线的合作状态更让在场所有人惊讶和躁动。Even ifalthough the Fireflyinvestmentgives uponeselfin the AOLBoard of Directorsseat, who is also impossibleto dareto neglect the influence of thisfirstmajor stockholdertruly.
虽然即使萤火虫投资放弃自身在美国在线董事会的席位,也不可能有谁敢真正忽视这个第一大股东的影响力。However, gives uptheseseats, means that the Fireflyinvestmentwill give upexerting the influenceauthorityto the AOLdecision-making stratadirectly, Fireflyinvests the rights of thismajor stockholdertherefore is very difficultto obtainenoughsafeguardagain.
不过,放弃这些席位,就意味着萤火虫投资放弃了直接对美国在线决策层施加影响力的权力,萤火虫投资这个大股东的权益也因此将很难再得到足够的保障。So long aswants, AOLothershareholder and managementcanjoin upwith ease, adopts the merger and acquisition, to issue additionallyandintroduceotherinvestorsand othermethods, graduallydilutesFireflyto invest the owning stocksshare of thisfirstmajor stockholder, step by stepFireflyinvestmentmarginalization, will probably adopt some methods of approaching, directlyinfringes the benefit of Fireflyinvestment.
只要愿意,美国在线的其他股东和管理层就可以轻松联合起来,采取并购、增发、引入其他投资方等手段,逐渐稀释萤火虫投资这个第一大股东的持股份额,一步步将萤火虫投资边缘化,甚至可能会采取一些擦边的手段,直接损害萤火虫投资的利益。But when presentfact, the Fireflyinvestmentplannedsuchto do.
但现在的事实时,萤火虫投资真的打算这么做了。Then, no onewill think that EricWilliamsmakesthismay be called the crazydecisionbecause ofhisstupidity, only then a possibility, Fireflyplanned that withdrawsfromAOL, moreoverwithdrawsin very shorttimefast.
那么,谁也不会觉得艾瑞克・威廉姆斯做出这个堪称疯狂的决定是因为他本人的愚蠢,那只有一种可能,萤火虫打算从美国在线退出,而且是在很短一段时期内快速退出。FromEricjustwords, the peoplewere not difficultto speculate that the Fireflyinvestmentdumped the stockto withdraw from the AOLdeadlineprobablyistwoyears.
从艾瑞克刚刚的话语里,众人也不难推测萤火虫投资抛售股票退出美国在线的期限大概就是两年。Achieves40billionUSDlisted companiesregardingAOLthismarket value, the owning stockssharesurpasses the 30%firstmajor stockholderto reduce the leveragewithtwoyears the stock in handcompletely, thisabsolutelyisveryrapidandshort.
对于美国在线这家市值达到400亿美元的上市公司来说,持股份额超过30%的第一大股东用两年时间将手中的股票全部减持套现,这绝对是非常急促而短暂的。At least, whatcanexpect, if the followingtwoyears, the Fireflyinvestmentcontinuesto dump the stockto the open marketbig pen, even if the marketfavorsthiscompanyagain, the AOLstock pricedo not want anyimprovementabsolutely.
至少,可以预料的是,如果接下来两年,萤火虫投资持续向公开市场大笔抛售股票,即使市场再看好这家公司,美国在线的股价绝对别想有什么起色。Considersthese, howjust after alsoexcitedlypondered overshouldcapture the Fireflyinvestmentwithdraws from the audiencesAOLshareholder and management in threeBoard of Directorsseats, the complexionbecomessplendid.
考虑到这些,刚刚还兴奋地琢磨着该如何夺取萤火虫投资退出后的三个董事会席位的一众美国在线股东和高管,脸色都变得精彩至极。„That, the aboveismyguarantee, then, isyoumustdo,”Ericlooked downdocument in the hand, immediatelygained ground, notesin the screen the complexion of people, said: „To comeyoudefinitelyto guess correctlysome. Presentsituationis, the Fireflyinvestmenthas the AOL32.6%stocks, amounts to53.79 million. Since1992, toexpresssupporttoAOL, even if threeyears ago the companygoes on the market, Fireflyhas not reducedanyAOLstock, insteadhas been continue increaseholds. Howevernow, sinceeverybodyis unable to achieveconsistentlyin the companydevelopment direction, Fireflywill not insist the status of ownfirstmajor stockholderagain.”
“那么,以上是我的保证,接下来,就是你们要做的,”艾瑞克低头看了眼手中的文件,随即抬头,注意到屏幕里众人的脸色,道:“想来你们肯定猜到一些了。现在的情况是,萤火虫投资持有美国在线32.6%的股份,总计53790000股。从1992年开始,为了表示对美国在线的支持,哪怕是三年前公司上市,萤火虫也从来没有减持过任何一股美国在线股票,反而一直都在持续增持。不过现在,既然大家无法在公司发展方向上达成一致,萤火虫也不会再坚持自身第一大股东的身份。”In fact, the AOLstock that the Fireflysystemhasamounts to58.9 million, occupies35.7% of AOL1.6500 milliontotalcapital stocks.
实际上,萤火虫体系持有的美国在线股票总计58900000股,占据美国在线1.65亿总股本的35.7%。However, another3.1%stocksinFirefly Groupcloverfundhand.
不过,另外3.1%的股票在萤火虫集团旗下三叶草基金手中。
The owning stocksshareis lower than5%, according to the federal securityexchange law, Firefly does not needto reporttoFederal Securities and Exchange Commission( sec ), in the unnecessarysituation, does not needto informotherAOLshareholderas well as the managementsimilarly.
持股份额低于5%,根据联邦证券交易法,萤火虫是并不需要向联邦证券交易委员会(SEC)报备,在不必要的情况下,同样也不需要告知美国在线其他股东以及管理层。Although many peopleknow that the FireflysystemalsoseperatelyhasAOLa large part ofstocks, but since Ericneglectedthispartto own stocks, the peoplewill not mentionon own initiative.
虽然现场并不乏有人知道萤火虫体系还另外持有美国在线很大一部分股票,但既然艾瑞克忽略了这部分持股,众人也不会主动提起。However, even so, imagineswill possibly be facingoccupies the AOLtotalcapital stock one-third stocksto rush the market, allpeoplearesomewhatfearful and apprehensive.
不过,即使如此,想象着可能会面临占据美国在线总股本1的股票涌向市场,所有人还是有些心惊肉跳。Stockdisaster that in the history, in 1929created the entireUnited StatesGreat Depression, wasbecause the major stockholderreduced the leverageto causecrazily. After paststockdisaster, SECtomaintaininsteady marketas well asprotection the benefit of younginvestor, reducedto the North Americalisted companycompanymajor stockholderhas carried on very strictlimit.
历史上,1929年造成整个美国经济大萧条的股灾,就是由于大股东疯狂减持套现引起的。当年的股灾之后,SEC为了维持市场稳定以及保护中小股民的利益,对北美上市公司公司大股东减持进行了非常严格的限制。
The AOLfirstmajor stockholderlikeFireflyinvestment, ifwantsthrough the second-levelcirculation marketreducinghandin the stock, must first submit the reducingshareto reporttoSEC, andtomarketpublicreducingshareandreducingreasonand otherinformation. Next, the Fireflyinvestment must publicizerecently the AOLstate of operation and financial data, toprove that the major stockholderdid not obtain the straight tipahead of time, butreduces,
像萤火虫投资这样的美国在线第一大股东,如果想要通过二级流通市场减持手中股票,首先必须向SEC提交减持份额报备,并向市场公开减持份额和减持理由等信息。其次,萤火虫投资还必须公开最近一段时期美国在线的经营状况和财务数据,以证明大股东不是提前得到了内幕消息而进行减持,However, theselimits, toprevent the major stockholderin the final analysisviolate the benefit of othershareholderandinvestordesirably.
不过,这些限制,归根结底也只是为了防止大股东刻意侵害其他股东和投资人的利益。But the stockeventuallyis the private property, reducing of major stockholderwantsregularlylegitimate, even ifwill possibly cause the stock price of concernedcompanyto fall suddenlyevencrashes, othersdo not haveanyauthoritystop.
但股票终究是私人财产,大股东的减持只要正规合法,即使可能会造成当事公司的股价暴跌甚至崩盘,别人也没有任何权力阻拦。Common share that allAOLstocks that the Fireflyinvestmenthascantradefreely, in the meantime, AOLthreeyears ago goes on the market, the stock that the Fireflyinvestmenthasalsoalreadyin six monthsbanningtime, can definitely reduceindependentlyundersells.萤火虫投资持有的所有美国在线股票都是可以自由交易的普通股,同时,美国在线三年前上市,萤火虫投资持有的股票也早就过了六个月的禁售期,完全可以自主减持抛售。Imagines all sorts ofsituations of possiblyfacing, in the conference room some quickpeopleopen the mouthto sayon own initiative: „Eric, youwantshorttimeto sell out the stock on handcompletely, thisis not realistic, have youconsideredthisconsequence?”
想象着可能面临的种种情形,会议室里很快有人主动开口道:“艾瑞克,你想要短时间把手上的股票全部卖掉,这根本不现实,你考虑过这种后果吗?”Erichears the sound that here soundis spreading, looked at a monitor, whatspeechismiddle-aged people of somebald people, Ericvaguely remembers for threeyears ago has seen the opposite partyin the AOLlistingprocess, seems Chairman of firstBostoninvestment bank.艾瑞克听着这边音响里传出的声音,看了眼显示器,说话的是一个有些秃顶的中年人,艾瑞克依稀记得三年前在美国在线的上市过程中见过对方,似乎是第一波士顿投资银行的总裁。Arienhas not asked the meaning of opposite partyname, butsaid: „Ihave certainly considered, Ihad saidtodayallwordsare the processthink.”
艾瑞可没有问对方名字的意思,只是道:“我当然考虑过,我今天说过的所有的话都是经过深思熟虑的。”
The train of thoughtwas broken, Ericlooked downin front of the eyeonce more document, continued saying: „Mypresentdecisionis, the Fireflyinvestmentfirstwill reduce16500,000stockstocks, some stocks, Iwantyoufollowing. Plansto continuemanyas for all your partiesseparately, thisisyourmatters, Igiveyouonemonth, onemonthlater, ifcannot obtain the affirmativeanswer, Fireflywill chooseto the open marketundersells.”
思绪被打断,艾瑞克再次低头看了眼面前文件,才继续说道:“我现在的决定是,萤火虫投资将会首批减持1650万股股票,这部分股票,我要你们接下来。至于你们各方分别打算承接多少,这是你们的事情,我给你们一个月时间,一个月后,如果得不到肯定的答复,萤火虫将选择向公开市场抛售。”16500,000stockstocks, are equalto10% of AOLtotalcapital stockexactly.
1650万股股票,恰好相当于美国在线总股本的10%。According to the currentAOLstock price, the value of thisbatch of stocksis atabout4billionUSD.
按照当前美国在线的股价,这批股票的价值在40亿美元左右。Regardinghaving the majorinvestment banksandfunds of AOLstock, 4billionUSD, inshort-termtheycannot takeabsolutely. However, ifshares, althoughas beforeis not a smallbusiness, buttheycanwithstand.
对于持有美国在线股票的各大投行和基金来说,40亿美元,短期内他们是绝对拿不出来的。不过,如果分摊下来,虽然依旧是一笔不小的生意,但他们还是可以承受的。However, allpeopleconsidered that is actually notthese.
不过,所有人考虑的,却并不是这些。Reduces16500,000stocks, in the Fireflyinvestmenthandactuallyalso the surplus3more than 7 millionstocks, EricWilliamsplanned how such assomeprinciplestocks, do needtheirthentwoyearsto continueto take over a business?
减持1650万股,萤火虫投资手中却还剩余3700多万股,艾瑞克・威廉姆斯打算如何如理这部分股票,难道还要他们接下来两年继续接盘吗?
The NASDAQindexapproached2000pointsnow, allpeopleunderstandseriousbubblecost.
纳斯达克指数现在已经接近2000点,所有人都明白其中严重的泡沫成本。Did not discussother, onlysaidAOL.
不谈其他,只说美国在线。According torecently the AOLmarket valueandprofitanticipated, the market profit of thiscompanyhas achieved131times, thisis unable to imagineseveralyears ago absolutely.
按照最近美国在线的市值和盈利预期,这家公司的市盈率已经达到了131倍,这在几年前是绝对无法想象的。In the pastyear, even if the prospects for developmentverygoodcompany, market profitalsooftennotover30times. Regardingmanyinvestors, a market profit of companyis over30times, the investment riskalsobecomesverygreatly, butnow, the AOLmarket profithas actually been over131times, itsriskisself-evident.
以往年份,哪怕是发展前景非常不错的公司,市盈率也往往不会超过30倍。对于很多投资人来说,一家公司的市盈率超过30倍,投资风险也就变得非常大,而现在,美国在线的市盈率却已经超过了131倍,其风险更是不言而喻。Although the innumerablemedia and investorsare promoting the investmenthi-tech stockare the investmentin the future, cannotdeterminethisprofessionbythesehigh-techcompanycurrentprofit situations the prospect. Butin fact, everyoneis clearbehindthesecompanyhighstock pricesthatfrighteningbubbleingredient.
虽然无数媒体和投资人都在鼓吹投资科技股就是投资未来,不能以这些高科技公司目前的盈利状况去判定这一行业的前景。但实际上,谁都清楚这些公司高昂的股价背后那让人心惊胆战的泡沫成分。According to30times of market profitcomputations, the AOLmarket valueshould, only then9billionUSD, even ifthis has overestimated, butnow the AOLmarket value is actually about40billionUSD, has been higher thannormal state more than fourtimes.
按照30倍的市盈率计算,美国在线的市值应该只有90亿美元,即使这样就已经算是高估了,但现在美国在线的市值却是400亿美元左右,高出了正常状态的四倍多。Underthisseriousbubblebackground, no oneknows how long the AOLcurrenthighstock pricecansupport.
在这种严重的泡沫化背景下,谁也不知道美国在线目前的高股价能够撑多久。Therefore, althoughinNew YorkAOLHeadquartersconference room, therefore the shareholdersrosefromcontinuing of recentAOLstock priceyielded the richaccounting income, butat this time, makingthemspend4billionUSDto buy16500,000stockstocks that Ericsold, most peoplemoral natureresisted.
因此,虽然纽约美国在线总部会议室里所以股东都从最近几年美国在线股价的持续上扬中获得了丰厚的账面收益,但此时,让他们花40亿美元去买下艾瑞克抛出的1650万股股票,大部分人心底还是非常抗拒的。
It looks like inmanypeople, thissum of money, in factenoughhas boughthalfAOL.
在很多人看来,这笔钱,实际上已经足够买下半个美国在线了。However, iftheyare not willingto take over a business, thatis goingto faceispublicunderselling of Fireflyinvestment.
不过,如果他们不愿意接盘,那将要面临的就是萤火虫投资的公开抛售。Theyare also clear, the Fireflyinvestmentcannotsellallstocksrecklessone time, butthatlong-termenduranceundersellsis annoying, facinglong-termemergespaying of circulation marketuninterruptedly, the AOLstock pricewants to haveanyimprovementagain is impossible.
他们也清楚,萤火虫投资不会不顾一切地将所有股票一次性抛出,但那种长时间地持续性抛售才更加磨人,面对长期不间断涌入流通市场的买单,美国在线的股价想要再想有什么起色是根本不可能的。Peoplesilentmoment, withEricalsocalculatesMorgan StanleyChairmanJohn that knows wellMarkasked: „Eric, youplanned that whatpricebysellsthisbatch of stocks?”
众人沉默了片刻,与艾瑞克还算熟识的摩根士丹利总裁约翰・马克问道:“艾瑞克,你打算以什么样的价格出售这批股票?”„Ifyourpresentcomplyingget down, 4billionUSD.”Ericlooked at the past, said: „Ifyouplanto consider for onemonth, thatpressesonemonth later stock pricesettlement.”
“如果你们现在的答应下来,40亿美元。”艾瑞克看过去,道:“如果你们打算考虑一个月,那就按一个月后的股价结算。”JohnMarkshakes the headto sayimmediately: „Eric, thiswas too expensive. AOLactual situationeverybody is very clear, let alone such stock transaction of large amount, ifyouare willingto give a discount, Icannow the representativeMorgan Stanleysubscriber3 millionstock. Therefore, Ithoughtthat the 30% discountis the price that an everybodycompares to withstand.”约翰・马克立刻摇头道:“艾瑞克,这太贵了。美国在线的实际情况大家都很清楚,更何况还是这么大宗的股票交易,如果你愿意给出一个折扣的话,我现在就可以代表摩根士丹利认购其中的300万股。所以,我觉得,七折是一个大家都比较能够承受的价格。”John the Markvoicefalls, inconference room the peoplenodto echoin abundance.约翰・马克话音落下,会议室里众人纷纷点头附和。Theyare also clear, wantto avoid the Fireflyinvestmentreducingcontinuallycause the AOLstock priceto be long-term, continue some stocks that the Fireflyinvestmentdumpsto be unavoidable. But ifEricis willing to the price70%sellhands the stock, theyto be willingto take overat present, the stock that even ifEricsellsare manysomedoes not have the issue.
他们也清楚,想要避免萤火虫投资持续减持导致美国在线股价长期低迷,承接萤火虫投资抛售的这部分股票在所难免。但如果艾瑞克肯以目前价格的70%出售手中股票的话,他们还是非常愿意接手的,哪怕艾瑞克卖出的股票再多一些都没问题。InpeakAOL180billionUSD the market valuesaccording to the memorycalculate, AOLstocktotal value that the Fireflysystemhasover60billionUSD.
按照记忆中巅峰时期美国在线1800亿美元的市值来算,萤火虫体系持有的美国在线股票总价值将超过600亿美元。However, even if the Fireflyinvestmentputs in1%AOLstocksinonedayto the circulation market, possibleto crash the AOLstock price, do not say the handin35.7% the stocksundersellsin the stock pricepeakcompletely, thatsimplyisfantasy story.
不过,哪怕萤火虫投资在一天内向流通市场投放1%的美国在线股票,都可能将美国在线股价压垮掉,更不要说将手中35.7%的股票全部在股价最高点抛售,那简直是天方夜谭。Eric is never a greedyperson, inAOLstockregardinghand, innext more than oneyear, so long ascanleverage a 20 billionUSDfund, hewas well satisfied. After all, the AOLactual value, looks likeinEricradicallycontinually10 billionUSDis also unworthy.艾瑞克从来不是一个贪婪的人,对于手中的美国在线股票,在未来一年多时间里,只要能够套现出一两百亿美元的资金,那他就心满意足了。毕竟,美国在线的实际价值,在艾瑞克看来也根本连一百亿美元都不值。If not the clearAOLnexttwoyears of stock pricegrowth potentials, Ericis really willingto dump the stock in handat a lowdiscountprice, naturally, 30% discountjumpingsailorhedefinitelywill not accept.
如果不清楚美国在线未来两年的股价增长潜力,艾瑞克确实愿意以一个较低的折扣价抛售手中的股票,当然,七折这种跳水价他也肯定是不会接受的。Butat this time, Ericactuallydid not plan that makesanythingto yield, butis the mannershakes the headto sayfirmly: „Sincethis, youcanconsider for onemonth, today arrived here, the remainingmatters, youcandiscusswithChris.”
但此时,艾瑞克却不打算做出什么让步,而是态度坚决地摇头道:“既然这样,那你们可以考虑一个月,今天就到这里,剩下的事情,你们可以和克里斯谈。”Just about tohangs the video, sitsinmeeting tableoppositecontinuouslysomewhatsilentSteveKyesopens the mouthto sayfinallyonce more: „Eric, beyondthese16500,000stockssurplusstocks, how do youplanto process?”
刚要挂掉视频,坐在会议桌对面一直有些沉默的史蒂夫・凯斯终于再次开口道:“艾瑞克,这1650万股之外剩余的股票呢,你打算怎么处理?”Ericlooked atSteveKyes, has swept the people in eyeoppositeconference room, said: „The remainingnext yeardiscussedagainthatdecidesinsix months, as beforeis16500,000stocks, youchooseto meetdo not meet. Ijusthad said that Iwill not make the tooradicalbehavior, but, you must tomaintainthisconditionpays the properpriceat present.”艾瑞克看了眼史蒂夫・凯斯,又扫了眼对面会议室里的众人,道:“剩下的明年再谈,就定在半年后吧,依旧是1650万股,你们选择接还是不接。我刚刚说过,我不会做出太激进的行为,但是,你们也必须为了维持目前这种状态付出应有的代价。”Throws downthesewords, Ericno longerpays attention to the oppositepeople, has switched off the video callconveniently.
丢下这些话,艾瑞克就不再理会对面众人,随手关掉了视频通话。
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