Legendary merchant

"Detailed point, what kind of related company?"

At this time, Chen Fan suddenly produced interest. How did Enron's money through relationships?

"According to the report, there are two associated companies under Enron, which are the Malin 2 Trust Fund and Osprey Trust Fund.

Enron's raised $ 3.4 billion in funds through these two funds, but the reporter and invited accountant were confirmed after carefully reading the recent financial report of Enron. The two companies did not appear in the list of related companies. It is that their business activities are not reflected in the financial report released by Enron.

They believe that these two affiliates are impossible for financing behaviors after the end of the third quarter, and the funds of 34 meters are not so easy to raise, and they have begun in the third quarter, then in the new financial report There should be relevant information, but unfortunately they have not seen. "

"Wait, related companies are trust funds?"

Chen Fan suddenly interrupted Zhang Quan's words.

"The two trust funds are responsible for the financial officer of Enron, is to raise funds for Enron, as for how to deal with this money, the report speculation is likely to digest the money through the way of targeted capital increase. Because Enron does not have any other way to handle this account. "

Zhang Quan explained, but then said: "The report also analyzed the three quarterly reports of Enron, according to Enron's conference call, the two huge one-time returns fees became focus, That is, Enron's claims that due to a 1.1 billion-meter restructuring fee, it has caused a loss in the third quarter, in fact, there is more losses.

The first restructuring fee includes 10 billion mm restructuring and loss fees for closing the water plant business, broadband communication network, and other real estate investment projects, but analysts also noticed that the operation cost of Enron's third quarter was higher than the first two quarters. It is more than 200 million yuan separately.

The buyer analyst guessing that there may be some normal operating expenses into the "one-time restructuring fee", thereby improving the peace of operation and letting the report look good.

The second restructuring fee is to interrupt the 1.2 billion mm restructuring fee generated by the financial contract with "a related enterprise". This restructuring fee will be deducted directly from the "shareholders' equity" item in the financial statement, that is, Entering the current profitable form, but directly deducting the equity interests of the balance sheet, meaning the shareholder's net assets will be reduced by 12 billion meters. "

"That is to say, strictly said that the new quarter of the company is not more than 600 million yuan under normal circumstances, but 18 billion yuan?"

Chen Fan frowned, but did not see the details, the loss of this buying contract is that the incoming interest mark is still not good to say that the previous annual profit and loss adjustment is not good, but this is only for accounting accounts. For those who read the report, it should be so understanding.

"Yes, I have already looked at the professional accountant here, and I haven't gotten it."

Zhang Quan replied.

"First, the quarter is that, when I said that I have to close the water business and other projects, I also guessed that there will be losses. This report is to doubt the cost of the company's operations into this loss. Is it? "

Chen Fan said, but he did not wait for Zhang Quan to answer and he said: "There is also this 1.2 billion m-yuan, they believe that it is part of the previous annual profit and loss, but does not respond to current income, but directly from shareholders' rights Deduct?

This is enough, not reading the financial report in detail, and I am afraid that I can't find this. "

Chen Fan will sigh, and Enron will really play.

"The most important thing is the things of the two funds. They find money by privately, raising more than 3 billion funds in the nominalization of new shares, and now stocks are not issued, and money will be loaned?"

"It is to mean, and the establishment of these two funds should be specially prepared for raising funds."

Zhang Qi said.

"No, now the stock price fell to where, who will believe in them? Now paying the stock of the stock, will it be a fool?"

Chen Fan suddenly said, I feel that I will not explain this.

"According to the report, these two funds have been working very much before, in the first half of the year, the stock price has started to work near 50 meters."

Zhang Quan said: "According to the source of the news, the website notes this thing is because there is investor to repent, to withdraw from this project, but it is found that the money has been misappropriated, it is also the debt."

"This."

Chen Fan has understood the way Enron's money is, it should be that when the stock price will have not collapsed, they will face financial institutions such as banks no longer add the financing quota, and they secretly form the trust fund to raise funds to order Increase investment in peacekeeping.

At that time, the stock price trend was still a horse and tiger, although it had weakened, but it was obvious that these foundations did not think that the stock price will continue to fall, and this will fall to the opportunity to have a cheap opportunity, so I will put money in.

But now I see the trend of Enron's stocks, naturally, I am not willing to put the money into this no-hole, so I am afraid that it is not willing to make a discount according to the market price, maybe that discount is that the stock price will fall two days.

Chen Fan felt that there is something that is what news, I plan to hang up the phone. At this time, I will not use it. When I open the rice stock, I will use my feet.

At this time, Chen Fan, who is planning to hang up the phone, can't listen to the phone. It seems that someone seems to say, and then he heard Zhang Quan said there: "Master, wait a moment, I will get it here. New thing."

It seems that Zhang Quan has any new news, Chen Fan has only continued to wait, and I have to listen to Zhang Quan's new things.

However, this time, Chen Fan is a bit for a long time. From time to time, he can hear the voice of Zhang Quan and another person, but it is very vague, it is not true, I don't know what they are talking about.

Chen Fan had to sit on the bed, and I don't know when Zhang Qi suddenly opened, so it can wait quietly.

After a long time, Chen Fan's patience is going to be fired, and the mobile phone microphone suddenly passed out of Zhang Quan's voice.

"Chen Fan, know how Enron is playing."

When I was shocked by Zhang Qi, Chen Fan was a bit, "I said, I listen."

"Enron is indeed concealed debt, this is the article of Wall Street Journal Tomorrow's first version, in detail the content of the loss of 12 billion yards, should be their person to track the big news.

In the previous year, the company's financial executive Andrews, was in the bubble of the company last year, because the company's investment of broadband business losses, they have issued the LJM asset management company, issued the three trust funds, They are LJM No. 1, No. 2 and No.3, which is 1.2 billion meters of losses, which is likely to address LJM.

According to the report, LJM No. 2 and Enron's confidentiality agreement, covering the broadband business of Enron, equivalent to gambling, condition is also interesting, if Enron's broadband business assets appreciation, LJM IP want to share this part of the premium If it is depreciated, it is the loss of LJM 2.

LJM No. 2 is raised by 1.2 billion meters will be entered, but if the LJM 2 encounters a clear crisis, Enron's guarantee will pay 12 billion m-yuan cash or equivalent stocks, basically, Enron's guarantee for this project. "

"It turns out, I want to come to other two trusts are also an inner gambling contract. As long as the company's stock price continues to rise, it is beneficial to Enron, and it is true that a number of new shares can be solved when it is true to lose. Account. "

Chen Fan probably understands that Enron's funds will raise funds through trust, rather than raising from banks or bonds, while paying money through cash or issuings.

"According to reports, Last year, Enron confirmed at least 500 million meters of profit from this contract, which is the loss of their broadband business. This year, the third quarter report has also confirmed 450 million meters.

The most interesting is that Enron confirmed the income of this 950 million meters, but did not pay the loss of broadband services, which was originally a balanced investment business induced by 950 million profits.

Now LJM seems to be caught in cash, but now the stock price of peace is now, there is no way to increase the new shares to pay the account, because this need to issue a lot of stocks, which will undoubtedly dilute the shareholders' equity.

Moreover, the LJM II investors include the first Boston Bank, General Electric and Migi Teacher Fund and other agencies, and Enron does not fill this hole, so they have made the restructuring of the 1.2 billion yuan, and the LJM asset management Contract between the company. "

Zhang Quan's readings have been read, which seems to have just received the information, which should also analyze this soon with colleagues.

"The newspaper will be issued tomorrow, that is, the investors in the rice stock market will know?"

Chen Fan suddenly asked, "It will not be withdrawn?"

"No, now Enron has a little thing in Wall Street, and no one will help them at this time."

Zhang Quan hurriedly said.

"You said, will there be some people to buy a lot of stocks in Enron in 10 meters, so I have to make these two news. I know that this thing is reported, there is also the news of that website, enough to put Enron's company The abyss, but how do I feel that time is a piece ... "

Chen Fan's words, I said that I am in a hurry, I don't know how to continue, I feel too clever, and it is a message that is about to fall wear 10 meters.

After the rice stock market opened tonight, there will be an unprecedented throwing in the safe, or the stock price plummeted, or some people take the opportunity to take care, eat full, and complete the acquisition of Enron.

"You mean, there will be people who sniper Enron tonight, collect the stock of Enran, complete the holding of the company in the market, complete the company's holding?"

Zhang Quan is uncertain.

"I didn't have a analysis before, I feel that Enron is like being made, I have been doing a small action behind, but I have never known what they want, now they can use a small price to complete the holding of Enron. "

Said that Chen Fan began to calculate, "In March, even if the share price of 70 meters, the value of Enron is 52.5 billion meters, which is probably this number. So far, Enron's market value has fallen to more than 70 more Billionm yuan, now the share price is 1 y dollar, and the market value of Enron is reduced by more than 700 million.

Enron's big shareholders seem to be less than 20%, assuming, our courage is big, and the stock price fell to 5 meters, the market value is more than 3 billion, no need to 1 billion meters can be the first major shareholder of Enron, right? "

For Chen Fan, Zhang Quan naturally dares to express it. It looks like Mr. Chen is intended to acquire Enran. It is not to spend his own money, but the income of this empty, but only a few parties, It is still not completed by half the total income.

Zhang Quan hesitated for a long time. She said: "Mr. Chen, this decision is afraid of it, if you put it before, Enron is really a good trading object, but now the environment ...... "

Zhang Pan is to understand Chen Fan's meaning. Maybe some people will start with Enron, so they can still start with Enran, and now Enron is like a beautiful woman who has already taken off the clothes. As long as there is money, no one can.

"Do you think is risky?"

Chen Fan suddenly asked.

"Master, I have reportedly reported to you. Enron's may have a lot of uncertain debts. If I don't know, I will feel that Enron is a good acquisition, but now, I really don't dare to determine, and the company is still behind How many debts are not disclosed, once we end, the last result will be. "

Speaking of this, Zhangquan is also a testistic recommendation: "Best and Xu always discuss, see what opinions they are, if necessary, I will make an opinion immediately, analyze the gains and gains of acquisitions, for You reference. "

"I don't have to receive it or not, I just want to know your opinion, you say what you said, and if you have a lot of rotten, you don't know."

In fact, when Zhang Quan is not wrong with the recessive debt of Enron, Chen Fan has already found that the acquisition of Enron is not a good idea.

Everyone has a lot of money, who knows?

Soon hanging up and talking, Chen Fan can't sleep.

Enron's problems are now gradually clear, and they have not ran away.

I guess it yourself. Enron's best assets except his power plants, probably the "Enron Online" trading platform, after all, has controlled the electricity and gas trading market in rice.

It's so good, as a power generation company, actually controls the main energy transaction of a country, although they say that they don't charge transaction costs, but everyone knows that Enron is in the market, and there is always a manipulation price Ability,

Pity.

Chen Fan finally didn't dare to make up our mind, only give up the idea of ​​acquisition of Enron.