According to Mr. Jackson's account, Dulin knew what happened in the morning. He had a private conversation with Mr. Jackson five days ago. At that time, Mr. Jackson did not completely turn to Dulin, but he and Dulin made an agreement. .
At that time, Du Lin told Mr. Jackson with great certainty that it was impossible for the two major banks to support a rival to compete for their future interests. No matter what promises the two major banks gave them, they would eventually formulate some legally effective termination agreements when necessary. Let them go bankrupt to unlock market potential.
There is no such thing as a capitalist who personally cultivates an enemy and then defeats him to prove the change of the times, or waits for him to become strong and then defeats him to prove his own strength. The nature of a capitalist is full of endless desire for benefits. Perhaps There have indeed been such "outstanding" capitalists in history, but they all died, not even their bones and dregs were left.
The more mature the economy, the more experienced it is when playing the capital game. If one day you feel that there is a person who does not ask for anything in return, sincerely does it for your own good, thinks about you, and wants to give you the best things, When I think of you all the time, there are only two possibilities:
The first possibility is that they are your family members and elders, and their love for you will never be mixed with other things.
The second possibility is that the person must be the sales manager of a certain company. Before you sign, you can treat him as your long-lost but filial son.
Mr. Jackson arrived at the meeting in the morning. After everyone met, they took out the insurance company registration certificate as agreed before. The shareholders were them "retail investors". Then they signed an industry self-discipline agreement and agreed to Mr. Taylor's proposal that the margin should not be used. Less than the 50 million requirement.
Then Mr. Bellito took out a stack of two-inch-long agreements. After the lawyer's explanation, they signed their names. After signing, Mr. Bellito indeed "gave" it to them. Fifty million. However, the five thousand was not directly handed over to them for use, but continued to be placed in the vault of Southern Commercial Bank, or in the public account of Western Insurance Company registered with Southern Commercial Bank.
In the agreement between them, when Western Insurance Company has to pay insurance premiums, after preliminary review by Western Insurance Company, they submit the compensation application to Southern Commercial Bank, and Southern Commercial Bank organizes an investigation team to investigate. After it was concluded that compensation should indeed be paid, they would take out the insurance money that needed to be paid from the 50 million that was kept in their own vault but belonged to the Western Insurance Company and handed it over to the rights holders.
In other words, Southern Commercial Bank did not need to take out a penny of real money. Western Insurance Company had already loaned them an airy 50 million. The reason why they could do this was that they transferred the insurance company's The company's account was opened in Southern Commercial Bank and the money was "deposited" there. Bellito and Southern Commercial Bank exchanged their left hand for the right and secured a third insurance company.
Such behavior and gestures are simply insulting to Mr. Jackson and others, but they have signed a series of contracts, including a series of agreements with Southern Commercial Bank.
According to the current agreement they signed, if they stop playing now and declare bankruptcy and liquidation, they will still have to bear a loan of 50 million, and as a "special" loan, if this money cannot be used for special business, that is, insurance As for the company's deposit, they must pay normal bank interest, and this interest must be paid for three years, and the principal can be repaid after three years!
To put it simply, Western Insurance Company, that is, Mr. Jackson and others opened a company account at Southern Commercial Bank, and deposited the 50 million that Southern Commercial Bank lent them specifically for the insurance company's deposit. During this period, Southern Commercial Bank and Western Insurance Company signed a unique loan contract. Southern Commercial Bank lent 50 million in cash as a special fund without the need for mortgage, that is, Western Insurance Company's industry deposit. Western Insurance Company.
Because there is no collateral, for the safety of funds, Southern Commercial Bank requires Western Insurance Company to ensure and sign a contract for special funds. In the supplementary terms, the 50 million loan must be deposited in Southern Commercial Bank. At the same time, in order to avoid risks, Claims submitted by Western Insurance Company need to be confirmed by China Southern Commercial Bank before they can be disbursed to prevent insurance fraud and arbitrage.
No matter what the reason is, if Western Insurance Company loses its business ability and loses its qualification to provide insurance services, this 50 million loan will be executed at the normal loan interest rate and will be executed for three years!
From a business point of view, although Southern Commercial Bank is very strong in this series of contract agreements, they have done nothing wrong. There is no collateral or anything specific to resist risks. They are very conscientious in doing this and can be called a business model.
But then there were a series of problems, the most prominent of which was the cross-shareholding of the three insurance companies. According to the requirements of the Southern Commercial Bank and the Imperial Bank of China, the three companies exchanged shares based on market value. To a certain extent, this was a good thing for Jackson and others to stay together. The retail investors are very good news. It's like a group of poor people built a three-story dilapidated house with bricks picked up from the roadside. Now they use the two floors of this dilapidated house to exchange the two skyscrapers next door. No matter what, they made a profit from the two rooms.
But is this actually the case
Of course not. Playing capital games with banks and bankers is not a simple matter. The reason why Mr. Jackson and others are willing to sign the previous contracts that are not equal and obviously put themselves at a disadvantage is because the two major banks have come up with Use cross-shareholdings as an inducement.
They can completely transform themselves into shareholders of the two major insurance companies and complete a gorgeous transformation. They have nothing to lose. As long as the two major banks are really willing to sign, it means they make money.
But the subsequent operations of the two major banks made them realize that from beginning to end, neither of the two major banks had considered treating them as partners. Perhaps it would be more appropriate to say that they were one-time tools!
The calculated market value according to the previously agreed calculation - according to the idea of Mr. Jack and others, each of the three companies has a deposit of 50 million. Although the three companies have been registered, they do not have any other assets so far. It can be said that the three companies The current market values are all equal.
They overestimate the conscience and face protection of bankers, and underestimate the ambition and means of these people. Then both Bellito and Taylor took out a new document, and the two major banks "invariably" loaned 150 million in cash to two insurance companies without any conditions and interest, and the two insurance companies' guarantees It rose directly from 50 million to 200 million! In other words, the total assets of Western Insurance Company at this time are only 25% of those of either of them!
In accordance with the requirement of "equal value" cross-shareholding between the two parties, Southern Commercial Insurance Company and Imperial Insurance Company each allocated 15% of their shares as the proportion of cross-shareholding, of which 7.5% was owned by Southern Commercial Insurance Company Part of the shareholding exchange with Imperial Insurance Company, and the other part, which is 7.5% of the shares of each of the two companies, will replace 30% of the shares of Western Insurance Company, which means that Western Insurance Company Sixty percent of the shares are held by two major banks.
In just ten minutes, Western Insurance Company became a puppet of the two major banks, and they also assumed a heavy loan. What made Mr. Jackson even more dissatisfied was that they were retail investors who united together, so even if they only The remaining 40% of the shares are not owned by one person, but are divided among seven people. Each person is allocated shares ranging from 3% to 8% according to the number.
This... why is it different from what we imagined
But at this time, a lot of pre-contract documents have been signed, and it is too late for them to regret it. Not to mention the clauses and penalty systems involving breach of contract, only 50 million is enough for these seven to make a fortune. The successful businessman in the dream has cold hands and feet. In addition, the opinions of these seven people can no longer be unified, and some people must begin to tend to rely on the two major banks. When the two major banks left, they said that the banks were optimistic about the continued capital injection of the insurance business. Mr. Jack has realized that it might not be possible in the future. In this game, not only will he not get his share, he may also be burdened with huge debts.
This made him directly make the final decision, completely turning to Du Lin, and cooperating with Du Lin to seek self-protection.
If the two major banks continue to inject capital to dilute their shares, Mr. Jack and his "friends" have only two options, either they can continue to inject capital to ensure the shares they hold in the insurance companies of the two major banks. It will be diluted to the point where it is no longer a shareholder due to continued capital injections, or it will sit back and watch the two major banks continue to inject capital, and the proportion of shares in hand will continue to shrink, and it is very likely that it will only be a few to a few tenths of a percent in the end. Degree!
Judging from the nature of the business economy at this time, Mr. Jackson's property has not shrunk, because one percent of a million is ten thousand, and one thousandth of ten million is still ten thousand. But after their equity is diluted, they have no say. At the same time, the capital means of the two major banks can easily cut off their cash flow, force them to go bankrupt, and then recover this part from them at a very low price. Equity.
This is a normal way to play a capital game. If everything was really fair, there would be no story of the big fish eating the small fish, and everyone would no longer be competing and enjoying themselves. It is precisely because there are many reasonable and unreasonable means that some people can finally buy the gold in other people's hands as stones, so there is a prosperous economic market and financial circle.
(End of chapter)