"Carl Icahn's Icahn Capital Compound Annualized Rate of Return is even higher than that of Warren Buffett, Madoff, and Hunter Rose, but the play is completely different, and he keenly observes the differences in the interests of senior managers and shareholders of listed companies, and uses various financial means to make profits."

"When a senior manager pushes up the stock price in order to get equity and option awards, causing the company's value to deviate from the fundamentals, he manipulates the media to criticize it repeatedly and starts shorting, and when the company's stock price is hit below the actual value, he will turn to the opportunity to initiate a hostile merger. One of the most typical means is a surprise attack by the enterprise, which buys a large number of shares of a listed company and sits firmly in the position of a strategic shareholder and forces the company to make management or strategy reforms, so that the stock price rises rapidly in a short period of time. ”

But Carl Icahn doesn't really care about the company's growth, only how to make a profit from the acquisition and sale of shares. In 85, he took down Trans World Airlines and served as the chairman, and began to act as a barbarian at the door to spin off and sell the company's assets for personal gain, and in 88 years, he couldn't stand his management and other shareholders using various means to invite him out of the game, he had made a lot of nearly 500 million dollars, and at the same time left the company with a huge debt of more than 500 million, and later received a total of more than 100 million yuan in various compensation. ”

Therefore, he hates the poison pill that is extremely lethal to hostile mergers and acquisitions (a large number of new shares issued at low prices, which reduces the proportion of shares in the hands of the acquirer, dilutes the equity, increases the acquisition cost and makes the acquirer unable to achieve the controlling target) plan, and hates the board of directors system of listed companies, especially those elected employee director representatives, and independent directors sent in by the government or the company's strategic partners. He claimed that these people could not think about the interests of the company and its shareholders at all, and would only want to greedily get more management shares, dividends and high salaries to win the support of other shareholders. ”

"So he's not a complete bear-sought, he's trying to control the business itself, and he's very patient, and the battle for control of management could last for ten years, such as the multi-year battle with another financial mogul, Perelman, over Marvel."

After returning to Highland Park from a hurried trip to Tokyo, O'Grady reminded Songya, "3DFX should be a good hunting target for him, and the struggle could be long-term." ”

"But we beat him up, didn't we?" Song Ya asked with a smile.

At the close of the NASDAQ, the stock price of 3DFX was violently pulled by O'Grady from more than nine dollars to about 36 dollars, that is, the market value soared from 140 million to 560 million dollars in one day.

"But it's out of the fundamentals, and the Northern Trust won't allow me to mess around again."

O'Grady replied: "There is discipline within the company, and there is pressure from outside, and Icahn Capital has launched media clamor this morning to ask the SEC (U.S. Securities and Exchange Commission) to intervene to investigate the abnormal volatility of 3DFX's stock price. ”

"Do you think Carl Icahn will be able to take enough shares to close his position?" Song Ya asked.

"I DON'T KNOW, HE'S A SENIOR PLAYER APLUS, BUT AT PRESENT, IT IS DIFFICULT FOR THE BEARS TO GET ENOUGH CHIPS IN THE SECURITIES CIRCULATION MARKET, 3DFX HAS ONLY BEEN LISTED FOR MORE THAN A MONTH, AND MOST OF THE STOCKS IN YOUR HANDS ARE OUT OF THE LOCK-UP PERIOD, SO I CAUGHT THEM OFF GUARD." O'Grady replied.

"How much will he lose?" Song Ya asked again.

O'Grady shook his head, "It depends on how much leverage is used, but it's definitely more than he made from Goodman." ”

"Hah!" Hearing this, Song Ya expressed her satisfaction.

There is no doubt that the Northern Trust has made a lot of money this time, and it is a bit of a pity that O'Grady does not dare to use his own money to sell Netscape companies such as Infoseek, but he will compensate in other ways, which is part of a private deal between the two parties before the trip to Tokyo.

"We also need good news."

O'Grady said: "In order to save the stock price, 3DFX President Ballard previously claimed that the expected profit of 60 million dollars this year is not reliable, not to mention that Sega's big contract has not been won, and even if it is won, it will be at least a year later." ”

"They lied from the beginning and always got the benefits, and now it's a habit."

Song Ya looked coldly out of the study window, where the motorcade of the 3DFX board of directors had just entered the gate of Highland Park.

"I'm not going down." O'Grady is no longer fit to be on the same occasion as the people of 3DFX.

"HEY, APLUS, GREAT JOB!"

The stock price quadrupled in one day, and the directors of the other shareholders were of course elated, while the crook trio and the carmack's directors were disgruntled, and President Ballard was preoccupied.

"Look at this." The representative of the director of the second largest individual shareholder showed him a copy of the financial magazine.

'Extreme pressure maniac! Sega, who entered Shoichiro, is striding forward! ’

On the cover, Shoichiro Iriko clasped his hands and looked into the distance at a determined 45-degree angle, with Song Ya and a column of white people bowing in front of the Sega Logo wall in the background, with the subtitle "The troubled rice country 3DFX company came to apologize!" An unfavorable lawsuit against Sega has been eliminated! ’

"We also need good news." Song Ya smiled, O'Grady didn't show up, and the words were repeated by himself.

"Do you think it's good for you to go to Tokyo and grovel to the book? APLUS！ ”

Rose in the trio suddenly exploded, "We will soon be able to win the lawsuit against them, and they will pay us tens of millions of dollars!" The stock price will still go up then, but now it's all gone! ”

Scott, the CTO of the trio, said: "I knew that as soon as the company went public, you people would do anything for the stock price, which was incredibly short-sighted and short-sighted! We don't need you to go to Tokyo to embarrass us APLUS, we can still shock the world after Voodoo 2 comes out at the end of the year! ”

"That's what you said last year when you persuaded me to continue investing money in the VoodooRUSH program, and the result? That graphics card that often had compatibility issues caused us to lose the trust of big customers like Compaq! ”

Song Ya replied unhappily, but unfortunately now due to physical reasons, it has led to a lack of Zhongqi.

"In fact, we should focus on the performance of 3D chips, there are many 2D chip manufacturers, fierce competition, thin profits, and our technical reserves are insufficient." Carmack's representative of the board said.

"Of course you at ID Software would like 3DFX to produce 3D chips to give you the best performance platform for your pure 3D shooters, but that market is small!"

The director representatives of the second largest individual shareholder fought back.

The board meeting soon turned into a fruitless quarrel again, but Song Ya could feel that his control had strengthened, and most of the representatives were helping him speak, after all, he was the one who could lead everyone to make money.

He quietly observed, judged the situation, trust is built step by step, and then his proposal to transform 3DFX will be more radical, and it cannot be said that it will be approved by the board of directors, so be patient and not in a hurry.

"Don't argue, it's the weekend, we've released the news that we have reconciled with Sega and continue to cooperate, what should we do when the market opens on Monday?" A representative of the director of an investment institution looked at Song Ya, "Is there any good news to be released?" ”

"There will come a day when you can't make up a lie!" Ross in the trio is stern.

Song Ya glanced at him.

"Why don't you meet Compaq on Sunday? Afterwards the news that they will still use our chips in new PCs in the future? ”

No one paid attention to Ross, and another representative of the board of directors stepped in to propose, "I have a way to ensure that Compaq will not be in a hurry to deny it, anyway, it is a plan, and they will have to wait for their new product to be launched next year at the earliest." ”

"Yes." Good thing, Song Ya nodded.

At the same time as meeting Compaq's people, he also needs to launch a public relations campaign for the first time to the media in the United States, and it is not a long-faced thing to bow to people in public in the book, the stock market reacts very honestly, and there are a lot of negative comments from the media.

At the gate of Highland Park, the senior management of Compaq appeared accompanied by the representative of the board of directors here, he greeted Song Ya who greeted him in person, and found that the other party's hand was only slightly raised a little and quickly apologized, took the initiative to approach the wheelchair and shook his hand, and bowed his head to greet him.

‘APLUS！ Have you begged for forgiveness from Sega? The reporter didn't care, and asked loudly while taking pictures.

"What do you want me to do? I was in a coma for five months, and I had been stolen to a fraction of a decimal place, not even enough to buy an aspirin. ”

Song Ya slumped and smiled bitterly at the camera.

PGE Law Firm began to clean up the mess left by Goodman, and the cash in the A+ Copyright and Asset Management Company account was swept away, and if it weren't for Song Asheng keeping the money in his private account and CNA's insurance payout, he really couldn't even afford to take the team to Tokyo.

The reporters laughed, "Is that your lawyer?" I heard that they have disappeared from the world!? Someone asked again.

Song Ya's wheelchair has been pushed through the door by bodyguards.

"I'm here based on a personal relationship."

With no outsiders there, Compaq's people pointed to the director who directed him, "We won't buy any more graphics cards unless 3DFX comes out with a new and more mature graphics card." ”

"I understand, thank you."

Song Ya nodded to admit the love between the two, "I just need you not to deny this matter for the time being." ”

"That's fine. So...... Do you have any new graphics cards? "PC manufacturers are referring to graphics cards that integrate 2D and 3D functions, such as VoodooRUSH, and they may use genuine Voodoo cards with only 3D capabilities in the top models of the enthusiast model, but the purchase volume is insignificant.

"Yes, I promise." Song Ya promised.

"Really? You're lying to me, APLUS. ”

The people of Compaq don't believe it, they and 3DFX have worked together in depth before and after the release of VoodooRUSH, and the relationship between the two parties is very poor after the project fails, but they still know more about the follow-up development plan of 3DFX. The trio of scammers in charge of technology were frustrated by the failure of the project, but they thought that the failure of VoodooRUSH proved the mistake of the business strategy, and they simply concentrated on the 3D acceleration chip of their old business in the future.

"I do my best, after all, I'm the chairman, aren't I?" Song Ya said with a smile.

"Oh, by the way, if you don't mind, someone wants to talk to you."

Unexpectedly, the senior management of Compaq did not come here entirely based on the personal friendship with the director representative, he took out his mobile phone, "The other party asked for a private exchange." ”

"Uh......"

Song Ya had no choice but to answer the call.

"I'm a ...... at Icahn Capital Is it convenient? APLUS。 ”

It turned out to be someone from Cal Icahn, Song Ya glanced at the senior executives of Compaq who went to the lawn to chat with the directors and friends, "Please speak." Song Ya motioned to help Sloane, who was holding up his mobile phone, to listen together.

Sloan looked down, and the two of them pressed their faces to face through their phones.

"If we trade, what conditions do you have?" The other party asked.

The stock and futures markets are a more sinister and information-deficient fog of war, and it seems that Carl Icahn really has a short order trapped?

But this could also be a trap to detect the truth and truth, Song Ya and Sloan glanced at each other, "PGE Law Firm needs you to provide information on the two financing of the American music website, and they found that the special fund you participated in the financing has the money of Goodman, Hamlin and DeLay, and the money is actually mine, and they stole it from me." ”

The other party doesn't look for himself, he will go to them about this matter, after the hole of 3DFX is opened, it would be great if he could really hold Carl Icahn hostage, he helped Goodman and Hamlin transfer funds, and helped Delay operate the Amerika music website spin-off and listing, and was the key person.

The American music website does not make money, it loses a lot, and now most Internet companies play like this, it is nothing, and everything is not a problem to be listed.

But his long-term coma gave DeLay an opportunity, and the preliminary investigation results of PGE lawyers and Alicia were that DeLay used the reason of filing for bankruptcy protection to bring in external funds, and the new law firm, accounting firm, Goodman and Hamlin that Delay replaced were all cooperating with the spin-off plan called Saving the Company, and the debt was dumped on his parent company, A+ Audio, which was 85% owned by him, and Carl Icahn and other institutions were given the opportunity to enter the market at a low price during the two financing periods, and at the same time made it easier for Goodman and others to embezzle their shares.

This is a classic conspiracy of hungry wolves inside and outside to take advantage of the incapacity of major shareholders, and a gluttonous feast of senior managers and capital.

"YOU'RE MISTAKEN, APLUS."

The other party smiled and replied: "My transaction refers to how you will compensate us if we do not prosecute you for the crime of insider trading with certain institutions." ”

"PGE Law Firm will soon file a lawsuit to stop the listing process of the American music website, and your time is running out." Song Ya ignored this stubble, according to the current Internet bull market, the net worth of Dilay, Goodman and others on the Amerika music website will skyrocket, and he will not back down in this matter.

"What's in it for you? After all, you still own 85% of the shares of A+ Audio, the parent company of the American music website, and A+ Audio owns 32% of the American music website, so you still have almost 27% of the shares, and you are still the largest shareholder. ”

It's good that the other party doesn't say this, from 85 percent to 27 percent by this gang of people colluding inside and outside, it will definitely fall below 20 percent after the IPO, Song Ya is angry, "So you thieves are demonstrating to me?" ”

"You need to calm down, APLUS, and accept reality." The other party replied triumphantly.

"The reality is that you're begging people around the bush just to be able to talk to me." Song Ya sneered.

"Huh...... Then we don't need to talk about it anymore, right? ”

"At least you don't deserve it."

Song Ya's eyes froze and told Sloan to hang up the phone.

"So, do it?" Sloan asked.

"Do it."

Over the weekend, 3DFX confirmed its settlement with Sega and announced that its partnership with Compaq could continue next year.

On Monday, 3DFX's stock price continued to rise slightly, fluctuating at a high of 40 yuan, and investors who still have stocks in their hands seem to be still waiting, but O'Grady issued two warnings in succession in intraday trading.

Song Ya forced the 3DFX board of directors to Highland Park and continued the meeting.

"Go ahead then, let's vote, raise your hand against?"

This time the quarrel was very strong, and after the NASDAQ closed in the afternoon, as soon as Song Ya's voice fell, the trio of liars immediately raised their hands high, and Carmack's board representative quickly followed, and President Ballard also raised his hand after hesitating for a few seconds.

Finally, EA's representative raised his hand after making a phone call.

Song Ya won the support of the other directors and won by a narrow margin.

He asked Sloan to push him to the rehabilitation room, and Xue Linfen got a treadmill inside, and was running in a high-leg gym suit.

"Whew! I'm exhausted, and I need to get back in shape as soon as possible. ”

Sweaty, she came over to help the nurse get Song Ya to the standing bed, "What's wrong with you?" Ugly and unhappy? She asked.

"Nothing, just a little nervous."

At the same time, 3DFX abruptly announced that trading in the stock would be suspended tomorrow and that there was significant information to be revealed.

The market was in an uproar, and the financial media thought it might be related to the abnormal stock price volatility before.

"This kid is too young, and his concentration is still not enough." Carl Icahn commented with a smile in his office the next day.

The subordinate who called before immediately flattered, "It's just like being scared by us haha!" ”

But alas, they were immediately disappointed.

3DFX announced again that they are in acquisition talks with VideoLogic, another Chinese display chip manufacturing company, and if the two companies merge successfully, 3DFX will gain VideoLogic's technical reserves in the field of 2D display chips, and VideoLogic will stop the subsequent development of their failed 3D chip PowerVR series and switch to full use of 3DFX's Voodoo technology......

3DFX claims that the partnership will also allow the two companies to work together to develop graphics chips for Sega's next-generation game consoles. At the same time, the new generation of VoodooRUSH2 graphics cards, which are more powerful and stable, will continue to strive to break into the PC supply chain. ’

"Hey...... Finally see the incoming. ”

Sending away 3DFX and VideoLogic, Song Ya finally grinned happily, in addition to the big positive, before O'Grady also used his money to short VideoLogic and take the opportunity to absorb chips, almost synchronized with the long 3DFX, on Monday, Song Ya's VideoLogic stock was enough for them to hold an interim board meeting.

Obviously, according to Sega's secret horse racing plan, there can only be one display chip company that will win in the end, and since Shoichiro Iriko chose to settle with 3DFX, it is not good news for VideoLogic, which is already in sight of victory.

Now 3DFX has a high market cap, and VideoLogic is cheap......

Be a barbarian at the door, who wouldn't?

Although I was a little nervous for the first time, I can learn slowly while doing it in the future.

After Carl Icahn finished reading the news, he was so angry that he smashed the pen out of his hand.

"What to do? The empty order in our hands ......" the subordinates asked in fear.