Reborn Capital Empire

Chapter 237 Off-balance sheet assets

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After a moment of silence, Rebecca Mark said in a low voice, "After all, these are just Mr. Guo's personal guesses...!"

"It's not a guess, it's an estimate, it's an estimate based on facts!" Guo Shouyun interrupted, "Ms. Mark, I have always admired your hard work and tenacity in your career. A woman has won you over in the U.S. energy industry. It’s almost rare to be in the current position. I don’t believe that you can’t see how dangerous Enron’s current form is.”

After a pause, Guo Shouyun smiled and said meaningfully: "Or do you plan to replace Enron's plight when Jeffrey Jilin takes the blame and resigns!"

Rebecca Mark's body trembled, and her pupils instantly shrank. Seeing her like this, Guo Shouyun knew that he had guessed right. In fact, the more capable and conceited people are, the more proud they are in their hearts. The talent and perseverance of Rebecca Marks is evident in Rebecca Marks' talent and perseverance in turning Enron International from a small department with only two or three big cats and kittens into an international energy giant with assets of tens of billions of dollars.

When she was unanimously praised by the American business community and was only one step away from the throne of Enron's coo, she was ruthlessly abandoned by the company's board of directors, and was mercilessly matched by her competitor Jeffrey Gilling to the UK. The 'water business' of one poor and two white.

After being driven out of Enron's power center Houston, the proud Rebecca Mark is always thinking of revenge, and she wants to prove to the world that Enron's board of directors refused to let her serve as Enron's coo was a serious mistake by them .

And the best way to prove it is to replace Geoffrey Gilling and turn the tide and save Enron.

If everything goes as Rebecca Marks thinks, then she will become a business legend and respected forever like Jack Welch who saved General Electric and Andy Grove who saved Intel from upside down! This is also Rebecca Mark's highest requirement for herself, even her ideal.

"Ms Mark, I think you should understand one thing: getting a group of people in power to admit their mistakes is sometimes even harder than getting them to give up their wealth! I'm 90 percent sure , even if Jeffrey Gilling is finally expelled from Enron, the board of directors of Enron will never invite you back to that position! They will definitely hire another professional manager from the outside to carry out a comprehensive reform of the company. No Coincidentally, as the CEO of Azuricos Water Company, you, who have never been able to change the company's operating difficulties, will follow in the footsteps of Jeffrey Gilling."

"I have enough confidence to reverse Azuricos' predicament, but the management of Enron, led by Jeffrey Gilling, only knows to securitize the company's assets and then continue to raise funds to push up Enron's stock price, but it has nothing to do with the company's operations. Invest a penny. Otherwise, how could Azuricos fall to the point where it is almost bankrupt now!" Rebecca Mark said angrily.

"Enron's fate was already doomed when it transformed from a real company into an energy trading company similar to an investment bank, and adopted the 'fair value calculation method'! Fair value made Enron always focus on book assets, and use financial speculation and the stock market to Earn income, but never work hard to run the industry, so as to obtain continuous profits. So, when an industrial company operates like an investment bank, what can happen?”

Looking at Guo Shouyun's eloquent words, Rebecca Maxso said after a moment, "So do you think Enron can't be saved?"

"You know this question better than I do, but it's just that your expectations for An Ran have made you unwilling to believe it!" Guo Shouyun stretched out his hand when he finished speaking. Will Harrington next to him quickly took out a document from his briefcase and put it in Guo Shouyun's hand.

After taking a look at it, Guo Shouyun turned his hand and put it in front of Rebecca Mark after it was indeed what he wanted.

"This is some data we collected about Enron's losses. Because of the limited time and the lack of access to Enron's core financial secrets, we only counted about two-thirds of her 3ooo financial entities. Only this The total amount of liabilities exposed by two thirds has reached 2.5 billion US dollars. Compared with Enron's registered assets of 7.2 billion US dollars, the total debt ratio has reached 34.7%. I believe this figure is by no means the whole of Enron's liabilities. The number of foreign assets and liabilities is even more staggering.”

When it comes to off-balance sheet assets, here is a brief introduction to how off-balance sheet assets are formed. Take Enron as an example. She just built a power plant. As a result, the power plant did not bring the expected profit for various reasons, but suffered a major loss. So, how do you transfer this loss so that it doesn't show up on the balance sheet and thus affect the company's stock price?

The common practice was to create a financial entity separate from Enron. This financial entity negotiated with financial institutions such as Goldman Sachs, Morgan, and Citi on behalf of Enron, borrowed high-interest loans from these financial institutions, and then used this loan to buy Enron's loss-making power plants at prices above market value. In this way, Enron recorded a profit on its books, and the loss-making power plant was successfully transferred to this financial entity.

Enron, which is profitable on paper, naturally has a very clean balance sheet, and is favored by uninformed investment institutions and investors, and its stock price has further increased. After the stock price rose, Enron began to split shares and issue corporate bonds to collect funds. Then use the funds withdrawn from the capital market to buy the shares of the financial entity that has lost money. The financial entity then returns the money to the financial institution.

After this circle, the loss-making power plant is still losing money, and it still belongs to Enron, but both Enron and financial institutions have made a lot of money. During the US bull market in the 1990s, this was Enron's most common approach. But when the bull market turned bearish and investors became cautious, Enron's trick of stealing the bell could no longer play.

"Ms. Mark, I think you know better than me what Enron's so-called 7.2 billion assets are. Apart from the northern natural gas pipeline and the Teesside project in the UK, how many projects under Enron can generate normal profits? I can name a lot of loss-making projects, including your proud India Dabol project!"

Rebecca Mark's face turned gloomy in an instant, India's Dabor Power Plant, the first phase of a 2o15 megawatt giant power plant with a planned investment of 300 million US dollars and an actual investment of 900 million US dollars, is still standing in Maharasht The ruins of modern steel on the hills of Rabon Dabor did not generate a dime of revenue for Enron. This was the biggest scandal under her leadership of Enron International, and the biggest stumbling block for her to step into the top leadership of Enron.

Guo Shouyun, who had no intention of ridiculing Rebecca Marks, changed the subject after seeing the effect, "I know that Enron International's mistake lies in Enron's 'fair value calculation', its risk management system with many loopholes, and its quick success. Market mentality. But precisely because of these, Enron's truly valuable assets are already less than 300 million US dollars. Under the circumstance of serious insolvency, unless fundamental changes are made and tens of billions of dollars of funds are injected, otherwise No one can save Enron!"

Looking at the information in his hand and listening to Guo Shouyun's well-founded rebuttal, Rebecca Mark became silent for a while. After a long time, she slowly said: "Then why are you looking for me? Is it just for me to give up the idea of ​​taking charge of Enron?"

"I want to get the evidence of Enron's financial fraud in the hands of Ms. Mark!" Guo Shouyun said word by word.

"What can I get?"

Rebecca Mark said calmly.

"$3ooo in cash. Or a chance!"

"Chance?"

"That's right! In the next three years, Pan Pacific Group will build 4 to 7 power plants in the western states of the United States, with a total installed capacity of over 6ooo megawatts. I can give you the right to operate and manage one of these projects. If you do well, you will He will be promoted and become the senior vice president of Pan Pacific Energy Group responsible for developing the Chinese market."

Noticing that Rebecca Mark frowned slightly, Guo Shouyun didn't give her a chance to speak, "...I know what you think, but I'm not Kenneth Lee and Geoffrey Jilin, I'm fooling you with an empty shell department. Huaxia The market is the market that I value the most, and it is tied with the United States. In the next five to ten years, the company will invest 500 million US dollars, or even more, to develop the Huaxia power market!”

Staring closely at the eyes of the man opposite, Rebecca Mark, who did not see the slightest evasion or hesitation, said with suspicion in her tone: "Let's not talk about Huaxia Investment, it's just a 6ooo megawatt power project. , do you know how much to invest?"

"Of course! At current prices, it would take about $900 million to build a 6ooo megawatt plant!"

"Now, with a monthly loss of more than 600 million US dollars, and with the mergers and acquisitions in the same industry, the Pan Pacific Energy Group, which has continued to expand its losses, can come up with such a huge amount of money?"

Guo Shouyun smiled lightly, "That's why I came to Ms. Mark. Only the evidence in your hands can make Jeffrey Jilin give up his control of the California energy market! In this way, the huge losses will naturally disappear. ~www.wuxiaspot.com~ The money saved is more than enough to expand the group's business or make up for losses."

Looking at the very confident man in front of her, Rebecca Mark's straight face showed a slightly stiff smile, "It is rumored that the Thunder Fund managed by Mr. Guo has made a lot of money from Argentina's debt crisis. Money, can I know the exact amount of this money?"

"Sorry, this is a company secret!"

"An expected answer!" After nodding, Rebecca Mark suddenly said, "It's an honor to chat with Mr. Guo. It's not early, so I'll leave first!"

Guo Shouyun frowned, the other party's sudden farewell was beyond his expectations. However, he did not want to be at a disadvantage in the negotiation and did not stop him.

After briefly shaking hands with the other party, he stared at the shrewd and capable woman in front of him, and said slowly: "The funds I have in hand are enough to reverse Enron's current predicament. Therefore, after Ms. Mark returns, she should seriously consider my proposal just now. For good!"

Rebecca Mark, whose face remained unchanged, nodded, obviously Guo Shouyun's last words had a lot of influence on her. However, she didn't ask any more questions. After saying "goodbye", she left the cafe with Guo Shouyun's escort.

"Boss, do you think she will agree to our request?" Will Harrington asked, looking at the distant car shadow.

"I don't know either. But this is a smart woman. I believe she will make the right choice!" After a pause, Guo Shouyun patted Will Harrington's arm, "Let's go, I invite you have lunch!"

“I know there is a good Chinese restaurant around here!”

"Then you drive!"

"OK!"

The two chatted and left immediately.

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