p> After many years, he is finally willing to take out real gold and silver to repay his debts. Jia Yueting regards “complete debt repayment, restore reputation, and make FF a dream” as the most important goal in the next stage of life. But in the eyes of most creditors, he is still the “old Lai” who has repeatedly lost faith and is “shy in his pockets.”
FF91 officially released Source: Jia Yueting Weibo
Even with frozen deposits, funds, bonds and stocks, Jia Yueting’s reported financial assets are only $ 6.6 million. Compared to the total debt of $ 3.2 billion he is currently facing, this figure is undoubtedly just a drop in the bucket. What’s more, for creditors who have waited for many years, it is the top priority to get cash in the bag.
With more monks and less porridge, in addition to the game with Jia Yueting, fierce “competition” has also begun among debtors in different camps. Behind different identities, there are completely different demands and positions.
Chris Cogburn, the US attorney for Shanghai Lazy Asset Management Co., Ltd. (hereinafter referred to as “Shanghai Lazy Asset”), did not receive the invitation, and he was “angered” by it.
Shanghai Lancai recently claimed that Jia Yueting had used shell companies and “some confusing audiovisual means” to hide assets before filing for bankruptcy. Cockburn also emphasized that Jia Yueting borrowed other people’s name to own a large amount of property, and “he controlled it through various channels.” In a bankruptcy application, Jia Yueting explained that his original Los Angeles luxury mansion, valued at $ 8.9 million, had already changed hands in 2017 and is currently only rented for $ 32,000 per month, but this has still become one of the evidence of hidden property in the eyes of some creditors.
In addition, Jia Yueting hopes that more creditors will be able to “see the future of FF91”, but Cockburn believes that from a business perspective, the personal bankruptcy and restructuring plan is to advance the interests that FF may bring to creditors in the next few years. FF cannot function normally or even fails, and creditors will have nothing.
In this regard, people close to FF told the Future Auto Daily (ID: auto-time) that companies that do not meet or even contradict the interests of most creditors are indeed not included in the invitation.
He stated that the reason why individual creditors obstructed the passage of the bankruptcy and reorganization plan was to “deprive Jia Yueting of the FF equity held by ultra-low prices and then control FF companies”. Shanghai Lancai has frozen a large amount of Jia Yueting’s equity in the United States. If it goes bankrupt and liquidates, “they will be the only beneficiaries, and other creditors will not be compensated.” But if the bankruptcy restructuring plan is obtainedThe court passed, the lazy money freeze application will lapse, and the equity and proceeds will be distributed to all creditors. “If lazy money succeeds, Lao Jia fails, other creditors will have nothing like Lao Jia.” The person familiar with the matter told the Future Auto Daily, “If Lao Jia’s bankruptcy and reorganization is successful, other creditors have a silver lining.”
Jia Yueting’s personal lawyer Zhang Miao also said in an interview with First Financial that if the current bankruptcy restructuring plan is rejected, malicious creditors can swallow this part of the assets. “Except for them, other creditors have not filed a lawsuit in the United States, and they are the first in the sale of assets.”
Documents submitted by Jia Yueting’s debt processing team show that the value of FF’s equity held by Jia Yueting is about 1.2 billion US dollars, and the number of creditors is 100 to 199.
“It may evolve into a game between debtors.” He Huan, an assistant professor at the School of Law of Shanghai University of Finance and Economics, said in an interview with First Financial, “Like a race, those who ran ahead to the United States to prosecute will object. Reorganization plan. Those with a guarantee are more inclined to liquidate, and those without a guarantee depend on who runs ahead in recovery. “
Let go
At this time, nearly four years have passed since Jia Yueting officially released FF91 and choked out the slogan “Allin.”
4 years ago, Jia Yueting proposed to create an unprecedented business miracle through cross-borders and “stretch the throat of fate” to start the road of car building. Some people ridiculed that he was either a lunatic or a liar.
From the “knight in white” to Sun Hongbin, the former richest man, Xu Jiayin, Jia Yueting’s dream of making cars has also attracted many big men to pay for it. But after each short “honeymoon period”, Jia Yueting broke up with the investor, and FF also reached the edge of the cliff with repeated hopes and disappointments, and fell into an insolvable financial dilemma.
A year ago, Xu Jiayin invested 800 million U.S. dollars to inject a strong shot into FF who was once again in the “money shortage” dilemma. This also made people think that FF91 was only one step away from mass production and listing. But soon, under the circumstances that the funds and time were very tight, the stormy FF broke with the investor Fangda and began a lawsuit tug-of-war. One of the main points of contention between the two parties is who controls the company.
Xu Jiayin visits FF headquarters Source: FF
In March of this year,.36krcdn.com / 20191126 / v2_1574767229138_img_000 “data-img-size-val =” 1080,586 “>
FF91 is officially released Source: FF
Since Bi Fukang replaced Jia Yueting as CEO, FF has become active again, and it proves that its car building story is far from over.
On November 14th, FF started a new round of executive changes, introduced new executive vice president of products and senior vice president of global supply chain organizations, and announced that the new CFO is “on the way”. Bi Fukang explained that the personnel change is mainly to strengthen management, accelerate product delivery plans, reduce research and development and operating costs, and the most important financing plan.
The latest news released by FF shows that FF91 will start delivery within 9 months after the successful completion of equity financing, and preparations for the core technology development of the next electric vehicle FF81 and future models will be completed as soon as possible. In addition, FF will have an initial public offering within 12 to 15 months after the end of equity financing.
The clever woman is hard to cook without rice, and financing is the key to Bi Fukang’s solution to the “difficult labor” problem. On November 20, Bi Fukang took the FF91 to the 2019 Los Angeles International Auto Show, and revealed the interior for the first time.
Bi Fukang attends the 2019 Los Angeles International Auto Show Source: Internet
But on November 26, Bi Fukang renamed FF and will not mass-produce it next year. The latest mass-production time will be in 2021, and it is still unknown which model will be mass-produced. Even if FF91, which is five years late, is mass-marketed, it is difficult to say how strong the market competitiveness is. He also said that FF does not rely on selling cars to make money, but as Jia Yueting planned for LeEco at that time, mainly based on the Internet ecology and making money by expanding services.
No one knows whether FF will follow LeTV’s old path.
Not long ago, Jia Yueting apologized to more than a hundred creditors in an open letter, clearly acknowledging that he is the first person responsible for LeTV ’s ecological failure, but also emphasized that it is still his responsibility to repay the debt, return to China and make FF dream. “Alive is a responsibility, there are millions of possibilities to live, and the story of your life is not over.”
“FF is my life. The success of debt restructuring determines the life and death of FF, and also determines your claims.