On the evening of February 20th, Wen Xiaodong wrote in a circle of friends, giving a concentrated response to the current situation of Taoyun Capital, the whole process of taking over from Jia Yueting, how to turn against Jia Yueting, the founder of LeTV Department, and why Jia Yueting was brought to court.
Regarding why it was easy to take over, Wen Xiaodong said, "In fact, the situation at that time could not be simpler. Letv owes us money and hopes that we will continue to lend a helping hand. So from June 2065438 to June 2007, according to Mr. Jia Yueting, it was his life and death to misappropriate the funds of listed companies and withdraw cash easily. If you can't solve it, you won't go on; On the contrary, it will be reborn. "
"So Taoyun Capital provided it with two loans, totaling about 800 million. According to the plan reached with Mr. Jia Yueting at that time, it will be easily transferred to us, and then the funds will be raised by selling the shares of LeTV. If the sale is successful, it will be easy to buy back. Unfortunately, on July 4, 2007, 2065438, the assets such as shares held by Mr. Jia Yueting were frozen and the sale was stillborn. "
Three months later, Wen Xiaodong and Jia Yueting turned against each other.
According to Wen Xiaodong, from 2065438 to September 2007, Jia Yueting's plan to sell shares for repayment failed, so they met in Hong Kong. "My intention is to communicate new sources of repayment. At that time, it claimed that it could repay the loan through easy sale, but it needed to sign a custody agreement with me. I am shocked by this. If it's easy to hold it for me, where is my money? Mr. Jia said at that time that I naturally recognized your debt. My judgment at that time was that if the signature meant that Mr. Jia could collect money outside, only God knows whether the money received was returned to me. So I haven't contacted Mr. Jia directly since then. "
Wen Xiaodong said that according to the acquisition agreement between Tao Yun and LeTV, it was agreed that the total debt of Easy Access should not exceed 2.3 billion. So the debt is 2.3 billion, the debt is 692 million, and 66.6% of the shares are transferred. The calculation is based on the acquisition cost of LeTV from Zhou Hang. However, after Tao Yun took over, he found that the easy debt multiple was very long, and LeTV turned a blind eye. "The only thing I can do that can be criticized by Mr. Jia is that after I slammed the door in September, LeTV no longer cooperated with us to handle any easy procedures (at that time, the change of overseas shares was completed and the domestic shares were still in the hands of its holders), which means that we did not actually gain control under the VIE framework. After many unsuccessful negotiations, LeTV offered conditions and then provided it with 400 million loans to cooperate with the changes. After many times of communication, we agreed to cooperate with the reform and lend 200 million yuan. Without going through the change procedures, the well-known 65.438+04 billion borrowers sought recourse from Tao Yun, and finally Tao Yun ate the 65.438+04 billion debt, so we did not provide LeTV with the loan promised at that time. "
Wen Xiaodong also explained why he applied to the court to freeze FF equity.
"I heard that Teacher Jia's FF has invested, and we are very happy about it. After all, if his FF can really be done, our debt will be settled. However, due to the breakdown of the relationship between Mr. Jia and Evergrande on 20 18, it is difficult for us to judge that they have new opportunities. If you go to court at this time, you may still be able to get some slag. If it is late, there will be nothing. " Wen Xiaodong said, "Therefore, we started the lawsuit against Mr. Jia Yueting and related debtors from 20 18 to 10. In June165438+1October, we obtained the temporary freezing orders from BVI and the United States. On 201965438+1October 17, the British Virgin Islands court converted the temporary freeze into an effective freeze. This conversion only means that the auction can be held at an appropriate time. "
At present, Taoyun Capital is also facing difficulties.
/kloc-On the evening of February, 2009, Taoyun Capital issued an internal notice, saying that it was difficult for the company to obtain financing to save itself because it spent a lot of money to save Easy, and it could not support the existing team to continue its operation. "From now on, the heads of all departments of the company will arrange employees to work at home, during which performance pay will be suspended and only basic living security will be provided. The time for returning to work will be announced separately. "
Not long ago, on June 65438+1October 2 1, Wen Xiaodong released a message in a circle of friends, saying that Taoyun Capital had solved the debt problem of nearly 6 billion yuan in less than two years after taking over, and it was difficult to continue investing. Now it is willing to sell Easy Shares at half price.
Taoyun Capital was once one of the financiers in Jia Yueting. Before the break of LeTV's capital chain, Taoyun Capital invested billions in LeTV.
Last June, LeTV's capital chain crisis broke out, and Hao Yun Capital took over LeTV's car platform by means of debt-to-equity swap and investment of more than one billion yuan.
20/kloc-in April, 2008, Wen Xiaodong, CEO of Taoyun Capital, and two major shareholders of China CITIC Bank came to the stage for the first time, easily completing the two key tasks of ownership structure and coaching selection, and realizing "letv".
Not long ago, on February 26th, 20 18, 18, Easy Car Owner App issued a notice to the driver, claiming that the debt with the original shareholder LeTV made it difficult for Easy Car Owner to withdraw cash in the near future, and Taoyun Capital had issued a temporary restraining order through the California court to freeze Jia Yueting's related assets in FF. It is expected that before the Spring Festival, the related debt disputes will be resolved, and the platform will be fully opened for online cash withdrawal on 2065438+0965438+1October 25th. During this period, the company will suspend offline cash withdrawal.