Early June 2007.

The U.S. Department of Commerce issued an announcement, which showed that the number of new homes in the United States fell by 2.5% last month, the largest drop in the past two years.

Meanwhile, the National Federation of Real Estate Developers announced that the residential index fell to 32 points, falling to its lowest record in two years.

According to statistics, the contraction of the real estate market will lead to a 0.7% reduction in GDP in the second quarter of 2007 and a 1.2% reduction in GDP in the second half of the year. With the cold wave of the real estate market, real estate-related industries such as construction, cement, and steel have also begun to be impacted.

There are other reasons for the cooling of the economy, including the impact of the Federal Reserve raising the threshold for bank loans.

But no matter how many factors are caused, economic cooling itself is also a natural process of the economic cycle. Now it and the sudden decline in the share of the property market have formed a feedback loop that promotes each other.

Meanwhile, the U.S. unemployment rate rose from 4.5% in April to 4.8% in June, reaching its highest level in the previous six months.

In response, Edward Lazier, chairman of the White House Economic Advisory Committee, said that the reduction in economic growth expectations was mainly affected by the cooling of the US real estate market, and the cooling rate exceeded most people's expectations. However, he also emphasized that although the US economy has withstood the impact of the cooling of the housing market, it is still operating steadily.

In fact, he was too optimistic.

If the real estate bubble is just like that, the consequences are not that serious, after all, it is just a market problem. However, based on the real estate bubble, it would be more embarrassing to encounter the subprime mortgage bubble that has been caused by Wall Street's operations.

Unfortunately, the subprime mortgage bubble is now huge and is still flowing to the world through financial products.

In terms of the scale of subprime mortgages at this time, the US subprime mortgage stock was about 1.5 trillion US dollars, and this is still the total amount, not a direct loss. Even if 30% of them are rotten, it will only be more than 400 billion.

This amount is very small compared to the US GDP of 13 trillion and the US debt market of 25 trillion.

In the US federal deposit insurance system, the scale of this loss only accounts for only 3.6% of the total assets of financial institutions, accounting for quite limited proportion, which is completely within the scope of the US federal deposit insurance's ability to respond.

But as soon as the housing market was problematic, both bubbles began to surge under the chain reaction.

Because those who had previously invested in real estate speculation had no funds to repay the loan, this brought a lot of bad debts to many banks.

The crisis is still hidden.

It is in this case that Marvel will change hands.

After Cannes, Lehmann returned to Los Angeles.

After half a month of winning and differentiation, we can finally close the Internet.

The main reason is that Avi Arad and others have been forced to do nothing.

When banks collect debts, small and medium-sized shareholders only want to cash out, but the management and the controlling party cannot coordinate. They each have their own plans and are unwilling to take risks.

Under such pressure, what's the use of persistence?

Everyone is smart.

Soon, some major shareholders also began to turn around and negotiate with Brian Lord, and Marvel was completely in chaos.

......

June 6th, a very auspicious day.

Earlier, it was around 6 o'clock, Lehman got up and washed up, then met with Brian and rushed to Marvel.

In the conference room.

Avi Arad still didn't realize that Lehman was so determined that he didn't even give any say, and insisted on delisting and privatizing operations.

It's good to have money.

He knows the best Marvel assets. This time, Firefly doesn't have the possibility of buying it without taking out 1.45 billion in cash.

But if people really want to pay this money, they are optimistic about Marvel and think it is valuable, then both shareholders, banks, and even the employees at the bottom are very welcome.

How do you look at it? After the fireflies take over, their financial resources are still guaranteed. They don’t play with them every day to tear down the east wall and repair the west wall. If they really don’t work, they will sell their two sons out.

"They are already calculating assets."

Brian rarely smiled relaxedly, he was more happy than Lehman and very attentive.

Over the past few days, he has tried his best to win Marvel, just to achieve a "red envelope" of at least 40 million after the situation is achieved.

Lehman stood on one side, next to Joseph, Ryan and the company's legal staff.

Compared to the happiness of these two, Joseph was not very excited, only under great pressure.

Although Lehman had discussed with him and advised him, it would be a disaster to carry a "heavy" burden like Marvel.

You should know that Marvel has a lot more employees than Firefly, and its assets are unhealthy. Many businesses are barely operated by bank loans, and administrative and fiscal expenditures are very large. This is also the main reason why Marvel has no one to take over. Many employees have joined the union and rashly laid off employees. If there are too many, the union will let you know what the power of the working class is.

But this matter was completed.

This made Joseph a little uneasy. He looked back at the excited Lehman. Joseph still didn't understand what the boss's confidence was.

Time passes by minute by minute.

Even if Marvel's asset liquidation work was entrusted to the team sent by PwC, it took a lot of effort.

The employees, including the painters in the comics department, were a little nervous.

After all, there will definitely be some changes after the company changes hands.

Leman looked at the data and thought to himself: This is really a bit bad. I have been working for others and I have made too little profit.

He also knew that the "Spider-Man" series brought Sony at least more than 3 billion in profits, but Marvel only earned $560 million, while the "Blade Warrior" series was less than "Spider-Man", with more than 20 million.

After the matter here is handled.

Lehmann called a group of middle-level employees and other managers who were not from Arad's direct line.

"I know, you must have some questions in your mind. But it doesn't matter, I'll just say a few points.

First, after delisting, we will further improve the business structure of Marvel Entertainment and establish the Marvel Studios label, instead of being as empty as it is now and not having the ability to independently produce videos. This will be related to the overall development of Marvel, and you must also understand.

Second, debt and salary issues. I would like to give you a promise that as long as we are willing to do our best to do things seriously, we will never fire any employee at will, and even raise the salary appropriately by 5% to 10%. If the right positions and powers are floating, I will do my best to get Marvel out of the debt crisis that has lasted for more than ten years.

Third, there will be no major changes in management for the time being. I will only look at one thing, ability. Those with ability are the best.”

These words finally calmed down the nervous people a lot.

Of course, Marvel's veterans and managers don't want to be fired, just have this meaning.

Furthermore, these people actually have low salaries, at least much lower than the DC department that Lehman has worked with. If Marvel hadn’t really regarded as his own career, he wouldn’t have actively reduced his salary several times - especially a few years ago, in order to survive bankruptcy liquidation together, he actively reduced the company’s financial pressure and welcomed Arad to take over.

Of course, some of them also get dividends. The better the company, how are they?

Of course they are willing to ensure Marvel's financial health.

This is also Lehman's silver bullet offensive.

If you can use welfare to settle management and gain employees' favor, you will not be afraid of vacancies at the top and cause chaos.

Comics editor-in-chief Joe Quesadda couldn't help asking: "So, Mr. Rust, are you planning to shoot Marvel hero movies?" - In fact, the Marvel editor-in-chief Stan Lee, who everyone remembers, founded POW Entertainment Company in 2002, and rarely participated in Marvel Entertainment's affairs. However, the character image he created was part of him, so those Marvel movies had an old man appearing. Moreover, his age could not support trivial management work.

Lehman continued to throw out good news and answered with certainty: "Of course, why would I buy an entertainment company that mainly focuses on comics? I am a director and will definitely find a way to bring Marvel characters to the big screen, just like Spider-Man."

When it comes to "Spider-Man", everyone sighs.

If Marvel had the ability to intervene in this role, they would not have been able to get to this point and be troubled by the bank's debt collection.

But Lehman could say this, depicting a brighter prospect after the fireflies took over, which also made them very much agree with it.

These Marvel veterans and managers looked at each other for a few times and their attitudes were very popular.
Chapter completed!