Chapter 870 Sudden Change of Circumstances

George Berkeley's words did indeed attract the attention of Duke Carter Howard, who immediately mobilised all the power of the Howard family to investigate the matter.

The investigation easily led to Curtis Bard, senior manager of the metals trading department of the futures investment department of the Bahrain Bank, and George Monroe, manager of the risk assessment department.

After some deliberation, Carter Duke Howard focused on the instigator, Curtis Bard.

Time passed slowly.

While Carter Duke Howard was investigating, the liquidation of the American company Phillip Brothers made great progress.

Generally speaking, the liquidation process of a listed company is relatively cumbersome and time-consuming.

But there are exceptions to every rule.

Just like Phillip Brothers, which was now at the centre of public opinion.

And it happened to be the final stage of the election!

Jimmy Carter's administration was constantly criticised for its policies and the stability of the financial markets. Even though he later took strong measures to suppress gold futures and saved face for himself, he was still constantly under fire.

Faced with similar problems in the futures market, Jimmy Carter wanted to solve them as soon as possible and prove himself with practical actions, not being as decisive as the media claimed.

Therefore, under the pressure from all levels, the liquidation working group continued to increase its manpower, and the work progressed quite quickly.

Even the management of Phillip Brothers was very cooperative.

The reason for this is that the prices of copper and aluminium futures are still rising.

The Philip Brothers account has been frozen, and the longer they wait to deal with the situation, the greater the losses will be.

The board of directors has given up hope and is just waiting for the liquidation to be completed as soon as possible so that they can deal with the situation.

As the liquidation data is compiled, the mystery surrounding Philip Brothers is gradually being revealed.

When the initial liquidation results come out, Wall Street is shaken.

The Philipp Brothers company had a controlling capital of 6.72 billion US dollars, own assets of 975 million US dollars, a loss of 1.264 billion US dollars, and a negative net worth of 289 million US dollars!

The Philipp Brothers company had negative assets and was insolvent!

This result shattered the last shreds of hope for many investors, including Edward Jefferson of Thunder Inc.

After the results were announced, the liquidation team announced that it would conduct another review, and the results of the review would take some time.

But almost everyone knew that the result was real, and even a review would not change it much. After all, just look at the composition of the liquidation team, and you can tell that they would never make a low-level mistake, unless they were willing to ruin their own reputation.

...

'Mr. Philip, what are your thoughts?'

Toby Moulton asked with a smile, looking at the ever-changing expression on Caster Philip's face.

After the liquidator had published the figures, the Philipp Brothers company had taken another heavy blow. If its shares had not been suspended, the price would have plummeted.

But it didn't matter if they weren't listed, everyone had a good idea of the value. Although there was a difference, it was still more or less the same.

That was why Toby Moulton had approached Kester Philipp for the second time.

The last time they didn't agree on the price, but this time, Toby Moulton believed that Kester Philip would give up.

He was confident that a preliminary agreement would be reached today.

Sure enough, Kester Philip came back to his senses, looked at Toby Moulton, took a deep breath, nodded slowly, and said, 'Mr. Moulton, before reaching a cooperation, can I ask you two questions?'

Toby Moulton raised an eyebrow and nodded, saying, 'As long as I know, and as long as it doesn't involve any confidential information, I can answer you.'

Kester Philip looked at Toby Moulton with burning eyes and asked, 'What is the actual relationship between Galaxy Fund and Jiuding Securities? What are you going to do after you acquire our company?'

Toby Moulton pondered for a moment and said solemnly, 'First, regarding the first question, it is true that Galaxy Fund and Jiuding Securities have some connections and are partners with some relationship, but I want to say that you don't need to be hostile to us, because from the beginning, it was Philip Brothers that deliberately targeted Galaxy Fund. You started the fight, but you lost in the fight. If you want to blame someone, you should blame the initiator and executor of this fight.'

'The second question is that our company is, after all, a Wall Street newcomer and has developed relatively slowly, so we plan to take a gamble to see if we can save Philip Brothers. After all, it is the leader in the futures market, so it would be a pity for it to just disappear into history.

'I don't think Mr. Philip would want to see it just disappear.'

'Are these two answers satisfactory to Mr. Philip?'

Custer Philip sighed and said with a pleading tone, 'I only hope that after you take over, you can preserve the name of Philip Brothers as much as possible.'

Toby Moulton immediately nodded and said, 'Of course, this is a signboard with great fame. It not only represents the honor of the Philip family, but also the rise of the futures market. I like the name from the bottom of my heart.'

It was already at this stage, so there was no harm in paying a little lip service. As for what happened afterwards, Kester Philip could not control at all, so Toby Moulton of course went along with his wishes.

Kester Philip's face relaxed, and he stood up, extending his hand to Toby Moulton.

Toby Moulton immediately got up, extended his hand and shook hands with him, smiling and saying, 'Thank you, Mr. Philip, for your generosity!'

Although a preliminary agreement had been reached, in order to be legally binding, a third party must be invited to act as an impartial witness.

After all, the assets of Philip Brothers had been frozen, and the Philip Family Fund was the largest shareholder, so the transfer of shares was a very sensitive matter.

The following day, representatives of the New York Stock Exchange arrived and, before the agreement was signed, affirmed the position of the New York Stock Exchange and stated the responsibilities and obligations that Jiuding Securities would need to bear.

Toby Moulton, of course, had no objections and agreed to everything.

Kester Philip had no problem with it at all.

Under the spotlight, the three parties signed the tripartite agreement, under which Jiuding Securities would invest 27.8 million US dollars to buy the 41.7 million shares of Philip Brothers originally held by the Philip Family Fund, and assume the corresponding legal responsibilities.

That evening, Wall Street and many evening newspapers in New York used the picture of Kester Philip and Toby Moulton shaking hands as the cover story, highlighting the event, and major TV stations also reported the news.

Jiuding Securities had become famous overnight!

Institutions and investors who had previously ignored Jiuding Securities were now taking a keen interest in it, and the major media outlets naturally didn't want to miss the chance to use their respective strengths to uncover all the news about Jiuding Securities.

Xia Yu's New York Daily News took the lead, devoting a large section to Jiuding Securities, writing about its glorious rise from the past to the present, with the entire article full of positive reports and even giving it a blockbuster title: 'Creator of Miracles'.

After learning about this, many investors are considering whether to entrust their funds to Jiuding Securities.

These changes have made Toby Moulton extremely happy, and he is tempted to immediately set up a private equity fund.

Fortunately, he knows what is more important and suppresses his inner turmoil, ready to seize the opportunity to take advantage of the situation and take down the other shareholders of the Philip Brothers company.

Just as Toby Moulton was in high spirits after convincing Edward Jefferson of Thunder Inc., the news from one of the company's acquisition teams sent his good mood plummeting.

Then news came back from the other acquisition teams that they were running into problems, and he realised that something big was wrong!