第92章 历史的车轮（十三）
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因此，亚洲发展银行针对西德电信的投资。无论从原则还是学术上完全可以划分到高风险投资中去，那么为了保证债权人和企业的双重利益，在未来企业经营遇到困难难以按期支付债务本息时，为缓解企业的经营压力把债务转化成股份，从而为困境中的企业节约流动资金也是国际惯例的一种。
一般来说，债转股的条件一旦启动。虽然意味着企业经营陷入困难期，难以支付应该支付的债务本息使企业估值处于低谷。但距离梁远所谋划的按企业净资产入资还有着相当远的距离。
远嘉和联邦德国心照不宣所玩弄的花样就在这份保障债权人利益的，极不起眼的债转股补充协议里。
在补充协议上百条权利与义务的种种约定中。有一条很普通的约定：
考虑到投资的高风险性，投资双方都有权在适当的时候提出将债务转化成企业股份，当债转股的条件启动后，债权人将按剩余债务的多少参考企业当时的资产情况将债务转换为企业股份。
远嘉和西德政府双方联手搞出来的致命漏洞，就在这条看起来很普通、很正常的简单约定之中。
如果此时的西德电信是一家正在营运中的企业，那么这条约定所产生的漏洞也是不存在的，问题在于此时的西德电信正在重组，重组中的企业连员工都无法确定下来，对企业估值影响甚大的市场份额、营运利润什么的在财务报表上压根就不存在的。
此时只有净资产才会在西德电信的财务报表显示出来，只要梁远按双方签署的合约把启动债转股的“适当”时刻，定义为在西德电信正式营运之前，那么按净资产曲线注资西德电信的目的就算彻底达成。
梁远废了好大的劲从一大堆文件中翻出那条毫不起眼的漏洞条款，指着条款把事情的来龙去脉细细的和唐婉说了一遍，然后笑着说道：“绕了一个大圈子，总算把联邦德国媒体和公众给应付过去了。”
唐婉拿着那份漏洞文件看了又看，有些难以置信的说道：“几个字的含糊不清就导致了数十亿美元的资产转移真是不可思议。”
“不过小远，事情真就这么结束了？债转股之后媒体知道真实情况后会怎么办？”唐婉有些忐忑的问道。
“我们已经完成了联邦德国政府关于国有企业大规模流动资金必须向公众公告传达的义务要求，剩下的在适当的时间内启动债转股方案完全是企业的营运机密，没有向任何人通知的义务，联邦德国的私人企业保护法也支持我们这种行为，宁姨完全不用担心后续的事情。”
严格地说，重组中的西德电信还不算是一个彻底的私人企业，企业内部关于股份额度的变更联邦德国政府必定是知情的，不过眼下的联邦德国政府已经成了内鬼所谓的监督自然是烟消云散，只要远嘉搞定几个处于关键位置的人选，完全可以做到神不知鬼不觉。
特别是日后德国电信正式上市在股市上转一圈之后，所有的痕迹更会在大量的股份换手交易中湮灭至无痕。
听着梁远把事情详细的和唐婉解释清楚，祁连山才感慨的说道：“大少买卖东西的本事我真是彻底服气了。”
“前些时大少把丰远物贸卖了六亿美元变现已经很让人震惊了，15%的德国电信股份在德国电信成功上市后至少能有八、九十亿美元的估值更是足够吓人，不过这些和大少……资本运作的本事比起来可真是算不得什么……。”祁连山提及资本运作时略有些磕绊。
“老祁不用客气什么资本运作，你就直接说我空手套白狼的本事不赖好了。”梁远哈哈一笑，十分直白的揭了自己的老底。
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