GOME robbed: Bain debts not Chen Savior?

15 September night, GOME Holdings Limited issued a public notice that has been removed from the investors (Beijing Bain Capital Co., Ltd.) receive the conversion notice is to convert shares per share (notes 1.108 Huang guangyu, Mrs., Ms., Mr., on behalf of entrepreneurial family rhododendron 24 August holdings of countries better bunker 10500 million shares, per-share price HK $ 2.409; August 30 countries better bunker holdings 3160 million shares, per-share price HK $ 2.209.

The conversion price) for the full amount will be convertible bonds into shares converted 1630702, 330. After the conversion, GOME (0493HK) of the issued share capital from 15055331, 848 unit increase to 16686034178 unit. Investors will be holding GOME existing issued share capital of about 11.06%, and the issue of conversion after the enlargement of the shares issued share capital of about 9.98%, becoming the second largest shareholder of the company. At the same time, to capture family of shareholdings have been diluted to 32.47%.

Apparently, Mr. Chen representing Beijing Bain Capital Co., Ltd. and other investment Consortium and then the next city to obtain the "stage" or even "decisive" victory.

However, in my opinion, Bain Capital limited role by creditors to "the second largest shareholder," role of conversion, precisely so that it lost a number of provisions of the "protective" special rights conferred. Although he was pioneering family shares its dilution, but the largest shareholder status has not been shaken, the interests of the shareholders ' meeting and the Board of Directors seat allocation of legal rights are not affected.

As the industry critics think, big mo, Morgan Stanley, fuping Fund and other investment bodies shareholders attitude is important.

Mr. Chen not only determines the personal success and failure, "or even" determines the future of the United States. In addition, it seems to me that maybe Bain Capital Co., Ltd. of debts into shares is perhaps Mr. Chen, in successive offering executives were licensing, investment consultant force quite, after making the last trump card, the more likely is that Mr Chen Xiao Huang battle arena of a masterpiece. Because it is not the 928 seats change in Board of Directors of the United States, however, it may become Mr. Chen as Chairman of the Board of Directors of the United States.

Of course, does not exclude Mr. Chen Chen Huang will be made in the dispute "final victory".

However, in the period after the 928 next round Chen Wong controversy, Bain Capital Co., Ltd. will not be out of debt to equity rescue of good brand, it plays the role of rescue also only this once. Or perhaps, Bain Capital Co., Ltd. of debts into shares of rescue, for Mr. Chen seize war, just long March 20% of the first step. However, when a Bain Capital Co., Ltd. with rescue role will not be able to play, then again, who is maybe this time you can take a clearance under a saviour Mr CHAN?