Recently, due to the expiration of the pledge of shares can not be repurchased, Western Securities, a paper will be Jiayue Ting, Jia Yuemin and others to the court, the amount of about 1 billion claims.In 2016, Western Securities one after another for the music network into a total of about 1 billion funds, And Jiayue Min and others failed to redeem the pledged shares on the agreed date.
Western Securities believes that appeals Jiayue Ting et al act of default will allow the company to make a profit of about 440 million yuan in 2017, more than 30% of the company's audited net profit attributable to owners of the parent company in the recent fiscal year. Canton, lawyers remind the western securities of the rights defenses are afraid of the impact of the new rules.
According to the announcement of Western Securities, in April 2016, Western Securities and Jia Yunting successively signed stock pledged repo transaction agreements and related supplemental agreements, and Jia Youting pledged 21.50 million shares of LeTV stock to Western Securities with a combined capital of 500 million yuan. Jia Yunting, who should have redeemed shares in June or July 2017, failed to meet his obligations.
Therefore, Western Securities filed a lawsuit in court demanding that Jia Yunting pays about 480 million yuan of principal, interest and liquidated damages.
In addition, due to the failure to fulfill the repurchase transaction, Western Securities also paid to Jialin Yue, the former music financial network manager Yang Lijie and Zhao Long couple, as well as music co-founder, chairman of the Cool Group Liu Hong and single left husband and wife seeking compensation for total personal name About 540 million.
Since the crisis as a result of music, music litigation litigation constantly, and Jiayue Ting pledge of shares closed the topic also allow a number of brokerage institutions 'to avoid.' There are a number of securities companies have released a statement, or no music network stake Pledged projects; or show that the previous equity pledge business has been completed, trying to clear and the relationship between the music network.It is reported that there are still 19 jiayuting pawns, including 10 brokers, a trust, two banks and an unknown Pledge of identity.
March 1, LeTV announcement that "all the shares of Jia Yunting pledge repo transactions have touched the agreement to open the line, and all the shares of Jiayue Pledged repo transactions have been breached. 'It is worth noting that this is For the first time, LeTV admitted that Jia Youting pledged shares to hit the liquidation line, in other words, its holdings of music pledges pledged stock.
In addition, the music network also said the company has not yet received Jiayue Ting LeTV shares held by any of its disposal plan or arrangement to inform, and Jiayue Ting holdings of the company's shares to a certain extent due to the progress of the stock pledge, the freezing effect.
In the case of Western Securities v. Watch, a core legal term emerged - priority of compensation.
Lawyer Liu Guohua of Guangdong BenBen Law Firm and Xu Feng, a senior partner of Shanghai ChuangYuan Law Firm, both represent that the pledgee has the priority to repay, and the priority claim refers to the repayment of the creditor's rights When the period expires without compensation, it is entitled to transfer the shares and shares it occupies, and shall be given priority in the payment of the price. *
Lawyer Liu Guohua believes that Western Securities sued Jiayue Ting and that the court may decide that Jia Youting should assume the responsibility of auctioning the shares pledged by Jia Youting and that Western Securities has the priority to be paid. However, he also reminded that 'many of them are restricted shares, Will be reduced by the new regulations, the western securities want to achieve debt is not so easy.
According to the information of the CSRC website, in May 2017, the CSRC issued "Certain Provisions on Holding Shares by Directors and Supervisors of Listed Companies" (that is, the "new rules on reduction of shares"). To (1) the reduction of major shareholders, that is, the controlling shareholder of a listed company, shareholders holding more than 5% (collectively referred to as the major shareholders) to reduce their holdings of shares, but the reduction of holdings of shares through the centralized auction transactions;
(2) The reduction of shares held by a specific shareholder, that is, shareholders other than the major shareholder holding the shares before the initial public offering of the company and the non-public offering of shares of the listed company (hereinafter collectively referred to as the specific shares) Shares
(III) Dong supervisors reduced their holdings of shares.
Due to judicial enforcement, the implementation of equity pledge agreement, gift, exchange debt swap, stock swap and other holdings of shares, the application of these rules.
The non-trading transfer of certain shares before the lifting of the restriction on sales, the transferee subsequent reduction of shares of the part, the application of these rules.
In other words, under this new regulation, it is difficult for Jiayue Ting to clear the position, but lawyer Liu Guohua also said that if the pledged stock auction in Western Securities is still not enough to repay Jia Youting's arrears, the western securities can still recover from Jiayue Ting Balance
* Pursuant to Article 63 of the Guarantee Law: The "pledge of movables" in this Law refers to the debtor or a third person transferring his movable property to the creditor for possession and using the movable property as the guarantee for the claim.When the debtor defaults, the creditor is entitled to This law stipulates that the price of the movable property shall be given priority in compensation at discount of the movable property or at auction.
The debtor or the third party as prescribed in the preceding paragraph shall be the pledgor and the creditor shall be the pledgee and the movable property transferred shall be the pledge.