Huayu: From charlatan to great entertainer

Chapter 345 I Come to Your Board of Directors

Previously, the big short seller Paulson had already split the buy orders through the Instinet dark pool system, and had accumulated about 5 million shares of Netflix, with each order not exceeding 1.5 shares and price fluctuations controlled at ±312%.

To avoid triggering the SEC's red line for shareholding disclosure, he used 12 shell companies registered in the Cayman Islands to hold shares in separate warehouses and covered his tracks through delayed transaction reports (T+2 rules).

At this time, Netflix's average daily trading volume was only 85 shares, and Hastings' team did not notice any abnormalities.

In other words, even if Hastings noticed something unusual, since he had seen through Boss Lu's evil ambitions, he naturally would not resort to the empty city strategy.

Therefore, the key to success in this battle still lies with Blockbuster.

Due to the information asymmetry between the two parties, the young director's only chance of winning in someone else's home turf is to completely tie down Hastings at Blockbuster.

And make him believe that the world has no money.

This will help us open his city gate and engage in the final street fighting.

At the beginning of the market, Blockbuster's stock, which had been sluggish for nearly half a year, rose sharply.

Everything indicates that the unusual movements on Friday afternoon and the verbal battle between the owner and Hastings on weekend road were not in vain.

The excitement in the market can be seen from the huge amount of overbought and large orders.

Paulson was directing the action from his trading room near Wall Street.

The layout of the trading room is very modern. The walls are covered with huge electronic screens that scroll real-time dynamic data from major global financial markets, with stock indices, foreign exchange rates, commodity prices and other information flashing continuously.

In the center of the room stands a huge conference table, surrounded by rows of comfortable office chairs. Each chair is equipped with state-of-the-art computer equipment and multiple monitors, allowing traders to monitor multiple markets simultaneously.

The big short shouted, "Short orders! Short orders! Guys!"

The so-called fragmented orders are when investors split a larger transaction order into many smaller orders.

The purpose is to minimize the impact of large transactions on market prices, reduce transaction costs, and conceal transaction intentions.

For example, traders now always place orders at a price 0.02 USD lower than the first selling level, which creates the illusion of "natural buying".

At the same time, Paulson arranged another group of traders to place buy orders at the first price (priority execution) with a size of 2 shares per order, which was a clear bait for Hastings' stock team.

In other words, your own accumulation of funds must be consistent with the enemy's perception of the scale of your own capital, and you should make it as similar as possible.

Throughout the day on Monday, Blockbuster experienced a rapid rise before becoming lukewarm.

Both sides are testing each other in a foresighted manner. If you don't take action, I won't be in a hurry.

At 3:50 p.m., just before the closing auction, Paulson suddenly issued an order!

"Place a buy order for 200 million shares at the market price! Now! Quick!"

The traders were startled. 200 million shares was almost 300% of the total market volume. This was a fishing expedition.

Anyone who has traded stocks knows that the call auction phase at the opening and closing of each day can be a barometer or a trap for the next day.

Paulson's big move regardless of cost instantly attracted the quantitative algorithms of institutions such as Goldman Sachs and JPMorgan Chase, who thought it was a signal of a large-scale stock rush, and instantly pushed the stock price up from US$3.55 to US$4!

At the same time, Hastings' team, which had just reacted, could only place a huge order to follow the trend and bought 3.88 million shares at an average price of US$120 in the closing auction.

All in all, the funds consumed on the first day reached nearly 6000 million US dollars.

“Bullshit!”

"Matthew, what's going on!" Hastings asked with a dark face.

Matthew, the trading director who had just cursed, turned around and said, "The opponent is very difficult to deal with."

He helplessly explained: "The market language throughout the day couldn't capture their movements and capital traces, and they kept using pulse-like defense to wear down our patience."

What Matthew calls pulse protection is the "three-layer defense network" designed by Paulson.

每当股价回落至3.70美元，即通过瑞信、美林、花旗账户同步挂出3.71/3.72/3.73美元三档买单（每档50万股，合计150万股）。

This move forced Hastings to take up all three orders at once if he wanted to suppress the stock price.

Including the sneak attack at the end of the trading day, Hastings spent nearly $6000 million on the first day.

"What about Netflix's quotation? Is there any unusual movement?" Hastings did not comment. This consumption was still within his expectations.

Matthew frowned. "I can't tell. At least there's no large-scale buying activity. Even the split orders are very few. We'll have to wait and see if there's any information disclosed in the next two trading days."

Hastings nodded and gave some further instructions before leaving.

It seems that this is a long and arduous battle.

At the same time, Boss Lu, who received Paulson's call, was beaming with joy.

"Perfect material, Paulson."

"What? Road?"

Boss Lu joked: "Remember what I said before? Maybe there will be a movie called "The Big Short" in the future. These are all materials!"

"Haha! I'm looking forward to it."

Paulson and his artist employer echoed each other: "Excluding the market holiday, we still have nearly 20 trading days in May. It would be better if you could return to Beijing later. I'm worried that I won't be able to contact you in time."

The young director mused, "I can't decide on the timing. I hope I can attend Netflix's board meeting before I leave."

"You know what I mean, man."

After hanging up the phone, Lu Kuan returned to the set.

Early June was the date for returning to Beijing to make the highest-level Olympic plan report.

Before this, Xiao Liu's scenes in North America were about to be completed, with only the scenes before and after the final debate with the Japanese ambassador to the United States on PBS TV remaining.

These twenty days have felt like years.

Dealing with the occasional harassment and public opinion wars from Japanese right-wing elements, and Hastings' war of words in the media.

The bloody battle of real money between the New York Stock Exchange and the Nasdaq market, and the painstaking efforts of the crew of "The Sky of History" in the last two months.

Even though Lu Kuan had been reborn nearly six years earlier, he couldn't help but feel exhausted at this moment.

It can be called the darkness before dawn.

The first week of trading passed relatively uneventfully, with neither side suffering heavy losses. However, Hastings' dissatisfaction with the progress of capital consumption continued to intensify.

According to Paulson's report, the strategy for the KKR transaction team hired by Hastings this time is mainly divided into three parts.

The first week is called hidden accumulation and false liquidity trap.

That is, as in the above process, the effect of tiring the enemy is achieved by utilizing a dispersed account layout and triggering the follow-up trading of the quantitative algorithm.

Next comes the squeeze of tiered orders and the premium trap of bulk transactions.

Throughout this process, Hastings' deal team has been passive.

Because not only do they have to attack Blockbuster, they also have to be wary of a fire in Netflix's backyard.

But Boss Lu's strategy for Paulson was very direct:

Even though Hastings had anticipated that the enemy's manpower would be tied up in Blockbuster while Netflix would be attacked secretly, he had misjudged the scale of his own funds.

Matthew's KKR team is also a well-known trading institution on Wall Street. Before 2007, it had completed many famous acquisitions, such as the acquisition of RJR Nabisco and the acquisition of Rimula Battery.

But in this confrontation, Paulson fully implemented the old man's guerrilla tactics.

Moreover, they are fighting guerrilla warfare with the huge advantage of 1 billion cash, and they can launch bazookas at people's faces at any time. This is a bit bullying.

The trial began on Friday, May 5th.

On May 5, the first week of guerrilla warfare ended.

Finally, on May 5, Hastings became angry after watching Blockbuster's stock price, which was originally around $21, go up and down several times but found itself still in the mud.

"Matthew, I really don't want to question your professional ability."

"But you need to explain to me why Pepsi can't reach 8 million. Why did we spend nearly a third of our cash and still not get more than 40% of the chips?"

Matthew argued, "Sir, I'm tied up and can only follow suit and absorb the shares. This is the safest way."

"If you had told me to take Blockbuster at all costs, I think the war would have ended long ago!"

He won't take the blame for this.

In short, his mission is to take over Blockbuster and keep Netflix safe.

Although the current progress is slow, it is steady and there will be no major problems.

Hastings' face was as gloomy as water, and he was in a dilemma.

No matter what signs we can see, the other party's reaction is to defend the market tightly, and they have been fighting for chips.

If the 400 million online users after Blockbuster's merger with Netflix can be combined, he will have more capital and reasons to convince the board of directors to fully develop the streaming business.

The sooner the better, because these large amounts of funds pledged and borrowed also have costs!
If the final victory is a pyrrhic victory and the manpower is exhausted, then Hastings will no longer be a clever housewife. Without funds, how can he promote the streaming transformation?
How to cook without rice?
This kind of tragic victory is even more regrettable than a tragic defeat.

But if he really ordered Matthew to go all out to take over Blockbuster, he would be afraid of a fire in his backyard.

I have already guessed that the other party is going to raid Netflix. If they succeed in the end, I will have lived in vain for the past fifty years.

At this moment, Hastings, like countless enemies of Boss Lu before, was really about to bite his back teeth off!

It felt like countless ants were crawling in his heart, gnawing at his nerves. He wished he could humanely destroy this difficult Oriental director!

He slammed the table angrily, "Bang!", and the trembling coffee cup spilled a little, staining the clean table.

Matthew looked at Hastings in front of him with some horror. What was wrong with him?

It was the first time he had seen the dictator lose his composure like this.

"Wait for my news. I will tell you the final plan by Sunday night at the latest."

Hastings slammed the door, took out his phone and contacted a card he had never played.

George Mitchell.

This gentleman was born in Maine, USA in 1933. After working in the U.S. Department of Justice for three years, he became a district court judge in Maine in 3.

In 1980, Mitchell was appointed to the United States Senate to succeed Edmund Muskie, who resigned to become Secretary of State, and served as Senate Majority Leader from 1989 to 1995.

In addition, he is a close confidant of President Trump and served as the US Special Envoy to Northern Ireland from 1995 to 2001.

It is worth mentioning that in 2009, Guanhai also appointed him as the US Special Envoy for Middle East Peace.

Mitchell is now unemployed and works for Hand Lobbying Firm as a "re-employed person" on K Street.

At 5 p.m., Hastings appeared on K Street.

The so-called K Street is a lobbying street in the United States. The American political system has given rise to the existence of such a street.

Wall Street is the financial center, and K Street is the political center.

Larry King, who once interviewed Lu Kuan on the spot, once said:

If you don’t understand Hollywood, you don’t understand American culture;
If you don’t understand Wall Street, you don’t understand American finance;

If you haven't been to K Street, you don't understand American politics.

Hastings came just to give himself a final insurance.

He asked himself that he could not think of any way that the Eastern director could launch a surprise attack on Netflix and succeed while the latter was off guard.

But it is better to be safe than sorry, so this business leader still has to make preparations for both scenarios.

How to do it?
Through Mitchell, lobby members of Congress, the Department of Justice, and foreign committees to use administrative means to cut off Lu Kuan's possibility of acquiring Blockbuster and Netflix!
This is understandable, just like last year when Boss Lu filed a complaint with Leader Liu, giving News Corporation a hard time and almost forcing it to withdraw from the Chinese market.

This is a common practice in business competition.

But the cost of such lobbying services is huge, not just money.

Hastings, who was sitting in Mitchell's office at the moment, felt this very intuitively.

"Reid, I need your promise before I can make you a promise."

Hastings' face was gloomy. "Congressman, can you ensure that the Chinese can't get Netflix and Blockbuster?"

"Of course not!" Mitchell smiled: "But if you want to stop him this way, I am your best choice."

"but..."

Mitchell changed the subject: "It's the same request again. If you succeed, I ask you to support my candidate in the field of DVD rentals and so-called online streaming."

"Who?"

Mitchell shook his head slowly, without any of the dejection of an old man in his seventies: "No need to ask now, you just need to promise me."

Unfortunately, Hastings is not a time traveler.

If he knew like Lu Kuan that this person would be sent to the Middle East by Guanhai in two years, he should be able to guess who this so-called candidate was.

The dictatorial entrepreneur couldn't even drink a sip of coffee and was once again caught in a dilemma.

Why say goodbye?

He himself didn't know it, it seemed that in this battle without gunpowder, he had always been the one running around.

Don't make decisions all the time that affect your personal and business destiny.

It’s okay to find out that you’ve almost been deceived;

It would be fine to seek financing from Microsoft's Ballmer, who would "lose everything";

There was also a struggle between his conscience and his desire to decide whether to attack Blockbuster with all his strength and end the battle quickly.

Including this time, decide whether to break your usual rules and step into the mud of politics.

Oh, if only I were a prophet.

This is what Hastings thought at this moment.

"Okay! But I also have a request!"

Hastings said in a deep voice: "If you can't do it in the end, I won't fulfill my promise." "Okay."

Mitchell nodded in agreement. After all, he had already pocketed the huge amount of public relations fees.

As for this "small request", it is just an extra scoop for the old politicians.

Over the weekend, the two sides continued to engage in a war of words.

But what is different from the previous two weeks is that many American political newspapers and retired senators have joined the discussion.

For example, the Associated Press directly quoted an editorial by Texas Democratic Congressman Ricardo:

It is recommended that the authorities identify the sources of funds that have recently caused turmoil in the stocks of Blockbuster and Netflix, and be wary of foreign capital supported by a certain major Japanese government running rampant and undermining the health of the country's core industries and information security.

Congresswoman Melinda published her original call to the Department of Justice in The Washington Post:
Wenjie, an American company dominated by Chinese capital, has already filed for review of Marvel's acquisition by the Ministry of Justice and foreign committees.

Now they intend to take control of Blockbuster and even want to continue to swallow up Netflix. We should pay attention to this. It seems to be a war in the cultural field!

Under the deliberate guidance of public opinion, the so-called "red alert" in the American public opinion circle gradually became popular.

On the afternoon of May 5, Boss Lu suddenly received a call from an unfamiliar number.

"Hey?"

The voice on the other end of the line was from Guizhou, mainland China: "Is this... Mr. Lu?"

"Hello, may I ask..."

"I'm Ren Zhengfei, do you still remember me, Mr. Lu?"

Boss Lu naturally knew, and knew a lot.

However, he didn't understand the purpose of this sudden call: "Mr. Ren, it's nice to meet you. I've admired you for a long time!"

“Ah, you young entrepreneurs are just so humble, haha.”

"I don't mean anything special. I just saw the 'Red Alert' in the American newspapers and on the internet. Are you in trouble over there?"

Lu Kuan asked in confusion, "Is President Ren in the US? How did he become aware of the information from the Questioning World?"

Ren Zhengfei smiled bitterly, "We're in the same boat, Mr. Lu. That's why I called you to tell you to get to work as soon as possible."

"Don't wait for this trend to take hold, or you'll have endless troubles!"

The young director was stunned for two seconds before he remembered something: "Mr. Ren, is it 3com?"

"Yes!"

He spoke unstandard Mandarin, but was still quite enthusiastic: "Mr. Lu, I'll tell you later, you should receive the client first and get ready. It's not easy for Chinese people to do things abroad."

"Okay, okay." Boss Lu hung up the phone with a smile.

He clicked the mouse and searched for some news, only then did he confirm his guess.

Those familiar with the field of enterprise communications should be familiar with the term "H2003C", which is the joint venture established by Huawei and 3Com in .

3Com was once glorious and was considered Cisco's first-generation competitor, while Warwick is the fourth generation.

On this day in 2007, Nintendo was not satisfied with the cooperative relationship and teamed up with Bain Capital to announce a $22 billion bid for 3com.

But unlike the small DVD rental industry, 3com once provided equipment for core departments and was quite sensitive.

In September of the following year, this acquisition request will be rejected by the Ministry of Justice and the Foreign Affairs Committee, and now Steve Jobs is obviously running around.

It is kind of you to remember to remind your fellow countrymen and younger generations and do public relations in advance.

However, the younger generation in his eyes seemed to be much more cunning than he had imagined, and had already made preparations in advance.

On May 2007, 5, American stock investors opened their sleepy eyes and prepared to continue paying attention to Blockbuster's developments.

Blockbuster's stock price doubled, and many people have already made a lot of money in the past two weeks.

From this perspective, they don't care what the crappy newspapers and political commentators say about the Chinese director and his company.

What Red Alert?
As long as you can make us money, it doesn’t matter if you are Yuri!

At 9:20 in the morning, Paulson walked into the Big Short's trading room leisurely, holding a DV.

"Boss, what's the point of this thing? You don't even allow us to use our phones."

Paulson waved his hand mysteriously, found a tripod and set it up. After adjusting it, he stood in front of the traders and clapped his hands.

"We've done so well in the first two weeks that our employer has decided to give everyone an extra 5% bonus!"

"Wow!"

"awesome!"

Paulson laughed and said, "See the camera behind me? From now on I'm going to collect materials. This will be my first screen work based on myself!"

Rooney, the trader who had just asked the question, continued to flatter him: "Boss, everyone else's autobiography is autobiographical, but you're going straight to the movie?"

"Of course, a world-class director will plan all this for me, even if he won't be shooting it."

"Haha! Get ready for the deal!"

"Yes!"

Traders and stock investors on Monday were as shocked by the opening of the market as if they had not yet recovered from their indulgent weekend!
"Boss! Come here quickly!"

"Ok?"

Paulson, who was still fiddling with his hair in front of the mirror, was startled by what he heard and hurriedly approached the monitoring host.

"The defensive buy order of 13.3 million shares of Netflix at $200 is fading!"

"Blockbuster is also seeing unusual activity, with a continuous market buy order for 5 shares, at a price of... $7.5!"

Paulson, a man of immense experience, stared intently at the pending orders on the screen. Suddenly, he slammed the table and said, "Bullshit! Each order is 11 seconds apart. It could be algorithmic trading. The other side is getting tricked. Pay more attention!"

He hurriedly took out his cell phone and dialed.

"Ok?"

"They've taken the bait, they've taken the bait! They can't help themselves! I'm checking!"

Boss Lu stood up in shock on the set, scaring the American assistant director next to him!

“Execute the plan.”

"Okay!" Paulson received the highest instructions from his employer and immediately launched a series of professional instructions.

"Notify Knight Capital's market maker channel to place 7.55 buy orders for me in the $7.70-50 range, 2 shares each, with a spread of $0.01."

Rooney's acne was jumping with excitement. "Boss, can we put another hidden sell order of 500-800 million in the dark pool?"

"You can't let them eat their fill in one sitting, can you?"

Paulson patted him on the shoulder and said, "Good boy! Just do it! You can play a supporting role in my biopic later!"

Dark Pool is a trading venue or platform in the U.S. stock market that does not publicly display buy and sell order information.

In dark pool trading, order matching is usually based on certain algorithms and rules, and trading information is usually not disclosed immediately to the public, which is very suitable for Wall Street conspirators like Paulson to operate.

Paulson's words caused laughter in the audience. The traders kept typing on their keyboards, and the crackling sound filled the trading room.

From time to time, the phone rings, contacting over-the-counter institutions for cross-trading and bulk transactions. It is really lively!

Now that the snake has come out of the hole, the guerrilla fighter Paulson, who had a plan but no intention, turned into a human cannon and began to walk out of the dark forest!
5月22号，保尔森团队通过德意志银行外汇柜台，在14:17分买入5000万美元隔夜回购协议。

This move is intended to trigger a reassessment of Hastings' credit line, reducing available margin by $1.2 million. Of course, this is a hook laid in advance.

Here is a brief explanation of the principle:

Hastings used Netflix's collateral financing at Goldman Sachs. According to US securities regulations, such credit agreements generally contain interest rate-sensitive clauses.

Paulson's move would directly push up the overnight repo rate, causing Hastings' collateral - Netflix's assets to shrink.

Goldman Sachs' financing for Netflix comes with a basic margin, which is for its own safety.

If Netflix continues to squander money and fight at all costs, it will trigger this minimum guarantee clause, directly reducing its ammunition by $1.2 million.

Friends who have traded stocks can simply understand it as a circuit breaker mechanism.

On May 5, Paulson's team continued its attack.

While buying a large amount of Netflix shares, he sold Blockbuster's $7 put options on the Chicago Board Options Exchange.

The transaction details include 50000 contracts, premium income of US$2700 million, and the purchase of Netflix's US$15 call options.

This is preparing to dump the goods! Gather all your forces to attack Netflix with all your strength!
On May 5, Paulson's team used the CrossFinder system to match 24 million shares of Netflix held by a US pension fund and acquired them at a premium.

May 5th...

May 5th...

Time passed day by day, and Boss Lu still sat on the Diaoyutai, filming the last few scenes before Xiao Liu's PBS speech.

And Matthew in the VIP trading room became more frightened every day when facing the sour faces of old customers.

On Sunday, May 5, Hastings, who seemed to have aged ten years in a week, seemed tired of roaring. He sat silently in the office for a long time and asked Matthew one last question.

"Is it too late to sell Blockbuster stock now and go all out to defend it?"

Matthew spoke frankly, "Judging from Barclays' block trading desk, Instinet's dark pool data, various banks' foreign exchange desks, and the market quotes, the other party's capital scale is definitely more than 20 billion, perhaps even..."

The senior KKR transaction director reported a shocking figure: "I guess it may be more than 30 billion!"

"From the perspective of the market, the other party seems to be trying to continue to fight with our funds, completely withdraw from Blockbuster, and reap a wave of floating profits."

There was deathly silence in the office.

Matthew's meaning is very clear. Not to mention now, even when he had 25 billion US dollars, there was still a gap in strength.

Hastings then realized that the other party's initial caution was not a full-scale grab of shares and waiting for an opportunity to counterattack.

This oriental director is addicted to taking advantage of small profits!
I have to make another fortune before exiting Blockbuster!
It seemed that he had made the same mistake again, becoming the loser background figure of his two ins and outs of Blockbuster.

In the first entry and exit, Netflix defeated Blockbuster's DVD rental business, allowing LuKuan to make large-scale acquisitions and float shares in the secondary market at low prices.

The second time he entered and exited, the young director angrily cut a handful of leeks, leaving American shareholders standing guard on the mountain of Blockbuster's price of more than $9, and then he walked away in anger.

The fine sunlight outside the blinds hit his face and then jumped onto the poster of "The Godfather".

In Matthew's eyes, Hastings at this moment was full of the tragic heroism of a man at the end of his life.

But he was obviously not willing to give up just like that.

"Matthew, minimize the losses, and then..."

Hastings waved his hand somewhat helplessly: "Forget it, thank you for your hard work. We'll work together again if there's a chance."

He knew in his heart that Matthew's ability was weaker than the other team's, but it was not fatal.

It was his own strategic misjudgment of the enemy's capital market and his crazy and desperate gamble that led to today's result.

But the dictator knows in his heart that it is far from time to give up!
Tomorrow, Monday, Wenjie should issue an announcement and report the persons acting in concert to the stock exchange.

Although he still doesn't know how much Netflix shares the other party has held through the battle in the secondary market.

But if we include the 14% of the Chinese actress who was "beautiful but evil-minded" last time, 35% is a sure thing.

Moreover, Hastings knew that the other party was so unscrupulous because they took advantage of the stock swap agreement mentioned by Ballmer to bypass the shackles of concerted action.

The next step is to make a takeover offer for Netflix and apply to convene an interim board meeting using the equity in hand.

Time is running out for Hastings.

If he consulted the company's legal department now, all he could do was come up with some poison pill and shark repellent strategies.

But will the board still support him now?

It is true that he has huge voting rights, but he cannot resist the shareholders who have more than 75% of the voting rights and agree to dissolve the board of directors and hold new elections!

This is a provision of the law used to protect the interests of shareholders.

One is a dictator who gambled everything on Netflix's fate;
One is a barbarian who comes with a huge sum of money to "save" the company's stock price.

For institutional shareholders behind Netflix, such as Vanguard and Capital Group, they may not necessarily understand streaming media.

But Boss Lu used the big stick of money to save the stock prices in their hands from the post-war downturn, and shrewd capital can still calculate this account clearly.

On the morning of May 5, both the North American Question World official website and the Nasdaq official website issued announcements:

As of the close of May 5, the North American trading community had purchased 29% of Netflix's shares through major trading markets.

Pursuant to Section 36, paragraph of the U.S. Securities Exchange Act, we hereby declare that multiple offshore accounts, acting in concert, collectively hold a % stake in Netflix.

In addition, for special cases where it is impossible to publicly disclose the parties acting in concert, an application for exemption from the stock swap agreement is made.

At the same time, Wenjie filed a 13D document with the Securities and Exchange Commission regarding its earnings statement.

The document states:
The purpose of Wenjie's purchase of Netflix shares is to make a strategic acquisition. It will further increase its holdings through further compliant and legal transactions in the public market and block transactions with Netflix shareholders, and seek control of Netflix.

Including but not limited to re-electing the chairman, adding directors and independent directors, and dispatching representatives of institutions, etc.

Above, SAB.Inc.
SAB is the English abbreviation of the North American Questioning Society, which means "Seek After the Boundaries" and its Chinese meaning is "seeking boundaries".

This boundary can be the boundary of wealth, the boundary of art, or the boundary of technology.

Netflix's headquarters is in Los Angeles in the Silicon Valley urban area, very close to Twitter.

On the morning of the 31st, Boss Lu, who had requested an interim board meeting, arrived at Netflix headquarters and quickly gathered a group of North American reporters, their cameras firing non-stop.

The young director put out his cigarette, straightened his suit, and got out of the car.

I come to your board of directors.

(End of this chapter)