Jia Yueting announces bankruptcy and completion of reorganization
Jia Yueting on July 2, Jia Yueting, the founder of LETV and Faraday future, issued an open letter on his personal Weibo, announcing that the personal bankruptcy reorganization ap...
Jia Yueting
on July 2, Jia Yueting, the founder of LETV and Faraday future, issued an open letter on his personal Weibo, announcing that the personal bankruptcy reorganization applied for in the United States was finally completed, the reorganization plan officially took effect, and the creditor trust was officially established and began to operate. < /p >
this open letter is entitled" work and start a business, restart life, with my apology, gratitude and commitment ". Jia Yueting frankly said that in the past 20 years, entrepreneurship has experienced too many ups and downs.
" although the external evaluation of the Internet ecological model I created is undoubtedly successful, and has been proved by many similar enterprises, it is an unavoidable fact that I am the first person responsible for the collapse of LETV system overnight. I deeply know that the relevant parties and your families have suffered huge losses, and I want to express my sincere apology to you again. "
Jia Yueting said that the past successful experience and the lessons of failure will be the valuable wealth for FF to succeed. "I will never repeat the mistakes of the past. In recent years, I have been trying to make FF with apology and guilt, including applying for personal bankruptcy and reorganization in the United States for the purpose of protecting the interests of all creditors, because this is the only and best plan for creditors and FF."
Jia Yueting said that after the approval of the creditor Committee, no more than 10% has been reserved in the creditor trust, mainly for the contingent compensation of LETV shareholders, which can be implemented after the relevant legal procedures have been performed
Jia Yueting said that with the implementation of the FF partnership system and the effectiveness of his personal bankruptcy reorganization plan, he no longer owns the equity of FF, and has completed the transformation from a pure entrepreneur to working with an entrepreneurial mentality and entrepreneurship in the way of working. Making FF and returning home to promote the China US dual home strategy is the core mission of others in the next stage. "
"Restart my life, work with an entrepreneurial mentality, start a business with a working method, and make FF a commitment for all partners of FF. I am grateful to creditors, shareholders, investors and LETV shareholders for their support, trust and understanding, so that I can" step on "the road home."
Attachment: the full text of Jia Yueting's open letter, "working and starting a business, restarting life, with my apology, gratitude and commitment" < /p > For all my creditors, we will share the successful achievements of FF in the future as FF shareholders; For LETV shareholders, they can also obtain compensation from the creditor trust after meeting certain conditions; For FF, this means that the asset value has been highly recognized, the biggest obstacles to equity financing and promoting the China US dual home strategy have been eliminated, and the development of FF has officially embarked on the fast track Personally, it means the restart of life. With the implementation of FF partnership system and the effectiveness of my personal bankruptcy and reorganization plan, I no longer own the equity of FF, and thus completed the transformation from a pure entrepreneur to working with entrepreneurial mentality and entrepreneurship in the way of working. It is still the core mission of my next stage of life to work with all partners of FF to make FF and return home to promote the Sino US dual home strategy At such a special time node, I think it's time to communicate with you what I think. More importantly, I sincerely apologize and thank you, as well as my commitment to the future My apologies and gratitude
I firmly believe that the past successful experience and the lessons of failure will be the valuable wealth for FF to succeed, and I will never repeat the past mistakes. In recent years, I have been trying to make FF with apology and guilt, including applying for personal bankruptcy reorganization in the United States for the purpose of protecting the interests of all creditors, because this is the only and best solution for creditors and FF
Indeed, a friend persuaded me to give up FF, sell my equity, and then "hide" in the United States in the way of bankruptcy liquidation, but he still didn't understand me enough. Giving up and avoiding would never be my choice in life. I am well aware of the heavy responsibility I shoulder. I am well aware of the suffering my personal mistakes have brought to creditors, investors, LETV shareholders, users, employees and your families. I must give you an explanation and will never be a deserter
Of course, I will not forget to be grateful to the investors who have supported my previous startups, especially rongchuang and Evergrande for their help at the critical moment; I would also like to thank LETV shareholders for their trust and understanding for so many years; We should also be grateful to the employees and your families who still adhere to and have left in the process of entrepreneurship; I want to thank the creditors for giving me trust again and confidence in the technological leadership of FF products and the core values of FF, which is undoubtedly a great encouragement to me
My change and restart
I am particularly gratified that my creditors highly agree with the partnership system, which is also one of the core reasons for the success of my personal bankruptcy reorganization. A year ago, I led the reform of the top-level governance structure of FF and launched the partnership system. I took out most of my personal equity and distributed it to the partner team and employee option pool. The shareholding ratio of the team was as high as 50%, which was the proportion after FF invested nearly $2billion, which was unique among similar enterprises in the world. FF will be the FF of all partners and employees, as well as the FF of investors and creditor shareholders. Everyone's support and all-out efforts will be the source of FF's success
Over the past six years, FF has achieved product and technology innovation, business model innovation, user ecological innovation and governance structure innovation, and launched the first revolutionary new species - Ultra Luxury intelligent Internet model FF 91. It is only one step away from delivery, and the sharing of intelligent travel ecology is imminent
In particular, the partnership mechanism has been implemented for more than a year, which has laid a solid foundation for the innovation and reform of FF governance structure, attracted many elite talents to join, and has been highly recognized by investors. FF global partners are the "hero alliance" of FF company, which has a common vision and values, from different professional disciplines such as artificial intelligence, Internet, it, automotive, and more than 20 FF core members. Among them, there are not only elites from the traditional automotive industry, but also leaders from the it and Internet industries, as well as veterans who have started their business with me for more than ten years. They are the spark of FF's future success
All partners start a business together, own, share, share risks, govern together, and exercise top-level control over FF, so as to finally realize the common dream and common mission. As the only company in the global automotive industry and the U.S. technology industry to adopt a partner governance structure, the partner mechanism has laid a unique competitive advantage and success foundation for FF in corporate culture, governance structure and talent system
On June 10, the partnership system completed a historic milestone, and the new partners and members of the Partnership Committee (PEC) were officially elected for the first time through full democratic elections. So far, FF has 28 partners worldwide, and the partnership system has officially entered the second stage
My promise and expectation
Although I haven't actually controlled and managed LETV in the past three years, I can only look at the current situation of LETV and feel anxious. But I have never forgotten LETV shareholders, and I feel the loss and disappointment they have suffered. As the founder of LETV, I can't take the blame for the current situation of LETV. Therefore, after getting the approval of my personal creditor Committee, I have reserved a proportion of no more than 10% in the creditor trust, which is mainly used for the contingent compensation of LETV shareholders. It can be implemented after fulfilling the relevant legal procedures. I will also arrange a special team to coordinate the compensation of LETV shareholders
I know that the success of FF is the best return to creditors, shareholders, investors and all employees. At present, not only the partnership system, FF's R & D, financing, BD and other businesses are also progressing smoothly, and the vehicle software and operating system are constantly upgraded; After the launch of B2B business, it has successfully reached a cooperation agreement with two important American enterprises on intelligent driving platform, and a heavy cooperation between the company and China is expected to be reached in the near future; At the same time, the FF IPO plan we have formulated at the beginning of 2019 is also being vigorously promoted. At present, the progress momentum is good, and we are planning for the short term
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