Chapter Four: The Negative-Value Order

Dongrui generated eighty million in annual revenue. Five million would not get through the controlling shareholder’s door. Shen appraised the company. [Dongrui Materials Co., Ltd.] [Apparent Equity Value: ¥36,000,000.] [True Going-Concern Value: -¥8,700,000.] [Hidden Variables: Environmental security deposit shortfall; overseas miner minimum-purchase commitment; unexercised repurchase agreement.] At two p.m., Dongrui chairman Ma Huiyuan received them at a golf club. “Pay the eight hundred thousand Guoliang owes, and I restore supply,” Ma said. “As for your investment, five million buys ten percent at most.” Shen placed three documents on the table: a public record of abnormal groundwater readings at Dongrui’s plant; a six-thousand-ton