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458 Planning for the Lu Corporation Board Meeting - Part 8

Sunday, continued …

CEO Lu, having listened to his son, taking in his honest assessment and information, which even he had to admit to himself was unusual.

"The Yang Family situation is significantly different.The family only control thirty percent of all company shares, but unlike us family members can purchase up to five percent of market traded shares, and can get board approval to purchase more on market shares."

"However the one good thing about their charter is that is requires companies that are not market traded to reveal the ultimate owners of their shares so no one can hide what was being done.From what I understand Yang Lin\'s grandfather, while knowing he needed the money was wary of the share market, hence the provision, and they justified it on the basis that family member restrictions on purchasing on-market shares."

"It was a pity our ancestors when they founded Lu Corporation were not as savvy with a requirement as that would mean that we would know who purchased the shares.It is to late for this meeting, but with Faily agreement and the Yang\'s we should be able to reach and agreement to amend the company charter for that purpose."

Lu Jinhu, was surprised that his father was as calm as he was, maybe he had listened after the last so called discussion that they had.Thank goodness, as his hot-headiness would potentially harm Lu Corporation.Taking a breach, hoping that his father would remain calm as they continued their discussions.The fact that he could not attend would mean that his father would have to face the meeting alone with a more than likely hostile extended family around him, waiting to swoop in and try and get the CEO position or change in share controls.

"Father, that actually makes sense, but we will need to make the change at the Annual Meeting which is not for seven months.We can take our time and get the drafting right.But, that is a distraction at this point in time.Ultimately you simply have to vote to protect yourself and the company, particularly as I am not going to be there to be your second set of eyes and ears in the meeting."

"But, remember the charter my in fact help us if someone is an idiot and challenges your position as CEO.It says that all Lu Family males over twenty-one have the right to apply for the position of CEO if it is declared vacant.While I think the male requirement needs to be changed, which can be done, it is the exemption for the appointment that helps us."

Lu Jinhu paused and saw the confusion on his father\'s face, he knew that he needed to explain further.

"Father, the exemption in the charter is that people serving a term of imprisonment for more than three years are ineligible to apply.Given my director ban is less than that, if forced you can argue and CEO appointment has to be temporary, as I will want to apply, and am eligible once the court imposed ban ends."

"That would allow you to argue that you remain in place until my ban ends, and then the spill happens, and if you lose as I will have finished my Masters of Business Administration and likely be most of the way through my Doctoral thesis we can argue I am highly qualified despite not having had recent business experience, if you cannot be re-elected."

"I forgot that.But who in the family would be stupid to challenge me?"

"No one.Their bottom line is always money, and you make the company as CEO significant money.The Yang Family will protect their investment and vote with us rather than an outsider meaning we will have a majority to protect you."

Lu Jinhu and CEO Lu, sat quietly having a cool drink that Lu Jinhu poured for each of them

Lu Jinhu, once they finished asked "Father, what are you up to dealing with Hou Yi?"

"That b*stard.The present issue is stemming the losses his actions have caused.Three major film and two television projects that were ready for signature have jumped to that venture; two groups and twenty other individual artists have also left.The joint venture is paying the compensation money, like it does not matter."

"Son, he is ripping the heart out of our entertainment division.I had to have supplementary contract offered to all artists, increasing their payments by five to ten percent, but that has gotten me more significant penalty clauses, but not everyone has signed them.Those who have will find it impossible to leave Lu Corporation, but to be realistic they are lower levels of talent."

"The cost of this is impacting the overseas expansions through dragging money domestically, particularly impacting those in construction.The problem is many of those projects involve as minor or indirect investors companies who that b*stard is working ton manipulate into blacklisting us."

"The other hit, and this one I am not sure where it has come from is the apartment development project we have in City A.The Local Government had signed a memorandum of understanding with formal contracts to be signed but last week they pulled out and signed a deal with Seven Shades.Those seven men, particularly the directors Gan and Mo, and their CEO scare even me.I would love to be able to prove that that b*stard Hou Yi was behind that happening.I just have to juggle those blips at the moment, to minimise the ongoing risks."