Chapter 438 Disdain
The Yang family residence.
Everyone was frantically making phone calls, inquiring about the situation. Yang Weigang paced back and forth in the hall, seething with rage.
The news from every direction was grim. Factories and properties were being seized, industries halted, and the stocks of Yang family-related companies plummeted. The vast Yang family enterprise was on the brink of collapse.
Seeing this, Liu Xin despaired. She shrieked furiously, “This is impossible, absolutely impossible! Yang Weigang, didn't you say your Yang family has tens of billions in assets?”
“What’s happening now? Why has everything been frozen so suddenly? Did your Yang family lose billions? What on earth is going on?”
Yang Weigang shot Liu Xin a grim look. At this moment, he dared not shout at her. He said, “Daughter-in-law, don't you worry yet. The main problem is that we lost a shipment. That freighter of rare earths was worth over seven billion.”
“The cargo was lost in Seattle. The most critical thing is that we can’t deliver on time. The other party is suing our company, and we need to pay two hundred million US dollars in compensation.”
“If we can find that batch of goods, we can resolve this crisis.”
Liu Xin exclaimed angrily after hearing this, “But even if it's lost, so what? You said yourself, that shipment was only worth over seven billion.
“Even if we have to pay them another billion or two, it would only be eight or nine billion. Doesn’t your Yang family have tens of billions in assets? Why are you suddenly bankrupt?”
Yang Weigang frowned and impatiently explained, “Tens of billions is the sum of liabilities, fixed assets, liquid capital, and stock market valuations.
“In reality, no enterprise has that much cash. Take Evergrande, for example, which went bankrupt. Its market value was trillions, but because of a small amount of money, the entire Evergrande collapsed.
“Our Yang family has a very healthy asset structure. This just came too suddenly!”
“Continue to send more people to Seattle to search for that shipment. We must find it as soon as possible.”
Yang Weigang gritted his teeth and paced.
Liu Xin was utterly disappointed. If it was already difficult to find a lost shipment domestically, how much harder would it be to find it after it was lost so far away in the United States?
Only now did Liu Xin finally realize that the Yang family’s so-called tens of billions in assets, their status as the third-largest family in Qingzhou City, was nothing but empty boasts.
They had used borrowed money to build factories and counted it as their own. They had also counted the inflated stock market valuations as their own.
Now that news of the Yang family’s troubles had broken, the stock market had instantly plummeted, and they were on the verge of delisting. This had caused the Yang family’s assets to shrink instantly, making bankruptcy inevitable.
Even if they could recover that shipment of rare earth ore within a month, it would be very difficult for the Yang family to recover.
Now, a debt of over three billion had matured, the Yang family assets were frozen, and more debts would mature and need to be repaid!
The Yang family was finished!
Seeing the panicked Yang family, Liu Xin, enraged, turned and strode out. She got into the car, gritting her teeth, her face ashen.
Yang Long stood in the same spot, completely devastated.
He never expected that he had been so prominent just before, and now he had nothing.
Yang Weigang kicked Yang Long and said, “Xiao Long, what are you standing around for? Hurry and chase after Liu Xin! She’s carrying the child of our Yang family!”
“And in the future, our Yang family might have to rely on your Liu family!”
Hearing this, Yang Long’s face turned ashen. He looked at Yang Weigang incredulously, “Dad, is it really… is it really that bad?”
“Our Yang family should have a lot of assets. How can we have nothing now because of that nine billion from the rare earth mine?”
“If we sell all our assets, it should be enough to cover that nine billion. We should at least have some money left, right?”
Yang Weigang frowned and sighed as he looked at Yang Long, “Xiao Long, why don’t you understand business matters?”
“We did have valuations of tens of billions before, but once our assets are frozen, the stock market will instantly drop, and all assets will shrink.
“Next, the court will forcibly auction off our Yang family’s assets, including this residence. It’s valued at twenty million now, but when the bank auctions it, it will be bought for five million.”
“Don’t you understand! When things were fine, our industries were valuable. Now that something has happened, all those capitalists will pounce like wolves, and they will value all of our Yang family’s property at the lowest price and then buy it.”
“It’s likely that in the end, all our Yang family’s assets combined, after paying off the remaining bank loans, won’t be enough to cover that nine billion deficit.”
“At that point, we’ll be liquidated, and we’ll have nothing. Of course, there’s also a benefit: at least they won’t pursue us for the debt anymore.”
“If they pursue us, that two hundred million in penalties, those people from the American company are very insidious. They would torment our Yang family members to death.”
Yang Long trembled, but now he had to accept this reality. He turned and chased after Liu Xin’s retreating figure.
In the past, Yang Long didn't care about Liu Xin as his wife. After all, in their relationship, Liu Xin was the one who had married up.
But now, with the family bankrupt and him having nothing, his relationship with Liu Xin was reversed; he was the one marrying up.
Although the Liu family was in decline, their assets were at least in the hundreds of millions. To ordinary people, this was already considered a prominent family.
Yang Long quickly caught up. Seeing his wife about to drive away, he quickly stepped forward, opened the passenger door, and sat in the passenger seat.
Liu Xin turned and glared at Yang Long, shouting, “Get out, get out, you liars.”
Yang Long quickly explained, “Wife, now is not the time to argue. We have to face this hardship together.”
Liu Xin snorted coldly and then stepped on the accelerator, driving directly towards the old Liu family residence.
Upon entering the Liu family compound, Granny Liu and many other relatives were dining and chatting, watching entertainment news reports.
Cai Yun finished the rice in her bowl and tapped it with her chopsticks, saying, “Fourth daughter-in-law, go and get me another bowl of rice.”
Although the fourth daughter-in-law of the Liu family resented it, she could only stand up and obediently fetch rice for Cai Yun. After all, Cai Yun held a very high position in the Liu family.
Besides being the eldest daughter-in-law, Cai Yun also had a good daughter, Liu Xin, who married Yang Long. The Yang family was one of the top three families in Qingzhou City.
With the saying “a mother is honored by her child’s success,” Liu Xin had become a phoenix by marrying into a prominent family. Naturally, Cai Yun’s status in the entire Liu family was extremely high, so much so that Granny Liu often had to consider Cai Yun’s feelings.
Cai Yun watched the entertainment news on television and waved her hand impatiently, “Change the channel, change the channel! Watching gossip and entertainment news all day, the reason our Liu family is so sluggish now, being suppressed by that bitch Liu Ran, is because we are too complacent.”
“Fifth daughter-in-law, change the channel to the news. Let’s watch the news and absorb the latest domestic information. It will be beneficial for us.”
The people at the table immediately chimed in, “Yes, yes, eldest sister-in-law is right.”
“My aunt is very insightful!”
Granny Liu also smiled and said, “Eldest daughter-in-law, if you were to lead the Liu family in the future, I would be at ease.”
Cai Yun smiled happily upon hearing Granny Liu’s words, “Mother, you say that. The Liu family has always been led by you, hasn’t it?”
At this moment, the fifth daughter-in-law had already switched to the news channel. In the next moment, the television was broadcasting local news from Qingzhou City.
The reporter in the news quickly reported, “Just this morning, the court suddenly sealed all assets under the Yang Corporation. The Yang Corporation went bankrupt overnight. What happened? This reporter will continue to follow the story.”
Cai Yun stared at the news, and her head suddenly buzzed.