Arquivos de outubro, 2011

Valor Econômico (Cristine Prestes)

When the bankruptcy of Banco Santos was ordered by Justice on September 20, 2005, the expectation of receiving credit for the estate was almost nil. Exactly six years later, the scenario is quite different. Over $1 billion in assets has been recovered and two payments have been made among the creditors, amounting to $ 760.5 million.

Although the debt left by former banker Edemar Cid Ferreira still reach $ 2.5 billion, there is more money to be recovered.  It is in this climate that the second general meeting of creditors of the bank, scheduled for November 23, will occur.

The creditors’ meeting of Banco Santos will be held at the auditorium of the Public Attorney of São Paulo and the official press notice is to be published soon.  At the meeting agenda is a resolution of 1,944 unsecured creditors (no priority in the receipt) on the need for maintenance of the committee of creditors and, if so, the election of a new representative. The current representative, Jorge Queiroz, will leave the post he has held since the beginning of bankruptcy. Creditors will also have to define, at the meeting, which will be the 6 years’ retroactive payment of de Queiroz,  Court of Appeals approved but never defined until today,  and future earnings of the new representative to be elected.

After the meeting, creditors will be presented to the proposal for the creation of a “Receivables Investment Fund (FIDC)” comprised of most legal claims filed by the estate. The idea was conceived in 2009 and since then circulates between groups of creditors, but was never formally presented. Last week, the law firm of Rosman, Penalva, Souza Leon Franco Bar Association, which developed the idea in conjunction with Cadence, filed the proposal to the bankruptcy process.

By the proposed regulation, the Banco Santos FIDC would be comprised of all the legal claims of the estate – which includes both the cash already recovered and in the estate’s bank accounts as well as the claims filed by the estate that still depend on judicial decisions to be effectively collected. The shareholders of the fund would be the creditors, whose number of shares would be equivalent to the nominal value of their claims.

The creation of the FIDC, however, has some obstacles.  The first is its cost. Until now, the cost of recovery claims of the estate corresponds to about 2.6%. According to the regulation proposed by the FIDC, the creditors would pay  $ 2.8 million a year in management and administration fees, excluding the performance fee, which varies with the amount recovered and the recovery time. The other obstacle to the implementation of the FIDC is transferring the values ​​that the estate has in cash reserves. “These assets are not receivables,” says the public attorney Eronides dos Santos, who accompanies the bankruptcy process. “That’s impossible,” he says. Contacted by Valor Economico, the attorneys at Rosman, Penalva, Souza Leon Franco lawyers did not return until the close of this edition.

The FIDC is an alternative to supposedly ensure greater agility on the recovery of assets and liquidation of Banco Santos. Today the estate charges in court, in hundreds of cases, amounts owed by customers to the bank involving claims of reciprocity and operations involving non-financial companies of Edemar Cid Ferreira. The portfolio of lawsuits, however, is considered “junk”. In an assessment made by Directa of the $ 3.29 billion charged to borrowers in legal proceedings  and presented in May of last year,  it would be possible to raise only a maximum of $277 million.

Despite the fact that there are numerous processes for recovery stuck in court and with minimal chances of recovery, there are still expectations that the estate will recover substantial amounts. The São Paulo Court of Appeals (TJSP) will soon judge appeals filed against decisions made by bankruptcy judge that applied the principle of substantive consolidation of assets under the bankruptcy of Banco Santos to include some of the other companies controlled by Edemar Cid Ferreira.  If the substantial consolidation is confirmed, companies like Atalanta, Finsec and Cid Collection, will enter the assets of the bankrupt estate, to be auctioned, the real estate and other assets which belong to them. Atalanta, for example, is the owner of the mansion of former banker in the neighborhood of Morumbi. With five floors, an elevator, eight parking spaces and a heliport, the mansion is valued at $ 60 million. Atalanta also owns several other properties well located in the state’s capital.

Another area of ​​asset recovery is the international asset tracing over Edemar Cid Ferreira and firms open for him offshore that is still in progress . The estate was able to get a U.S. court decision to extend the bankruptcy of Banco Santos in that country, which allowed the search for information, documents and bank transfers by former banker abroad. With these initiatives, the estate can find assets that have not yet been located and increase the amount of assets recovered.

Valor Econômico – 25OUT2011 (Cristine Prestes)

Quando a falência do Banco Santos foi decretada pela Justiça, em 20 de setembro de 2005, a expectativa de recebimento de créditos pela massa falida era quase nula. Exatamente seis anos depois, o cenário é bastante diverso. Já foram recuperados mais de R$ 1 bilhão em ativos e realizados dois rateios entre os credores, no valor total de R$ 760,5 milhões.

Embora a dívida deixada pelo ex-banqueiro Edemar Cid Ferreira ainda chegue a R$ 2,5 bilhões, há mais dinheiro a recuperar. E é nesse clima que deve ocorrer a segunda assembleia geral de credores do banco, marcada para o dia 23 de novembro.

A assembleia de credores do Banco Santos será realizada no auditório do Ministério Público de São Paulo e o edital de convocação deve ser publicado em breve. Na pauta da reunião está a deliberação dos 1.944 credores quirografários (sem prioridade no recebimento) sobre a necessidade de manutenção do comitê de credores e, em caso positivo, a eleição de um novo representante. O atual, Jorge Queiroz, deixará o posto que ocupa desde o início da falência. Os credores também terão que definir, na reunião, qual será a remuneração passada de Queiroz, aprovada pela Justiça mas até hoje nunca definida, e a remuneração futura de seu representante.

Após o término da assembleia, será apresentada aos credores a proposta de criação de um fundo de investimentos em direitos creditórios (FIDC) para reunir a carteira de ativos do banco. A ideia foi aventada ainda em 2009 e desde então circula entre grupos de credores, mas nunca havia sido formalmente apresentada. Na semana passada, o escritório de advocacia Rosman, Penalva, Souza Leão, Franco Advogados, que desenvolveu o projeto em conjunto com a gestora Cadence, anexou o documento ao processo falimentar.

Pelo regulamento proposto, o FIDC do Banco Santos reuniria todos os créditos da massa falida – o que inclui tanto os valores já recuperados que ainda estão no caixa da massa quanto os que ainda dependem de decisões judiciais para serem efetivamente cobrados. Os cotistas do fundo seriam os credores, cujo número de cotas equivalerá ao valor nominal de seus créditos.

A criação do FIDC, no entanto, tem alguns entraves. O primeiro deles é o seu custo. Até agora, o custo de recuperação de créditos da massa falida foi de cerca de 2,6%. Pelo regulamento do FIDC, os credores pagariam R$ 2,8 milhões ao ano em taxas de gestão e administração, sem incluir a taxa de performance do fundo, que varia conforme o valor recuperado e o tempo de recuperação. O outro empecilho à implementação do FIDC é a transferência dos valores que a massa falida tem em caixa ao fundo. “Esses bens não são direitos creditórios”, diz o promotor Eronides dos Santos, que acompanha o processo falimentar. “Isso é inviável”, afirma. Procurados pelo Valor, os advogados do Rosman, Penalva, Souza Leão, Franco Advogados não retornaram até o fechamento desta edição.

O FIDC surge como uma alternativa para garantir maior agilidade à cobrança dos créditos e à liquidação dos ativos do Banco Santos. Hoje a massa falida cobra na Justiça, em centenas de processos, valores devidos por clientes ao banco que envolvem indenizações e operações de reciprocidade envolvendo empresas não-financeiras de Edemar Cid Ferreira. A carteira de ações judiciais, no entanto, é considerada podre. Em uma avaliação realizada pela Directa e apresentada em maio do ano passado, dos R$ 3,29 bilhões cobrados dos devedores em processos judiciais, seria possível arrecadar apenas R$ 277,68 milhões.

Ainda que existam inúmeros processos de cobrança de créditos emperrados na Justiça e com chances mínimas de recuperação, ainda há expectativas de que a massa falida recupere valores significativos. O Tribunal de Justiça de São Paulo (TJSP) deve julgar em breve recursos contra decisões da primeira instância que determinaram a extensão da falência do Banco Santos a algumas das demais empresas de Edemar Cid Ferreira. Se a extensão for confirmada às empresas Atalanta, Finsec e Cid Collection, entrarão no patrimônio da massa falida, para serem leiloados, os imóveis e demais bens em nome delas. A Atalanta, por exemplo, é a proprietária da mansão do ex-banqueiro no bairro do Morumbi. Com cinco andares, um elevador, oito vagas de garagem e heliponto, a mansão está avaliada em R$ 60 milhões. A Atalanta também é proprietária de diversos outros imóveis bem localizados na capital paulista.

Outra frente de recuperação de ativos aberta é a busca de ativos de Edemar Cid Ferreira e das empresas abertas por ele no exterior, ainda em andamento. A massa falida conseguiu que a Justiça dos Estados Unidos determinasse a extensão da falência do Banco Santos naquele país, o que permitiu a busca de informações, documentos e movimentações bancárias feitas pelo ex-banqueiro no exterior. Com isso, será possível encontrar ativos que ainda não foram localizados e incrementar a arrecadação da massa falida.

07

outubro

2011

STEVE JOBS WISDOM

These are parts of the Commencement address by Steve Jobs, CEO of Apple Computer and of Pixar Animation Studios, delivered on June 12, 2005.

The first story is about connecting the dots.

I dropped out of Reed College after the first 6 months, but then stayed around as a drop-in for another 18 months or so before I really quit. So why did I drop out?

It started before I was born. My biological mother was a young, unwed college graduate student, and she decided to put me up for adoption. She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife. Except that when I popped out they decided at the last minute that they really wanted a girl. So my parents, who were on a waiting list, got a call in the middle of the night asking: “We have an unexpected baby boy; do you want him?” They said: “Of course.” My biological mother later found out that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers. She only relented a few months later when my parents promised that I would someday go to college.

And 17 years later I did go to college. But I naively chose a college that was almost as expensive as Stanford, and all of my working-class parents’ savings were being spent on my college tuition. After six months, I couldn’t see the value in it. I had no idea what I wanted to do with my life and no idea how college was going to help me figure it out. And here I was spending all of the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back it was one of the best decisions I ever made. The minute I dropped out I could stop taking the required classes that didn’t interest me, and begin dropping in on the ones that looked interesting.

It wasn’t all romantic. I didn’t have a dorm room, so I slept on the floor in friends’ rooms, I returned coke bottles for the 5¢ deposits to buy food with, and I would walk the 7 miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example:
Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer, was beautifully hand calligraphed. Because I had dropped out and didn’t have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can’t capture, and I found it fascinating.

None of this had even a hope of any practical application in my life. But ten years later, when we were designing the first Macintosh computer, it all came back to me. And we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts. And since Windows just copied the Mac, its likely that no personal computer would have them. If I had never dropped out, I would have never dropped in on this calligraphy class, and personal computers might not have the wonderful typography that they do. Of course it was impossible to connect the dots looking forward when I was in college. But it was very, very clear looking backwards ten years later.

Again, you can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.

My second story is about love and loss.

I was lucky – I found what I loved to do early in life. Woz and I started Apple in my parents garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation – the Macintosh – a year earlier, and I had just turned 30. And then I got fired. How can you get fired from a company you started? Well, as Apple grew we hired someone who I thought was very talented to run the company with me, and for the first year or so things went well. But then our visions of the future began to diverge and eventually we had a falling out. When we did, our Board of Directors sided with him. So at 30 I was out. And very publicly out. What had been the focus of my entire adult life was gone, and it was devastating.

I really didn’t know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down – that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure, and I even thought about running away from the valley. But something slowly began to dawn on me – I still loved what I did. The turn of events at Apple had not changed that one bit. I had been rejected, but I was still in love. And so I decided to start over.
I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could haveever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.

During the next five years, I started a company named NeXT, another company named Pixar, and fell in love with an amazing woman who would become my wife. Pixar went on to create the worlds first computer animated feature film, Toy Story, and is now the most successful animation studio in the world. In a remarkable turn of events, Apple bought NeXT, I retuned to Apple, and the technology we developed at NeXT is at the heart of Apple’s current renaissance. And Laurene and I have a wonderful family together.

I’m pretty sure none of this would have happened if I hadn’t been fired from Apple. It was awful tasting medicine, but I guess the patient needed it. Sometimes life hits you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.

My third story is about death.

When I was 17, I read a quote that went something like: “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something.

Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help memake the big choices in life. Because almost everything – all external expectations, all pride, allfear of embarrassment or failure – these things just fall away in the face of death, leaving onlywhat is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.

About a year ago I was diagnosed with cancer. I had a scan at 7:30 in the morning, and it clearly showed a tumor on my pancreas. I didn’t even know what a pancreas was. The doctors told me this wasalmost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctor’s code for prepare to die. It means to try to tell your kids everything you thought you’d have the next 10 years to tell them in just a few months. It means to make sure everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.

I lived with that diagnosis all day. Later that evening I had a biopsy, where they stuck an endoscope down my throat, through my stomach and into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated, but my wife, who was there, told me that when they viewed the cells under a microscope the doctors started crying because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and I’m fine now.

This was the closest I’ve been to facing death, and I hope its the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept:
No one wants to die. Even people who want to go to heaven don’t want to die to get there. And yet death is the destination we all share. No one has ever escaped it. And that is as it should be, because Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new. Right now the new is you, but someday not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it is quite true.

Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.

When I was young, there was an amazing publication called The Whole Earth Catalog, which was one of the bibles of my generation. It was created by a fellow named Stewart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late 1960’s, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and polaroid cameras. It was sort of like Google in paperback form, 35 years before Google came along: it was idealistic, and overflowing with neat tools and great notions.
Stewart and his team put out several issues of The Whole Earth Catalog, and then when it had run its course, they put out a final issue. It was the mid-1970s, and I was your age. On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath it were the words: “Stay Hungry. Stay Foolish.” It was their farewell message as they signed off. Stay Hungry. Stay Foolish. And I have always wished that for myself. And now, as you graduate to begin anew, I wish that for you.

Stay Hungry. Stay Foolish.