????號稱“資本家的工具”的《福布斯》雜志讓福布斯家族賠光了老本。

????像許多出版商一樣，福布斯傳媒（Forbes Media）在經(jīng)濟危機時期也過了一段苦日子。不過據(jù)《財富》雜志（Forbes）獲得的非公開文件顯示，福布斯傳媒眼下面臨的財務(wù)壓力要大于外界原先的預(yù)期。據(jù)摩根大通（J.P. Morgan）發(fā)給福布斯傳媒的一封信來看，福布斯傳媒違反了2006年簽訂的一項循環(huán)信貸條款。福布斯傳媒曾進行了一系列交易，允許福布斯家族從公司里支出1億美元以上的現(xiàn)金，而這項貸款只是交易的一部分。這項貸款明年七月才到期，不過現(xiàn)在有些放款人已經(jīng)在按票面價值的折扣價甩賣這些貸款了。

????思想守舊的商業(yè)大亨馬爾科姆?福布斯生前一手將《福布斯》雜志打造成了商業(yè)成功故事和商業(yè)驕子的大薈萃。正所謂“父債子來償”，1990年馬爾科姆?福布斯去世后，他的孩子們20年來一直靠賣變家產(chǎn)苦苦支撐。福布斯家族在斐濟群島上有座小島，這座小島被賣給了紅牛（Red Bull）的創(chuàng)始人迪特里希?馬特希茨。位于科羅拉多州的一座大農(nóng)場也被對沖基金高管路易斯?貝肯買走了。另外福布斯家族位于丹吉爾（Tangier）的天價毫宅，以及一架波音727客機、世界上最大的私人收藏的法貝格彩蛋，以及大批維多利亞時期的名貴畫作也一一被拍賣。就連福布斯傳媒公司在紐約第五大道上的總部大樓也被賣給了紐約大學(xué)（New York University）。

????但是福布斯家族還是守住了當(dāng)初讓他們發(fā)家致富的資產(chǎn)，也就是福布斯傳媒公司。這家公司目前擁有《福布斯》雜志（該公司自稱是“資本家的工具”，也是《財富》雜志的一大競爭對手）、《社會名人錄》（the Social Register），以及《美國遺產(chǎn)》（American Heritage）雜志的一部分股權(quán)。此外還擁有Forbes.com和RealClear兩家網(wǎng)站。

????不過，持有這項資產(chǎn)卻令福布斯家族頭疼不已。福布斯傳媒公司已經(jīng)造成了價值約9，000萬美元的循環(huán)貸款技術(shù)違約。福布斯家族和公司的二股東——高地風(fēng)險投資公司（Elevation Partners）已經(jīng)啟動了一項緊急計劃，重塑公司的業(yè)務(wù)，并與借款人重修舊好。他們甚至雇傭了一家名為Alvarez & Marsal的公司做幫手，幫助福布斯傳媒董事會制訂業(yè)務(wù)計劃——Alvarez & Marsal專門為身陷財務(wù)困境或瀕臨破產(chǎn)的公司重塑業(yè)務(wù)。

????摩根大通和其它六家放款方已經(jīng)同意在八月份修改貸款條款，降低月還款額度，調(diào)整一些福布斯傳媒必須要實現(xiàn)的財務(wù)指標。不過修改后的條款就Alvarez & Marsal終止其使命設(shè)立了一些苛刻的條件，給福布斯傳媒的傷口上又撒了一把鹽。它規(guī)定福布斯傳媒必須要做到三件事：首先賣出在線金融辭典Investopedia；其次撤換CEO史蒂夫?福布斯；要么就需實現(xiàn)某些財務(wù)指標。當(dāng)月福布斯傳媒以3，960萬美元的價格出售Investopedia，史蒂夫?福布斯也于11月份下臺，由曾在《花花公子》（Playboy）和Ziff-Davis出版公司任職的媒體投資人麥克?柏利斯接任。福布斯傳媒也滿足了放款方規(guī)定的財務(wù)指標。然后Alvarez & Marsal公司也被禮送回府了。

????筆者請福布斯傳媒公司對本文作出評論，福布斯傳媒的一位女發(fā)言人寫道：“史蒂夫?福布斯仍任福布斯媒體公司的總編和董事長。蒂姆?福布斯任福布斯數(shù)字公司（Forbes Digital）的董事長。福布斯家族仍然是福布斯傳媒公司的控股方。”

????這樣一個一度富可敵國的家族為何陷入如此絕境？一切還要從2006年說起。那一年福布斯傳媒將45%的股份賣給了一家私募股權(quán)公司——高地風(fēng)險投資公司。交易價格一直沒有向公眾透露。不過《財富》雜志獲得了摩根大通的一份備忘錄，上面顯示這起交易的價格為2.372億美元，少于之前報道的金額。福布斯傳媒還啟動了循環(huán)貸款，到2010年，貸款額已達9，000萬美元。（交易時可以利用的只有7，500萬美元）

????2006年的這筆交易對于福布斯家族來說是一場意外之財。福布斯家族自己拿走了1.074億美元，也就是約三分之一的實收資本。另有3，890萬美元用于贖回抵押品；1.018億美元用來還債；4，140萬美元則以現(xiàn)金形式留存在資產(chǎn)負債表里。以外還有2，270萬美元用于費用開支，其中包括付給摩根大通的咨詢費。

????高地風(fēng)險投資公司理應(yīng)為福布斯傳媒的業(yè)務(wù)提供專業(yè)的意見。高地是由風(fēng)投機構(gòu)銀湖合伙公司（Silver Lake Partners）的投資明星羅杰?麥克納米和U2樂隊的搖滾巨星波諾共同創(chuàng)立的，高地稱自己通過合作“獲得”了新媒體。

????高地基于2006年的樂觀預(yù)測做出了投資福布斯的決定，但這種預(yù)測到了2008年就變得非常荒唐可笑。當(dāng)年收購福布斯的時候，高地相信，福布斯的股價一定會飆升，但它顯然也擔(dān)心自己在必要時能否退出這樁交易。于是高地在合同中增加了一個“賣出期權(quán)”條款。據(jù)福布斯傳媒公司2010財報的注腳顯示，該條款規(guī)定在2011年8月4日到2016年8月3日之間的任何時候，高地都有權(quán)迫使福布斯以公平的市場價格回購這45%的股權(quán)。

????（反過來還有一件事可以證明福布斯的幸運：福布斯還有一個“買入期權(quán)”條款，可以強迫高地在2011年8月4號以后，按公平市場價格將它的股權(quán)賣回給福布斯傳媒公司。如果屆時公司的價值沒有上升到高地在2006年的交易價以上，則福布斯依然可以買回這些股權(quán)，而高地就蒙受了損失。）

????高地還從福布斯傳媒那爭取到了一個免責(zé)條款，這個條款的內(nèi)容直到今天才曝光——在“賣出期權(quán)”條款失效后，高地還有90天的窗口期，在這段時間里，高地可以選擇將它的股權(quán)以原始價格賣回給福布斯傳媒公司。

????麥克納米2009年退出了福布斯傳媒公司的董事會，由高地的合伙人布萊特?柏爾曼接任。柏爾曼一向以熱衷削減成本而出名，這一點從公司2010年的財報中就可以看出來。2009年福布斯傳媒的運營損失是1，970萬美元。到2010年，該公司已經(jīng)實現(xiàn)了270萬美元的運營收入。這2，200萬美元的收成中，只有900萬是由收入增加貢獻的，另外1，300萬則是削減成本的成果。

????福布斯傳媒表示，贏利能力的提高，意味著該公司已經(jīng)脫離了險境，這還要歸功于它和Alvarez & Marsal公司2010年共同制訂的業(yè)務(wù)計劃。該公司還表示，等公司的循環(huán)貸款2012年7月6日到期時，公司有信心能募集到資金，還上這筆貸款。福布斯傳媒在一份聲明中表示：“能不能再籌集到資金，這并不取決于銀行，而是取決于福布斯。我們將來還有許許多多的籌資選項。”

????這話在技術(shù)上是對的，但我們不應(yīng)忘記，引發(fā)這一串連鎖反應(yīng)的導(dǎo)火索，也就是當(dāng)年福布斯傳媒與高地的交易，完全是個敗筆。這筆失敗的交易使福布斯傳媒承擔(dān)了大量的債務(wù)，超過了福布斯所能消化的水平。交易已經(jīng)過去五年了，福布斯傳媒的賺錢能力暴跌，高地當(dāng)年預(yù)測的投資收益現(xiàn)在看來也成了泡影。福布斯家族當(dāng)年從賬面上拿走了很多錢，這一做法是適時之舉，因為時至今日福布斯家族已經(jīng)沒有什么可以變賣的了。去年福布斯家族的漢蘭達（Highlander）游艇都被拖到了干船塢里，船員也已被辭退。

????譯者：樸成奎

????The Forbes family has poked itself in the eye with its "capitalist tool."

????Like many publishers, Forbes Media has struggled during the financial crisis. But according to nonpublic documents made available to Fortune, the company has been under more financial strain than previously believed. Forbes Media violated covenants on a revolving credit line that it took out in 2006, according to a letter sent to the company by J.P. Morgan. The loan, which was part of a series of transactions that allowed the Forbes family to cash out more than $100 million from the company, is due next July. Some lenders have been selling pieces of it at a discount from face value.

????Since the death in 1990 of Malcolm Forbes -- the unreconstructed tycoon who turned Forbes magazine into a celebration of business victory and its spoils -- his children have held a decades-long yard sale of the family's outré trophy collection. The island in the Fiji archipelago was sold to Red Bull founder Dietrich Mateschitz. A grand ranch in Colorado was picked up by hedge fund executive Louis Bacon. A sultan-worthy palace in Tangier, a custom Boeing 727, helicopters, the world's largest private collection of Fabergé eggs, and stacks of Victorian art have all been auctioned off. Even the publishing company's Fifth Avenue headquarters were sold to New York University.

????But the Forbeses have held on to the asset that made them rich and famous in the first place: Forbes Media, the company that currently owns Forbes magazine (which dubbed itself the "capitalist tool" and has been a fierce competitor of Fortune's), the Social Register, a stake in American Heritage magazine, and the websites Forbes.com and RealClear.

????Holding on to that asset, however, has proved to be a gargantuan headache. The company went into technical default on some $90 million worth of revolving credit. The family and the minority owner, Elevation Partners, began an emergency plan to restructure the business and get back in the good graces of its lenders. They went so far as to hire Alvarez & Marsal -- a firm that works with companies in dire financial straits or in bankruptcy to restructure their businesses -- to bless the plan that Forbes Media's board came up with.

????J.P. Morgan (JPM) and six other lenders agreed to amend the loan in August, lowering the monthly payment and adjusting the financial targets that Forbes Media would have to hit to be in compliance. In a twist of the knife, the amendment also set tough conditions for getting rid of Alvarez & Marsal. It stipulated that one of three things had to happen: the sale of Investopedia, an online financial dictionary; the replacement of Steve Forbes as CEO; or the achievement of certain financial targets. That month Forbes sold Investopedia for $39.6 million. Steve Forbes stepped down in November, replaced by Mike Perlis, a media investor who had worked at Playboy and Ziff-Davis Publishing. Forbes met the stipulated financial targets. Alvarez & Marsal was dismissed.

????When asked to comment for this story, a Forbes Media spokeswoman wrote, "Steve Forbes remains Editor in Chief and Chairman of Forbes Media. Tim Forbes is Chairman of Forbes Digital. The Forbes family remains the controlling shareholder of Forbes Media."

????How did a family that once owned so much find itself in such a corner? It all began in 2006, when Forbes Media sold 45% of itself to private equity firm Elevation Partners. The price was never publicly disclosed, but a J.P. Morgan memo reviewed by Fortune says it was $237.2 million -- which is less than previously reported. Forbes Media also opened up a revolving line of credit, which by 2010 was about $90 million. (Only $75 million could be tapped at the time of the deal.)

????The 2006 deal was a windfall for the family, which took $107.4 million, about a third of the proceeds, for itself. Another $38.9 million went to the redemption of warrants, $101.8 million paid down debt, $41.4 million remained as cash on the balance sheet, and $22.7 million went to expenses and fees, including to J.P. Morgan, the bank that advised on the deal.。

????Elevation was supposed to bring expertise to the table. Co-founded by Roger McNamee, who had been an investing star at tech buyout firm Silver Lake Partners, and rock star Bono of U2 fame, Elevation billed itself as a partnership that "got" new media.

????Elevation invested in Forbes Media based on rosy 2006 projections that looked downright absurd by 2008. When it bought into Forbes, Elevation believed that the value of its stake would rise sharply, but was clearly worried about being able to exit the deal. So Elevation's contract includes a "put" option giving it the right to force Forbes to buy back the 45% stake at fair market value anytime between Aug. 4, 2011, and Aug. 3, 2016, according to a footnote in Forbes's 2010 financial statement.

????(In a twist that could prove lucky for Forbes, it has a "call" option to force Elevation to sell back its stake at fair market value anytime after Aug. 4, 2011. If the company's value does not rise above what Elevation paid in 2006, Forbes could buy back the stake and stick Elevation with a loss.)

????Elevation also got Forbes Media to give it a hitherto-undisclosed escape clause: After the put option expires, Elevation has a 90-day window during which it can sell its stake back to Forbes Media at its original price.

????McNamee quit Forbes Media's board in 2009 and was replaced by Elevation partner Bret Pearlman, who had a reputation as an aggressive cost cutter, which is evident in the company's 2010 financials. In 2009 the company had an operating loss of $19.7 million. By 2010 the company showed operating income of $2.7 million. That $22 million improvement in profitability was driven by a revenue gain of around $9 million and about $13 million in cost cuts.

????Forbes Media says its renewed profitability means that it is out of the woods, thanks to the business plan it worked out with Alvarez & Marsal in 2010. And it says the company is confident that it will be able to refinance its revolving line of credit when it comes due on July 6, 2012. Forbes Media said in a statement: "It is not up to the banks whether to refinance. It is up to Forbes. [We] have numerous financing options as we go forward."

????That is technically true, but what should not be forgotten is that the deal with Elevation that set this chain of events in motion has been a failure. It burdened Forbes Media with debt that it ultimately struggled to pay, so much so that the company had to be gutted. Five years later Forbes Media's earnings power has declined precipitously, and Elevation is nowhere near the return on investment it had predicted. The Forbes family was able to take a lot of money off the table. That's timely because it is running out of trophies to sell. Last year the Forbes family motor yacht, The Highlander, was put into dry dock, its crew laid off.