“The Game of Shogi Is Already Checkmate” (Horiemon)

Apparently, he said this on television. Horiemon really does make me laugh. It feels more like the one who is checkmated is him for saying something like that.

He wanted media exposure during the professional baseball uproar too, but at that time he had nothing at stake. This time, he issued MSCBs and lent his own shares to Lehman… Lehman promptly began selling heavily. This will massively dilute Livedoor’s stock. Conversion at the target price of ¥157 would mean that Lehman holds 40%, and Horiemon would lose his position as the largest shareholder.

As for the acquisition of Fuji Television, Fuji Television has apparently already secured more than 25% of Nippon Broadcasting shares, so the tender offer is almost certainly going to succeed. That would mean Horiemon’s plan to control Fuji by gaining control of Nippon Broadcasting would come to nothing.

It also appears that the Financial Services Agency has begun to move. Even if it is not formally “illegal,” in substance it is almost illegal. At the very least, it tramples on the spirit of the law. In terms of so-called compliance, it is out. In cases like this, careful investigation often turns up evidence, and there is nothing to gain from attracting that kind of attention. In addition, because Lehman would indirectly hold a broadcasting company due to the MSCBs, there is momentum to amend the Broadcast Act, so there is trouble on that front as well.

He cannot acquire Fuji Television, Livedoor will pass into other hands, the Financial Services Agency will take notice of him, and the Diet will take notice of him too.

Indeed, “the game of shogi is checkmate.”

He must have been fooled by Lehman.

Then again, perhaps this is not enough to discourage Horiemon. I look forward to seeing his next move! For the time being, he says he will keep buying Nippon Broadcasting shares…