As the entire world's economy struggles to get back on its feet, many business professionals are now in contention with the banks that have funded them. As more industries trend into the red, it's easy for some of these once affluent entrepreneurs to let anxiety and fear get the better of them. Simple disagreements have turned into shouting matches and name calling, forcing professional relationships to sour and temperaments to turn bitter.
One has to wonder about the kind of man who can get into a metaphorical staring contest with a national bank, and do it calmly. Nobu Su, the chairman of the Taiwanese company “Today Means Tomorrow” does exactly that. He even manages a polite, genteel smile as he does so.
TMT is currently sharing many of the same problems that all oil tanker fleets are having, a market that is trending down for the entire industry. Su is facing even more problems than most of his peers, as the various banks that form up his major creditors have seized possession of his fleet of ships. His current filing for restructuring bankruptcy would give him a year and half to start making a dent in his debts, but the lack of cargo ships prevents giving him the means.
So Mr. Su has done everything in his power to act as the bigger man, while holding an ace up his sleeve.
He has, publicly accepted full fault for the failure of TMT to make good on its debts. He's made public appeals to the banks to help the process, and not let his unpaid workers get caught in the middle of the fight. There is no bitter, aggressive, or contrary behaviour in his public demeanour. His message is consistent and clear: he wants to make good on his debts, and that the banks need to give him the chance to do so.
Amid all this talk is also shrewd business practice. While Mr. Su is putting on a warm face, he also knows that his position is stronger than it appears. While it is true that he owes a lot of money, defaulting on that debt would cause just as much damage to his creditors as it would to him. He can afford to be polite and austere because he's holding a hand of cards that is just as strong as the bank's. This is the man that was an industry leader in the transport of oil only a few years ago, and his poker face shows just how capable a businessman he is.
One has to wonder if this wasn't something Nobu Su was making plans around for years. Are his business interests truly as injured as they appear, or is this merely part of some long term strategy which will reward him greater control and influence over the Asian oil market? Only time will tell.
One has to wonder about the kind of man who can get into a metaphorical staring contest with a national bank, and do it calmly. Nobu Su, the chairman of the Taiwanese company “Today Means Tomorrow” does exactly that. He even manages a polite, genteel smile as he does so.
TMT is currently sharing many of the same problems that all oil tanker fleets are having, a market that is trending down for the entire industry. Su is facing even more problems than most of his peers, as the various banks that form up his major creditors have seized possession of his fleet of ships. His current filing for restructuring bankruptcy would give him a year and half to start making a dent in his debts, but the lack of cargo ships prevents giving him the means.
So Mr. Su has done everything in his power to act as the bigger man, while holding an ace up his sleeve.
He has, publicly accepted full fault for the failure of TMT to make good on its debts. He's made public appeals to the banks to help the process, and not let his unpaid workers get caught in the middle of the fight. There is no bitter, aggressive, or contrary behaviour in his public demeanour. His message is consistent and clear: he wants to make good on his debts, and that the banks need to give him the chance to do so.
Amid all this talk is also shrewd business practice. While Mr. Su is putting on a warm face, he also knows that his position is stronger than it appears. While it is true that he owes a lot of money, defaulting on that debt would cause just as much damage to his creditors as it would to him. He can afford to be polite and austere because he's holding a hand of cards that is just as strong as the bank's. This is the man that was an industry leader in the transport of oil only a few years ago, and his poker face shows just how capable a businessman he is.
One has to wonder if this wasn't something Nobu Su was making plans around for years. Are his business interests truly as injured as they appear, or is this merely part of some long term strategy which will reward him greater control and influence over the Asian oil market? Only time will tell.