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We were likely the only investors outside Italy interested in Marchionne at the time. After some begging and pleading, he granted us a meeting.
当时，我们很有可能是意大利境外唯一对马奇奥尼感兴趣的投资人。几经恳求，他才答应同我们见个面谈谈。
Marchionne joined Fiat with a mandate to do whatever was necessary to fix the company. We bought some shares. He confirmed what we surmised. He had full support of the board and its new chairman. If auto was worth more dead than alive, he'd kill it.
马奇奥尼在加盟菲亚特的时候被告知，只要能够拯救这家公司，他可以做任何必要的事。我们购买了一些菲亚特的股权，马奇奥尼证实了我们的猜测。他得到了菲亚特董事会和新任董事长的全力支持。如果让菲亚特的汽车业务破产，比让它苟延残喘更有价值，那么他会让它申请破产。
Fiat was the biggest employer in Italy at the time. He took on the labor unions. He was fearless. He had real skin in the game and his incentives were aligned.
菲亚特公司当时是意大利最大的雇主。马奇奥尼与工会“叫板”，他无所畏惧。他在这场游戏中表现得非常强硬，还调整了他的激励手段。
Marchionne saved Fiat. He got $2.25 billion to cancel a legacy agreement that Fiat could "put" itself to GM (GM). No one thought it could happen -- there's no way this debt-laden, cash strapped Italian company will win in an international court of law. But Marchionne walked away with $2.25 billion of cash and Rick Wagoner [then CEO of GM] was fired shortly thereafter. This was half of Fiat's market cap.
马奇奥尼拯救了菲亚特。他从通用汽车（GM）那里拿到了22.5亿美元的资金，取消了一项使菲亚特“并入”通用汽车公司的遗留协议（事情起因于2000年，通用汽车斥资24亿美元，购买了菲亚特20%的股权，并计划逐步扩大持股份额，逐渐将菲亚特收于旗下，为此通用与菲亚特签订了一系列协议。后来由于通用和菲亚特两方都债务缠身，为了避免承担菲亚特的高额债务，通用决定不再收购菲亚特的其余汽车业务。作为与菲亚特之间法律争端的补偿，这22.5亿美金就是通用为菲亚特开出的“分手费”——译注） 。没有人料到会是这个结果——这样一家债务缠身、现金短缺的意大利公司，是无法在国际法庭上打赢这场官司的。但是马奇奥尼竟然从通用那儿拿到了22.5亿美元的现金，而时任通用汽车公司首席执行官的里克•瓦格纳不久后却被解聘了。22.5亿美元是当时菲亚特市值的一半。
We exited the position in the mid-teens and made a lot of money. It was the biggest profit generator in Brahman's history.
我们以15美元左右的价格平仓，赚了一笔大钱。这是Brahman公司历史上最赚钱的一笔交易。
