M10:20
嗯。
Yeah.
这个，Fruit of the Loom 遇到麻烦有两个原因。
Well, Fruit of the Loom got in trouble for 2 reasons.
一个是他们借了太多钱。
One is they borrowed too much money.
他们借了大概十二亿美元，实际上还不止，因为他们还做了一些资产负债表外的交易之类的。
They borrowed about $1.2 billion, and actually it went somewhat beyond that because they were engaging in some other transactions that were off balance sheet and so on.
所以从财务角度来说，这是一家已经失控的公司。
So it was a company that, in a financial sense, was out of control.
与此同时，他们在经营上也有很多问题。
Simultaneously with that, they had a lot of operating problems too.
但是，我们不会继承它原来的资本结构，也不会接手造成这些经营问题的那套管理层。
But we were not going to inherit the capital structure, and we were not going to inherit the management that had caused the operating problems.
不过让我们非常高兴的是，我们将会接手一支管理层，这支团队在最近这段犯错之前，长期以来都把这门生意经营得非常出色。
But much to our pleasure, we were going to inherit a management that had done an incredible job in running the business for a long time prior to the sins of the recent period.
我们还提出了一个条件——我觉得大概以前从来没有人在破产法院的提案里提过这种条件。我们当时说，我们的报价不取决于融资，也不取决于，你知道，就算爆发战争，我们的报价依然有效，其他方面也都是这样。
And we made a condition—I don't think there's probably ever been a condition made to a bankruptcy court, a proposal where we said our offer is not contingent on financing, it's not contingent on, you know, if war breaks out, our offer is still good and everything else.
但是，John——不过，我们确实加了一个条件，就是 John Holland 必须能够来经营这家公司，因为在过度加杠杆和经营上的疯狂举动导致困难出现之前，John 一直把这家公司经营得极其出色。
But, John—but we did make it contingent on John Holland being available to run the business, because John had done a sensational job of running the business before the difficulties of the excess leverage and operating insanities.
而且他愿意回来，这对我们来说非常重要。
And he was willing to come back, which was very important to us.
Fruit of the Loom 在男士和男童市场上，大概有百分之四十到百分之四十五的份额。
And Fruit of the Loom has, I don't know, between 40% and 45% of the men's and boys' market.
这是一个凭实力建立起高品质形象的产品。
It's a product that has a deserved quality image.
它被很多非常重要的零售商高度接受。那些零售商之前以及在破产初期，对当时发生的一些事情感到不安，但他们很喜欢在自己店里销售像 Fruit of the Loom 这样的产品。
It's accepted in a big way by very important retailers who were disturbed by things that took place prior to and early in the bankruptcy, but who love the idea of having a product like Fruit of the Loom in their stores.
而且，它在一种非常基础的产品上，是成本非常低的生产商。
And it's a very low-cost producer of a very basic product.
所以它和我们非常契合。
So it fits us very well.
现在管理层就可以单纯去考虑打造品牌，并且让工厂尽可能高效地运转。
And now the management can just simply worry about building the brand and running the plants as efficiently as possible.
另外，工厂也做了一些重新调整，这在很多和纺织业相关的业务里都发生过。
And there's been some rearrangement of plants, as has happened throughout many things connected with textiles.
但这绝对是一流的生意。
But it's an absolutely first-class business.
而且，你知道，我们希望在女性市场上再多拿一点份额。
And, you know, we'd like to get a little more share in the women's market.
我们也希望在男士和男童市场上再多拿一点份额。
We'd like to get a little more share in the men's and boys' market too.
这笔收购简直就是为我们量身定做的。
But it's made to order for us.
不过，只有在现在这支管理层的前提下，它才是为我们量身定做的。
But it's only made to order with the present management.
如果我们还得接手前几年那支管理层，你知道，别说一美元了，我们根本不会买。
If we'd had to take on the management that was there for a few years, you know, we wouldn't have bought it for a dollar.
那样的话——那会是一场灾难。
It just—it would have been a disaster.
而且那阵子简直就是一场灾难。
And it was a disaster for a while.
不过幸运的是，这有点像七十年代中期的 GEICO。
But fortunately, it's a little like GEICO in the mid-'70s.
我的意思是，GEICO 本来是一家非常了不起的公司，只是有一段时间管理出了很大的问题。
I mean, GEICO was a marvelous company that got mismanaged in a big way for a while.