IDG幕后角色：久游网韩国T3悬念
本报记者 上海报道
“九城内部正在开会。”不止一个知情人士告诉记者，久游网与T3官司（详见本报7月12日《久游网上市搁浅始末》及21日《久游网拟反诉T3》）正越演越热闹，连日来，九城（NCTY，Nasdaq）正在讨论是否最终签下《劲舞团》。
消息人士透露，7月20日，九城与韩国T3已秘密达成意向，由九城接盘《劲舞团》，合同总额接近4000万美金，其中包括版权金、最低保证金，以及T3与久游纠纷以来累积的分成债务（自2007年5月始）。
至此，纠纷中T3背后的诸多利益机构——T3大股东、拟今年登录纳斯达克融资1亿美金的G10集团；T3小股东、《劲舞团》海外唯一发行商韩国Yedang；以及久游网的竞争对手九城，都已逐一浮现。
但有业内人士感叹，“时至今日，G10股东、与T3有复杂股权关系的IDG，仍是舆论风暴外的另一隐秘力量。”
T3“移情别恋”
据记者了解，拥有T3超过80%股份的G10集团由T3分拆部分资产后引入IDG等组建而成。其中，IDG持有G10超过30%股权，T3创始人KeeYoungKim兄妹则为G10最大个人股东。
消息人士称，九城的介入，不仅导致T3与久游网纠纷公之于众，更使急于通过G10 IPO退出的IDG，成了这场纷争的输家。据海外财经资讯服务《IFRAsia》21日报道，投资银行普遍认为G10上市进程必因这起纠纷推迟。
知情人士分析，G10拥有T3股权超过50%，到时一定需合并报表。“以《劲舞团》中国市场为主要业绩的T3必拖累G10，而久游拥有‘劲舞团’中文商标，2008年G10的另一业务《劲舞团2》要以相似名称顺利开展运营也难。”
至于T3为何与久游关系恶化之因，除双方在运营过程中积累了不少不快外，据久游副总裁吴军透露，T3曾发函久游，提出如果久游想在《劲舞团》首期合同期满（2008年8月）后再续约，“除另行支付2000万美金的版权费外，还须停运《超级舞者》的全球运营”。
如此推论，久游旗下已与全球40个国家与地区签约、并已在美国市场击败《劲舞团》的《超级舞者》是T3心头之痛。不止一位知情人士指出，“T3认为久游模仿《劲舞团》自行研发了《超级舞者》”。
吴军否认“抄袭”之说，“《超级舞者》代码与模式和《劲舞团》不同”。吴军称，T3随意更变《劲舞团》运营方已有先例，“在美国与日本市场也曾以分成费、渠道费等为由单方毁约”。据他透露，今年6月底，T3已向久游发出将单方中止《劲舞团》合同的公函。
但久游显然早有准备，据吴军称，一旦T3单方停运，久游网很快将上线一款《劲舞团》同题材的新游戏，所有原《劲舞团》游戏用户资料可实现完整平移，“该游戏已拟定就叫《劲舞团》”。
据记者获得的可靠消息，久游新游戏开发商正是已离开T3的《劲舞团》原创开发人马。但久游与其购买协议何时达成、是否影响久游与T3间关系，则不得而知。
IDG“失控”
显然，九城横插一脚引发的T3与久游纠纷，将是G10不能顺利上市的充分条件。对急于套现的IDG来说，显然非其所愿。
“作为G10股东，IDG在最初的T3与久游纠纷中角色微妙。”有消息人士透露，当时IDG曾反复传话给久游高层，嘱咐“态度好一点，事情很快就会过去”。
吴军透露，T3在一次内部会议上曾称“营收不够，问久游去拿”：“因为G10要上市，他们也要做业绩。”
另有知情人士透露，IDG早就意识到一旦真付诸司法对G10上市的影响，所以最初预想是在久游做出相关妥协后，双方最终讲和。
记者从可靠渠道了解到，IDG曾提出以获得久游部分股权的和解方案，而久游高层也曾拟飞赴韩国商讨和解方案，其中包括“以久游部分股权置换G10同等股权，交叉持股”等。
“久游股权要远比G10值钱，以IDG的聪明不可能不接受，但最终为何破裂不得而知。”知情人士称，早已心属九城的KeeYoungKim可能是导致事态破裂的主要力量。
KeeYoungKim的性格曾被纠纷的部分当事人称为“不可理喻”，如当时T3以各种名义要求款项时，久游曾因海外余钱不多因需从内地兑换再转出而迟到一天，“KeeYoungKim即火冒三丈”。
事实上，按照正常的商业逻辑，目前G10主要利润来自《劲舞团》中国市场，《劲舞团2》的正式投入商业运营时间在2008年，“G10的资本意志不应该放弃讲和”。
“目前，IDG与T3关系已不是很和。”有业内人士透露，早在今年初《劲舞团2》中方运营权争夺战中，IDG与T3的罅隙已有出现。
当时，IDG希望能由有IDG注资、同时G10也有股份的蓝港在线接盘，以形成打通网游上、下产业链的概念，但由于诸多原因（包括G10要求增加蓝港在线股份至控股），5月21日，九城突然宣布代理《劲舞团2》三年，并获G10未来2款产品优先权。
“这一时间有些蹊跷，当时IDG高层都在美国忙于其他事务。”有分析人士认为，签约九城可能是G10某些股东的单独决定。
24日，IDG合伙人过以宏在接受本报采访时称，“现在IDG与T3关系不和‘说法不准确’”。当被问及IDG在纠纷案中的角色时，过以宏言辞谨慎，他反复强调：其一，在《劲舞团》问题上，“Yedang有决定权”；其二，IDG是G10小股东，不是T3的直接股东；其三，T3不能主导Yedang，IDG不能主导T3；其四，当T3与久游矛盾发生后，“IDG曾以G10股东身份与久游部分股东沟通，希望双方能保持友好关系，并一直希望促成双方的友好关系”。
九城接盘悬念
不过T3为何选择投身九城仍是疑问。消息人士提醒，2006年底加盟九城的原韩光软件（HanbitSoft）高管、帮助九城拿下《劲舞团2》的功臣韩国人朴舜宇（Tony Park）是一关键人物，“其对韩国企业风格、爱好及文化了如指掌，而久游则是本土团队”。
“何况，曾放手赌博《魔兽世界》的朱骏是个敢于下本钱一搏的人，4000万美金的接盘天价即为一证。”
不止一个业内人士告诉记者，连日来九城内部都在忙着为是否要最终接盘《劲舞团》开会，“4000万美金不是小数目，投资人压力是九城重新考虑是否接盘的原因”，而九城压力还不止此。
据吴军透露，久游已拟用法律手段维权T3已将单方中止《劲舞团》合同的计划，又因久游拥有“劲舞团”中文商标及所有游戏用户资料，“接盘公司必将面临法律和市场风险”。
事到如今，九城可能同样没能成为这场商战中的赢家，因久游拥有“劲舞团”中文商标，其作为进军休闲游戏市场的力作——《劲舞团2》想以“劲舞团”相似名称顺利运营，恐怕也难。不过，也有人认为，九城与T3的想法属“全盘对接”，“其具体的布局思路恐怕只有朱骏知道了”。
PS：
<Goldman Sachs exits G10 float following issuer ultimatum>
If no CFO gets fired for hiring Goldman Sachs,what happens to a CFO if he fires the US bank? This is not a Zen koan but a real question facing the online game developer T3 Entertainment——last week it was forced to reorganise the banks working on the US$100m Nasdaq IPO of its unit G10.
The change in banks came one week after T3 scuppering the Japanese IPO of Nineyou International, South Korean online game developer. The events are unrelated but add noise to an already politicised G10 float.
At the heart of the revamp was a decision to replace Goldman Sachs with Deutsche Bank following rumours that T3`s shareholders had become impatient over the delays facing the IPO.
However,the mandate change is unlikely to result in a quick route to flotation.Even with Goldman out of the way, concerns about a looming legal battle with erstwhile client Nineyou means the road to IPO looks pitted with potholes.
Speculation was rife last week on the reasons for change. Most bankers believed that there had been a falling out between Goldman and the firm1s management and its main sponsor,the US venture capital firm IDG. Bankers noted that Goldman is working on another Korean tech deal which T3 believe was hindering the pace of the G10 deal.
"Basically they wanted to get that other deal done first and T3 wasn`t happy to wait," a banker noted.
Tensions between Goldman and T3 were also believed to have surfaced over the costs associated with the IPO with Goldman reluctant to lay out for legal, logistical and administration costs of the offer.
T3 is believed to have issued Goldman an ultimatum that either it agreed to do the deal this year or not at all. With Goldman unwilling to commit T3 threw open the mandate to a competitive bidding process with Deutscche Bank, JPMorgan, Lehman Brothers and UBS all involved.
Sources close to the deal said that Deutsche had impressed with its marketing and valuation commitments and crucially tis willingness to absorb some of the costs of the deal. Deutsche ,which will now work with joint bookrunner Credit suisse on the deal, is also believed to have agreed to T3`s fourth quarter timeframe for the IPO.
Goldman was quick to distance itself from the deal and T3 was left infuriated over rumours that the bank had walked away from the offering. One banker noted that although nobody like to see the hard work of an IPO wasted, Goldman "won`t be losing sleep" over the loss of that mandate.
Certainly the prospects for the deal were not made any better by T3`s decision to launch a lst-minute legal attack on Nineyou the previous week. The decision to launch the litigation after Nineyou had priced the deal left many scratching their heads since it precluded the possibility of a settlement and pushed Nineyou into a retaliatory mood.
With T3`s licensing partner,Yedang, also announcing that it plans to terminate Nineyou`s licensing contract for hit online game Audition banks noted that the firms look set for a nasty legal battle that will almost certainly see Nineyou counter-sue.
Bankers said that the confusion surrounding the increased the reputational for underwriters. They also said that the legal uncertain compounded concerns about T3`s reliance on its primary earner, Audition, and its () to follow up with more hit games.
One banker noted that the IPO was believed to have been delayed, in part, to allow the firm to develop more games. However, with T3 and its bookrunners now openly committed to a 2007 IPO schedule the firm will be hoping that its fortunes are about to change.
Govinda
《IFRAsia》2007-7-21
