Chapter 79: Compelling Offer

Initially, Oh Se-hyun wore a blank look, as if he hadn’t quite grasped what was being said.

“What are you all waiting for? Get on the phone,” he urged.

At his renewed prompting, the creditor representatives pulled out their cell phones.

To say they would break off negotiations and walk away actually meant they wanted to renegotiate. They understood that any new negotiation implied a significant reduction in the acquisition price, a decision that ultimately rested with the bank presidents who headed the creditor group.

Oh Se-hyun and I leisurely sipped our tea while the representatives made their calls.

Finishing their urgent calls one by one, the representatives huddled in a corner of the conference room, murmuring amongst themselves. They were comparing notes on what their respective superiors had said, trying to reach a consensus.

“Would you be willing to offer terms that allow for full payment of the acquisition price by 4 PM tomorrow, the 30th?”

The three representatives conveyed the unified opinion of the bank presidents.

“Acquisition price of 800 billion won. At an exchange rate of 2,000 won per dollar, that’s 400 million dollars. If you accept, we’ll deposit 400 million dollars into the designated account today. And tomorrow, we’ll sign the revised agreement.”

Without missing a beat, as if I’d been waiting for this moment, I responded, “If we don’t hear from you by this afternoon, Miracle will announce its tearful withdrawal from the Ajin Group acquisition due to the economic crisis by tomorrow morning.”

Without missing a beat, as if I’d been waiting for this moment, I responded.

As I finished speaking, Oh Se-hyun quickly added his own warning, not missing a beat.

“We’ll leave now, as you’ll no doubt be busy. We await your positive response.”

The creditors’ expressions twisted, clearly showing they thought the conditions were outrageous.

We exited the conference room before they could even open their mouths to protest.

“Are you sure about this? The exchange rate has already hit 2,000 won, so they might accept that, but slashing the price by a full 40% feels a bit risky.”

“Isn’t this all settled? Why are you bringing it up again?”

“Seeing their faces just now made my heart sink.”

Before meeting the creditors, Oh Se-hyun and I had clashed fiercely over the acquisition price adjustment, but my stubbornness had prevailed. Yet, seeing their reaction made him wonder if we’d gone too far.

I hadn’t just pulled the 800 billion won figure out of thin air.

That was the exact amount Daehyun Automobile had paid when they acquired Ajin Group in the past. Daehyun Group, initially selected as the preferred bidder, had dragged out negotiations for a full two years, reducing the price from 1.2 trillion won to 800 billion won.

It wasn’t that the company’s value had plummeted; the situation in Korea had forced the price down.

I, too, felt a twinge of unease.

However, I believed the situation was even worse now than it had been two years prior.

Aren’t those at the very top the kind of people who would do anything to protect themselves?

The bank presidents would be desperate for that 400 million dollars to secure their positions.

And if I could offer a proposal that would help them with their decision, my anxieties would vanish completely.

Oh Se-hyun returned to Yeouido, while I rushed to my grandfather’s house.

* * *

“That rascal! You’re no better than a robber without a knife! 800 billion won, indeed.”

“Robbers don’t negotiate.”

“Cornering a rat and forcing it to choose is the same as wielding a knife, you little devil. Ha ha.”

Grandfather burst into a hearty laugh.

He seemed pleased that I had produced a new card at precisely the right moment.

“It was wise not to give them time to think. Even a cornered rat will find a way out if given enough time.”

“It’ll be useless once the year ends.”

I spoke cautiously to my grandfather, who was nodding in agreement.

“I have a favor to ask.”

“You want me to drive the wedge in further, don’t you?”

“…Yes.”

His intuition was frighteningly sharp.

“What kind of wedge do you want me to hammer in?”

“Please arrange a position as an advisor for Soonyang Group. I’ll cover all the expenses.”

“You learn the bad things quickly, don’t you? Ha ha.”

I learned it all from you. You taught it to your son, and he taught it to your grandson. I just picked up the scraps.

Instead of saying those words, I offered a wry smile.

“How much are you planning to offer?”

“Wouldn’t 2 billion won over five years be satisfactory?”

“How many main creditor banks were there again?”

“Three.”

“Then that’s 6 billion won. You’re being quite generous.”

“It’s Soonyang’s name on the line. We can’t afford to lose face.”

“It’s almost too much… but thanks to you, I’ll get to show off a bit. Ha ha.”

Chuckling, my grandfather handed me a piece of paper.

“Take a look at this.”

The paper contained a restructuring plan for the financial sector, listing banks targeted for sale and merger.

The first two banks that caught my eye were part of Ajin Group’s creditor group, and they were listed as targets for sale.

“I was wondering how to use this, but it seems it’s for our Do-jun.”

The fact that this financial restructuring plan was being released at this time meant it was being spearheaded by the incoming government’s transition team.

The transition team had only been formed a few days ago, yet details of their every move were already on my grandfather’s desk. It was a testament to how far and wide Soonyang Group’s reach extended.

“Is it possible the banks have also obtained this list?”

“If it were information that readily available, they wouldn’t even bother reporting it to me. Only someone like Daehyun Group would know.”

“We can definitely use this to our advantage.”

“It just shows you have luck on your side. Once they realize they’ll soon be out of a job, they’ll grab onto this opportunity. They might even come running here to thank you profusely.”

The advisory position at Soonyang Group had transformed from a simple offer into a lifeline.

It’s a shame. If I had known about this information a little earlier, I could have pushed for an even lower price.

“Do-jun.”

“Yes.”

“Soonyang is also planning to announce a major restructuring plan early next year.”

As expected. It seemed that 1 billion dollars wouldn’t be enough to fix things.

Up until now, they had only ever sold subsidiaries, never entire affiliates. I wondered how many they were planning to liquidate.

“You must have some tough decisions ahead.”

“In some ways, it’s a good thing. We can gather all the money-losing or uncompetitive divisions and clean them out at once. And right now, there won’t be any complaints about unfair dismissals or anything like that.”

I’d forgotten.

The IMF crisis was the best opportunity for companies that could survive.

And it was the moment when the dominance of the top conglomerates began.

My grandfather misinterpreted my grave expression and said something unexpected.

“Don’t worry so much. While it will help improve the group’s constitution, we won’t be cutting off any valuable limbs. Don’t fret too much.”

“Yes, that’s a relief.”

In situations like this, it’s best to pretend not to know and just voice what they want to hear. Then, you might receive an unexpected gift. Just like now.

“And this is also an opportunity for me to do something I’ve been putting off.”

“…?”

“You’re over twenty now, so I should give you a present. I’ll give you some group shares. I’ll slip it into this restructuring plan, so you can acquire them at a low price.”

My expression must have betrayed my indescribable emotions.

“You rascal, you swallowed Soonyang Motors whole, and you’re that happy about a few measly shares? Ha ha.”

Grandfather chuckled and picked up the receiver.

“And this is a gift for you right now. Let’s nail down that wedge first.”

Soon after, he began a phone call in his distinctive voice.

“Oh, Director Kim. I’ve heard you’ve been having a lot of difficulties lately….”

* * *

“…Of course, Director. I have no intention of spreading this around. Frankly, isn’t this a private agreement? There’s no real need to make it public.”

Oh Se-hyun barely managed to suppress a laugh as he ended the call.

As darkness fell without any word, I started to worry that things had gone wrong, but as evening arrived, the call I’d been waiting for finally came.

Their only additional condition was to delay the public announcement.

That night, my uncle and I celebrated with drinks and held an end-of-year party, lamenting the passing of 1997.

At my uncle’s favorite spot, no less.

However, we didn’t drink too much until midnight. When the clock struck twelve, my uncle called New York Miracle in the US, and 400 million dollars was transferred to the creditor banks’ accounts.

The next morning, in the president’s office of Ajin Group’s main creditor bank, a dozen lawyers reviewed the acquisition agreement with the revised terms, and by afternoon, we were able to sign it.

The bank executives glared daggers at a reeking-of-alcohol Oh Se-hyun, but the bank president remained impassive.

Those who had secured solid insurance for their future had nothing to be upset about as the year drew to a close.

Watching all of this unfold from the corner, my chest swelled with emotion. Today was the day I became the owner of the second-largest automobile company in Korea.

* * *

On New Year’s Day, 1998, my grandfather’s mansion was bustling with people.

With the crisis ongoing and Soonyang Group preparing for restructuring, the presidents of the subsidiaries flocked to my grandfather, eager to make a good impression to ensure their survival.

Even the cousins studying abroad were in attendance, bowing deeply to the elders in turn.

“Sang-joon, you’re studying music?”

“…Yes.”

Sang-joon, my older brother, who had returned after two years abroad, answered in a barely audible voice, anticipating a harsh reprimand from our grandfather, who disliked entertainers.

“Planning to become a singer?”

“No, sir. I’m studying producing.”

“Producing?”

“Yes. Making records for singers….”

“You brat. Do you think I’m so old I wouldn’t know that?”

Sang-joon slowly raised his head. His grandfather’s tone was gentle.

“Are you alright with it?”

“With what?”

“Me changing my major without permission….”

“It’s fine as long as you excel at what you want to do. Keep a close eye on your father and learn from him. I hear he’s the president of the biggest film company in the country. Is that right?”

My father waved his hand at my grandfather’s attention.

“Oh, no, not at all. I still have a long way to go.”

“You good-for-nothing. What have you been doing for ten years in that tiny little film industry?”

“This year, I’ll make it to the top of the film industry. Please don’t scold me too much.”

My father smiled along with my grandfather, seeing the smile on his face.

“Sang-joon.”

“Yes, Grandfather.”

“Don’t be a sluggard like your father. Finish your studies quickly and become the best in that field in ten years.”

With this official approval, Sang-joon’s expression brightened considerably.

“Yes, Grandfather. I will definitely become the best.”

When it was my turn to bow, the last in line, he didn’t say much. He simply nodded his head lightly with a satisfied expression.

“This year will be very difficult, so everyone needs to keep their wits about them and work hard. I will not tolerate any instability in Soonyang.”

Grandfather didn’t forget to issue a stern warning to everyone.

“And I’ve discussed with the eldest about expediting Young-joon’s marriage. We’ll hold the ceremony before the regular personnel reshuffle, and Young-joon will be promoted to an executive position at Soonyang Corporation.”

Jin Young-jun grinned from ear to ear and bowed deeply.

“Thank you, Grandpa… I mean, Chairman.”

With the family gathering concluded, it was time for the subordinates to make their impressions.

As the sounds of my grandfather’s booming voice began to echo from the study, our family quietly returned home.

Now that even Sang-joon was being recognized, it felt like we had truly become part of the Soonyang family.

* * *

The first news story on TV on New Year’s Day was the decision to sell the two banks.

One was a major bank founded in 1929 as Joseon Savings Bank, and the other was a regional bank established in 1959 that had grown into a national bank.

What made the news even more shocking was that both banks had been designated as ‘priority targets for overseas sale’.

Because banks are largely seen as repositories of a nation’s wealth, public outrage soared.

The gratitude felt when the IMF provided emergency bailout funds vanished. People realized that they weren’t providing aid; they were taking over the banks in exchange for loans.

Perhaps the most surprised person among those watching the news was me.

I reviewed the notebook containing my memories of my past life several times, but this fact wasn’t recorded anywhere.

Then again, I was probably too busy enjoying my college days to pay attention to economic news.

I simultaneously wondered if I could have acquired the banks if I had known and if it was even possible now.

Banks that the chaebols had desperately wanted but couldn’t obtain.

Owning such banks would be like gaining powerful wings.

What would be the acquisition price for the two banks? Trillions of won? Or even tens of trillions?

The joy of becoming the owner of a giant automobile company just three days ago had already faded.

A new prey had appeared before my eyes.

The desire to possess that prey was shaking me to my core.