[079]A gloomy new year for some 2
At first, it seemed like he didn’t understand what Oh Se-hyun was saying.
“What are you doing? “Please call me quickly.”
When urged once more, the creditor executives took out their cell phones.
They realized that breaking the negotiation meant renegotiating, and that new negotiations meant reducing the acquisition amount to a level that had to be decided by the bank president, the head of the creditors.
Oh Se-hyun and I leisurely drank tea until the executives ended the call.
The executives ended their calls one after another in urgent voices and gathered in a corner of the conference room to whisper. The idea is to exchange what each superior said and come to a conclusion.
“Could you please tell me the terms under which the full acquisition price can be paid by 4pm tomorrow, the 30th?”
The three executives expressed the unanimous opinion of bank presidents.
“The acquisition amount is 800 billion won. 400 million dollars based on the exchange rate of 2,000 won. If you accept, we will deposit $400 million into your designated account today. And tomorrow, we will sign the renewed agreement.”
I spoke without taking a breath, as if I had been waiting.
“If we don’t hear from you by this afternoon, an announcement will be made tomorrow morning that Miracle will shed tears and give up on taking over Ajin Group due to the economic crisis.”
After I finished speaking, Oh Se-hyeon spoke quickly without forgetting the warning.
“You’ll be busy from now on, so we’ll head back. “I look forward to your positive response.”
The expressions on the creditors’ faces were so distorted that it seemed like everyone thought these were ridiculous conditions.
We opened the conference room door and left before they could even open their mouths.
“Is it okay? “The exchange rate is already at 2,000 won, so even if we accept it, it’s a bit burdensome to have cut it by as much as 40%.”
“Isn’t this story already over? Why are you doing this again?”
“It’s because my heart is pounding when I look at those people’s faces.”
Before meeting with the creditors, I had a serious conflict with Oh Se-hyun about adjusting the acquisition amount, but he could not overcome my stubbornness. However, when I saw their reactions, I guess I was worried that something might be wrong.
I did not decide the number of 800 billion on my own.
In the past, when Daehyun Motors acquired Ajin Group, the amount was 800 billion won. First of all, Daehyun Group, which was selected as a negotiation partner, dragged out negotiations for two years and reduced KRW 1.2 trillion to KRW 8 trillion.
The value of the company did not fall further, but the situation in Korea made it that way.
I was equally anxious.
But I believed that the situation was worse now than it was two years later.
Aren’t the people who can do anything to protect themselves the ones at the top?
Bank presidents will be desperate for $400 million to save the day.
And if I make suggestions that will help them make their choice, my anxiety will completely disappear.
Oh Se-hyeon returned to Yeouido and I ran to my grandfather’s house.
* * *
“Look at this guy! If you don’t even have a knife, you’re no different from a robber. “800 billion.”
“There is no negotiating intensity.”
“It’s the knife that forces the cornered rat to make a choice, you bastard. haha.”
Grandpa burst into joyful laughter.
I guess I liked the fact that a new card was pulled out at a very opportune moment.
“It was a good thing I didn’t give myself time to think. “Even a cornered rat will get out if you give it time.”
“If it goes beyond that, it’s useless.”
I spoke carefully to my grandfather, who nodded.
“I have a favor to ask.”
“You’re asking for a wedge, right?”
“… yes.”
One thing he notices is that he is extremely fast.
“What kind of wedge should I put in?”
“Please prepare for the position of Sunyang Group advisor. “I will pay all the costs.”
“You learn bad things quickly. haha.”
I learned everything from you. You taught your son, and he taught your grandson. I just picked it up from the sidelines.
These words were replaced with a bitter smile.
“How much do you plan to give me?”
“Wouldn’t you be satisfied if we gave you 2 billion for five years?”
“How many main creditor banks were there?
“There are three.”
“Then it’s 6 billion. “You give generously.”
“Because Sunyang’s name is on the line. “You can’t lose your humanity.”
“It’s too much to waste, but… Thanks to you, I feel a little condescending. haha.”
The grandfather smiled and held out a piece of paper.
“Take a look at this.”
The paper was a financial restructuring plan containing a list of banks subject to sale and merger.
The first two banks that caught my eye were Ajin Group’s creditors and they were for sale.
“I was thinking about how to use this, but I’m using it for our Dojun.”
The fact that the financial sector restructuring plan came out at this point means that the incoming government transition committee took the lead.
It hasn’t even been a few days since the transition team was formed, and their every move is placed on the grandfather’s desk. It was a point that showed how tightly the tentacles of the Sunyang Group were spread.
“Could it be that the bank also obtained this list?”
“If information is that common, they don’t even report it to me. “Only Daehyun Group knows.”
“I could really use it effectively.”
“It probably means you’re lucky. If they find out that you will soon be unemployed, they will bite you. “Maybe they’ll rush over and bow their heads in gratitude.”
The position of advisor to Sunyang Group was not an offer, but rather an offer.
it’s a shame. If I had known this information a little earlier, it would have been half price.
“Dojun.”
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“yes.”
“Sunyang also plans to announce a large-scale restructuring plan early next year.”
also. It appears that it will be difficult to resolve the issue with around $1 billion.
Although we have sold subsidiaries so far, we have never liquidated any affiliated companies. How many things do you want to organize?
“You’re going to have to make a tough decision.”
“In a way, it’s a good thing. This is because departments that are wasting money or losing competitiveness can be brought together and completely liquidated. Now, there won’t be people making a fuss about unfair dismissals or anything like that.”
I blinked.
The IMF was the best opportunity for surviving companies.
And it was also the moment when the monopoly of top conglomerates began.
My grandfather, who saw my stiff expression, must have been mistaken. He says the wrong things.
“Even if you say it’s okay. Although it may help improve the group’s constitution, there is no such thing as cutting off unwanted fat. “Don’t worry too much.”
“yes. If so, I’m glad.”
In this case, you can pretend not to know and say what you want to hear. Then you can receive an unexpected gift. Like right now.
“And I plan to use this opportunity to do something I’ve been putting off.”
“… … ?”
“Since you are over 20 years old, I should give you a gift. I will give you some shares in the group. “We will sneak it into this restructuring plan, so you can pick it up cheaply.”
An indescribable feeling must have appeared on his face.
“You bastard, is the guy who stole the cruiser so happy with a small share of that car? haha.”
The grandfather chuckled and picked up the phone.
“And this is my gift to you now. Let’s start with the wedge.”
Soon after, he started talking on the phone in his unique voice.
“Oh my, President Kim. I heard there’s a lot of hard work going on these days… … .”
* * *
“… Of course, Mr. President. I also have no intention of making a fuss. Isn’t it actually a private contract? “There is no need to announce it.”
Oh Se-hyun ended the call, suppressing laughter.
When there was no phone call until it got dark, I was worried that something had gone wrong, but when evening came, the call I had been waiting for came.
Their only additional condition was to delay the press release.
And that night, my uncle and I gave a toast and held a year-end party to regret the passing of 1997.
At the very same house that my uncle frequents.
But I didn’t drink much until midnight. He said that at midnight, his uncle called Miracle, New York, USA, and $400 million went into the creditors’ account.
The next morning, more than a dozen lawyers reviewed the acquisition contract created with the changed terms by the president’s office of Ajin Group’s main bank, and the contract was signed in the afternoon.
The bank executives glared at Oh Se-hyun, who was reeking of alcohol, as if he were going to kill him, but the bank president had a calm expression.
This is because at the end of the year, those who have reliable insurance that guarantees their retirement have nothing to regret.
As I stood in the corner and watched all of this, my heart pounded. Today is the day I become the owner of the second largest automobile company in Korea.
* * *
On New Year’s Day 1998, my grandfather’s mansion was crowded with people.
As the crisis continued and the Sunyang Group also prepared for restructuring, the presidents of affiliates gathered together to impress their grandfather in order to survive.
All of my cousins who were studying abroad also attended and bowed deeply to the elders one by one.
“Sangjun, are you studying music?”
“… yes”
Sang-Jun, who returned to Korea after two years, answered in a hushed voice, probably because he expected an unpleasant word to come from the mouth of his grandfather, who hated Dandtara.
“Do you want to become a singer?”
“Oh, no. “I’m studying producing.”
“Producing?”
“yes. Producing albums for singers… .”
“Hey. I know that much too. Are you ignoring me because I’m old?”
Sangjun slowly lifted his lowered head. Because his grandfather’s voice was soft.
“Are you okay?”
“what?”
“I changed my studies on my own… .”
“You just have to be good at what you want to do. Watch and learn from your father. I heard that he is the president of the largest film company in Korea. Is that right?”
After receiving my grandfather’s gaze, my father waved his hand.
“Oh no, no. “There is still a long way to go.”
“You seem like a hater. “What have you been doing for 10 years in that little movie?”
“This year, we will become the best film company. “Don’t be too harsh.”
My father laughed together as he saw the smile on my grandfather’s face.
“Sangjun.”
“yes. grandfather.”
“You don’t beg like your father. “You must complete your studies quickly and become the best in the class after 10 years.”
As soon as official permission was given, Sangjun’s expression brightened even more.
“yes. grandfather. “I will definitely become the best.”
When it was my last turn and I bowed deeply, not much was said. However, he just nodded his head slightly with a happy expression.
“This year will be very difficult, so everyone, stay alert and work hard. “I can never forgive Sunyang for being shaken.”
Grandfather did not forget his stern warning to everyone.
“And Youngjun discussed with his eldest son that he would hasten the marriage. “I plan to get married before the regular personnel appointments and appoint Youngjun as an executive at Sunyang Corporation.”
Jin Young-Jun smiled from ear to ear and bent down.
“thank you. Hal… no, Chairman.”
The family gathering ended like this and it was time to make eye contact with the subordinates.
When my grandfather started yelling in the study, my family quietly returned home.
Since I was recognized by Sangjun, I felt like I had become a true member of the Sunyang family.
* * *
The first news to hit TV in the new year was the news of two banks’ decision to sell.
It was a representative bank established in 1929 under the name of Chosun Savings Bank, and a bank that was founded as a local bank in 1959 and grew into a national bank.
What made the news even more shocking was that both banks were designated as ‘priority targets for overseas sales.’
Because banks are widely recognized as places where the nation’s wealth is stored, public anger soared.
When the IMF announced that it would inject emergency bailout funds, my gratitude disappeared. This is because he knew that he was taking the bank on the condition that he would not lend dollars, but only lend them.
Of all the people watching the news, I was probably the most surprised.
I looked at the notebook where I recorded all my memories from my past life several times, but this fact was nowhere to be found.
Well, it was during my college days when I was too busy having fun, so there was no way I would have watched the economic news.
I wondered at the same time whether I would have been able to take over the bank if I had known, and whether it would even be possible now.
A bank that large conglomerates so desperately wanted but could not have.
Having a bank like that is like getting big wings.
What will be the acquisition price of the two banks? Trillions of won? No, tens of trillions?
Three days ago, the joy of becoming the owner of a large automobile company had already disappeared.
A new prey appeared before my eyes.
The desire to have that prey shook me.
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