The Last Struggle of the Century’s End 2

“Alright, now that we’ve introduced ourselves, let’s sit down. Would you like some coffee? Or perhaps some local tea?”

“Just some water, please. My throat’s parched.”

Lee Sang-soo loosened his tightly knotted tie and exhaled lightly.

Judging by the atmosphere, it seemed like it was time for me to leave. This wasn’t just a casual chat.

“Well then, I’ll leave you two to talk. I’ll be on my way…”

“Do-jun, hold on.”

Oh Se-hyun quickly stopped me as I was about to leave and turned to Lee Sang-soo.

“Sang-soo, are you here for personal reasons or is this about the company?”

“What? Oh, a bit of both…”

“Be precise. You rushed over here without any notice, so it must be urgent, right?”

“Why do you ask…?”

“If it’s about work, this guy needs to be in the loop too.”

Lee Sang-soo hesitated for a moment, then nodded.

“It’s about work. But it can’t leak out…”

“Don’t worry about that. He’s even more tight-lipped than I am. Do-jun, sit down.”

I sat back down, observing Lee Sang-soo closely.

In ‘94, he launched a communication software that allowed faxing via PC without a fax machine, and a PC communication emulator. He successfully attracted massive investments and was about to take his company public.

Yet here he was, a rising star in Yeouido, soon to be sitting on a pile of money, rushing over to discuss something secretive. What could it be?

“Actually, our company plans to go public around summer.”

“Oh! Congratulations. You’re just a step away from sitting on a pile of cash. Too bad I didn’t invest.”

Oh Se-hyun patted him on the back in congratulations, but Lee Sang-soo’s expression was bitter.

“What do you mean? You turned down the investment, remember? Haha.”

“A company founded by Seoul National and KAIST graduates wouldn’t have had trouble finding investors, right? You probably had people lining up with money bags, picking and choosing.”

Lee Sang-soo scratched his head sheepishly.

This industry is its own league. If an outsider tries to flaunt their money and invest, they’ll just be laughed at.

“Honestly, I wanted to invest, but this guy talked me out of it. As you might know, our Miracle only invests in a few early online gaming companies and doesn’t touch venture capital.”

Lee Sang-soo asked with a curious look.

“Why steer clear of ventures? Is there a particular reason?”

“Venture companies are essentially small businesses, right? For a company of Miracle’s size to enter that field for a bit of profit would be a nuisance. We’ve acquired Ajin Group and Dae-A Construction. We have to maintain business ethics.”

I spoke with a bit of arrogance.

Truthfully, I don’t like this guy.

If he had steadily grown his company based on solid technology, it would have remained a great enterprise. But blinded by the prospect of quick riches, he rushed to go public and ended up in ruins.

Because of that, tens of thousands of small investors suffered, with no one taking responsibility.

“Is that so? But Sunyang Electronics has been courting us.”

My tone must have rubbed him the wrong way. He shot back with a sour expression.

“See? I told you, Miracle has no ties with Sunyang Group!”

Sensing the tension, Oh Se-hyun interjected with a smile.

“Come on, with investors lining up and an IPO on the horizon, what’s our junior worried about?”

“Honestly, I’m a bit scared.”

His unexpected words took us both by surprise.

In what should be a celebratory atmosphere, he’s scared?

“Our company hasn’t escaped the red yet. We’re exploring a paid model, and the picture is starting to come together…”

“For a venture IPO, potential is key. It’s not unusual to go public while in the red, and it’s not just one or two companies doing it.”

That’s true.

Companies with barely any potential have been going public since the end of last year. Stock prices jumping ten or twenty times is just the norm.

“We’re different from those companies. I pride myself on not being a flash in the pan.”

Seeing the determination in Lee Sang-soo’s eyes, something felt off. Was this the same person I knew?

“Honestly, I want to go public after turning a profit, but the investors won’t leave me alone. They’re pushing hard for an IPO as soon as possible.”

Was there such a backstory? Is this a forced IPO?

“Then hold your ground. Didn’t you start the company with two juniors? Don’t you still hold the management rights?”

“Well…”

“What? Already?”

The IPO must be imminent. If the founders’ shares have dropped below half, it must be close.

“I currently hold 25%, and the two juniors who started with me have already exited.”

“What? Weren’t they the key developers? What happens if they leave?”

“They’ve handed over their shares to the investors but are still with the company. Development isn’t an issue.”

“Then convince the investors. Tell them to wait a bit longer for greater returns…”

“They’re immovable. They insist on pushing for an IPO by August at the latest.”

Lee Sang-soo glanced at Oh Se-hyun. Quick to catch on, Oh Se-hyun didn’t miss it.

“What is it? Is there something else going on?”

“Well… is it common for this to happen? The founder says it’s too soon, but the investors are pushing…”

“It happens a lot.”

Oh Se-hyun replied bluntly.

“The market’s on fire right now, and they don’t want to miss this opportunity. Even if your company misses, it’s still ten times the value. Who cares about the company’s future? If the IPO is delayed and the market crashes? Even I’d be pushing for it.”

“It’s more like a threat than a push.”

“What?”

“They said if I keep opposing, they’ll dig up everything on me. They threatened to put me behind bars if they find even a speck of dust.”

I was speechless. If it’s come to this, there’s only one explanation.

“Did you take any gangster money?”

I asked cautiously, and he shook his head vigorously.

“Absolutely not. As I mentioned, we were selective with our investors.”

“Is there any dirt on you?”

“If they dig, they’ll find something. In the early days, I splurged a bit with the investment money.”

“Well, who hasn’t done that…”

Surviving on instant noodles and sleepless nights, then suddenly getting a lump sum of money. Naturally, the urge to reward oneself kicks in, and you spend without guilt. It’s the ABCs of the venture market.

“An investor who would go as far as to threaten… that’s not good…”

Oh Se-hyun furrowed his brow, and Lee Sang-soo spoke with a trembling voice.

“Do you have any idea what’s going on? You’re a legend in this field, aren’t you? You’ve seen it all…”

“Some serious players are involved. If they’re threatening the CEO, it’s a sign that short-term capital is coming in. Once your company goes public, the market manipulators will latch on. I’m sure of it.”

Listening to their conversation, everything became clear.

I had uncovered the secret behind the unbreakable myth of New Data Technology, which recorded a 600-fold increase in just half a year in our stock market.

Next April is the 16th National Assembly election.

The current opposition, having lost power, is eager for a comeback, while the ruling party is determined to stabilize the latter half of its term.

It will be a bloodier battle than ever.

A fierce battle requires ample ammunition. This year’s KOSDAQ frenzy is undoubtedly fueled by their instigation.

“You’re already on the tiger’s back. Be honest. How much of the company’s money have you used?”

Lee Sang-soo hesitated for a moment, then lowered his head.

“A little over a billion.”

“You’re stuck. If they sue, it’s a prison sentence.”

Lee Sang-soo’s face turned ashen.

“It’s just a change in order. Just think of it that way. Once you go public, more funds will come in. Use that money to hire top talent and grow into a legitimate company. Your business idea isn’t just a bubble, right? Work hard and turn a profit.”

“But you said market manipulators are involved. And you still want me to go public?”

“You’re not planning to sell and walk away just because the stock price skyrockets, right? Just focus on your business.”

This obvious advice wasn’t what he wanted to hear. It seemed much more serious.

“Um, sir. Oh, can I call you sir?”

“Oh, right. We’re university alumni. Feel free to call me that, junior.”

Lee Sang-soo’s expression brightened slightly.

“It seems like there’s something you haven’t mentioned yet. If it’s because of me, I can step out.”

“No, it’s fine. You’ll find out eventually anyway.”

He glanced at Oh Se-hyun, who nodded as if it were only natural.

“I was hoping you might consider investing in our company. That’s actually why I came.”

“What? Me?”

“Yes. Whether personally or at the company level. We’re actually discussing increasing our capital through paid and unpaid stock offerings. If that happens, those guys’ shares will increase. I’d rather have you as a major shareholder to fend off the market manipulators.”

He’s desperately trying to dilute the existing investors’ power.

“I’ll make sure you don’t lose out. I don’t mind giving you all my shares. I’ll delay the IPO and take the proper path. I don’t want to disappear in the dot-com bubble.”

It seems too late, but am I the only one who thinks so?

Just as I was about to say something, Oh Se-hyun stopped me. He blinked briefly and then spoke quickly.

“I’ll think about it. It’s not an easy decision. We don’t have money just sitting in our accounts. I need to check if we can free up funds, and we can’t ignore our investors’ opinions.”

Disappointment was written all over Lee Sang-soo’s face. Everyone in Yeouido knows that a company of Miracle’s size can easily pull out a hundred or two hundred billion like taking money from a wallet.

This was clearly a polite refusal.

“Senior, if there’s anything lacking in the terms, please let me know. I’ll adjust to whatever you need. I’m even willing to transfer all my shares right now. Just appoint me as the professional manager. I’ll turn the company around and show you a vision, then you can reassess.”

“Look, I’ll take everything into account and make a decision. It’s hard to give you an answer right this moment. I understand how urgent this is for you, so you don’t need to keep repeating it.”

Lee Sang-soo struggled to his feet. Judging by his demeanor, he must have been meeting with every potential investor he could find.

This might be his last stop. He knows there’s no getting off this tiger’s back now—it’s a desperate situation.

As soon as Lee Sang-soo left, Oh Se-hyun started making calls left and right.

After gathering information for a while, his sighs grew deeper.

“Looks like he’s in deep trouble, huh?”

“Seems that way.”

“If they’re shaking him down over company funds, there must be some powerful forces behind this, right?”

“Who do you think it is?”

“Probably those guys at the far west end of Yeouido.”

Oh Se-hyun nodded.

“That’s a strong possibility.”

“Are you considering investing?”

“Sang-soo knows that even if we invest, the current investors won’t accept it. They’ve worked hard to set the table, and they won’t just let someone else come in and take a seat.”

“Is he just trying anything he can?”

“Exactly. Now he’s just being dragged along by the powers that be.”

“It’s a shame. After all that hard work, and now he’s facing prison. Tsk tsk.”

“What? Prison? Why would he go to jail?”

Oops…

What a slip-up…