[059] A Battle or a Sport? Part 2.
“Chairman, you must accept this proposal.”
“Hmm.”
The tightly pressed lips and furrowed brow of Chairman Joo clearly showed his anger, but the key figures in the group didn’t hesitate for a moment. They had to prevent the disaster of the chairman kicking over the well-prepared table in a fit of rage.
Considering the effort put into acquiring Ajin Motors, unity on the basic terms was essential.
Ajin Motors’ debt of 3.28 trillion won, Ajin’s affiliates’ debt of 1.58 trillion won to be written off, and the remaining 2.52 trillion won to be converted into equity. A staggering total of 7.38 trillion won in debt relief.
Thinking about the money spent, the drinks consumed, and the women entertained to get the banks and government officials to accept these terms was enough to give anyone a headache.
Moreover, although they hadn’t received a definite answer yet, the acquisition price of 1.2 trillion won had been subtly nodded at.
The cost of cutting out the rot from Ajin Group, treating the wounds, and cleaning up the mess to enjoy a delicious meal was just 1.2 trillion won.
Such a perfect feast would never come again.
But if Miracle Investment started meddling with the debt relief part, they’d have to prepare the meal all over again.
While they could offer an extra 100 or 200 billion won for the acquisition price, renegotiating the debt relief was out of the question.
The people from Daehyun Group were actually grateful for Miracle’s proposal for unity.
“It was a hard-fought negotiation. We must not touch the debt relief terms.”
Seeing the earnestness on their faces, Chairman Joo couldn’t just keep fuming.
“Does that guy have money? Enough to throw around a few trillion won?”
“Just as Miracle doesn’t know our financial capacity, it’s hard for us to gauge theirs. It’s all American capital, isn’t it? But…”
“But what?”
“According to our investigation from the U.S. branch, they seem to have plenty of ammunition. They’re known as big players in Hollywood. There’s hardly a hit movie that hasn’t had Miracle’s money in it.”
Chairman Joo shuddered at the mention of Hollywood movies.
In 1993, when Steven Spielberg’s “Jurassic Park” was released, President Kim Young-sam emphasized the importance of the film industry, often saying, “The box office revenue of one movie is equivalent to exporting 1.5 million cars.”
How could anyone compare two completely different industries based solely on revenue?
As a result, Daehyun Group, a leading name in Korean automobiles, was labeled as a symbol of an outdated business.
“The really important point is that not a single movie Miracle invested in has failed.”
“Indeed. Their investment sense is extraordinary. If they were the type to lose in a money fight, they wouldn’t have entered this battle. You’ve always said that reluctantly accepting an outstretched hand is a way to avoid bleeding, haven’t you, Chairman?”
“An outstretched hand…”
Chairman Joo was silent for a while.
By not shouting or scolding, he was effectively accepting the proposal for unity.
Chairman Jin put down the newspaper with a satisfied look after skimming through the full-page ad in the Hanseong Daily.
“The ending is good. It gives a sense of anticipation.”
“Was it made by Sunyang Planning?”
“Yes.”
“Chairman Song Hyun-chang has been giving a lot of interviews. Did you arrange that, Grandfather?”
“Not at all. Chairman Song is doing it himself. I heard President Oh is cracking the whip hard, so Chairman Song must be feeling the pressure.”
Grandfather smiled at me.
“Did Joo Young-il come and go?”
“Yes. He said he’d compensate if we withdrew from the acquisition battle.”
“Haha. That old man must be in a hurry with someone holding him back. To make such a difficult move… What did he say?”
“He suggested we compete with dignity, focusing only on the acquisition price. He said we should take full advantage of the government’s benefits and not cut into our own flesh unnecessarily.”
“And what did he say?”
“He told me not to mess around and that we should have a proper showdown.”
“Haha. It seems he’s quite worked up.”
Grandfather laughed heartily, as if enjoying a very entertaining game.
“Give me a hint. How do you think Chairman Joo will respond?”
“You already have a guess, don’t you? Would I have rejected the proposal if I were him?”
“Yes.”
“So? What’s your answer?”
“He’ll accept it. The debt relief amount is already a constant. He won’t want to introduce new variables.”
“Exactly. The most frightening thing for a businessman is a variable. When I was working on the Asan Bay project, the unpredictable weather on the west coast kept extending the construction period. A project I wanted to finish quickly dragged on, and the money lost every day was all debt, driving me crazy.”
Here we go again, a trip down memory lane.
How much easier would it be if he just got to the point? But he’s an old man now.
He spends more than half of his current time reminiscing.
At times like this, it’s best to just listen quietly as a form of filial piety.
“The unpredictable weather was an unforeseen variable. I imagined how great it would be if I could buy the weather with money. It’s the same now. Chairman Joo would want to buy variables with money. But if he can eliminate half the variables without spending money, why would he refuse?”
That’s it. The two chairmen are the same.
Now, it’s just a matter of waiting for Chairman Joo to send word that he’s accepted the unity proposal.
“But Do-jun.”
“Yes.”
“We… or rather, you’ve played all your cards. Chairman Joo hasn’t played any of his yet. He’s going to start a major counterattack.”
“Through the media, right?”
Grandfather nodded.
“Not just the media. He’ll persuade the creditors and the acquisition review committee. The government, the National Assembly, and the Blue House, which Daehyun Group has taken care of all this time, will also exert pressure.”
Grandfather’s tone seemed a bit suspicious.
“It sounds like you’re saying there won’t be any more help.”
“Even if I wanted to, I can’t.”
“What? What do you mean…?”
“I stopped Chairman Song Hyun-chang from being arrested. They were already suspicious that I had my eyes on Ajin Motors. Since his arrest would have been more advantageous for the acquisition, they quieted down. They just thought it was out of sympathy.”
“That’s not all, is it?”
“Would it be right to put government officials in a difficult position? They’ve been working like my limbs. If I pull with my right hand and Chairman Joo pulls with his left, those guys will be torn apart.”
He didn’t look the least bit regretful. This sly old man must have some scheme, but I can’t figure it out.
“You can’t tear apart the friends you’ve nurtured with money.”
He’s the one who most wants to avoid Ajin Motors and Daehyun Motors becoming one. When the time comes, he’ll step in even if I try to stop him, so there’s no need to cling to him.
“Understood. I’ll work well with President Oh Se-hyun.”
Grandfather seemed surprised that I wasn’t begging for help, but he soon regained his smile.
“You’re close with Oh Se-hyun, right?”
“Yes.”
“What do you think? Is he someone you can trust?”
“So far, yes. My father also said he’s a trustworthy person. He handles money, but he’s not someone who would betray for it.”
“Really?”
A sly smile spread across his face.
What is this old man thinking now?
“Do-jun, there are two types of people you should keep close. One is someone like Oh Se-hyun, whom you can trust to handle things.”
“And the other?”
“Someone willing to make sacrifices for you.”
Sacrifices…
What kind of situation would require someone to make sacrifices for me?
“Such people will gather around you when you shine. There’s no need to go out of your way to find them.”
Watching me ponder, Grandfather stopped smiling and stood up.
“Let’s go. It’s time for the guests to arrive. Oh, and change your clothes. I’ve prepared something upstairs.”
“Surely it’s not a tuxedo, right? Haha.”
The engagement ceremony was held at Grandfather’s mansion’s guesthouse. Most of my cousins were studying abroad, so there weren’t many of us, but the other family’s side had gathered quite a crowd.
Perhaps due to Grandfather’s request to avoid a noisy engagement, there were no reporters from the Hanseong Daily, just a few photographers busily snapping pictures.
Jin Young-jun seemed quite affectionate with his soon-to-be wife. As far as I know, their second meeting was the formal introduction of both families, and they’ve only met a couple of times since. It’s hard to understand these peculiar people.
Does having a lot of money make affection come easily?
The couple, arm in arm, went around greeting the guests at the engagement, while the Hanseong Daily family members kept bowing their heads to the promising heir, Jin Young-jun.
The largest advertiser and the media outlet that lives off those ads.
The hierarchy between the two families wasn’t determined by age or kinship but by a perfect power dynamic.
“Oh my! You’re as handsome as they say! They call you the most handsome in Young-jun’s family…”
“Congratulations, brother.”
I bowed my head in greeting to the couple who approached me.
“Do-jun, this is your first time, right? Introduce yourself.”
“Congratulations, sister-in-law. I’m Jin Do-jun.”
“Thank you, Do-jun.”
Beyond greetings, there wasn’t much to say. I hoped they’d move on to greet someone else quickly, but alas.
From afar, Vice Chairman Jin Young-gi waved to Jin Young-jun.
“So-young, just a moment. Do-jun, chat with your sister-in-law for a bit. I’ll be right back.”
The situation was awkward enough to drive me crazy, but wait a minute?
This woman, despite her fierce appearance, is quite amiable.
“Do-jun, you’re like every woman’s ideal type.”
“Me?”
“Of course. Tall and handsome, in the top 0.1% intelligence-wise. Plus, you’re the youngest in a family everyone envies.”
“Is being the youngest really something to envy?”
“Of course. You don’t have to inherit the company, you don’t need to get involved in management, and you can just enjoy life spending the money that’s passed down to you.”
“Really? When you put it that way, it sounds pretty appealing.”
“Do-jun, you can be like your uncle who works in film, not worrying about the company and doing whatever you want. Isn’t that great?”
For some reason, I feel uneasy.
This woman is all smiles, but it doesn’t seem genuine.
“The issue is the money. I’m not sure there’ll be any left by the time it gets to me. Haha.”
“Oh, come on. The family elders always say it, don’t they? That Chairman Jin dotes on you the most. I’m sure he’ll be generous.”
“Really? My grandfather gives stocks and money to his grandsons when they come of age, but all I got was a sports car. And I don’t even have a license.”
“Maybe he’s saving something bigger for you. Besides, I heard you’re the studious type who hardly spends any money…”
“Who told you that? I don’t spend because I don’t have it. If I did, I’d spend it all.”
If she knew how I really spent money, she wouldn’t be standing here so calmly. This woman.
Her mouth is smiling, but her eyes aren’t. She’s sizing me up.
It’s understandable to some extent. After all, she’s going to be the eldest daughter-in-law of the Sunyang Group, isn’t she?
She must be eager to get her hands on the keys to the vault and play the role of the lady of the house.
I get that she doesn’t want to share even a grain of rice from the storeroom, but she’s too young. Twenty-six, is it?
She should have learned to hide her greed and claws, but as the princess of a major media company, she probably never had the chance.
“Really? Then I’ll take responsibility for your allowance from now on. And if I talk to Young-jun, your pockets will be fuller. Hoho.”
“Really? That would be amazing. I guess I should stay on your good side, sister-in-law. Haha.”
Forcing a smile was so uncomfortable, it was unbearable.
“Sister-in-law, excuse me for a moment. I need to use the restroom.”
I nodded slightly, and the woman who would be my sister-in-law smiled and nodded back.
Once I stepped away, the discomfort eased.
Watching Jin Do-jun walk away briskly, Hong So-young muttered to herself.
“That kid’s no ordinary one. A guy who frequents Yeouido’s stock market says he has no money?”