Chapter 69: The First Confrontation
Director Lee Hak-jae tilted his head, puzzled by Chairman Jin’s laughter.
“Chairman, Osuhyun isn’t someone to be underestimated. He knows the value of his company’s dollars better than anyone.”
“Director Lee, is Osuhyun the owner?”
“What?”
“I told you, didn’t I? I’m close with the real owner. Osuhyun is just a manager.”
A manager is merely an agent for the landowner; the true owner is the shareholder or investor.
“Chairman, you don’t mean…?”
Though no one dared to say it aloud, everyone in the study wore expressions that betrayed their curiosity about whether Miracle was actually Chairman Jin’s company.
“What are those looks for? Don’t get the wrong idea. It’s not my money. How could I gather that much in dollars? My pockets are empty because you all aren’t working hard enough, right?”
As everyone hesitated, unsure whether to laugh or not, Chairman Jin rapped the desk with a decisive thud.
“Enough. Everyone out. Make sure you don’t miss a single one of my instructions.”
Director Lee Hak-jae briefly met the chairman’s gaze, understanding with a nod that he was included in the directive.
As he was the last to leave the study, he noticed that Chairman Jin’s smile hadn’t faded.
The atmosphere was different.
If this were a crisis meeting, everyone should have been tense, but their faces were surprisingly bright.
Was it because Sunyang Group, the top conglomerate, had such solid financial backing?
After confirming that Director Lee was the last to leave, I entered the study.
“Ah, the owner has arrived! Haha.”
“What?”
Owner? Me?
Could it be that they named me the successor in today’s emergency meeting?
Though it seemed unlikely, the thought made my heart race.
“My grandson, aren’t you the owner of Miracle? Today, we’re not meeting as grandfather and grandson. Let’s have an important talk between two owners.”
“What are you suddenly talking about? You’re scaring me…”
“Why the act? It’s written all over your face. You’re having the time of your life.”
It wasn’t my expression; it was my grandfather’s.
Negotiation is the art of tension and anxiety.
Enjoyment is reserved for those who hold the upper hand.
Neither my grandfather nor I were in a superior position, which meant we both had hidden cards… I knew mine, but not his.
What could it be? With the foreign exchange crisis looming, why was he so relaxed?
“So, what’s this important talk? Are you going to discuss the merger ratio of the two car companies?”
“Oh, that. We can talk about that later. There’s something more important.”
What could be more important? Could it really be about the succession of Sunyang Group?
But my happy daydream was short-lived.
“Have you prepared the funds to acquire Ajin Group?”
“There’s nothing to prepare. I just need to transfer it from an overseas account to a domestic one.”
“It must be in dollars, right?”
I didn’t miss the gleam in my grandfather’s eyes when he mentioned dollars.
I see.
Securing dollars to prepare for the foreign exchange crisis.
For Sunyang Group and my grandfather, this was the most pressing issue.
“Yes, it’s in a U.S. bank, so it’s in dollars.”
“I’ll exchange it for you. 1.2 trillion won, right?”
“Yes.”
“With the current exchange rate at about 1,200 won, let’s see… That’s exactly 10 billion dollars, right?”
“Yes, that’s correct.”
“Let’s transfer it as soon as tomorrow.”
“No, thank you.”
“What?”
“It’s complicated. Why go through all that when I can just give it to the creditor bank?”
My grandfather began to look at me incredulously as I smiled.
“Do you…?”
“Yes, I have eyes and ears too. The dollar is rising. The creditors will only sign the acquisition approval after the merger of Sunyang and Ajin Motors is finalized. It’s in my best interest to pay slowly.”
Though my grandfather’s surprised expression was somewhat endearing, our life experiences were different. He quickly regained his composure, even showing a faint smile.
“That’s right. That’s my grandson. Now it’s getting interesting. Haha.”
He buys time with laughter, thinking quickly like the sly old fox he is.
Then came the proposal.
“I’ll give you 1,500 won. How about it?”
“Go a little higher.”
“You little rascal. Fine, 1,600 won.”
“Not a chance.”
“You brat. The dollars you saved came from the ranch I bought for you, didn’t they? Have you forgotten?”
“That was a transaction. I studied hard and scored perfect marks in all subjects to bring you joy, and in return, you gave me the ranch. You spent a few million won on it, and for that joy, it was a fair trade. A few million won to you is like a few thousand won to an average person, isn’t it?”
“Ha! What a sharp kid. You remember all that?”
My grandfather shook his head in disbelief.
“You were the one who brought up something from ten years ago.”
“It seems I’ve been outmaneuvered… Fine. How much do you want?”
“You’re trying to buy dollars, which will soon be more valuable than gold, with won that could become worthless. The scales don’t balance. Put something else on the scale.”
“What? Worthless?”
For the first time, my grandfather’s faint smile vanished.
“How high do you think the exchange rate will go for you to call it worthless?”
“You’re asking me this because you can’t get dollars, right? If you can’t buy it, then that money is worthless. If the won can’t fulfill its role as money, isn’t it just paper?”
My grandfather couldn’t relax his expression and began tapping the desk.
Did I go too far?
Feeling his concern, I wavered.
Should I offer some dollar support at a reasonable level?
What am I thinking?
I can’t let sentiment ruin this once-in-a-lifetime opportunity.
I steeled myself.
Finally, my grandfather spoke quietly.
“How did you know there are no dollars in this country?”
“The media.”
“What? The media?”
“Yes. All sorts of warning signs are pouring out from the media. Those in the know are trying to prepare, but… they must realize it’s already too late.”
“The media likes to sensationalize. It’s often exaggerated.”
Even as he feels the risk, he’s probing my thoughts.
“Grandfather, the truth is… like a poetry book.”
“A poetry book?”
“Yes. New poetry books are published all the time, but most people don’t read them. Yet many poets have won the Nobel Prize in Literature.”
I had to answer in riddles. Older people like these kinds of answers.
“That’s true. The truth is powerful, but most people can’t read it or choose to ignore it.”
Nodding, my grandfather regained his smile.
“Alright. So what should I put on the scale to balance it?”
I didn’t make the foolish mistake of answering first. After all, Sunyang Group was the one drowning, and I held the life jacket.
When the water rises past their chest and reaches their nose, when they’ve felt enough fear, and when they start throwing away the gold in their pockets, that’s when I’ll hand over the life jacket.
“I’ll put the merger ratio negotiation on the table. Shall we settle it in one go?”
“Merger ratio?”
He tilted his head, not immediately grasping the two meanings within those words.
I didn’t elaborate. He would soon understand the true meaning.
“You… you sly devil. You’ve got a dark heart!”
It was a moment when the nickname “Iron Face” didn’t suit me at all.
A myriad of indescribable emotions flickered across his face.
He must have understood both aspects: increasing Sunyang Group’s shares in the merger with Sunyang Motors and making the merger ratio favorable to me. Otherwise, he wouldn’t have called me dark-hearted.
“It’s not dark-hearted; it’s a reasonable demand to bring to the negotiation table.”
“You smooth talker. Your words are as slick as oil, but it’s still greed.”
By laying bare the essence hidden in my words, he made any messy excuses unnecessary.
“Is there anyone without greed in this world? Business is about satisfying others’ greed while fulfilling your own, isn’t it?”
“Oh!”
“And since greed is something to be criticized for anyway, I might as well be ambitious.”
My grandfather’s lips twitched.
What would he say next?
“You’re quite the filial grandson. Haha.”
“Of course. Haven’t I always brought you joy? As a child, I delighted you with my studies, and now I’ve prepared the money you need. You won’t find a grandson like me anywhere else.”
I tried to lighten the mood with a bit of cheekiness, but my grandfather withdrew his smile.
“That’s true, but you’ve given me something even greater.”
”…?”
“Since Sunyang became a conglomerate with subsidiaries, no one has dared to challenge me. Everyone just bowed and tried to take what was mine. I couldn’t find anyone who prepared thoroughly and came at me with clenched fists to take what was mine.”
Could it be?
Is he reigniting his fighting spirit at over seventy?
Against his own grandson, no less?
“I may generously share what I have, but I won’t let it be taken.”
“Grandfather, you don’t mean… that, do you?”
“Yes. I’m thinking of rekindling the dying embers. Let’s see who wins.”
“Grandfather! I’m your blood, your grandson!”
“That’s what makes it more interesting, don’t you think? A fight between grandfather and grandson. It’s a bit embarrassing to say out loud, but… why not? It’s fun. Haha.”
Whether he was serious or joking was unclear, but the idea of him just giving in was out of the question. Not that I expected him to go that far anyway.
“Alright, Mr. Moneybags. Let me make the first offer.”
”…Okay.”
I put on my best dejected face. A grandson’s sad expression can be a powerful weapon against a grandfather.
“I’ll decide the merger ratio and the shares of the subsidiary to be added to Sunyang Motors. You just accept it. What I offer might be far more than what you could gain by fighting for it. After all, I’m your grandfather, aren’t I? No grandfather is stingy with his grandson. What do you say?”
Damn, this old man doesn’t fall for any tricks.
“As you said, I’m a dutiful grandson.”
“So, does that mean you’re accepting my offer?”
“A dutiful grandson doesn’t take away his grandfather’s joy.”
A broad smile spread across his face.
“That’s right. A man who surrenders without a fight isn’t a real man. It’s only natural to reject the first offer.”
“Do you have a second offer?”
“I do, but it’s not really an offer. It’s more of a threat. Once you hear it, you’ll regret turning down the first one.”
I swallowed hard. What kind of threat could it be?
There’s no reason to be threatened just yet.
“Since you rejected my offer, there will be no merger between Sunyang Motors and Ajin Motors. Tomorrow morning, President Cho Dae-ho will hold a press conference. He’ll say that due to unreasonable demands from Miracle, the potential buyer of Ajin Group, the merger has fallen through. We apologize to the public for any concern this may cause. Something like that.”
This man still doesn’t grasp the full scale of the financial crisis.
It’s not just companies that will cling to my coattails. Banks will too.
Is he too confident in the ‘too big to fail’ notion? Does he think banks are untouchable?
He should have realized what the collapse of a financial institution like Goryeo Securities means.
I felt a wave of relief wash over me.
“For a threat, that’s pretty weak, don’t you think?”
Now it’s my turn to enjoy the sight of my grandfather’s flustered expression.