[079] A Gloomy New Year for Some, Part 2
At first, the executives looked puzzled, not quite grasping what Oh Se-hyun was saying.
“What are you waiting for? Make the call already.”
When he urged them again, the executives reluctantly pulled out their phones. They finally understood that our threat to walk away from the deal was a call for renegotiation, and that the new terms would require the bank president’s approval to lower the acquisition price.
Oh Se-hyun and I leisurely sipped our tea while the executives made their calls. Their voices were urgent as they finished one call after another, then huddled in a corner to exchange information and reach a consensus.
“Can you confirm the conditions for full payment by 4 PM tomorrow, the 30th?”
The three executives relayed the unanimous decision of the bank presidents.
“An acquisition price of 800 billion won. At an exchange rate of 2,000 won to the dollar, that’s 400 million dollars. If you accept, we’ll deposit the 400 million dollars into the designated account today, and sign the revised agreement tomorrow.”
I responded without missing a beat, as if I had been waiting for this moment.
“If we don’t hear from you by this afternoon, Miracle will announce tomorrow morning that, due to the economic crisis, we are regretfully withdrawing from the acquisition of Ajin Group.”
As soon as I finished speaking, Oh Se-hyun quickly added a warning.
“You’ll be busy from now on, so we’ll take our leave. We look forward to a positive response.”
The expressions on the creditors’ faces twisted, clearly thinking our terms were outrageous. We left the meeting room before they could even open their mouths.
“Do you think this will work? Even if they accept the exchange rate of 2,000 won, slashing the price by 40% is a bit much.”
“Isn’t it a done deal already? Why are you worrying now?”
“Their faces made my heart skip a beat.”
Before meeting the creditors, Oh Se-hyun and I had a heated argument about adjusting the acquisition price, but he couldn’t sway my stubbornness. Yet, seeing their reactions, he seemed to doubt if we had made the right move.
The figure of 800 billion won wasn’t something I pulled out of thin air. It was the same amount Daehyun Motors paid when they acquired Ajin Group in the past. Daehyun Group, initially selected as the preferred bidder, dragged negotiations for two years, reducing the price from 1.2 trillion won to 800 billion won.
It wasn’t that the company’s value had decreased; it was the situation in Korea that had changed.
I was just as anxious. But I believed the current situation was worse than it had been two years ago.
Aren’t those at the top willing to do anything to protect themselves? The bank presidents would be desperate for the 400 million dollars to secure their positions.
And if I could offer them a proposal that would aid their decision, my anxiety would vanish completely.
Oh Se-hyun returned to Yeouido, and I headed to my grandfather’s house.
“Look at you! You’re practically a robber without a knife, demanding 800 billion won.”
“There’s no such thing as a negotiating robber.”
“Cornering a rat and forcing a choice is the knife, you rascal. Ha ha.”
Grandfather let out a hearty laugh, seemingly pleased with the new card I had played at just the right moment.
“Not giving them time to think was smart. Even a cornered rat finds a way out if you give it time.”
“It would be useless if we let the year pass.”
I spoke cautiously to my nodding grandfather.
“I have a favor to ask.”
“You want me to drive the nail in, don’t you?”
”…Yes.”
His intuition was annoyingly sharp.
“What kind of nail should I drive?”
“Please prepare a position as an advisor for Sunyang Group. I’ll cover all the costs.”
“You learn the bad things quickly. Ha ha.”
I learned it all from you. You taught your son, and he taught your grandson. I just picked it up along the way.
Instead of saying this, 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 are there?”
“Three.”
“Then that’s 6 billion won. You’re being quite generous.”
“Sunyang’s name is on the line. We can’t afford to lose goodwill.”
“It’s a bit much, but thanks to you, I can take some credit. Ha ha.”
Grandfather handed me a piece of paper with a smile.
“Take a look at this.”
The paper was a financial restructuring plan listing banks targeted for sale and merger. The first two banks that caught my eye were part of Ajin Group’s creditors and were up for sale.
“I was wondering how to use this, but it seems it’s for our Do-jun.”
The fact that a financial restructuring plan emerged at this point meant the incoming government transition team was behind it. The transition team had only just been formed, yet their every move was already on Grandfather’s desk. It showed just how far-reaching Sunyang Group’s influence was.
“Do you think the banks have this list?”
“If it were that common, they wouldn’t even report it to me. Only Daehyun Group might know.”
“We can use this very effectively.”
“It means luck is on your side. Once they realize they’re about to be jobless, they’ll jump at it. They might even rush over to thank you.”
The advisory position at Sunyang Group had become a lifeline rather than just a proposal.
It’s a shame. If I had known this information a bit earlier, I could have slashed the price even further.
“Do-jun.”
“Yes.”
“Sunyang is also planning to announce a major restructuring early next year.”
As expected. It seems even 1 billion dollars won’t be enough to manage the situation.
We’ve sold subsidiaries before, but never reorganized affiliates. I wonder how many they’ll cut.
“You’ll have to make some tough decisions.”
“In a way, it’s a good thing. We can gather all the money-draining or uncompetitive departments and clean them out. There won’t be any noise about unfair dismissals or anything like that.”
I had forgotten. The IMF crisis was the best opportunity for surviving companies. It was also the moment when the monopolization by top conglomerates began.
Seeing my hardened expression, Grandfather seemed to misunderstand and said something unexpected.
“Don’t worry too much. It will help improve the group’s structure, but we won’t be cutting any valuable parts. Don’t worry.”
“Yes, that’s a relief.”
In times like this, it’s best to feign ignorance and say what they want to hear. You might receive an unexpected gift, just like now.
“And I’m planning to do something I’ve been putting off.”
”…?”
“You’re over twenty now, so I should give you a gift. I’ll give you some shares in the group. I’ll slip it into the restructuring plan, so you can acquire them cheaply.”
My expression must have shown my indescribable feelings.
“You rascal, are you that happy over a few shares when you’ve already swallowed Sunyang Motors? Ha ha.”
Grandfather chuckled and picked up the phone.
“And this is your gift for now. Let’s drive the nail in.”
He began a call in his distinctive voice.
“Ah, President Kim. I heard you’ve been having a tough time lately…”
“Of course, President. I have no intention of spreading this around. It’s a private contract, after all. No need to make it public.”
Oh Se-hyun barely suppressed his laughter as he ended the call.
As the day darkened with no word, I worried that things might have gone awry, but the awaited call finally came in the evening.
Their only additional condition was to delay the public announcement.
That night, my uncle and I toasted to our success and held a year-end party, bidding farewell to the waning 1997.
At my uncle’s favorite bar, of course.
But we didn’t drink too much before midnight. When the clock struck twelve, my uncle called Miracle in New York, and 400 million dollars were transferred to the creditors’ account.
The next morning, in the office of the president of Ajin Group’s main creditor bank, a team of lawyers reviewed the acquisition contract with the revised terms, and by the afternoon, we were able to sign it.
The bank executives glared at Oh Se-hyun, who reeked of alcohol, as if they wanted to kill him, but the bank president remained expressionless.
For those who had secured a solid insurance for their retirement, there was nothing to regret at the end of the year.
Standing in the corner, watching all of this unfold, my heart swelled with emotion. Today, I became the owner of the second-largest car company in Korea.
On the first day of 1998, Grandfather’s mansion was bustling with people.
With the crisis ongoing and Sunyang Group preparing for restructuring, the heads of the affiliates gathered to make a good impression on Grandfather, each hoping to survive.
Even the cousins studying abroad had returned, bowing deeply to the elders one by one.
“Sang-jun, I hear you’re studying music?”
”…Yes.”
Having returned after two years, Sang-jun hyung answered in a timid voice, anticipating Grandfather’s disapproval of his pursuit of music.
“Are you planning to become a singer?”
“No, I’m studying to become a producer.”
“A producer?”
“Yes, producing albums for singers…”
“You rascal. Do you think I don’t know that much? Are you underestimating me because I’m old?”
Sang-jun hyung slowly lifted his head, reassured by the gentle tone in Grandfather’s voice.
“Is it really okay?”
“What is?”
“I changed my field of study on my own…”
“As long as you do what you want well. Learn from your father. I hear he’s the president of the largest film company in the country. Is that right?”
Receiving Grandfather’s gaze, my father waved his hand dismissively.
“Oh no, not at all. There’s still a long way to go.”
“You useless fool. What have you accomplished in that tiny film industry after ten years?”
“This year, I’ll make it the top film company. Please don’t be too harsh.”
Father laughed along with Grandfather, who was smiling.
“Sang-jun.”
“Yes, Grandfather.”
“Don’t dawdle like your father. Finish your studies quickly and become the best in that field in ten years.”
With official approval granted, Sang-jun hyung’s face lit up with joy.
“Yes, Grandfather. I’ll definitely become the best.”
When it was finally my turn to bow deeply, there were no words from him. He simply nodded with a satisfied expression.
“This year will be tough, so keep your wits about you and work hard. I won’t tolerate any instability in Sunyang.”
Grandfather made sure to issue a stern warning to everyone.
“And I’ve discussed with your eldest brother about expediting Young-jun’s marriage. We plan to have him wed before the regular appointments and then assign him as an executive at Sunyang Trading.”
Jin Young-jun grinned from ear to ear and bowed deeply.
“Thank you, Grandfa— I mean, Chairman.”
With that, the family gathering concluded, and it was time for the staff to make their rounds and pay their respects.
As Grandfather’s voice began to echo through the study, our family quietly made our way home.
Even Sang-jun hyung was acknowledged, making it feel like we were truly part of the Sunyang family.
The first news to grace the TV screens in the new year was the announcement of the sale of two banks.
One was a prominent bank established in 1929 under the name Joseon Savings Bank, and the other was a local bank founded in 1959 that had grown into a national bank.
What made the news even more shocking was that both banks were designated as “priority targets for foreign sale.”
Given the perception that banks are repositories of national wealth, public outrage was through the roof.
The gratitude felt when the IMF announced emergency financial aid vanished upon realizing that they weren’t offering aid but rather taking over banks as a condition for loans.
I was probably the most shocked of all who watched the news.
I scoured my notebook, filled with memories from my past life, but found no mention of this.
Then again, during my college years, I was too absorbed in having fun to pay attention to economic news.
I wondered if I had known, could I have acquired the banks? And is it still possible now?
Banks that conglomerates had long coveted but could never obtain.
Owning such banks would be like gaining enormous wings.
How much would acquiring the two banks cost? Billions? Tens of billions?
The joy of acquiring a major automobile company just three days ago had already faded.
A new prey appeared before my eyes.
The desire to possess that prey consumed me.