"Let's go in first."
It was an absurd situation, but this was reality. I swallowed a hollow laugh and walked up the stairs. When I reached the third floor, there was a large glass door.
Next to it was a large sign that read Hyeonbo Group, and below it was a long list of Hyeonbo affiliate names. It looked so incredibly ordinary that if it were not for the sign, I probably would have passed by without knowing. A man who saw us from inside the glass door came outside.
"What brings you here?"
"I am here because I have an appointment with the Chairman."
"With the Chairman?"
The way he looked me up and down gave off the feeling of, 'What kind of appointment does a young person have with the Chairman?'
"I came from Myeon District."
"Please wait a moment."
The man shouted toward the inside.
"Hey, Assistant Manager Han! Contact the secretary's office and check if the Chairman has any appointments scheduled."
I held back another hollow laugh that threatened to escape. The inside looked quite spacious, but to think a company ranked 18th in the Republic of Korea's business world, and which even reached 14th right before going bankrupt...... Even now, looking at it with my own eyes, I could not believe it.
"He says to come in."
His behavior was funny, but I did not show it and followed the employee's guidance to arrive at the Chairman's office. I only passed through one door, but it was a completely different world. 'Just how much money did they smear all over this place?'
The Chairman's office was a completely different world from the outside. The painting hanging on the wall looked expensive even to someone like me who didn't know much about art, and everything, including the interior decorations and the sofa, was of the highest quality.
"Are you Chairman Cheon's representative?"
Chairman Jang looked at me while sitting on the sofa. He was a bit younger than Grandfather or Chairman Song, with hair dyed without a single white strand. To actually see the face I used to see on the news in the past felt quite refreshing in its own way.
However, his first impression...... Was zero points.
"Yes, I am Kim Mu-hyeok."
"I heard you were his grandson. How old are you?"
I swallowed a sneer inwardly and answered.
"I am 22 years old. By the way, does Hyeonbo Group treat its guests like this? This is the first time I've been questioned one-sidedly without even being told to take a seat. Chairman Song of Daehyun Group didn't act like this either."
"What? Hahahaha! This young friend is quite funny. Alright, take a seat."
Right, let's see how long you can keep laughing like that. I sat down without saying anything. Section Chief Ma handed me a document envelope from behind.
Chairman Jang, who was looking at Section Chief Ma standing silently behind me, asked probingly.
"What did you want to see me about? Where did Manager Ha go for such a young friend to come instead?"
I didn't reply much since he was an older person, but he kept trying to establish some ridiculous dominance.
"I handle most of the work now. More importantly, Chairman, about the convertible bonds. I am thinking of settling them."
Perhaps he expected it, but he showed no significant reaction.
"I have been paying the interest regularly, haven't I?"
"I am currently in the process of organizing assets this time, so it cannot be helped. I am already collecting from other companies as well."
"Hmm......"
Chairman Jang rubbed his chin and fell deep in thought. I did not bother saying anything more. I had already confirmed before coming here that their financial state made it absolutely impossible to pay the money anyway.
His answer was already decided.
"It's difficult right now, but......"
The answer he gave after his thoughts matched my expectations. Why did he even hesitate when he was going to say that in the end?
"Then I will convert them into shares. Or I could add a premium and hand the bonds over to another company."
"What?"
With debt, there are times when the debtor holds the upper hand. For debts like one or two million won, the creditor has the power. But as the amount grows larger and larger, the debtor takes control.
The creditor instead has to coax and soothe the debtor in order to get as much money back as possible. He must have known how scary Grandfather was, so he paid the interest on time without ever delaying it, but if these bonds fell into someone else's hands, his management rights might be shaken. No, they 100% would be.
He probably borrowed the money urgently during difficult times in the 80s, but he probably never thought that it would eventually return as a blade aimed at his own neck. I never had any intention of receiving it in cash anyway.
"I would have to do the math if I turn the convertible bonds into shares to add to the Hyeonbo Group shares I already own, but it seems you will have a lot of difficulties managing the company. Will you be okay with that?"
My goal was the land where the Eunmi Apartments were located. The land that the National Tax Service tried to track down to the end and recover after he fled overseas, but failed to get. Of course, on top of that, I also planned to take the real estate properties owned by Chairman Jang.
By slapping a hefty premium onto the principal, that is.
"You......"
Chairman Jang's face turned red and blue with anger.
"Chairman. If you looked down on me just because of my age, please think again. Where else would Grandfather's blood go? I will do anything if it brings me a profit."
As if at a loss for words, he only opened and closed his mouth repeatedly like a fish. A cold smile appeared on my lips.
"Since you are a businessman, I will assume you are quick with calculations and speak simply. If you want to get these bonds back, you will have to pay a premium on top of the amount specified in the borrowed bonds. Otherwise, I will convert them into shares."
Because they were unlisted shares, an exact price wasn't set, but controlling stakes always carried a premium. Chairman Jang spoke in a furious voice.
"My promise with Chairman Cheon was on the condition that they would never be converted into shares. Do you even have the authority to do whatever you want with that?"
Yes, Grandfather probably promised that. It was money lent on the condition of issuing convertible bonds of the company at the very top of the circular shareholding structure for stability. Grandfather probably had absolutely no interest in company management rights, which was why they were able to borrow the urgent funds, but I was different.
"All authority regarding these bonds has now passed on to me. If you want, you can call and check for yourself."
Chairman Jang hurriedly picked up the receiver and made a call somewhere.
"This is Pyeongchang District." — Manager Ha, it's Hyeonbo Group's Jang Tae-ho.
Is it possible to speak with Chairman Cheon?
"Please wait a moment."
Manager Ha knocked on the study door while holding the phone.
"Chairman Cheon, it is a call from Chairman Jang of Hyeonbo Group."
"Connect it and bring it in."
"Yes."
Chairman Cheon took the phone from Manager Ha.
"Yes, Chairman Jang. What is the matter?" — Chairman Cheon, how can you do this?
Isn't this different from our promise?
"Look here, man. What are you talking about out of the blue? Explain it properly."
Chairman Cheon said with a frown. Perhaps feeling intimidated, Chairman Jang's voice lowered slightly. — Your grandson came to find me out of nowhere and threatened to take the bonds with an added premium, and that if I didn't agree, he would hand over the shares and bonds he holds to another party for a high price.
"Hohoho." — This is not a laughing matter.
You clearly said there would be no converting them into shares. Chairman Cheon only let out a hollow laugh at Chairman Jang's aggrieved voice. — If you act like this, who would ever do business with you?
"Look here, Chairman Jang. Are you lecturing me right now? When you needed it, you bowed your head and begged to borrow money, but now that banks and merchant banks are giving you loans, I guess someone like me doesn't even catch your eye anymore." — That is not what I meant.
"Enough. I have already entrusted those bonds to that child, so figure it out amongst yourselves. I am hanging up now."
He hung up the phone sharply without even waiting for an answer. As soon as the call was disconnected, a deep smile appeared on Chairman Cheon's face, who had just been speaking with annoyance.
"Myeong-hun, this rascal Mu-hyeok really says whatever he needs to say even in front of a conglomerate's chairman."
"He is not someone who would get intimidated anywhere, is he?"
"Hohoho, of course. He shouldn't go around getting intimidated. I wonder how much this rascal Mu-hyeok will be able to wring out of Jang Tae-ho."
Chairman Cheon's laughter did not leave the study for quite a while.
"Chairman. Chairman Cheon!"
Chairman Jang shouted blankly while gripping the receiver. Feeling like a sneer was about to burst out, I raised my hand to cover my mouth. After spacing out for a moment, Chairman Jang put down the receiver and glared at me with a murderous gaze.
"Did your phone call go well?"
"Are you making fun of me?"
"No way. How would I dare do that to the Chairman?"
"Phew...... Alright, how much do you want?"
The amount written on the bonds was 5 billion won. However, a lot of time had passed, and they were bonds holding a value that could not be converted into money.
"20 billion won."
"What? This crazy......"
"It is absolutely not an expensive price. You know I could get more if I sold them elsewhere, don't you? Or should I just leave now?"
I suddenly felt a renewed sense of respect for Grandfather. Setting aside interest rates, guaranteed maturity, and yield rates, he absolutely never sold these kinds of bonds to others.
"Phew...... Look here, young friend. There is such a thing as business ethics. Even so, isn't four times the amount too much? I will give you double. 10 billion won. If you just wait a month, I can pay you back."
He was probably planning to get another loan. He was just a thug doing things in the name of a corporation that a loan broker getting illegal loans through bribes would do. It was not worth haggling any further.
"Then the negotiations have broken down. If I get up from this seat, there will be no more occasions for me to see you, Chairman."
As I stood up without any lingering attachments, Chairman Jang hurriedly grabbed me.
"No, why is a young friend so impatient? Wait a minute."
Chairman Jang picked up the receiver and made a call somewhere. A moment later, a man came in. Chairman Jang moved to a corner with him, avoiding me, and had a conversation.
After talking for quite a while, the two men walked toward me together.
"This is the Financial Director. He says immediate repayment is difficult. Could you somehow just wait one month?"
"If this isn't settled today, I will hand this over elsewhere. All together with the Hyeonbo Group shares and the affiliates' shares."
If I sold all the Hyeonbo-related shares I owned on the market, it would amount to about 10 billion won. However, together with Hyeonbo Corporation and these bonds, I was confident I could get a massive premium anywhere. The Financial Director, who was listening from the side, opened his mouth.
"Please tell us what you want. It seems you came here already knowing everything, so what is the point of dragging this out?"
Because he was someone who handled money, he seemed to have caught on to my goal. The Financial Director did not avoid my eyes.
"Let's calculate my Hyeonbo-related shares and these bonds as 50 billion won in total. You probably know the quantity of shares I possess."
"Hah...... That is quite a premium."
"I think it is a fair evaluation. You understand what I am saying, don't you, Director?"
The Financial Director looked at Chairman Jang once, then let out a sigh and nodded.
"You probably know that we don't have the cash right now. So what exactly are you suggesting we exchange it for?"
"You have about 600 pyeong of land inside the Eunmi Apartments. The one that remains unregistered."
The Financial Director was startled by those words. Chairman Jang also made a surprised expression.
"Wait, how did you know about that?"
"You don't need to know that. That land, and the remaining plot in Daechi District, right? Was it 1000 pyeong? I am talking about the land owned by Hyeonbo Construction that was left alone to build a building on."
"......"
As if at a loss for words, the Financial Director could not say anything. Feeling frustrated, Chairman Jang spoke up.
"You, how do you know our company's internal situation so well? Do you have someone on the inside?"
I chuckled and replied.
"I am Chairman Cheon Tae-san's grandson. Does that answer your question?"
"......"
"I know it is worth about 40 billion won even when calculated with the current market prices. But I calculated the plot inside Eunmi Apartments with a premium attached."
Because of the land inside the Eunmi Apartments, the redevelopment of the Eunmi Apartments would become severely tangled up. The tax authorities would process the registration of that place to collect the national taxes from Chairman Jang Tae-ho, who fled overseas, and then seize it and push for a public auction.
However, the heads of the Eunmi Apartments reconstruction committee and some residents would file lawsuits, continuously dragging out the time. They wouldn't even be able to redevelop it until 2020. I planned to build my kingdom on the 1000 pyeong plot of land in Daechi District.
It was enough space to build several buildings.
"Now, make your choice. The land, or the group. You can even set a condition that you hand everything over to someone else and only sell that land to me."
This was the only thing I was going to devour from the Hyeonbo Group. The two men broke out in cold sweat and looked at each other.
< Make your choice. The land, or the group. > The End