The Conglomerate Family Became A Villain [EN]: Chapter 57

57. Becoming a Villain in a Chaebol Family – The One Who Rides and Overcomes the Waves 05 –

***

According to the report Neil Hamilton received from JP Morgan’s corporate analysis team, JP Service subscribers were expected to decrease temporarily but could increase to 2 to 3 million in the long term.

‘If there are 2 million users, the service usage fee alone will be over $300 million a year.’

Network services require a large initial investment in system construction, but the cost of maintenance is relatively low.

As time goes on, costs decrease, so profits are bound to increase.

JP Morgan’s corporate analysis team was confident that they could recover the entire $100 million investment within two years. And Neil Hamilton offered Jung Hyun-woo $100 million based on this analysis.

“How much would you sell it for?”

Jung Hyun-woo spread out his hands and asked him back.

“I believe I mentioned earlier that I’m not selling?”

Was it because the question was sharp?

Neil Hamilton’s eyes deepened.

“You won’t sell? Hmm, does that mean you want to go through the IPO [Initial Public Offering] process like Microsoft?”

There were rumors that Bill Gates and Microsoft had decided to go public rather than be acquired.

“If JP Morgan buys shares after the IPO, I won’t be able to do anything about it.”

Neil Hamilton raised his voice as he looked at the boy, who was much younger than him.

“Are you confident you can do it like Bill?”

“Even if I can’t do it like Bill, I think I can follow in his footsteps.”

“A pursuer strategy, is it.”

If the boy had already made up his mind, it would be impossible to change his decision with ordinary conditions.

“Hmm, then how about this?”

A new offer.

Jung Hyun-woo raised his voice at the end of his sentence.

“How do you mean?”

“Our JP Securities will support Victoria Corporation’s IPO.”

The story of doing an IPO at a securities company under JP Morgan Group.

Jung Hyun-woo did not refuse this offer. He received the words in a calm voice.

“I will do so when the time comes.”

JP Morgan was one of the largest banks in the world. Such a bank was offering to be a partner for the IPO. If he refused the IPO, it would be tantamount to declaring war on JP Morgan.

‘There’s no reason to do that.’

Neil Hamilton raised his right hand halfway when Jung Hyun-woo accepted his second offer.

“Today is half a success.”

He failed to buy Victoria Corporation, but he succeeded in keeping them within their sphere of influence.

Jung Hyun-woo lowered his voice.

“Mr. Hamilton, would it be okay to discuss the story we shared here today with Victoria Corporation’s co-CEO?”

Neil Hamilton had been informed that his business partner was from the Hilton family.

“Do so. We are rather in a position to recommend that side more.”

He knew that the Hilton family pursued stable profits rather than reckless gambling.

‘Stable profits, that’s why they jumped into the hotel business.’

If he valued maximum profit more than stability, Conrad Hilton would have jumped into Wall Street instead of the hotel business.

‘No matter what anyone says, the best profits come from finance.’

He believed that the bank was capitalism and capitalism was the bank.

***

“How was Mr. Hamilton?”

Jung Hyun-woo and Sarah were having lunch together for the first time in a while.

“He was ordinary.”

Sarah swirled the Sprite in the half-filled glass with a straw.

“One of JP Morgan’s executives is ordinary?”

The representatives of JP Morgan affiliates she knew were ruthless and cold-blooded.

“He was just a typical Wall Street financier.”

“Someone who likes money?”

“He was quick with calculations too.”

Sarah chuckled at his answer.

“Then he’s a scary person.”

“If Wall Street people heard that one word you just said, they would frown.”

“That’s the truth.”

“Sarah, there’s Peter among the Wall Street financiers.”

Sarah put down the straw and said as Jung Hyun-woo mentioned Peter Lynch.

“Peter is a bit different. He’s witty, humorous, and bright.”

“But he’s quick with calculations and likes money.”

“Rather, I want to tell Peter the one word I said a little while ago.”

Jung Hyun-woo raised his fork. Then he split the bread in two and spread it to the left and right.

“Okay, let’s take a step back.”

The restaurant where Sarah and he were having lunch was located in the center of Wall Street.

Jung Hyun-woo thought this restaurant was like the standard of Wall Street.

‘Moderately good food, clean interior, and somewhat high prices can be said to be typical.’

However, one thing that was different from other restaurants was that there was a terrace where you could eat outside. Of course, not many people liked eating on the terrace. If you eat on the terrace of Wall Street, you have no choice but to be with car exhaust.

“So, what did you talk about?”

Sarah didn’t think CEO Neil Hamilton called Jung Hyun-woo just to say congratulations.

Jung Hyun-woo answered very casually.

“He said he would buy our company.”

At that moment, Sarah dropped the straw she was holding.

“What are you talking about? Buy our company!”

“That’s what he said. JP Morgan wants to acquire Victoria Corporation.”

“Why didn’t you tell me until now?”

Sarah was the co-CEO of Victoria Corporation. She thought he should have told her about such important matters.

Unlike her sharp reaction, Jung Hyun-woo’s voice was calm.

“Because I refused cleanly.”

Refused cleanly.

‘Did Charlie refuse cleanly because he offered an absurd price?’

Sarah lowered her voice and asked.

“Did JP Morgan try to buy our company at a low price?”

“Something like that.”

Jung Hyun-woo put down his fork as if he was done eating.

Clack.

“How much did he offer?”

Sarah thought she should at least know the amount the other party offered.

“At first, it was $100 million.”

“$100 million?”

$100 million.

As Neil Hamilton mentioned, $100 million was an amount that could buy the super-popular Major League’s Boston Red Sox.

Jung Hyun-woo was talking calmly even after receiving such a huge amount of money, as if he had received small change.

“He didn’t have a gun, but he was a complete robber.”

Sarah felt that the current situation was unrealistic.

‘Am I hearing things wrong? $100 million is a huge amount of money. Charlie is talking about that money like it’s a hundred or a thousand dollars.’

She raised her eyebrows and raised her voice.

“Charlie, are you serious?”

Jung Hyun-woo tilted his head to the side.

“Serious about what?”

“Are you seriously thinking that $100 million is not enough?”

“I seriously think it’s not enough. Don’t you think so, Sarah?”

Sarah sighed deeply.

“Haa······, that’s okay, you said the first offer was $100 million, so what’s next?”

Jung Hyun-woo raised his tilted head and answered.

“He stingily raised it to $200 million.”

How many people can say that $200 million is stingy?

‘Even Aria wouldn’t be able to say that.’

Sarah lightly clenched her fist and received his words.

“$200 million is more than four times our current assets.”

“It’s only four times. Sarah, at that point, they’re trying to eat our company for free.”

$200 million is free.

Then what is the real value of Victoria Corporation?

Sarah called the waiter, ordered a new straw, and then asked him.

“How much do you think our company is worth, Charlie?”

Jung Hyun-woo answered as naturally as if he were talking about today’s weather or the dinner menu.

“About $1 billion based on current standards.”

$1 billion was half of the inheritance Aria Walton received.

‘Oh my god.’

Sarah couldn’t help but be surprised.

Victoria Corporation had just succeeded in providing JP Service.

“Charlie, $1 billion, isn’t that too high?”

“Well? If we assume that the number of JP Service subscribers continues to increase, wouldn’t it be roughly correct?”

Sarah was quick with calculations. She calculated the value of Victoria Corporation under the assumption that the number of JP Service subscribers would continue to increase.

‘No matter how you calculate it, $1 billion is impossible.’

She sighed again and said.

“Haa······, for Victoria Corporation to be worth $1 billion, the number of service subscribers would have to be 3 million. Wouldn’t that be difficult?”

If the number of subscribers reached 3 million, the annual sales would be $540 million.

Sarah calculated the value of the company as twice the annual sales.

However, Jung Hyun-woo’s thoughts were different.

“If the number of subscribers is 3 million, wouldn’t it be more than $1 billion?”

Sarah asked him back.

“Can a company’s value be more than twice its annual sales?”

“I think the value of an IT company should be more than 10 times its annual sales.”

Even if it wasn’t the 21st century, growing IT companies were often valued more for their future value than their sales.

As of 1983, Microsoft and Apple were receiving such evaluations.

‘Are we in the same position as Microsoft or Apple?’

Sarah didn’t think so.

“Charlie, wouldn’t that be difficult?”

“There’s no need to think it’s difficult. If we lead JP Service well for more than a year, we will be able to receive evaluations higher than Apple or Microsoft.”

Maintain JP Service stably for more than a year.

‘Hmm, assuming that the number of subscribers continues to increase, the value will definitely increase compared to now.’

However, it was uncertain whether it would grow more than Apple or Microsoft.

‘Is Charlie perhaps expecting something from the game side?’

Jung Hyun-woo wanted to secure Activision’s IP for a huge sum of $5 million. She thought his actions were a stepping stone for the future.

“Sarah, the first time is difficult, but the second time won’t be that difficult.”

Second time.

Sarah couldn’t help but frown.

“Second time?”

“There are many securities companies besides JP Morgan.”

“There are many securities companies?”

“I’m talking about other securities companies that will start JP Service.”

Jung Hyun-woo said it casually, but Sarah couldn’t help but be surprised at his words.

“Charlie! Are other securities companies providing JP Service?”

“We said we would provide JP Service to JP Morgan. We have never contracted to exclusively supply services only to JP Morgan. Take a good look at the contract.”

According to his claim, Victoria Corporation could also supply securities live services to financial groups such as Citibank or Bank of America.

“Ha, I didn’t even think about that.”

To be honest, she was too busy preparing and servicing JP Service. So, she couldn’t even think about providing the same system to other banks or securities companies.

“If there was a monopoly contract clause, I would have tried to renegotiate.”

“Charlie wants to monopolize the market.”

“If I can.”

Sarah thought Jung Hyun-woo had Bill Gates as his model.

“If you want to monopolize the market, it would be good to get a patent.”

Jung Hyun-woo paused at the word patent.

“Come to think of it, I didn’t even think about that.”

Like Sarah, he was too busy preparing JP Service to think about patents.

‘Everything can be patented in the United States. Could JP Morgan have applied for a patent first?’

Suddenly, a shadow fell over his face.

“Sarah, we need to hurry.”

Sarah nodded as he showed his anxiety.

“That’s right, if you’re thinking about a patent, there’s no time to be doing this here.”

“Let’s go back to the company quickly.”

The two thought they should apply for a patent as soon as possible.

***

Fortunately, no company had applied for a patent related to JP Service.

‘It would have been us or JP Morgan.’

Sarah said as she scanned the responses from related organizations.

“Even if no company has applied for a patent yet, it’s difficult to be careless.”

“Yes. I need to prepare a patent as soon as possible.”

Despite the successful start of JP Service, the two could not rest. They were relieved in September when the patent application for seven items was completed.

And mid-September.

The JP Service service area was expanded from New York and its surroundings to nine eastern states.

Robert handed Jung Hyun-woo a report containing subscriber information with a bright expression.

“Charlie, we already have over 200,000 subscribers.”

The fact that there were 200,000 subscribers meant that there were more than 200,000 modems used for the service.

“Robert, how many modems do we have left?”

“320,000?”

“That’s a month’s worth?”

“Don’t worry. They’re continuing to be received from various manufacturers, so it’ll work out somehow.”

It was difficult to see Robert’s face because he was traveling all over the eastern region and even the western region.

“Are you leaving again tomorrow?”

“I want to rest, but I can’t.”

“Where are you going this time?”

Robert received the report from Jung Hyun-woo and answered.

“Chicago.”

“I’m sorry for making you work without holidays.”

“It’s okay. It’s something I like to do.”

Robert was working more passionately than ever. He knew very well how the other executives who left the company were living.

‘Everyone is just looking forward to unemployment benefits.’

Of course, not everyone was unemployed. Some went to game companies smaller than Activision or changed their direction to PC games.

However, that side was not easy either.

They were struggling to survive in the collapsing game industry.

‘I’m lucky compared to them.’

He didn’t have any holidays, but he was receiving a much higher salary than when he was at Activision.

‘Should I call it financial therapy?’

Jung Hyun-woo said apologetically.

“Robert, I’ll give you a generous year-end vacation.”

“I’m grateful just to hear that.”

Jung Hyun-woo didn’t just say it. He thought he could let him rest for the entire month of December or January.

‘Besides, Robert’s contract doesn’t have things like stock options attached to it.’

He wanted to do something for Robert, who was struggling.

Clack.

After Robert went out.

Sarah entered as if crossing paths.

“Charlie.”

“I’m here.”

“I got a call from IBM.”

“From IBM?”

As of 1983, IBM was the overwhelming leader in the high-end computer market. In the high-end market, IBM’s technology far surpassed Atari, which dominated the popular 8-bit computer market. They were demonstrating strong competitiveness in all computer markets that required advanced technology, including large computers called mainframes.

‘IBM’s technology can be seen just by looking at the barcode we use.’

The long barcodes commonly used in supermarkets were also IBM’s work.

“IBM wants to have a meeting with us.”

“A meeting?”

“Yes.”

Jung Hyun-woo sighed briefly.

“Hoo, can’t we know the general content?”

No matter how much it was IBM, a meeting with no content could be a waste of time.

“IBM said they have a proposal for a new business.”

A new business presented by IBM.

Jung Hyun-woo clicked his tongue inwardly.

‘Tsk, that means a giant company has thrown bait on this side.’

Sarah looked at his expression and asked.

“Should we not respond?”

Jung Hyun-woo shook his head at her question.

“No. I’ll meet them first. But there’s one condition.”

“Condition?”

“IBM has to come here.”

He was saying that he didn’t have the time to fly to New York, where IBM’s headquarters were located.

“Hmm, I’ll talk about that.”

IBM was one of the strongest players in the IT industry. But since they made the proposal first, he thought he could ask for this much.

“Sarah.”

“Is there another condition?”

“This Thanksgiving.”

Sarah said with a face that she already knew.

“I already told you I can’t go.”

What Jung Hyun-woo wanted to say was that he had to work even on Thanksgiving. He swallowed his words when she took the lead.

“I’m sorry.”

Sarah raised her right index finger and held it out.

“Charlie, don’t feel sorry. Victoria Corporation is not just Charlie’s company. Victoria Corporation is also my company!”

She was saying that since she was the co-CEO, there was no need to feel sorry at all.

“Sarah, I’ll make sure we can go next year.”

Sarah lowered her right hand and smiled warmly.

“I wish we could.”

Although it was a cliché, the two’s 1983 was busy without a moment to spare.

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