Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 199

199. 57th. The New Millennium’s Run (2)

“How much has been dumped?”

“Currently, the released volume is 1 percent of the total shares. The stock price has already plummeted to the lower limit.”

At the continued despairing news, Jang Ho-gun tightly shut his eyes. To think that the words of those who made a name for themselves playing with money overseas would be more effective than Shinseong’s reputation…

Jang Ho-gun opened his closed eyes and asked Lee Soo-han on the other end of the receiver.

“What about Shinseong Life’s IPO [Initial Public Offering]?”

“That… it’s not easy. The government says it’s impossible unless the listing profits are shared with the policyholders…”

Following the management succession plan that tried to take advantage of the IT venture boom, the plan to list Shinseong Life and use those shares to pass on management to his three children also went down the drain.

“Keu-eung… These guys…”

Jang Ho-gun, who was groaning, gritted his teeth.

The targets were Seon Hae-cheol and Claire and her husband, who were right in front of him, and the government.

“I understand. First, let’s liquidate i-Shinseong.”

“Yes, Chairman.”

Since the breakthrough was blocked, retreat was the natural course. Jang Ho-gun, who put down the receiver after Lee Soo-han’s reply, only sighed.

***

The two people who returned from the broadcasting station went out around evening and called Park Tae-jin to the Korea Hotel suite to have tea.

“Did you see i-Shinseong’s stock price drop? It’s at the lower limit, the lower limit. Hehe.”

Seon Hae-cheol, who was chuckling, drank his tea. How happy he must be to have ruined the Shinseong Group Jang family’s management succession plan with just a few words.

“Standard’s reputation has grown, hehe.”

“It seems like you can move on to the next stage now.”

Looking at Park Tae-jin next to me, I smiled and took out my cell phone to make a call.

“It’s Johnny, Henry.”

[I don’t know if my daughter and her husband had a good time at the broadcasting station thanks to you, haha.]

I smiled at Henry’s hearty laughter.

“I’m just sorry for making you play the villain instead of me. How about proceeding to the next stage now?”

[Are you talking about acquiring Shinseong Life shares?]

“Yes. The banks will try not to release them if they can help it, but they will release them if we offer the conditions, haha.”

[I guess so. The banks will gladly release Shinseong Life shares if we offer to buy subordinated bonds and the Korean government offers to buy treasury bonds at good terms, haha.]

The Republic of Korea is repaying the IMF [International Monetary Fund] bailout, and the banks are also focused on accumulating capital. Whether it’s subordinated bonds or treasury bonds, if we offer to buy a large amount of ultra-long-term, low-interest bonds, the banks and the government will gladly release Shinseong Life shares.

Henry, who was laughing heartily, stopped laughing and said to me.

[But… how about leaving this to Isaac?]

“Isaac?”

[He said he felt sorry for passing on IT stocks and Morgan Stanley to you. He said he wanted to give you a chance to repay the favor properly since he helped you with your revenge… I think it’s an opportunity for the two of you to strengthen your relationship.]

Chase Manhattan, which recently removed the JP Morgan sign from Wall Street through a merger, was the enemy of the Rockefeller family.

Isaac of the Rockefeller family, the owner of Chase Manhattan, sold all of JP Morgan’s IT stocks and Morgan Stanley to Standard Capital, ending his revenge in the sunny land. I calculated in my head at Henry’s suggestion and immediately answered.

“There won’t be a ‘Sting’ like this again, haha.”

Henry exclaimed at my answer, which was like a Zen riddle.

[Oh, I didn’t know you knew that movie. There’s nothing more fun than deceiving your enemies without them knowing, don’t you think? Haha.]

“That’s right, haha.”

The most satisfying revenge is to deceive the enemy without them knowing, just like the ending of ‘The Sting’ [1973 American caper film]. I laughed with Henry at the thought of deceiving my in-laws, then stopped laughing.

“I understand, Henry. Then, I would appreciate it if you could pass it on to Isaac.”

[I understand. He’ll take care of it soon, so you’ll get a call.]

Less than 10 minutes after hanging up, I received a call. When I connected the call, I heard Isaac’s voice.

[I heard from my uncle, Johnny. You’re planning something fun in Korea, haha.]

“I have a lot of pent-up feelings towards my in-laws, haha.”

Isaac’s voice was heard as I laughed it off.

[Whatever the reason, I’m glad I got a chance to repay the favor so quickly. I’ll contact you when the deal is done, haha.]

“I’ll be waiting, Isaac. Haha.”

Once Isaac collects the shares and starts grabbing them by the collar, the Jang family will not be able to use Shinseong Life’s money like their own pocket money.

Of course.

Shinseong Life’s IPO will also be impossible because Isaac’s Chase Manhattan will oppose it. Forever.

***

A while later.

“Is it true?”

Jang Ho-gun, who was in Seonguiwon [a high-end traditional Korean restaurant or meeting place], could not believe Lee Soo-han’s words, who had come to see him in person.

“It’s true, Chairman. Chase Manhattan has collected all of Shinseong Life’s shares that were released to the creditor group. If they sell the shares, they will acquire 30-year maturity subordinated bonds for the amount of the sale…”

Before Lee Soo-han’s report was finished, Jang Ho-gun slammed his fist down.

“How did those guys approach the banks! What was the government and the political world doing!”

Privately, it was a matter of Shinseong Group’s control, but publicly, it was a matter of foreign capital’s influence over Korean banks and domestic companies. Jang Ho-gun, who could not accept this situation, heard the reason from Lee Soo-han.

“Chase Manhattan has also decided to acquire up to $5 billion in government bonds to be issued by our government. They said they would acquire them on better terms than Triumph did, and they even spread money to the ruling and opposition parties and the prosecution, but the bond interest rate…”

Jang Ho-gun’s mouth dropped open when he heard the terms of the government bond issuance from Lee Soo-han.

“This can’t be…”

An annual interest rate of 5 percent on a 30-year bond… Even considering the current exchange rate, the total amount of money Chase Manhattan poured in to buy Shinseong Life shares is close to $10 billion.

With that money, they could add several more Shinseong Electronics semiconductor factory lines and repay the foreign exchange balance borrowed from the IMF at once, so the government and the ruling and opposition parties would be tempted.

Jang Ho-gun, who had forgotten what to say, had to answer a phone call that rang loudly.

“Who is this?”

[This is Deputy Chief Kim Joo-in, Chairman.]

Since Lee Soo-han had vacated the secretary’s office, it was natural for Deputy Director Kim Joo-in of the secretary’s office to take over as a proxy. However, Jang Ho-gun had a bad feeling from Kim Joo-in’s voice.

“What’s going on, Deputy Chief Kim?”

[Chase Manhattan’s Korean branch has contacted us and requested an emergency accounting audit tomorrow morning.]

“What?”

[They say they will exercise their legitimate rights as a major shareholder. They say they will investigate whether there are any fund transactions that are contrary to the interests of Shinseong Life…]

Jang Ho-gun gritted his teeth.

Shinseong Life is the parent company of Shinseong Group’s financial affiliates and the source of money for himself, his sister, and his brother. To reach out to that source of money!

Jang Ho-gun, who was grinding his teeth, said into the receiver.

“Take care of it.”

With those words, Jang Ho-gun put down the receiver and repeatedly slammed the desk.

“Damn it!”

Even though attacks were pouring in from all directions, he could not figure out who was directing this offensive. Unable to contain his anger, Jang Ho-gun began to throw the fixtures on the desk towards the bookshelf.

***

The next day afternoon.

“Our in-laws must have had their blood run backwards, hehe.”

I sat on the office sofa, drinking tea and chuckling at the news of Chase Manhattan’s accounting audit of Shinseong Life. Seon Hae-cheol shook his head at me.

“You’re a terrible guy. You’re the only one in this world who likes to make his in-laws angry.”

“Isn’t Director the type who won’t be harmed even if he does that? Hehe.”

Seon Hae-cheol clicked his tongue at Park Tae-jin’s answer, who was drinking tea with us.

“I don’t know who ruined you guys like this. You’re villains in your own right.”

“Who else? Uncle ruined us, hehe.”

I put down my teacup and said to the two people as I laughed aimlessly and drank my tea.

“Now, the cash flow of the entire Shinseong Group will slowly dry up. Since Chase Manhattan is the major shareholder, the in-laws won’t be big enough to waste the company’s money.”

“I guess so. Even if your father-in-law is the chairman, he won’t think about spending money at a bargain price when America’s largest investment bank is the major shareholder, hehe.”

With this operation, Jang Ho-gun, Jang Ho-kyung, and Jang Ho-min will have a hard time taking funds from Shinseong Group’s financial affiliates at a cheap price. I took a light breath as I looked at Seon Hae-cheol, who was chuckling.

“Now that I’ve blocked the cash flow, I think I should move on to the next stage… What do you think of Taehyun Electronics?”

Seon Hae-cheol opened his mouth immediately at my question.

“Is there anything to say? It’s one of the three companies that survived the semiconductor chicken game thanks to focusing on DDR RAM [Double Data Rate Random Access Memory].”

The i820, a CPU chipset released by Intel at the end of last year, only supported RD RAM [Rambus Dynamic Random Access Memory], but the price-performance ratio of RD RAM was below expectations.

As a result, companies that went all-in on RD RAM were seeing their stock prices plummet rapidly amid the collapse of the IT bubble, but Shinseong Electronics, Taehyun Electronics, and Micron were falling more slowly than them.

Following Seon Hae-cheol’s answer, Park Tae-jin also opened his mouth.

“Still, Taehyun Electronics has investment losses of 5 trillion won in RD RAM alone, which it took over when it acquired GK Semiconductor. Including other debts, it’s 15.8 trillion won. If the debt is not resolved, it will be difficult for Taehyun Electronics to survive.”

If the part that Seon Hae-cheol pointed out was the light of Taehyun Electronics, the point that Park Tae-jin revealed was the shadow of Taehyun Electronics. I nodded at Park Tae-jin’s answer and said.

“There’s no need to worry about money. The problem is whether we can acquire it or not.”

Seon Hae-cheol, who understood what I meant, nodded.

“That’s true. The semiconductor industry is this country’s national strategic industry. If Standard, which is covered in the shell of foreign capital, acquires Taehyun Electronics, which is doing that semiconductor business, there will be a big fuss.”

In fact, Micron tried to acquire Taehyun Electronics’ memory semiconductor business unit, but it was transferred to the creditor management system because it was a national strategic industry.

As a result, it became a company looking at a market capitalization of 100 trillion won under the shadow of SG Group, but if I got it in my hands, it would be easy to make it two or three times that.

‘My goal is to make Shinseong second in the semiconductor business with that semiconductor company, hehe.’

From Jang Ho-gun to the lowest-ranking employee, Shinseong Group has a spirit of being number one engraved in their bones. If Shinseong Electronics becomes second in the semiconductor business, Jang Ho-gun’s sparks will fly to everyone from his in-laws to his employees.

Seon Hae-cheol asked me with a slightly serious expression as I nodded readily.

“You’re not just going to salvage the semiconductor business, are you? There are quite a few businesses that are too good to throw away, but the chairman will also oppose simply cutting people off.”

As Seon Hae-cheol said, some of Taehyun Electronics’ business units are too good to throw away as they are, and one of my grandfather’s management philosophies is that we should embrace as much as we can.

I couldn’t disappoint my grandfather, who is in his last year as an active player, as the successor to the Haedong Group. I nodded at Seon Hae-cheol’s words and got up from my seat.

“I had a Taehyun Electronics rehabilitation plan in mind when I was directing the IT bubble short selling. I’ll show you.”

I walked to my desk and took out a file from the drawer. They won’t be able to oppose it if they see this, right?

***

Only after Seon Hae-cheol and then Park Tae-jin saw the Taehyun Electronics rehabilitation plan file did we enter the main house in Samcheong-dong [a neighborhood in Seoul known for traditional Korean houses] and meet my grandfather.

“You’re going to bring Taehyun Electronics?”

“Yes. It’s a company that collapsed due to my in-laws’ misjudgment and Taehyun’s greed, but it’s too good to throw away as it is.”

After that, we showed them the documents summarizing the acquisition method and future rehabilitation plan for Taehyun Electronics. My grandfather, who was looking at the documents with magnifying glasses, nodded.

“Is it worth investing such a large amount of money?”

“I’m confident in making money, but taking in as much as I can is what a successor to Haedong should do, hehe.”

Just as great power comes with great responsibility, it is the natural duty of the rich to be responsible for the livelihoods of people as much as they have money. My grandfather smiled contentedly as he looked at me, who was smiling.

“Of course, that’s how it should be. There’s a saying that you should earn like a dog but spend like a prime minister for no reason. You’ve even planned out the product planning and talent recruitment plan needed for the new business, so there’s no reason to oppose it, euhehe.”

“Of course, Grandpa. I will do my best to become a respected company.”

The money I’m going to use to acquire Taehyun Electronics is not much compared to the money I earned in the United States, and my plans are full of answers that I cheated from the best answer sheet called the future. Hiding my embarrassed heart and feeling proud of the praise, my grandfather nodded.

“Okay. Our eldest grandson is working so hard, so this grandfather should give him a gift before retiring from active duty. If your uncles accept it, this grandfather will try to persuade Taehyun.”

In fact, I was also considering making a deal through Myungseonggu [a district in Seoul], but my grandfather will be completely retiring from active duty next year.

I was worried that my grandfather would be lonely after he retired, so I wanted to give him something worthwhile to do before he retired, so I smiled and replied.

“Thank you, Grandpa.”

***

After receiving my grandfather’s promise of help, I went to the GK Group Twin Towers with Park Tae-jin and Seon Hae-cheol.

“You’re going to acquire Taehyun Electronics?”

“Yes. We will provide GK Group with 6 trillion won at ultra-long-term low interest rates, so we would like you to jointly acquire a total of 100 percent of Taehyun Electronics’ shares, 50 percent each with Standard. Standard will also bear the funds needed for the future chicken game [intense competition]. The chairman said that if GK Group accepts the proposal, he will build a bridge.”

Looking only at the amount of money, it seems like a sucker’s offer, but acquiring Taehyun Electronics is like putting a spoon on the national strategic industry, so it is impossible for Standard to acquire it alone. So, I was trying to lend money to GK Group with Standard at the forefront and jointly acquire Taehyun Electronics. Not only that…

‘It’s also a way to strengthen the alliance, but the 6 trillion won to be lent is all 30-year bonds with an annual interest rate of 5 percent. Considering the zero interest rate era, it’s a good deal, hehe.’

There are less than 10 years left until the subprime mortgage crisis breaks out. When that time comes, the zero interest rate era will begin in the United States as well, so we need to prepare step by step.

Of course.

Because the conditions are so generous right now, Hae Soo-chan and Oh Hyun-joon were looking at Oh Hyun-moo with desperate eyes, and Oh Hyun-moo was only repeatedly clearing his throat with a flushed face.

After that, we explained Taehyun Electronics’ rehabilitation plan, starting with the acquisition of Taehyun Electronics’ computer business division, mobile phone business division, and non-memory semiconductor business division with my personal assets, and only then did we receive Oh Hyun-moo’s question.

“Still, the conditions are too good. Is there anything else you want from us?”

After a moment of silence, Seon Hae-cheol gave the answer as we had prepared in advance.