Still, I Will Live As The Son-In-Law Of A Conglomerate [EN]: Chapter 214

214. 60th. Gut-Busting (3)

[Chairman?]

“Tell them the merger between Shinsegi Financial Group and Shinseong Life is contingent on a guaranteed second merger. Assure them we’ll support their request.”

Eisenberg hung up, a sigh escaping his lips.

“That man is frightening. To foresee even this…”

The ‘second merger’ he’d just relayed wasn’t his idea, but Isaac’s instruction.

[This is a request from my dearest friend, John Davidson Lee, Cayler. Handle it, even if it means taking a loss.]

More precisely, Isaac was passing on a request from ‘John Davidson Lee.’ The merger consent request from Shinseong Group, leading to this instruction, also fell within John Davidson Lee’s predicted scenario, leaving Eisenberg speechless.

“So, that’s how he rose to the center of Wall Street in under a decade… I’m relieved he’s Isaac’s friend. John Davidson Lee. No, John Seongmin… Lee.”

Eisenberg only agreed to the plan after discovering John Davidson Lee’s true identity, a revelation that sent chills down his spine.

***

Jang Min-jae and Lee Soo-han exchanged wide-eyed glances at the Chase Manhattan Korean branch head’s ‘second merger’ proposal.

“A second merger?”

The first merger involved Shinseong Life’s backdoor listing via a merger with Shinsegi Financial Group, alongside simultaneous mergers of Shinseong Securities and Shinsegi Securities, Shinseong Fire & Marine and Shinsegi Fire & Marine, and Shinseong Card and Shinsegi Card.

The second merger proposed re-merging Shinseong Life, Shinseong Securities, Shinseong Fire & Marine, and Shinseong Card after the initial consolidations, creating a financial holding company with 100% subsidiaries for each sector.

Lee Soo-han, visibly displeased, began to protest, but the Chase Manhattan branch head cut him off, feigning surprise.

“If you’re establishing a financial holding company anyway, wouldn’t a vertical structure, like other developed nations’ financial institutions, be more efficient? Think of it as forming Shinseong Holdings, no?”

“Well, that’s true, but…”

Regardless of the methods—spin-offs, equity carve-outs, in-kind contributions, or share swaps—dilution of the Shinseong Group owner family’s stake was unavoidable. Seeing Lee Soo-han falter and Jang Min-jae’s face harden, the Chase Manhattan branch head smiled.

“Anyway, combining Shinseong Group’s affiliate shares held under borrowed names with institutional investor holdings should secure management control, shouldn’t it? Even if our shareholding ratio drops significantly.”

Despite the provocative words, Lee Soo-han and Jang Min-jae remained composed. Lee Soo-han, after a moment of silence, spoke.

“We need to consult someone. Please wait a moment. Director Jang.”

“Yes, Chief.”

Lee Soo-han and Jang Min-jae retreated to another room, calling Jang Ho-geon to report.

[What are your thoughts?]

“It’s a sound strategy, Chairman. Even with a reduced stake, we can silence the dissenting policyholders.”

The Chase Manhattan branch head’s proposal offered a way to quell the voices of participating policyholders hindering Shinseong Life’s listing. A larger shareholder base would dilute their influence, even with a decreased stake.

[I concur. If Chase Manhattan pledges support during the merger resolution, accept it.]

“Yes, Chairman.”

Ending the call, Jang Min-jae asked Lee Soo-han, “What did he say?”

“He approved, contingent on Chase Manhattan’s support.”

Jang Min-jae nodded. “That’s the right move. Quieting those voices will make persuading domestic institutional investors and silencing the participating policyholders much easier.”

Combining Shinseong Group’s shares with domestic institutional investors would facilitate Shinseong Life’s backdoor listing without compensating the participating policyholders. Lee Soo-han smiled, seeing Jang Min-jae’s agreement.

“The Chairman likely anticipated this. Let’s return quickly.”

“Yes.”

Back in the room, they informed the Chase Manhattan branch head of their acceptance, requesting support for the ‘second merger.’ The branch head smiled.

“Of course. It’s an honor to hold shares in Korea’s largest non-bank financial holding company. We’ll certainly support you, haha.”

“Then we’ll be in touch soon, haha.”

As Lee Soo-han and Jang Min-jae departed, beaming, the Chase Manhattan branch head clicked his tongue.

“The Chairman is truly something else. To foresee even this…”

The branch head, impressed by Cayler Eisenberg in New York, never suspected Eisenberg was merely relaying Seongmin Lee’s instructions through Isaac.

***

That afternoon.

[This afternoon at 5 PM, Shinsegi Financial Group and Shinseong Life merged. Consequently, overlapping affiliates, starting with Shinseong Card and Shinsegi Card…]

I muted the TV, which was reporting the consolidation of remaining industry affiliates.

“On the day Shinseong Financial Group is born, all Shinseong Group affiliates will be neatly packaged, hehe.”

“Indeed. We owe Isaac our thanks, hehe.”

The merger between Shinseong Life and Shinsegi Financial Group was entirely my script’s doing.

‘How can it adhere so perfectly to my expectations?’

It stemmed from knowing the Jang family’s desperation to list Shinseong Life at any cost, but I couldn’t help but chuckle at the precision of my predictions and countermeasures.

“However, predicting the credit card crisis’s severity is impossible, Chairman. We must advance to the next stage and amass more ammunition.”

“Agreed. Today’s Saturday; let’s rest well and resume on Monday, hehe.”

I have the luxury of methodical planning, unlike the atmosphere at my in-laws’ house. It must be chaotic.

***

That evening, the day of the merger announcement between Shinseong Life and its financial affiliates with Shinsegi Financial Group and its financial affiliates.

“Good job, Min-jae. You excelled today.”

“Yes, Min-jae. You worked exceptionally hard.”

Jang Min-jae offered a subtle smile at the praise from Jang Ho-geon and Hwang Na-yeon, who had finished their meal.

“It was nothing, Father. I simply tried to maintain amicable relations with my brother-in-law and his wife, which seemed to help, haha.”

Jang Yong-jae, Jang Soo-yeon, and Park Nam-joon glared at Jang Min-jae, who was feigning humility. How dare that man, who always hid behind them, shamelessly utter such nonsense?

As soon as Jang Ho-geon and Hwang Na-yeon left the table, Jang Yong-jae openly glared at Jang Min-jae.

“Is being in league with Lee Seongmin so rewarding?”

“You’ve always been a follower; how can you be so brazen?”

“I’m disappointed, brother-in-law. Lee Seongmin is Shinseong Group’s enemy, isn’t he?”

Jang Soo-yeon and Park Nam-joon joined the chorus, but Jang Min-jae remained calm.

“We pushed it forward to increase our share, brother-in-law. We’re competing with our cousins in the integrated holding company; shouldn’t we take the lead?”

“Even so, why grasp Lee Seongmin’s hand when other options exist? Are you insane!”

Jang Yong-jae shouted, but Jang Min-jae, unusually, didn’t flinch.

“If you had handled things correctly, would I have needed Lee Seongmin’s help?”

“What?”

“It’s not that I favor Lee Seongmin or Jang Ha-yeon. But if there’s something to gain, shouldn’t I seize it as Father’s son?”

Jang Yong-jae was speechless. How dare that timid man rise up like that?

“You, you…!”

“I’m not vying for the Chairman’s position. I simply want to secure my share. I’ve arranged the board favorably this time, so I hope you and my sister fare well. And my brother-in-law too.”

Jang Min-jae couldn’t suppress his familial bias. He left abruptly, leaving the others humiliated.

***

After a relaxing weekend, we headed to GK Group headquarters in Yeouido with Go Seung-ju. The conference room included Oh Hyun-moo, Hae Soo-chan, Oh Hyun-joon, and the heads of Triumph Capital Korea and Chase Manhattan Korea.

“We’ve gathered to discuss cooperation in the electronics industry.”

As the orchestrator of this plan, shuttling between the Caribbean, New York, and the Incheon warehouse, I gave a keynote speech and immediately addressed the core issue.

“Therefore, I propose a capital increase and corporate bond acquisition for GSMC, GK Display, GK Telecom, and Haedong Electronics. Your thoughts?”

The head of Triumph Capital Korea raised his hand. “If Triumph, Chase Manhattan, and Standard Capital fund these four companies, leading the global electronics industry, including semiconductors and displays, will be easier. Headquarters has approved; we’ll comply.”

“Chase Manhattan concurs. We smoothly navigated the merger with JP Morgan thanks to Standard Capital, so we appreciate these new investment opportunities.”

Oh Hyun-moo, Hae Soo-chan, and Oh Hyun-joon beamed at Chase Manhattan Korea’s agreement. Nothing pleases a businessman more than reliable financial backing.

“Then, let’s delegate the specifics to the working-level staff and enjoy a meal, haha.”

Having prepared for the electronics battleground, I left the conference room with a light heart.

###

That evening.

[GSMC, GK Display, GK Telecom, and Haedong Electronics have attracted significant investments from Standard Capital, Chase Manhattan, and Triumph Capital. This $40 billion investment involves Triumph Capital and Chase Manhattan each participating in a 10% capital increase for the four companies, with Standard Capital acquiring their 30-year maturity corporate bonds…]

“Oh, my!”

Jang Ho-geon, watching TV after work, threw down the remote. How could GSMC alone raise $20 billion, and GK Display $10 billion?

“Are they trying to fight us…”

Jang Ho-geon intuitively felt this investment targeted Shinseong Electronics, specifically its semiconductor business and Shinseong Display.

His children, sitting with him, also looked grim. Jang Yong-jae’s face paled.

‘That, that crazy…’

Shinseong Group’s ‘American financier’ raised only $20 billion. Only $8 billion could be invested in Shinseong Electronics’ semiconductor business, while GSMC secured two and a half times more.

“F, Father?”

“There’s nothing to worry about. We lead in market share and microfabrication; we just need to accelerate.”

Jang Ho-geon tried to reassure his children, but he was stunned. How could half the money raised for an integrated holding company be concentrated on GSMC alone?

“You all need to focus on your businesses. Son-in-law Park, instruct your in-laws to prepare for the policyholders’ lawsuits.”

“We’ve established the policyholders’ status as creditors, not shareholders, so there’s no reason to share listing profits. We’re also persuading the judges, so don’t worry, Father-in-law.”

Jang Ho-geon gave Park Nam-joon an order as a client, not a son-in-law, and nodded at Park Nam-joon’s clear answer before turning to Hwang Na-yeon.

“Tell your brothers to support Mujin Law Firm well. If this operation fails, everything fails.”

“Okay.”

Jang Ho-geon, having given instructions, rose and went upstairs.

‘I wonder what Son-in-law Lee will devise.’

Jang Ho-geon, having mobilized all of Shinseong Group’s resources, wondered what cards his eldest son-in-law would play.

***

Some time later.

[Today, after the merger of Shinseong Group’s financial affiliates, accompanied by numerous restructurings, Shinseong Life announced a merger with Shinseong Card, Shinseong Fire & Marine, and Shinseong Securities. The purpose is to create an advanced financial holding company structure…]

I chuckled, watching the news.

“Now the financial affiliates are neatly packaged, hehe.”

Unlike me, Seon Hae-cheol shook his head.

“Your in-laws are ruthless. Despite the criticism, they merged Shinseong Life and Shinsegi Financial Group and are creating Shinseong Financial Group…”

“Our family is unusually gentle, Uncle. You know that, right?”

Seon Hae-cheol chuckled at my sarcasm.

“Well, yeah. You’ve been diligently increasing your uncle’s and wife’s wealth, breaking through everything directly, right? Hehe.”

Our family is the only chaebol [family-owned conglomerate] free from succession issues. Unlike others with poor wealth accumulation, I have Lee Seongmin as a cheat code, allowing me to pay nearly 10 trillion won in inheritance tax and still possess several times that amount.

“Anyway, since Shinseong Life and Shinsegi Financial Group merged, the participating policyholders, the People’s Solidarity for Participatory Democracy [a South Korean NGO], and the Korea Finance & Consumer Association have filed a lawsuit for listing profit distribution. I don’t know what they’re thinking, Chairman.”

“Because they have nothing to lose legally. Chief Lee can sway reporters and reverse the National Sentiment Law [public opinion].”

The lawsuit for Shinseong Life’s listing profit distribution is unwinnable for the participating policyholders.

They mistakenly believe they have shareholder status due to the word ‘participating,’ entitling them to listing profits. However, participating insurance is subject to the Depositor Protection Act [a law protecting depositors] and pays market interest rates, making them creditors, not shareholders.

‘From the start, there was no chance of winning, but civic groups fueled the hapless policyholders to show their presence. Using the underdogma trap [exploiting sympathy for the underdog].’

It’s common to favor the weak in a strong-versus-weak scenario.

Civic groups exploited this, inciting public opinion with absurd claims that Shinseong Life should give shares to policyholders and allow their representatives to participate in management. What law mandates a solvent company to give shares to creditors?

Mujin Law Firm, a top Korean firm, has entered the legal battle, and the Choguk Ilbo [a fictional newspaper] is waging a public opinion war, leaving nothing more to say. I smiled bitterly and clapped to change the subject.

“Let’s cease discussing the ruthless versus the stupid. We’ve done all we can for our in-laws. Now, we focus on our business, right?”

I’ve already planted the bombs that will tear apart my in-laws’ stomachs this year. Until next year, we must complete our schedules before Aqua Wave’s release.