Episode 147
My satisfied smile and the creditor representative’s gloomy expression clearly showed who had the upper hand in the Daehoo acquisition negotiations.
“Delisting, 300 billion won acquisition price, 70% debt write-off, and the acquisition of Daehoo Energy as well. Correct?”
“…Correct.”
This was the result of a long and arduous negotiation, with the added condition of acquiring Daehoo Energy.
Although it was higher than my initial offer, it was still a bargain for two companies with trillions of won in sales.
“Hehehe.”
Daehoo Electronics’ sales were 8 trillion won, and Daehoo Energy’s were 1 trillion won.
These two companies alone were large enough to be ranked among the top 20 conglomerates in Korea.
Of course, their sales would plummet this year due to the change in ownership and the group’s collapse, but I didn’t care.
I wasn’t acquiring them for profit.
I extended my hand to the creditor representative. “It was a mutually beneficial agreement. I look forward to working with you on Daehoo Energy as well.”
“…Sigh, likewise.”
After he left, Park Jong-bum and Maru clapped their hands. “Congratulations, sir. You’re a chaebol owner now.”
“Congratulations.”
I smiled. “No one will underestimate me now, will they?”
Daehoo Electronics alone had thousands of employees.
Combined with Chunha Trading, our sales would exceed 10 trillion won. We were a small dinosaur.
“Sir, are you planning to keep the Daehoo name? Shouldn’t we change it to something like Chunha Electronics, to match Chunha Trading?”
I shook my head at Park Jong-bum’s suggestion. “Let’s keep the Daehoo name for now. It still has brand recognition, even after the collapse.”
Consumers didn’t care about the company’s owner.
Daehoo was Daehoo, and Chunha Trading was Chunha Trading.
Would consumers recognize Chunha Electronics as the same company as Daehoo Electronics just because the name had changed?
“We’ll change it later, when the time is right. It’s too early now.”
“Yes, sir.”
I stretched. “It was a long battle. Daehoo is a tough opponent.”
“That’s true. They were one of the top conglomerates in Korea.”
“But…” I said with a slightly disappointed expression, “I’m a bit bored now.”
I was enjoying the spoils of victory, but I missed the thrill of the fight.
The mind games with Chairman Kim, the double-cross with Joongang Investment Corporation…
I missed the intensity.
My eyes gleamed. “Should we do it again?”
Saseong, for example. Or maybe even Saseong.
I was starting to feel the urge to take down the number one company.
Park Jong-bum waved his hands dismissively. “Sir, let’s digest this one first.”
Maru agreed. “It’ll take a while to normalize Daehoo Electronics.”
I laughed at their reactions. “Hahaha, you’ve become quite bold, Director Park and Mr. Maru. You would have tried to stop me before.”
Park Jong-bum scratched the back of his head. “We brought down Daehoo, what’s there to be afraid of?”
“Hehehe, I know. I was just kidding. It’s too early. Too early.”
The hunt was over, but there was still a lot of work to be done.
Daehoo’s subsidiaries had been under Kim Hoo-joong’s influence for decades, so we had to clean house and reorganize their operations.
The negotiations with the creditors, the acquisition of Daehoo Energy, the acquisition of Daehoo Securities through Joongang Investment Corporation…
It was too early for another hunt.
“Sir, with two major subsidiaries under our control, shouldn’t you be called ‘Chairman’ now?”
I smiled at Park Jong-bum’s playful remark. “Am I not too young to be called ‘Chairman’?”
“What does age have to do with it? You’re the owner and the CEO, so you’re the chairman. Even CEOs of much smaller companies are called ‘Chairman.’ Why not you?”
Maru said excitedly, “That’s right! With our company’s size, people will laugh if you remain as ‘CEO’!”
Although he had said it jokingly, I had been thinking about it too.
“I’ll pass for now. I’ll think about it.”
After finalizing the acquisition of Daehoo Electronics and Daehoo Energy, I went to Daehoo Electronics with Maru to assess the situation and meet the remaining employees. But my face hardened as soon as I arrived at the main gate.
“Director Im Jong-geun, you say?”
“Yes, that’s me.”
Only five people had come to greet me, fewer than our group of seven, including Maru and the bodyguards.
And the highest-ranking person among them was a director, the lowest rank among executives.
Many executives were being investigated, but Daehoo Electronics was a large company. There should have been at least a dozen executives left.
And there should have been a representative appointed by the creditors. Why was a mere director here to greet the new owner?
Maru, sensing my displeasure, stepped forward before I could explode. “Nice to meet you. I’m Kim Maru, vice president of Chunha Trading. Is this everyone?”
Director Im said apologetically, “I’m sorry, everyone else is busy with a meeting…”
I had informed them of my arrival time. And they were “too busy” to greet me?
I would have stopped them if they had prepared a grand welcoming ceremony, but this was a blatant display of disrespect.
“A meeting, you say.”
I was the owner of Daehoo Electronics, holding 100% of the shares.
How dare they treat me like this?
I smiled. “That’s convenient. Since they’re all gathered, I’ll join the meeting and talk to them myself.”
Director Im, thinking I had been appeased, sighed in relief. “Thank you for your understanding.”
But Maru, who had also seen my smile, was sweating nervously.
Having known me for so long, he knew how angry I was.
“Hello, I’m Park Sol, your new CEO.”
The executives in the meeting room gave me a perfunctory applause.
I smiled even more brightly. “Which one of you is the representative appointed by the creditors?”
A middle-aged man with a receding hairline said, “I’m Oh Ji-man, the acting CEO.”
“Ah, nice to meet you, CEO Oh.”
“Likewise. Can we continue the meeting now?”
He spoke as if my arrival had interrupted their important meeting. I responded with a smile, “A meeting is fine, but shouldn’t you at least introduce me to everyone?”
He frowned slightly. “We have a pressing matter to discuss. Can we do the introductions later?”
I was curious how far they would push this. “Of course, if you’re that busy.”
They resumed their meeting, ignoring me completely.
Only Director Im, who had greeted me, seemed even slightly aware of my presence.
“We have to move up the release date. We need to show them that Daehoo is still strong.”
“But we haven’t resolved all the defects yet. It could damage our reputation.”
“But Saseong and MG have moved up their release dates because of our problems. We’ll lose market share if we miss the golden opportunity.”
It seemed like they were discussing the release date of a new product.
A very important matter, apparently. Important enough to ignore me.
Acting CEO Oh glanced at me and said, “We’re discussing the release date of our new product. The PP-101, a new VCR model.”
“Oh.”
“There’s a problem with the playback function. The reel isn’t working properly. We’re trying to decide whether to fix it before the release or… Oh!”
He suddenly realized something and smiled. “My apologies, I forgot to explain. The ‘reel’ is the part that winds the videotape.”
His condescending tone revealed their arrogance.
They were elites, graduates of prestigious universities, executives at a major corporation like Daehoo. They had been the envy of many.
And I was just a junkyard owner with a high school diploma, a nouveau riche.
They thought I didn’t understand their high-tech business.
They believed Daehoo Electronics couldn’t function without them.
And that belief gave them the confidence to disrespect me.
“Feel free to ask if you have any questions.”
And my carefully cultivated public image as a kind, just, and good-natured person probably contributed to their arrogance.
They thought I was a young, naive fool with a lot of money, easy to manipulate.
“Hehehehehe.”
I couldn’t help but laugh.
The employees at Chunha Trading wouldn’t dare to challenge me, so I had forgotten about this kind of arrogance. These fools, using their age and education as weapons.
“By the way, CEO Park,” acting CEO Oh said with a sly smile, “I heard Chunha Trading has deep pockets. Can you provide us with some funding?”
The executives’ attention turned to us at the mention of money.
“Money?”
“Yes, we’re facing some difficulties. May I ask how much you can provide?”
“How much do you need?”
“The more, the better. 100 billion won would be enough for now…”
I chuckled. “100 billion won? I can do that. Actually, how about 500 billion won?”
His face lit up. “500 billion won?! With that kind of funding, we can easily turn Daehoo Electronics around!”
“Really?”
“Yes! Our research lab is constantly developing new products, and Daehoo Electronics has a global distribution network. We just have to survive this crisis, and then it’s smooth sailing. Isn’t that right?”
The executives nodded in agreement. “Of course, you can trust us, CEO Park.”
“We’ll make Daehoo the number one company in Korea, surpassing even Saseong.”
I said with an impressed expression, “Wow, the number one company in Korea! It sounds wonderful. How much would it take to become number one in the world? 1 trillion won?” I looked at each of them in turn. “2 trillion won? 3 trillion won? 4 trillion won? 5 trillion won?” I smirked. “Or 10 trillion won?”
They fell silent, sensing something in my tone, and I burst into laughter. “We have to aim high. What’s the point of aiming for number one in Korea? 100 billion won? That’s pocket change. By the way, acting CEO Oh…”
“Yes?”
“What gives you the right?”
I smiled. “I’m the owner of this company. And I’m asking what gives you the right to act like this.”
He said, flustered, “What do you mean?”
“I’m shocked. I wasn’t expecting a grand welcoming ceremony, but this is a blatant display of disrespect. I’m appalled.”
I chuckled, looking at the bewildered executives. “It’s been a while since I’ve been treated like this. It feels strange. Do you think you’re irreplaceable?”
I smiled brightly. “You’re all fired.”
“Fired?! After all our hard work and dedication to Daehoo?!”
“That’s right! Daehoo Electronics will be paralyzed without us!”
I looked at their panicked reactions and said, “Paralyzed, you say? Let it be paralyzed.”
They were speechless at my nonchalant response.
“I was planning to clean house anyway, so this is convenient. Thank you for giving me an excuse.”
They looked at acting CEO Oh, who said, “CEO Park, you seem upset about the lack of a welcoming ceremony, but business isn’t about emotions. These executives are all talented individuals who have risen through the ranks. The company will suffer a great loss without them. I apologize for the lack of a welcoming ceremony. But you’re acting emotionally, driven by youthful impulsiveness. It’s not appropriate for a CEO.”
I scoffed at his condescending tone. “Talented? They’re just leftovers who couldn’t cling to the Kim family’s coattails. And you, acting CEO Oh, you’re fired too. I’ll be managing Daehoo Electronics myself.”
His face hardened. “You’ll regret this.”
“Regret? You’ll be the ones regretting this. You say the company will be paralyzed? How much will you lose? 100 billion won? 200 billion won? I can afford to lose that much.”
I smiled brightly. “Goodbye. I don’t care if you have time left on your contracts. I’ll reassign you to the security office. Let’s see how long you can last.”