The Magician’s Memorial - Chapter 127



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Episode 127 The disappointing side (1)

After the foreign exchange crisis, the problem of insolvent companies was still hot.

Since the government could no longer provide support, they issued an ultimatum to negotiate with creditors.

Large-scale companies, including Hyunjae Construction, were holding on with the thought, ‘Will the government really let us die?’

The Financial Supervisory Service issued a threat, saying, ‘Even if the government wants to save us, there is no way.’

This caused an uproar in the current group as well.

Even Chairman Jang Young-joo, who should have been resting in his hospital room, woke up.

“Ugly guys. Whoo, whoo.”

Honorary Chairman Jang Young-joo’s hospital room.

In front of him, who was breathing heavily, were Jang Young-jun and Jang Gyeong-jun.

Youngjun Jang, currently in charge of construction, was lowering his head and asking for help from his father.

“I could not have predicted that Taewoo Group would target Hyunjae Construction. “I was planning to get the debt forgiven with the help of creditors for a while.”

“Why does Hyeonjae Construction have to suffer such humiliation? With help from creditors? “Words are helpful, but they don’t mean you’re handing over the company to creditors!”

It was Chairman Jang Young-joo whose condition worsened.

But now, he is showing just as much vigor as he did in his prime.

This was proof that he had a special affection for Hyunjae Construction and that he extremely disliked the idea of ​​Hyunjae Construction being handed over to creditors or Taewoo Group.

“There was no other way. Even if we wanted to save Hyunjae Construction on our own, there is no way.”

“Is that something that can come out of the mouth of a guy called the chairman? Is there no way? If you don’t have it, you have to find it! “Isn’t that the president’s job?”

“… … I also did my best. I even went to North Korea to get help from the government. But I had no idea that the government would suddenly come out like this.”

“If I say I don’t know, it’s over! “The word ‘don’t know’ should never come out of the mouth of the head of the group!”

Honorary Chairman Jang Young-joo’s breathing became increasingly rough.

Chairman Jang Gyeong-jun urgently intervened as it seemed like his father would stop breathing if things continued like this.

“I will prevent Hyunjae Construction from falling into the hands of another group.”

“Whew, shouldn’t brothers help each other and survive? “Even though we are independent, we are still part of the same current group, so of course we should help each other.”

“I will reach an agreement with the creditors and take over Hyunjae Construction. “Wouldn’t that be much better than being taken over by Taewoo Group?”

“Is it really necessary to do that? Couldn’t we provide financial support to Youngjun? … .”

Chairman Jang Kyung-jun looked at his father.

Anger welled up inside me at the sight of him thinking of his younger brother more than himself until the end.

However, I calmed down my anger when I saw the oxygen ventilator next to my father.

“Will it make a difference if I support you? It failed to block a bill worth only 20 billion won, resulting in its first default. And Hyeonjae Construction’s debt can never be resolved by providing financial support. “In order to persuade creditors, the ownership of Hyunjae Construction must change.”

“Are you saying it’s my fault that the first bankruptcy occurred? I also did my best. “What more can I do here!”

It was a fight between brothers that seemed likely to happen again in the hospital room.

Jang Young-jun raises his voice and expresses his anger towards his brother.

However, Jang Gyeong-jun ignored his younger brother and continued talking, looking only at his father.

“Hyunjae Construction is not the only one with problems. Currently, it is not surprising if Electronics goes bankrupt at any time. In particular, the semiconductor business, which has been stolen from CL Group, is eating up a huge amount of money.”

“Is Gyeongjun right?”

“… … Debt is rising rapidly due to semiconductors. Even the semiconductor market was hit hard by the IT bubble.”

“Wow, there’s a problem with Hyunjae Construction and Hyunjae Electronics. “How did the current group become like this?”

Jang Gyeong-jun felt frustrated.

I wanted to scream that I had to suffer this humiliation because I chose Jang Young-jun, not myself, as the group’s successor.

But I had to endure it. I had to endure it for the sake of my father’s health, and I had to keep my cool in order to take over Hyunjae Construction.

“The current securities situation is also the worst. “The fund’s return rate is as high as -70%, and some funds are launched with guaranteed principal, so you have to spend a huge amount of money.”

“Are you saying that even current securities are risky?”

“In a situation like this, which bank would trust Hyunjae Group and lend money? “Even if I were a creditor, I wouldn’t trust Hyunjae Group.”

“So you’re saying you’re going to take charge of Hyunjae Construction?”

“Wouldn’t it be 100 times better than falling into someone else’s hands? Currently, automobile exports are rapidly increasing. “Hyeonjae Construction has the ability to endure enough time to overcome the crisis.”

“This is my last request. “Couldn’t you just provide the funds to her sister?”

Jang Gyeong-jun looked at his father’s face.

He was a major contributor to the Korean economy and the person he respected the most.

But the person lying in bed now was not the person he knew.

“Even if I wanted to, I couldn’t. I don’t want to go to jail again for breach of trust. I never want to go to jail again. “My left knee is also bad, so it can’t be the same for my right knee.”

“I’m sorry. I’m really sorry. I should have gone to jail then. I wasn’t sending you to prison instead… … .”

It had already passed.

The reason he went to prison and the reason he handed over the position of head of the group to his younger brother.

We can just ignore it because it was all in the past, but the work of Hyunjae Construction was not the past, but the present and the future.

“I will just bury the past. Moreover, it is not easy for me to take over Hyunjae Construction. “If the Taewo Group pushes in with its enormous financial power, there is no way.”

“The government will never allow it. “Wouldn’t Taewoo have a monopoly if he bought Hyeonjae Construction?”

“Do you still not know what position the government is taking? They are taking the stance that they will not intervene in the market, so companies should take care of it themselves. But do you think there will be a problem with monopoly?”

Jang Gyeong-jun looked down at Jang Young-jun and said.

I felt pitiful seeing my younger brother still not knowing anything about the world.

“So what are we going to do?”

“I guess I have to make a choice. Should we give Hyunjae Construction to Taewo Group or give it another affiliate?”

“Can we prevent the acquisition of Hyunjae Construction by throwing in another affiliate?”

“Chairman Kim Tae-joong has been very interested in semiconductors for a long time. “Wouldn’t it be possible if we threw in the semiconductor division?”

Honorary Chairman Jang Young-joo pounded his chest.

I couldn’t breathe as I heard that Hyunjae Group’s affiliates would be handed over to someone else.

“Phew, yes, semiconductors are better than construction. “We cannot hand over Hyunjae Construction, the parent company of Hyeonjae Group, into someone else’s hands.”

“And there are further reasons to pass on semiconductors. As Youngjun said, the semiconductor market fell into a recession due to the IT bubble. “If that’s the case, wouldn’t the Taewoo Group also pour in a huge amount of funds?”

Jang Kyung-jun joined hands with Taewoo Group.

However, it was not an eternal alliance with the Taewo Group.

I was thinking of using this opportunity to pass the bomb on to the Taewo Group.

“What do you think, Youngjun? “Can I hand over the semiconductor to Taewoo Group?”

“It doesn’t seem like a bad plan. This year alone, the semiconductor division’s deficit is more than 300 billion won. And the debt of the semiconductor division alone is over 6 trillion won.”

“6 trillion won. “Even for Taewo Group, it must not be an easy amount.”

“Furthermore, the semiconductor market is in a continuous recession for the time being. “On the surface, semiconductors may seem delicious, but it is a business full of poison.”

Youngjun Jang was skeptical about the semiconductor division.

In fact, Hyunjae Electronics was in more trouble than Hyunjae Construction, and this was because it had acquired the semiconductor division from CL Group.

What if we could just hand it over to Taewoo Group?

Taewoo Electronics will go through the same pain that Hyunjae Electronics went through.

“Then let’s hand over the semiconductor to Taewoo. If you do that, Kyungjun, will you be able to take over Hyunjae Construction?”

“We will have to negotiate with creditors to find out, but if Taewo Group withdraws from the takeover battle, the odds increase dramatically.”

“Youngjun, don’t feel too sorry. Focus on reviving other affiliates with the money from selling the current construction and semiconductor divisions. “In particular, if you just hold on to your current securities properly, your funding problem will be resolved quickly.”

“I will.”

On the one hand, Jang Young-jun felt refreshed.

How stressed were you because of Hyunjae Construction and the semiconductor division, which only brought you debt?

Jang Young-jun felt at ease because he no longer had to go around the bank and express his regrets and no longer had to bow down to Myeong-dong.

***

next day.

I met Dimon waiting in Captain Kang’s office with good news.

“I received a call from Hyunjae Group saying they would hand over semiconductors to Taewoo.”

“People are giving up on semiconductors sooner than expected. “It seems like there is definitely a lack of funds.”

“Of course it will be insufficient. “Heavy industry, securities, and construction are all reeling.”

“Looking at it now, it seems like a godsend for Taewoo to hand over Joseon.”

It wouldn’t be wrong to say that it was because of me that the current group was shaking like it was.

Taewo Shipbuilding was sold to Heavy Industries, which caused a lack of financial resources.

In the case of securities, since the principal guarantee fund was launched first, there was no choice but to follow suit and create current securities.

And since the construction industry won all government-led projects with the enormous financial power of SAVE Investment Company, there are currently no projects for construction to win.

“Chairman Jang Kyung-jun kept his promise, so we should keep our promise, right? “Let’s hand over Hyunjae Construction to Chairman Jang Kyung-jun.”

“Hyunjae Construction is in the hands of creditors. And isn’t SAVE Investment Company the one with the strongest influence among creditors?”

SAVE Investment Company lent a lot of money to the current group.

All of the funds to acquire Taewo Shipbuilding were borrowed from SAVE Investment Company.

All the money lent was in dollars, and the loan amount was even doubled due to the foreign exchange crisis.

The debt was spread evenly across various affiliates, and SAVE Investment Company was also included among Hyunjae Construction’s creditors.

“Don’t hand over Hyunjae Construction to Chairman Jang Kyung-jun at a too cheap price. “Get a reasonable price with some push and pull.”

“Of course it should be that way, right? “For the time being, we will try to squeeze enough money out of the current car to the extent that we do not have enough funds to develop a new car.”

“If we call too much and Chairman Jang Gyeong-jun gives up on current construction, we will be in trouble.”

“I will only accept it up to the limit. That way, Taewo will be able to eat semiconductors now. But wouldn’t it be too risky to acquire a semiconductor division? “The deficit is too large.”

At this point, acquiring the semiconductor division was tantamount to suicide.

Even economic experts even called it “crazy.”

Don’t you know it’s me? There is a way, so they are trying to take over the semiconductor division.