The Magician’s Memorial - Chapter 128



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Episode 128 The disappointing side (2)

Currently, we need to bring in semiconductors.

I didn’t want to bring it back by paying an excessive amount of money.

To that end, Dimon had been working hard for half a year.

“How much would you like to acquire the current semiconductor? CL Group sold 60% of its shares for 2.5 trillion won, right?”

“Since the debt was also acquired, it should be considered that it was acquired for 6.5 trillion won. “In order to acquire it at a lower price, it seems better to hand over the current semiconductor to the creditors and then acquire it.”

“A strict person wouldn’t take it, right?”

“It is predicted that the semiconductor division’s deficit this year will exceed 2 trillion won, so no one will want to acquire it.”

Current electronics semiconductors were a poisoned chalice.

Therefore, before returning, the owner had not been found for over 10 years and had to be held by creditors.

They even gave up on CL Group, so what more is there to say?

The semiconductor division was hijacked by Hyunjae Electronics, but CL Group refused to take over the semiconductor division due to the huge deficit.

‘I learned how to live without semiconductors.’ He even made this famous remark.

“Can you get it for half the price? “I think 3.5 trillion won would be just right.”

“There is a good way. “You can just use the same method that the current group used for the CL group.”

“Do you mean to rob us with the help of the government?”

“Of course, we need help from the government, but when Hyunjae Group acquired CL Semiconductor, it offered to acquire shares at the current stock price. “There is already a precedent, so shouldn’t we go forward like that?”

This is the reason why CL Group was said to have been robbed of its semiconductors.

When Hyunjae Group acquired CL Semiconductor, it attempted to acquire the shares at the current stock price without acknowledging the management rights premium.

“How much have semiconductor stock prices fallen now?”

“At its peak in 1998, it was over 30,000 won, but now it has fallen to 3,000 won. And the lowest price limit is being broken every day. There is even a prediction that if it continues like this for one more year, it will become a penny stock.”

Currently, semiconductors are truly a coin stock.

I remembered that the price per share had dropped to 280 won.

Current Semiconductor was a place where stock power players even heard that it was a good toy to play with.

“Then let’s leave it to the creditors for a while. “Wouldn’t that give the government a reason to act?”

“Currently, semiconductors account for about 4% of Korea’s exports. “It is clear that the government will try to save the current semiconductor industry in some way.”

“Daimon shake me hard from behind. “That way, stock prices won’t fall further.”

“It sometimes falls without me touching it, but I’ll try to make it fall faster.”

Now it is time to pass the baton.

Since the preliminary grading work was completed, all I had to do was hand over the final flag to my grandfather.

It was more effective for my grandfather to speak with the government, creditors, and company presidents than for me to speak up.

***

A month later.

Chairman Kim Tae-joong convened a meeting of the Federation of Korean Industries.

After the foreign exchange crisis, members of the Federation of Korean Industries faced many changes.

There were many companies that went bankrupt and the ranking of the business world changed as a result.

However, because large companies such as Taewoong, Hyunjae, Samjin, CL, and KS were still alive and well, the meeting proceeded without much fuss.

“Everyone is probably busy, but thank you for attending this meeting. “Particularly today, CL Group Chairman Koh Seung-taek participated and graced the occasion.”

Everyone attending the meeting looked at Chairman Ko Seung-taek.

He had never attended a Federation of Korean Industries meeting since CL Semiconductor was stolen by Hyunjae Group.

But today, Chairman Koh Seung-taek participated in the meeting, and members of the Federation of Korean Industries were confident that a large bomb would explode at today’s meeting.

“As everyone knows, the foreign exchange crisis is not over yet. However, the government keeps urging the Federation of Korean Industries to resolve insolvent companies. So we had no choice but to convene a meeting today.”

“Has there been a request from the government to make another big deal?”

KS Group Chairman Chae Jeong-han said with interest.

Although other large companies were lacking funds, KS Group, which had a cash cow called KS Telecom, had ample funds available.

“We are taking issue with Hyunjae Construction and Hyunjae Electronics. “The government will move creditors and Korea Development Bank to buy time, so they say it is up to the Federation of Korean Industries to solve the fundamental problem.”

“I will take over Hyunjae Construction. “We ask for the chairman’s help to enable us to acquire it at a reasonable price.”

Jang Gyeong-jun of Hyunjae Car Group bowed his head and said.

Hyunjae Construction had already been handed over to creditors, and discussions with creditors were underway at the Hyundai Motor Group level.

“Hmm, if it’s current construction, I’m interested too. “It’s not a bad company if you just get rid of the weak parts.”

“Chairman Go!”

Chairman Koh Seung-taek showed interest.

Since CL Group also owned a construction company, it did not seem like they were making a fuss.

“Is there any reason why I shouldn’t take over? “If CL Construction and Hyunjae Construction combine, wouldn’t it be worth it to compete with Taewoo Construction for first place?”

“Hyundai Construction is the parent body of Hyunjae Group. “Please understand.”

“What are you going to do by talking to me? Shouldn’t the creditors make the decision? “Hehehe.”

There was a reason why Chairman Koh Seung-taek attended today’s meeting.

It was to resolve the resentment of CL Semiconductor being robbed by Hyunjae Group.

“Let’s put aside the current construction issue for a moment and continue talking about current electronics. “I heard that they are currently separating semiconductors from electronics and handing them over to creditors. Is that correct?”

“That’s right. “We had no choice but to make that decision because it is difficult to handle the current semiconductor deficit.”

Chairman Youngjun Jang spoke in a soulless tone.

I lowered my head because I couldn’t bear to see the face of CL Group Chairman Koh Seung-taek.

“Tsk, tsk, they took away a good CL semiconductor and it looks really good.”

“Due to the foreign exchange crisis, the IT bubble burst, so there was nothing we could do.”

“Why do you crave food you can’t even swallow? “Tsk, tsk.”

Chairman Jang Young-jun’s face turned red.

I wanted to refute Chairman Ko Seung-taek’s words, but I stayed silent because I didn’t have anything wrong to say.

“Are there any companies currently willing to acquire semiconductors? What about KS Group? “There is talk going around that you are interested in the semiconductor business.”

“Hmm, I’m interested, but it’s difficult to acquire it right now. “There is fierce competition in the telecommunications industry, which has led to financial problems.”

Chairman Chae Jeong-han’s words were full of thorns.

It implied that KS Telecom was suffering damage due to Taewoong Communications.

Chairman Kim Tae-joong looked at Chairman Ko Seung-taek, trying hard to pretend not to notice.

“Hmm, then are you willing to take over from CL Group again? “Wouldn’t it be good for an electronics company to own a semiconductor company?”

“CL Electronics has learned how to live without semiconductors. Thanks to the current group.”

There was no one who did not know the size of the current semiconductor deficit.

There was no fool who would take over a company with a loss of 2 trillion won.

The current situation of semiconductors was so bad that even if it was given for free, they would refuse it.

“Hmm, I guess no one is interested in taking over Current Semiconductor.”

“May I tell you something?”

Korea Exchange Bank President Lee Soo-hyun stood up.

He attended the Federation of Korean Industries meeting as a representative of Hyunjae Group’s creditors and was given the right to speak.

“When Hyunjae Electronics acquired CL Semiconductor, it borrowed money from several banks using various affiliates, including Hyunjae Construction, as collateral. If the current semiconductor problem is not resolved, all affiliates of the current group may collapse, and CL Group, which distributed the bills, may also experience problems.”

“Even though Hyunjae Construction has put up collateral, I don’t understand why other Hyunjae Group affiliates are also at risk.”

“Hyundai Electronics has also signed a contract with a U.S. factory. “Hyundai Electronics has promised to purchase all of the products produced at the factory, and if this cannot be done, responsibility will be transferred to Hyunjae Merchant Marine, Hyunjae Heavy Industries, and Hyunjae General Trading Company.”

Hyunjae Group used the entire group as collateral to acquire CL Semiconductor.

That’s right, right before the foreign exchange crisis, the semiconductor market was hotter than ever.

The price of DRAM used to be as high as $8, but now it is only $1, so the deficit was growing.

“Hmm, hasn’t there been an acquisition offer from a foreign company?”

“Although an acquisition offer came in from Micron in the U.S., they only expressed their intention to acquire the profitable part of the semiconductor division… … “It seems like if you give something for free, you get it.”

Chairman Jang Young-jun bowed his head and answered.

He also made efforts to sell the semiconductor division.

Rather than handing it over to a Korean company at a low price, I even considered selling it to a foreign company at a slightly higher price.

However, the response from foreign companies was very cold.

I had to hear an answer that it wasn’t that they would buy it with money, but that they would pay for the acquisition with their own stock.

“The rumor is that the U.S. government is currently making moves to make semiconductors an American company. “It is said that he secretly conveyed that he would benefit other Korean companies if he handed over current semiconductors at a low price.”

“I don’t have any special information about the thief.”

“So the government and creditors are hoping that a Korean company will acquire current semiconductors.”

It was a situation where there was no answer.

Because the current semiconductor situation is more serious than expected.

No major company was willing to take over.

Even Chairman Kim Tae-joong tried to give up his intention to acquire Hyunjae Semiconductor.

That moment.

Suddenly, the door to the conference room opened and a wheelchair came inside.

“President Jang! “How did someone who should be in the hospital get here?”

“If an accident occurs, shouldn’t the parties involved seek a solution? “It’s been a really long time, everyone.”

It was the appearance of Chairman Jang Young-joo.

He, who is currently completely out of the group’s management and is only living in the hospital, appeared at the meeting in a difficult state.

“Chairman Go, my Maanhoi. “It happened because of my greed.”

Chairman Jang bowed his head towards the late Chairman of CL Group.

The meeting room became solemn at the weak appearance of Chairman Jang, who had made Hyunjae Group number one in the business world.

Even Chairman Koh Seung-taek, who was filled with anger and resentment, could not say anything that he disliked about Chairman Jang.

“Then why were you greedy? Did you want CL Semiconductor so much that you had to use the entire current group as collateral?”

“It was all my greed. “It was Abby’s desire to give her children a decent company.”

“If you were that greedy, why not do it well? If that were the case, wouldn’t I have been able to blame you to my heart’s content?”

Chairman Koh Seung-taek turned his head away.

If I looked at Chairman Jang’s face like this any longer, I felt like he would resort to treason.

“Chairman Go, please do me a favor just once. I want to protect current construction. Since Young-jun couldn’t protect him, he wants to give Gyeong-jun a chance this time. “Can you do my last favor?”

“How can I fulfill that request? We need to discuss current construction issues with creditors. “I don’t know.”

It was Chairman Ko, who went back on his word that he would not participate in the current construction bid.

After solving one problem, Chairman Jang turned his head towards Chairman Kim Tae-joong.

“Chairman Kim, please save Hyunjae Group.”