The Magician’s Memorial - Chapter 83



Only Krnovel

Episode 83 National Bankruptcy Day (1)

Gwanghwamun Bear’s old house.

There were many cars lined up as if it were a parking lot.

In front of the old house, corporate presidents with their heads bowed were arguing with security guards trying to get inside.

“Please let me see the chairman. Don’t you know me too? “We haven’t even seen each other for a day or two, so shouldn’t you let me in?”

“The chairman told us not to let anyone in.”

“It only takes one minute. “I’ll just look at your face for a while.”

It was common to see company presidents borrowing money.

They were corporate presidents who snooped around not only the banking sector but also the private bond market in Myeong-dong.

Among them, there was a chairman whose company had already gone bankrupt.

All of those presidents gathered at Gom’s old house in Gwanghwamun.

This was because a rumor spread that he was carrying a lot of dollars.

These were the presidents who were in dire need of dollars because they had to repay their loans right away.

But it was an old house that never opened no matter how many times we knocked on it.

I was sitting in the pavilion of the old house, listening to the cries of the presidents along with the Gwanghwamun bear.

“Chairman, do you know what day is today?”

“They said it was National Bankruptcy Day. “I heard on the news that you gave up your economic sovereignty to the IMF.”

Today is November 21st.

There was only one month left in 1997.

It was also the day the Korean government officially requested help from the IMF.

“It is a sad and tragic day.”

“I didn’t know you had feelings of sympathy.”

“I did it because I felt like I had to say it out loud. “I have no sympathy whatsoever.”

Could it be that I have sympathy?

What happened to Taewo Group after National Bankruptcy Day?

South Korea graduates from the IMF very quickly and normalizes.

However, Taewoo Group was reduced to ashes and scattered to various places.

This time, it was my turn to watch another company turn into ashes from the other side.

“Please bring dollars to Korea starting next January.”

“Is it finally time? The exchange rate has already surpassed 1,300 won. I bought dollars when the exchange rate was 800 won, so I made twice the profit based on the exchange rate alone. If you add the profits from stocks, it has increased by more than 5 times. “It’s all thanks to you.”

“Now you can use that money to become the owner of Myeongdong. However, it would be difficult to lend money to a company I had my eye on.”

“I will only lend to places that you ask me to lend to. “Of course I should do that to the person who will make me the owner of Myeongdong.”

I loved the Gwanghwamun bear like a child.

It was understandable since the company presidents who looked down on him as a loan shark were lined up in front of his mansion.

“Take control of the entire Myeong-dong. And if you see any signs of Japanese funds coming in, please contact me.”

“Of course you should. “We will crack down hard to prevent the Japanese from snooping around.”

I woke up in the pavilion.

I stretched out my hand towards the Gwanghwamun bear who was following me.

“Congratulations in advance on becoming the owner of Myeongdong.”

“Thank you. If you need anything in the future, please let me know at any time. In particular, if there is something that needs to be resolved behind the scenes, I will take responsibility and resolve it.”

“I will remember what you just said.”

I quietly left the old house through the back door.

I moved to the mansion where my grandfather was waiting.

* * *

When we arrived at the mansion, all the lights were off.

Is grandpa asleep already?

When passing the living room with careful steps.

I found my grandfather sitting on the sofa in the dark living room.

“What are you doing without turning on the light?”

“It ended up like this. Hehehe, it’s National Bankruptcy Day. “Really, as you said, the economic sovereignty of the Republic of Korea has been taken over.”

I sat next to my grandfather.

Only then did I notice that my grandfather’s hands and feet were shaking violently.

“calm down. “Just because the country goes bankrupt doesn’t mean Taewoo Group goes bankrupt.”

“… I’m sorry. “I’m really sorry for having to spend so much money.”

My grandfather was very shocked.

The self that was always confident and didn’t hide its desires was nowhere to be seen today.

“Why do you say my grandfather is ugly? To me, he is better than anyone else.”

“Today I sat down and looked back. You anticipated that this would happen and did your best to minimize the damage. “A person named Haebi is blocking my grandson’s path.”

I felt like something was rising in my chest.

Is it because of the feeling of finally being recognized?

Is it because my grandfather finally completely understands my feelings?

I held back my tears and held my grandfather’s hand warmly.

“Grandpa, you don’t lack anything at all. And my grandfather has a lot of work to do in the future. “Company mergers and acquisitions are my grandfather’s specialty.”

“This opportunity made me realize how dangerous borrowings are. “We need to stop doing the evil thing of acquiring a company with borrowed money.”

“Why do you borrow money? All you have to do is use Taewoo Group’s money to conduct a merger or acquisition. And you can even pay off all your current loans.”

“What does that mean?”

Click!

I turned on the nightstand next to the sofa.

Then I wrote down the numbers on a notepad.

“The money from the sale of Taewoo Shipbuilding and Marine Engineering and its mobile phone division amounts to approximately 3 trillion won. “Do you remember that all that money was tied up in the joint venture with Aramco?”

“Are you suggesting we take out that money and use it?”

“With that money, we can pay off all our debt and merge and merge several companies.”

I really regularly saved dollars in the Aramco joint venture.

It wasn’t just saved, it was saved through investment.

The money, which was only $5 billion, was more than doubled to $10 billion.

“The money invested in Aramco is only 3 trillion won, so how can they repay all the debt? Taewoo Group’s debt amounts to 14 trillion won.”

“We doubled it through investment.”

“But isn’t it still 6 trillion won?”

“The magic of exchange rates has occurred. All of our debt is in Korean Won. But the money deposited in Aramco is dollars.”

I wrote it down in detail on a notepad so my grandfather could understand it.

$10 billion in Aramco.

When it was first put into Aramco, it was worth 7 trillion won, but the exchange rate doubled to 14 trillion won.

“Hehe, 7 trillion won has become 14 trillion won.”

“In addition, the exchange rate is still rising. “It will surpass the 1,900 won mark next month.”

“Then 19 trillion won will be in our hands.”

“Even after paying off all debt, 5 trillion won will remain. Moreover, the money we hold is dollars, not won. “I heard that there are several presidents who would sacrifice their lives to save the dollar.”

“Hehe, I didn’t know. “She was so busy that she didn’t know how smart her grandson was.”

And this wasn’t the end.

InnoPhone with MP3 function was unveiled at the German Consumer Electronics Fair in August, and was sensationally popular, recording huge sales.

We signed a contract to receive royalties from Apple on a quarterly basis.

In January next year, MP3 Innophone royalties will be transferred to Taewoo Group’s account.

Moreover, the iPod would finally be released in January of next year, and the royalties it would receive would be beyond imagination.

“Whoever you are, of course you have to be smart.”

“But I’m even a little scared. “How did you create a fake joint venture with the Saudi royal family?”

“The joint venture with Aramco is not a disguise. “We have signed a contract with the Saudi royal family and will acquire SS Oil to run Korea’s largest oil refining company.”

“It’s not a front company? Hehe, then when can I take over SS Oil?”

These were SS affiliates that were already on a half-price discount.

But I wasn’t satisfied with half the price.

“The too-big-to-fail theory is not necessarily wrong. “The government will not save the group, but it will try to save valuable companies by selling them to other large corporations.”

“Are you trying to get government support?”

“Every company has huge debt. “It is not too late to take over after creditors and the government reach an agreement and part of the debt is forgiven.”

“It’s scary. “How could someone so young have such harsh thoughts?”

I have no choice but to be toxic.

I lost everything and came back to this life.

In this life, others will do the same to me and my grandfather.

“And what do you want to do about acquiring the car company?”

“Would it be difficult to acquire both Kai Motors and SS Motors?”

“… … By acquiring just one business, you can rise to second place in the business world. “We can pretend that we have taken over both places.”

“It’s a shame. “It’s too bad we only have to take over one place.”

I was still holding my grandfather’s hand tightly.

But before I knew it, my hands stopped shaking and I felt a strong force.

It was clear that the grandfather’s desire, which had been asleep for a while, had already awakened.

“Wouldn’t it be better to take over Kai Motors? “The scale is larger than that of SS Automobiles and the car models are more diverse.”

“If you look at the size alone, SS Motors has an SUV model that we do not have.”

According to history, Kai Motors will be acquired by Hyunjae Group.

It creates tremendous synergy and dominates the domestic market share.

That’s why I was more interested in Kai cars than SS cars.

“If we don’t acquire Kai Motors, it will eventually be acquired by the current group.”

“Isn’t it the same for SS cars?”

“If you’re going to share, wouldn’t it be advantageous to go with a larger company?”

“I see.”

“However, Kai Motors must also be acquired after receiving debt relief.”

“Isn’t that natural? ah! And I was appointed as the president of the Federation of Korean Industries next year. “I don’t know what they were thinking when they elected me as president.”

My grandfather also became the chairman of the Federation of Korean Industries in his previous life.

This was probably because he had a lot of experience and had a close relationship with the next administration.

“Isn’t it because your grandfather succeeded in betting? Is there any president who is closer to the next administration than my grandfather? “Since the bet with a low probability of winning was successful, the Federation of Korean Industries members would also like to benefit.”

“I don’t know what they were thinking, but it worked out well. “It will be difficult for the government to take the lead in acquiring bankrupt companies, so I think it will probably be left to the Federation of Korean Industries.”

“Since my grandfather became the chairman of the Federation of Korean Industries, we can take over the company we want.”

Should I say it is like entrusting a fish to a cat?

I can’t believe they nominated my grandfather to the position of chairman of the Federation of Korean Industries, who can lead big deals.

Even if the members of the Federation of Korean Industries promoted him with a different agenda, would they be able to break the grandfather’s stubbornness and greed?

I am ready to vote for none.

All this time, I was so upset because of my grandfather.

This time, it is the turn of the presidents of the Federation of Korean Industries.

I slightly turned my head and looked at my grandfather.

In the dark living room, the weak light from the stand illuminated the grandfather, and as expected, he had a face full of greed.

In the past, this would have been a situation that would have made me sigh.

Now, it just feels more welcoming.

It would have been difficult to buy a good company at this price if not now.

Since corporate acquisitions were my grandfather’s specialty, I could trust him.