I swallowed a hollow laugh and climbed the stairs.
Upon reaching the third floor, I saw a large glass door. Next to it was a large sign that read 'Hyunbo Group,' and below it were the names of its subsidiaries.
It was so ordinary that if there hadn't been a sign, I might have walked past without noticing.
A man inside the glass door saw us and came out.
"What brings you here?"
"I'm here because I have an appointment with the chairman."
"With the chairman?"
His up-and-down scrutiny gave the impression of 'What kind of appointment could a young person have with the chairman?'
"I came from Myeongdong."
"Just a moment."
The man shouted inside.
"Hey, Han Daeri! Check with the secretary's office if the chairman has any appointments."
I suppressed another hollow laugh.
The interior looked quite spacious, but for a company ranked 18th in the Korean business world, which had once been 14th before it nearly went bankrupt...
I still couldn't believe what I was seeing with my own eyes.
"Please come in."
His manner was amusing, but I didn't show it and followed the employee's guidance to the chairman's office.
Just passing through one door felt like entering a completely different world.
'How much money did they spend here?'
The chairman's office was a world apart from the outside.
The paintings on the walls looked expensive even to me, who knew little about art, and everything from the interior decorations to the sofas was top-notch.
"Are you the representative of Chairman Cheon?"
Chairman Jang, sitting on the sofa, looked at me. He was a bit younger than Grandfather or Chairman Song, with his hair dyed to hide any gray.
It was quite a new experience to see the face I had only seen on the news in real life.
But my first impression of him was...
a complete zero.
"Yes, I'm Kim Muhyuk."
"You're his grandson, right? How old are you?"
I swallowed a sneer and replied.
"I'm 22. But does Hyunbo treat its guests like this? I've never been questioned one-sidedly without being offered a seat. Even Chairman Song of Daehyun didn't do this."
"What? Hahahaha! You're a funny young man. Go ahead, sit down."
Sure, let's see how long you can keep laughing.
I sat down without a word.
Manager Ma handed me an envelope of documents from behind.
Chairman Jang, who had been looking at Manager Ma standing behind me, asked probing questions.
"Why did you ask to see me? Where's Secretary Ha? A young man came instead, huh?"
Since he was an older gentleman, I didn't retort, but he kept trying to intimidate me.
"I handle most of the work now. More importantly, Chairman, about the convertible bonds. I'm considering liquidating them."
He didn't react much, as if he had expected it.
"Aren't you paying the interest on time?"
"This time, I have no choice as I'm in the process of asset restructuring. Other companies are already recovering their funds."
"Hmm..."
Chairman Jang stroked his chin, lost in thought.
I didn't say anything more.
I had already confirmed that the company's financial status was such that it absolutely couldn't pay the money. His answer was set.
"It's difficult right now... but..."
His response, after much thought, matched my expectations.
Why did he take so long to say what he was going to say anyway?
"Then I'll convert them into stocks. Or I can sell the bonds to another company at a premium."
"Convert them into stocks? That's not what we agreed on."
Sometimes, the debtor becomes the creditor.
For debts of 1 million won or 2 million won, the creditor is the boss. But the larger the amount, the more the debtor becomes the boss.
The creditor has to flatter and cajole the debtor to get as much money as possible.
Grandfather must have known this, which is why he had been paying the interest on time without delay. But if this bond falls into someone else's hands, the management could be shaken. No, it would be 100% shaken.
In the 1980s, during tough times, he must have borrowed money in a hurry, but he probably never thought it would come back to choke him.
I never intended to receive the money in cash.
"If I convert the convertible bonds I hold into Hyunbo stocks, I'll have to do some calculations, but it will likely cause a lot of difficulties in your management. Is that okay with you?"
My goal was the land where Eunmi Apartments were located.
The land he had tried to flee to abroad, which the tax authorities had failed to recover despite their best efforts.
Of course, I also intended to take over the real estate that Chairman Jang owned, with a hefty premium added to the principal.
"Mr. ... "
Chairman Jang's face turned red and then pale.
"Chairman. If you're underestimating me just because of my age, please reconsider. Grandfather's blood runs through my veins. I'll do whatever it takes to gain an advantage."
He seemed at a loss for words, opening and closing his mouth without saying anything.
A cold smile crept onto my face.
"Since you're in business, I'll put it simply. If you want to recover this bond, you'll have to pay the amount specified in the bond plus a premium. Otherwise, I'll convert it into stocks."
The stock wasn't listed, so the exact price wasn't set, but controlling shares always come with a premium.
Chairman Jang spoke in an agitated voice.
"Chairman Cheon and I agreed that the bonds would never be converted into stocks. Do you have the authority to change that?"
Yes, Grandfather must have made that promise.
He lent the money on the condition that the convertible bonds would be issued by a company at the top of the circular investment structure for stability.
Grandfather must have had no interest in the company's management, which is why he could lend the money in a hurry, but I was different.
"All the rights to this bond have now been transferred to me. If you want, you can call and confirm."
Chairman Jang hastily picked up the receiver and called somewhere.
* * *
"It's Pyeongchang-dong."
- Secretary Ha, this is Jang Tae-ho from Hyunbo. Can I speak to Chairman Cheon?
"Please wait a moment."
Secretary Ha knocked on the study door with his mobile phone in hand.
"Chairman, it's a call from Chairman Jang of Hyunbo."
"Connect it and come in."
"Yes."
Chairman Cheon took the mobile phone from Secretary Ha.
"So, Chairman Jang. What's the matter?"
- Chairman Cheon, how can this happen? This isn't what we agreed on.
"Hey, man. What are you talking about? Explain properly."
Chairman Cheon frowned and said.
He seemed to have realized something, as Chairman Jang's voice lowered.
- Chairman's grandson came and demanded a premium to take the bond, or else he threatened to sell the stocks and bonds he holds to someone else at a high price.
"Hahaha."
- This isn't something to laugh about. You clearly said the bonds would never be converted into stocks.
Chairman Cheon could only let out a hollow laugh at Chairman Jang's aggrieved voice.
- If you do this, who will do business with you?
"Hey, Chairman Jang. Are you lecturing me now? You bowed and begged for money when you needed it, but now that banks and finance companies are lending you money, you don't even look at someone like me."
- That's not what I meant.
"Enough. I've already entrusted that bond to the boy, so let him handle it. I'm hanging up now."
He hung up without waiting for a response.
As soon as the call ended, a deep smile appeared on Chairman Cheon's face, which had been irritated a moment ago.
"Min-hoon, this Muhyuk is really standing up to a major company's chairman."
"He's not the type to back down easily."
"Hahaha, of course not. He shouldn't back down anywhere. I wonder how much he can get from Jang Tae-ho."
Chairman Cheon's laughter echoed in the study for a while.
* * *
"Chairman. Chairman!"
Chairman Jang shouted, holding the receiver.
I raised my hand to cover my mouth, trying to suppress a hollow laugh.
Chairman Jang, who had been in a daze, put down the receiver and glared at me as if he wanted to kill me.
"Did the call go well?"
"Are you mocking me?"
"Of course not. I wouldn't dare to mock the chairman."
"Hmm... So, how much do you want?"
The amount written on the bond was 50 billion won.
But a lot of time had passed, and it was a bond with a value that couldn't be quantified in money.
"200 billion won."
"What? Are you crazy...?"
"It's not an unreasonable price. You know you could get more if you sold it elsewhere. Or should I leave now?"
I admired my grandfather even more.
Apart from interest rates, maturity guarantees, and returns, he never sold such bonds to others.
"Hmm... Young man, there's something called business ethics. Even so, four times the amount is too much. I'll give you double, 100 billion won. If you wait a month, I can pay it back."
He must be thinking of taking out another loan.
Just a thug who uses the company's name to do what loan brokers do, bribing and taking illegal loans.
There was no point in negotiating further.
"Then the negotiations are off. Once I leave this room, I won't see you again."
As I stood up without hesitation, Chairman Jang hurriedly grabbed me.
"No, why are you in such a hurry, young man? Wait and see."
Chairman Jang picked up the receiver and called somewhere.
A moment later, a man came in.
Chairman Jang moved to a corner with the man to talk privately.
After a long conversation, the two approached me together.
"He's the financial director. He says it's difficult to repay immediately. Can't you wait a month?"
"I'll sell this to someone else if it's not settled today. All the Hyunbo stocks and the stocks of its subsidiaries."
If I sold all the Hyunbo-related stocks I held, it would be worth about 100 billion won.
But with Hyunbo Co., Ltd. and this bond, I was confident I could get a hefty premium.
The financial director, who had been listening, spoke up.
"Tell me what you want. You seem to know everything, so what's the point of dragging it out?"
As someone who deals with money, he seemed to have understood my goal.
The financial director didn't avoid my gaze.
"I'll calculate the total value of the Hyunbo-related stocks and this bond at 500 billion won. You know how many stocks I hold."
"Wow... That's quite a premium."
"I think it's a fair evaluation. Do you understand what I'm saying, Director?"
The financial director glanced at Chairman Jang and then sighed, nodding.
"You know we can't pay that much right now. So, what do you want to exchange for it?"
"There's a 600-pyeong plot of land inside Eunmi Apartments, unregistered."
The financial director was startled.
Chairman Jang also looked surprised.
"No, how do you know about that?"
"That's none of your business. And there's another plot of land in Daechi-dong, about 1000 pyeong, owned by Hyunbo Construction, left undeveloped for building a skyscraper."
"..."
The financial director was speechless.
Chairman Jang spoke, seemingly frustrated.
"How do you know so much about our company's internal affairs? Do you have someone inside?"
I smiled and replied.
"I'm Chairman Cheon's grandson. Is that enough of an answer?"
"..."
"I know the current market price is around 400 billion won. But I've added a premium to the land inside Eunmi Apartments."
The redevelopment of Eunmi Apartments would be complicated due to the land inside.
The tax authorities, trying to recover the national taxes of Chairman Jang Tae-ho, who had fled abroad, registered the land and put it up for auction.
But some of the residents and the redevelopment committee members filed lawsuits, dragging out the process.
The redevelopment couldn't proceed until 2020.
I planned to build my kingdom on the 1000-pyeong plot of land in Daechi-dong. It was a space where I could construct several buildings.
"Choose. The land or the group. I can also set a condition to sell only the land to me and transfer everything else to someone else."
This was all I intended to take from Hyunbo Group.
The two men, sweating coldly, looked at each other.