The Genius Grandson of the Loan King - Chapter 67 (67/840)
< Choose. The land or the group. >
#67
Choose. The land or the group.
"Let's go in first."
It was an absurd situation, but this was reality.
I swallowed a bitter laugh and climbed the stairs.
When I reached the third floor, there was a large glass door. Next to it, a large sign read "Hyunbo Group," and below it, the names of the Hyunbo affiliates were listed.
It was so ordinary that if there had been no sign, I might have passed by without noticing.
A man inside the glass door saw us and came out.
"What brings you here?"
"We have an appointment with the chairman."
"With the chairman?"
His up-and-down glance seemed to be saying, "What kind of appointment could a young person have with the chairman?"
"I'm 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 bitter laugh.
The inside looked quite spacious, but for a company that was 18th in the Korean business world and had once been 14th before it nearly went bankrupt...
I still couldn't believe what I was seeing with my own eyes.
"You can come in."
His manner was amusing, but I didn't show it and followed the employee to the chairman's office.
Just passing through one door, it felt like 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, and everything, from the interior decorations to the sofa, 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 and Song Chairman, with his hair dyed to hide any gray.
Seeing the face I had only seen on the news before, I felt a certain sense of novelty.
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 bitter laugh and answered.
"I'm 22. But does Hyunbo treat 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. Alright, sit down."
Sure, let's see how long you can keep laughing.
I sat down without a word.
Manager Ma handed me a document envelope 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."
Since he was an older man, I didn't respond much, but he kept trying to intimidate me.
"I handle most of the work now. But Chairman, about the convertible bond. I'm thinking of settling it."
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 investments."
"Hmm..."
Chairman Jang rubbed his chin, lost in thought.
I didn't say anything more.
I had already confirmed that the financial situation was such that he absolutely couldn't pay the money. His answer was already set.
"It's difficult right now..."
His answer, after some thought, matched my expectations.
If he was going to say that anyway, why did he take so long?
"Then I'll convert it into shares. Or I can transfer the bond to another company with a premium."
"What?"
Debt can sometimes make the debtor the one in control.
For debts of 1 million won or 2 million won, the creditor is in control. But as the amount increases, the debtor becomes the one in control.
The creditor has to flatter and appease the debtor to get as much money as possible.
He must have known the fear of my grandfather, so he paid the interest on time. But if this bond falls into someone else's hands, it could shake the management control. No, it would definitely do so.
In the 1980s, during a difficult time, he must have borrowed money urgently, but he probably never thought it would come back to choke him.
I never intended to receive cash.
"If I convert the convertible bond into shares based on the Hyunbo shares I own, it will be difficult for you to manage. Is that okay?"
My goal was the land where Eunmi Apartment was located.
The land that the tax authorities had tried to recover from Chairman Jang, who had fled abroad, but failed.
Of course, I also intended to take the real estate that Chairman Jang owned, with a hefty premium on top of the principal.
"You..."
Chairman Jang's face turned red and then pale.
"Chairman. If you're underestimating me because of my age, please reconsider. My grandfather's blood runs through my veins. I'll do anything that benefits me."
Speechless, he opened and closed his mouth, struggling to find words.
A cold smile appeared on my lips.
"Since you're in business, I'll put it simply. If you want to recover this bond, you need to pay the amount specified in the bond plus a premium. Otherwise, I'll convert it into shares."
Since the shares were not listed, 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 bond would never be converted into shares. Do you have the authority to do this?"
Yes, my grandfather made that promise.
To ensure stability, he lent the money on the condition that the convertible bond would be issued by the company at the top of the circular investment structure.
My grandfather was uninterested in the company's management, so he could lend the money urgently, 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 quickly picked up the phone and called somewhere.
* * *
"Pyeongchang-dong."
- Secretary Ha, this is Jang Taeho 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 up?"
- Chairman Cheon, how can this happen? We had a different agreement, didn't we?
"Hey, what are you talking about? Explain properly."
Chairman Cheon frowned.
Feeling a bit intimidated, Chairman Jang's voice lowered.
- Chairman's grandson came and demanded to take the bond with a premium, or he would transfer his shares and the bond to another party at a high price.
"Hahaha."
- This isn't something to laugh about. You clearly said the bond would never be converted into shares.
Chairman Cheon could only laugh bitterly at Chairman Jang's aggrieved voice.
- If this happens, who would do business with you?
"Hey, Chairman Jang. Are you lecturing me? You bowed and begged for money when you needed it, but now that banks and financial companies are lending you money, you don't even look at 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 expressing annoyance.
"Min-hoon, that Muhyuk is really standing up to a major company's chairman."
"He's not the type to back down."
"Hahaha, of course not. He shouldn't back down anywhere. I wonder how much he can get from Jang Taeho."
Chairman Cheon's laughter echoed in the study for a while.
* * *
"Chairman. Chairman!"
Chairman Jang, holding the phone, called out in a daze.
I covered my mouth to hide a laugh.
After a while, Chairman Jang, who had been staring blankly, put down the phone 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 do that to you, Chairman."
"Hmm... Alright, how much do you want?"
The amount 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.
Regardless of interest rates, maturity guarantees, or returns, he never sold such bonds to others.
"Hmm... Young man, there's such a thing as business ethics. Even if it's four times the amount, isn't that too much? I'll give you double, 100 billion won. If you wait a month, I can pay it back."
He must be planning to take out another loan.
He's just a thug who uses a company's name to do what loan brokers do, bribing and taking illegal loans.
There was no point in negotiating further.
"Then the negotiation is over. 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 so hasty, young man? Wait and see."
Chairman Jang picked up the phone and called somewhere.
A while 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.
"He's the CFO. He says it's difficult to repay immediately. Can't you wait a month?"
"If it's not settled today, I'll transfer this to someone else. All the shares of Hyunbo and its affiliates."
If I sold all the Hyunbo-related shares I owned on the market, I could get about 100 billion won.
But with Hyunbo Co., Ltd. and this bond, I was confident I could get a hefty premium anywhere.
The CFO, who had been listening, spoke up.
"Tell us 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 understand my goal.
The CFO didn't avoid my gaze.
"Let's calculate everything I own, including the Hyunbo-related shares and this bond, at 500 billion won. You know how many shares I have."
"Wow... That's a significant premium."
"I think it's a fair evaluation. Do you understand what I'm saying, CFO?"
The CFO glanced at Chairman Jang and then sighed, nodding.
"You know we can't pay that much immediately. What do you want to exchange for it?"
"There's a 600-pyeong plot of land inside Eunmi Apartment. It's unregistered."
The CFO was startled.
Chairman Jang also looked surprised.
"How do you know about that?"
"That's none of your business. And there's another plot in Daechi-dong, about 1,000 pyeong, owned by Hyunbo Construction, left for building a building."
"..."
The CFO was speechless.
Chairman Jang spoke up, perhaps feeling 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 about 400 billion won. But I've added a premium to the land inside Eunmi Apartment."
The redevelopment of Eunmi Apartment would be complicated due to the land inside.
The tax authorities, trying to recover the taxes owed by Chairman Jang, 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, delaying the process.
The redevelopment was not completed even by 2020.
I planned to build my kingdom on the 1,000-pyeong plot in Daechi-dong. It was a space where I could build 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."