Golden Spoon Investment Portfolio - Chapter 392

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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392. This is a bonus for closing the contract successfully.

Two days later, at Gwanghwamun Government Complex Building 1.
Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, set down the report in his hands on the reception table, unable to hide his astonishment.

“Is this really true?”

Shin Seung-gi, the Vice Minister seated on the left sofa, met his gaze and responded.

“Yes. I was quite shocked when I received the report myself.”

He had instructed an investigation into whether Park Seok-won’s proposal was feasible—whether they could truly pay such an enormous sum of ten billion dollars. The results had come back.
Deputy Prime Minister Choi Jin-woo stared down at the report lying on the reception table, his expression bewildered.

“Hmm. I knew he was doing some kind of business in the United States, but operating a Family Office managing hundreds of billions of dollars? That’s truly remarkable.”

He then lifted his head and spoke to Vice Minister Shin Seung-gi.

“You said this wasn’t the Park Tae-hong family’s wealth, but rather something Park Seok-won built entirely on his own, correct?”
“That’s correct.”

Vice Minister Shin Seung-gi nodded slightly.

“That’s actually what surprised me the most. Apparently, he massively expanded his managed funds through a series of consecutive jackpots in various investments, including the hedge funds’ yen attack from a few years ago. Even George Hamilton, who is called a legend in the hedge fund world, reportedly praised him as being superior in investment acumen.”
“George Hamilton said something like that?”
“Yes. Moreover, he has never experienced a single investment failure to date, so Wall Street calls him the Midas Touch.”
“Heh heh. The Midas Touch… truly impressive.”

When he heard that even George Hamilton—a Wall Street titan and one of the primary culprits behind this Asian financial crisis—acknowledged him, he felt an inexplicable sense of pride and admiration, even though it wasn’t his own achievement.
Deputy Prime Minister Choi Jin-woo recalled the accomplishments Seok-won had demonstrated back when he served as president of Daehung Securities, and murmured as if it made perfect sense.

“That Park Seok-won. He always had exceptional talent for investment.”

Vice Minister Shin Seung-gi leaned forward in his seat and spoke with a note of anticipation in his voice.

“Based on our investigation, it appears they have sufficient capacity to provide the ten billion dollars in question.”
“Hmm. I see.”

As Choi Jin-woo, the Deputy Prime Minister for Economic Affairs, leaned back with his arms crossed, appearing lost in thought, Shin Seung-gi, the Vice Minister, added his words as if his patience were wearing thin.

“If ten billion dollars in foreign currency flows in, we can not only buy more time before the moratorium takes effect, but also gain some leverage in negotiations with the IMF delegation.”
“It would certainly be a blessing in this drought.”

Though Choi Jin-woo nodded in agreement, he still couldn’t bring himself to make a decision.

“The problem is that it won’t be free.”
“Both Ilhan Bank and Hansung Bank have received over 1.1 trillion won in public funds, yet they’re in a situation where independent recovery is impossible. Eventually, we’ll have to either liquidate them or merge them with another bank. If the Eldorado Fund takes them on, it would actually be beneficial for us—we’d be relieved of a significant burden.”
“Are there any legal issues?”

Vice Minister Shin Seung-gi answered immediately to Deputy Prime Minister Choi Jin-woo’s question.

“Since we’ve converted the public funds invested to meet BIS ratios into equity stakes, the government’s ownership in both banks exceeds 60%, so there are no major obstacles to the sale. Additionally, one of the IMF’s strong demands is the complete deregulation of foreign financial institutions’ acquisitions of Korean financial companies, so this aspect can be resolved naturally as well.”

Deputy Prime Minister Choi Jin-woo, who hadn’t realized that the stringent preconditions the IMF delegation was demanding could be helpful in this way, wore a bitter smile inwardly.
Vice Minister Shin Seung-gi, sensing the atmosphere, carefully added his next point.

“What if we bundle several finance companies along with the two banks and hand them over?”
“Finance companies?”

Deputy Prime Minister Choi Jin-woo furrowed his brow as he asked back.

“As you know, the IMF’s demand is to immediately close all twelve finance companies.”
“That’s right.”
“If we do that, it will have a severe negative impact on the common people’s economy and financial sector.”

The finance company issue was one of the matters causing Deputy Prime Minister Choi Jin-woo considerable stress during the negotiations.
Seeing him furrow his brow, Vice Minister Shin Seung-gi continued.

“If the Eldorado Fund, with its abundant capital and dollar reserves, acquires them, we can resolve the finance company problem smoothly.”
“Hmm….”

Deputy Prime Minister Choi Jin-woo listened with a slightly tempted expression.

“If the government writes off a large volume of non-performing bonds, it wouldn’t be such a bad proposal for the Eldorado Fund—or for Chairman Park, for that matter.”
“Hmm.”
“This approach would also help suppress any potential controversy over preferential treatment. Moreover, it could somewhat mitigate the shock from the finance company business suspension order that will be issued shortly.”

Following the suspension of foreign exchange operations at eight insolvent finance companies, the government was prepared to issue a business suspension order within days, in compliance with the demands of the International Monetary Fund delegation.
Deputy Prime Minister for Economic Affairs Choi Jin-woo, stroking his chin with one hand, asked in a slightly subdued voice.

“The exchange rate surged again today, didn’t it?”
“It closed at 1,386 won. If this continues, we’ll soon breach 1,400 won.”

Deputy Prime Minister for Economic Affairs Choi Jin-woo responded with a bitter expression.

“We’re not in a position to deliberate over such details.”

Having reached a decision, Deputy Prime Minister for Economic Affairs Choi Jin-woo turned to Vice Minister Shin Seung-gi and spoke.

“Contact the Blue House and tell them there’s something urgent I need to discuss with the President.”
“Understood.”

Vice Minister Shin Seung-gi bowed his head eagerly in acknowledgment.
Leaning back against the sofa as he heard the response, Deputy Prime Minister for Economic Affairs Choi Jin-woo exhaled a long sigh and murmured in a weary voice.

“I hope this gives us some breathing room.”

***

“Process this as is.”
“Yes.”

After Finance Director Eom Tae-jun received the approval document with a respectful nod and stepped out, I picked up the teacup sitting on my desk, took a sip of coffee, and set it back down.
Just as I was about to unfold the report pushed to the side, Na Seong-mi’s voice came through the intercom speaker.

[President Go Young-il from Daeheung Securities is calling.]
“Put him through.”
[Yes.]

Shortly after, the phone rang, and I picked up the receiver.

[It’s Go Young-il, sir.]
“What’s the matter?”
[Well, sir, we’ve run into a slight problem regarding the tender offer, so I’m calling to report it.]
“A problem?”

I furrowed my brow slightly as I asked, and Go Young-il responded.

[Yes. It’s not serious, but it seems we’ll need to stop accepting purchase applications by today.]

At that, I wore a puzzled expression.

“Didn’t we agree to accept applications for four days until tomorrow?”
[That’s correct. However, the number of shares already applied for purchase has exceeded 5.4 million.]
“Ah, I see.”
[With KOSPI falling today and the market in freefall, once word spread that we’re buying shares at a premium, individual investors rushed in en masse, all wanting to sell.]

Even I would want to seize such an opportunity to escape a bottomless crash and quickly offload my holdings.

[Since we’ve already filled our purchase quota, there’s no point in accepting further applications, so I was planning to close the offer early.]

I held the receiver to my ear for a moment, thinking, then spoke.

“You mentioned there are still many small shareholders wanting to sell?”
[Yes, sir. Today as well, some shareholders waited but couldn’t submit their applications before business hours ended and had to leave.]
“Then let’s accept purchase applications as originally announced—through tomorrow.”
[Pardon? But we’ve already filled our purchase quota.]

Go Young-il, startled by his own words, heard my response.

“I understand. But if we close the offer early after announcing we’d accept applications for four days, we’d inadvertently disadvantage some people.”
[That may be true, but we can’t fulfill applications once our quota is full, can we?]
“Then we’ll increase the purchase quota accordingly.”
[Pardon?]

Go Young-il let out a bewildered sound through the receiver.
My words had been entirely unexpected.

“Just tell me how much additional capital we need, and I’ll arrange for it to be sent immediately.”

Go Young-il fell silent for a moment, uncertain how to respond, before carefully asking his question.

[Are you perhaps considering delisting the company from the stock exchange?]

With this tender offer, Seok-won’s stake was set to increase substantially to 60%, and the prospect of acquiring additional shares naturally invited such speculation.

“I have no such intentions at the moment, though I can’t speak to the future.”
[I see.]

Go Young-il interpreted the measured response as a possibility—that Seok-won might indeed delist Daehung Securities down the line.
With majority control already within reach and the financial prowess he’d demonstrated, it was hardly an impossible feat.

[Understood. Tomorrow I’ll extend the bidding window to maximize the volume of shares we acquire.]

Seok-won started to say there was no need for that, then thought better of it.

“Once you’ve finished tallying all the purchase applications, call me back with the numbers.”
[Very well.]

After ending the call and setting down the receiver, his mobile phone vibrated as if on cue.
Seeing Landon Shore’s number on the display, Seok-won answered immediately and inquired.

“Did the transaction conclude successfully?”
[Yes. I’ve just signed the contract.]

Landon’s voice carried the warmth of genuine delight as he offered his congratulations.

[Congratulations on becoming the owner of Lamborghini, Boss.]

As the financial crisis swept across Asia with devastating force—just as it had in my previous life—the Indonesian president’s son, who had owned the sports car brand Lamborghini, had put it on the market.
I’d immediately tasked Landon Shore with negotiating the acquisition, and today he’d finally signed the contract.

[The acquisition price is 112 million dollars, as I mentioned. You said before that waiting might bring the price down further, and you’ve indeed saved nearly 40 million dollars.]

Seok-won smiled faintly as he spoke.

“You’re keeping the management team in place, correct?”
[Yes. As you instructed, they’ve all agreed to stay on in exchange for higher salaries.]
“Good work. The company’s performing well—turning chronic losses into profits. There’s no need to shake things up by replacing the management team.”
[That’s absolutely right.]

I leaned back in my chair, adjusting the phone in my hand as I spoke.

“You’re heading straight back to New York, then?”
[Honestly, I’d love to be lying on a beach lounger in Bali right now, sipping mojitos and admiring the scenery, but unfortunately there’s too much work waiting. I’m taking the private jet out immediately.]

The wistfulness dripping from his voice made me chuckle.

“Before you leave, order yourself a Diablo with whatever options you want.”
[Oh. You’re getting me a Lamborghini?]
“Consider it a bonus for closing the deal so well.”
[Ha ha ha. Then I’ll gratefully accept without hesitation.]

Landon Shore responded with genuine delight.

“We’ll talk again later, then.”
[Yes. Congratulations again on becoming a Lamborghini owner.]
“Thanks.”

I set the phone down and murmured thoughtfully.

“The Murciélago will be in development around 2001, so they should be deep in the design phase right now.”

The thought of placing an order first as the new company owner and receiving the first unit made a smile bloom naturally across my face.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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