Golden Spoon Investment Portfolio - Chapter 480

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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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480. If that’s the case, there’s even less reason to meet.

I looked up from the report I’d been reviewing in the black leather chair as the door opened.
Yun Ki-hun, a slender executive director wearing gold-rimmed glasses, entered cautiously, approached my desk, bowed respectfully, and then spoke.

“We just received a call from the Creditor Consortium.”

I set down the report I’d been reading and gestured with my chin toward the sofa positioned in the center of the President’s Office.

“Have a seat there.”
“Yes.”

I rose from my desk and walked around it to take the seat of honor, while Yun Ki-hun, who had been standing by, followed and settled onto the sofa to my right.
I crossed my legs and regarded Yun Ki-hun with a composed voice as I asked.

“What did they say?”

Receiving my gaze, Yun Ki-hun straightened his posture and answered directly.

“They say they will sell the four flagship subsidiaries of Hansan Group under the conditions we proposed.”

The Hansan Group subsidiaries that had expressed acquisition interest to the Creditor Consortium were Manyoung Machinery, which produces major automotive components; Hansan Heavy Industries, which operates a 1.5 million-ton shipyard and industrial machinery factory in Yeongam, Jeollanam-do, along with plant equipment; Hansan Cement; and Construction.
Since this was the response I’d anticipated, I nodded slightly with an impassive expression.

“I thought it would take at least a few more days, but their response came remarkably quickly.”
“The overseas sales they were pursuing essentially fell through because of the Rothschild Fund incident, so they were in a bind. When we made our acquisition proposal, they saw it as a godsend and are eager to offload it.”
“That could very well be the case.”

Unlike me, who chuckled softly, Yun Ki-hun expressed his concerns carefully.

“While Manyoung Machinery, Cement, and Construction are all profitable companies, wouldn’t it be wise to reconsider acquiring Heavy Industries bundled together with them?”

I interlaced my hands and asked leisurely.

“You’re worried that Heavy Industries, which played a decisive role in pushing Hansan Group toward insolvency with consecutive massive losses, might become a burden?”
“Precisely. While shipbuilding has substantial order backlogs, profitability is poor—they posted a 47.8 billion won loss last year alone. The heavy equipment and plant divisions are also struggling with declining sales due to Southeast Asian economic stagnation.”

Yun Ki-hun leaned forward in his seat, his expression growing grave as he continued.

“Moreover, considering their financial situation is so dire they’re carrying 2.5 trillion won in debt, the losses would far outweigh any gains.”
“I see it differently.”
“?”

Seok-won spoke as he observed the puzzlement crossing Yun Ki-hun’s face.

“Yes, they’re struggling with deteriorating profitability, but that’s a problem time will solve. And the excessive debt—the primary cause of their losses—will be completely wiped away through debt forgiveness from the creditor consortium and capital increases. We should see a return to profitability within a few quarters.”

I couldn’t fathom how he could speak of profitability when the shipbuilding industry itself had peaked in the early nineties and had been mired in recession ever since.
Yet there was no denying that the debt relief had reduced the acquisition burden, and the confident way Seok-won spoke made it clear he possessed some other strategy up his sleeve.
Having accepted this explanation, Yun Ki-hun added further.

“However, the Rothschild Fund has announced it will pursue legal action regarding the termination of its contract with the Debt Adjustment Fund for asset management and the Creditor Consortium regarding Hansan Group restructuring.”
“Nothing will change regardless. Don’t worry about it—proceed with the bidding.”

At Seok-won’s indifferent response, Yun Ki-hun nodded in agreement.

“Understood.”

* * *

Peterson, chairman of the Rothschild Fund, sat at his expansive office desk when news from Korea reached him, and his face contorted with fury.

“The Eldorado Fund is trying to acquire all four subsidiaries of Hansan Group?”

Jonathan Rodd, the Rothschild Fund’s Chief Investment Officer, stood before the desk and answered with a grim expression at the chairman’s raised voice.

“Yes, sir. While Daeheung Venture Capital is the acquiring entity, considering that Chairman Park Seok-won owns one hundred percent of the company, it’s fair to say the Eldorado Fund is essentially the one attempting the acquisition.”
“These bastards. As if things weren’t already a mess, they’re sticking their fork into someone else’s plate!”

Chairman Peterson shouted in rage.
It was understandable—he’d carefully orchestrated the entire scheme, only to have it fall apart at the last moment, and now he was about to lose the whole game entirely.
Rodd, the CIO, watched Peterson’s heavy breathing and spoke cautiously.

“It appears we’ve been outmaneuvered, sir.”
“What do you mean?”
“The scandal erupted in Korea, we were unilaterally stripped of our Hansan Group restructuring contract, and immediately—as if they were waiting—the Eldorado Fund swoops in and snatches up the Hansan Group subsidiaries. There are too many coincidences for this to be mere chance.”

Peterson narrowed his eyes and asked.

“You’re saying Eldorado Fund orchestrated all of this?”
“There were no warning signs whatsoever, and then suddenly the exposé appeared in the newspapers. What’s more, even after you personally met with Commerce Secretary Vincent and requested his influence, he keeps making excuses and dragging his feet. Doesn’t that strike you as suspicious?”

Hearing this, Peterson recalled his meeting with Commerce Secretary Vincent.

‘Given the risk of another Asian financial crisis due to Russia’s moratorium declaration and Japan’s non-performing loan issues, it wouldn’t be prudent for us to meddle in an ally’s domestic affairs.’
‘But Mr. Secretary—’
‘That’s enough. Let’s end this conversation here.’

Recalling how Vincent had so blatantly pushed him away, Peterson’s teeth ground together involuntarily.

“How dare they toy with me like this.”

Seeing Peterson’s expression, CIO Rodd lowered his voice further.

“If your suspicions are correct, then there’s no hope left for our operations in Korea, is there?”
“Are you suggesting we simply give up?”

Peterson raised his eyebrows and shouted.

“The scandal in Korea has already grown too large to suppress, and with the U.S. government refusing to take our side, there’s simply nothing we can do.”
“Ugh.”

Watching Peterson emit a groan with his face contorted, CIO Rodd spoke.

“Rather than directly confronting Eldorado Fund, our best course of action now is to minimize our losses and withdraw from Korea.”
“Damn it!”

Peterson, his pride completely shattered, spat out a harsh curse.
Though Peterson was known as a master of restructuring and had made a name for himself on Wall Street, he was in no way comparable to Seok Won-han.
Not only was the gap in financial firepower enormous—Eldorado Fund could mobilize hundreds of billions of dollars with ease—but Seok Won-han’s influence over Wall Street, politics, and government far exceeded his own.
One only had to look at Commerce Secretary Vincent’s behavior to see that Seok Won-han held the upper hand.
Peterson knew that even as he fumed, there was no point in taking further action; he had no chance of winning.
Yet because he had invested nearly a year of effort into this venture, Peterson could not easily let go of his regrets and muttered to himself.

“It’ll be difficult to reverse the situation now, won’t it?”
“If we were only dealing with the Korean government alone, that would be one thing. But with the Eldorado Fund backing them, it’s better to withdraw before we find ourselves in an even more precarious position.”
“Hmm.”

Peterson let out a low groan, deliberating for a long moment before reluctantly responding.

“We’ll abandon the Hansan Group matter and focus our efforts on acquiring Minguk Life instead.”
“Well, the thing is….”

Rodd, the CIO, spoke hesitantly, his expression visibly troubled.

“There are reports that Daeheung Venture Capital—or rather, the Eldorado Fund—is also showing interest in acquiring Minguk Life.”
“What? Damn it!”

Peterson’s patience finally snapped. He slammed his palm hard against the desk, his voice rising to a shout.

“Are they deliberately trying to humiliate me?!”

* * *

A few days later.
I sat on the sofa in the President’s Office alongside Yun Ki-hun, waiting for the bidding results for four Hansan Group subsidiaries to be announced today.
The results were to be revealed today.
Yet neither of us displayed any visible tension—our faces bore an air of calm confidence.
In truth, the bidding was merely a formality. Since Daeheung Venture Capital had submitted a letter of intent to acquire the properties uncontested, the outcome was essentially predetermined.
Originally, other bidders—France’s Lafarge, America’s Bowater, and UBS Capital—had intended to participate in the bidding for the four subsidiaries.
However, during the prosecution’s investigation, evidence emerged of hidden contracts between the Rothschild Fund and the previous owners, causing all other bidders to withdraw.
A phone rang from inside my jacket. Yun Ki-hun quickly retrieved his mobile and answered the call.

“Hello? Yes, it’s me. Have the bidding results come in? Yes. I understand.”

Though the conversation was brief, the smile spreading across Yun Ki-hun’s face made the outcome abundantly clear.

“How did the results turn out?”
“We’ve been selected as the final acquirer.”

Yun Ki-hun answered with a radiant smile.

“Then let’s activate the Task Force team we’ve prepared in advance starting tomorrow and begin the acquisition process.”
“Understood.”

Yun Ki-hun, lowering his head, spoke as if something had just occurred to him.

“By the way, Chairman Lim Jong-myung of Hansan Group has contacted us again today.”

At that, Seok-won’s brows furrowed slightly.

“I said I had no interest in meeting him, yet he keeps being a nuisance. What reason did he give?”
“He says there are matters to discuss regarding the equity waiver agreement made with the Creditor Consortium.”

When Hansan Group entered court receivership, Chairman Lim Jong-myung had promised the Creditor Consortium that if they forgave a portion of the debt, he would work in concert with the Rothschild Fund to normalize the company and then step down from management, relinquishing all his equity stakes.

‘But he merely paid lip service to that promise. Through a backroom agreement with the Rothschild Fund, he managed to preserve his equity entirely while selling off the crown jewel subsidiaries at bargain prices to foreign companies.’

In that process, in the case of Hansan Cement alone, Chairman Lim Jong-myung’s stake had actually increased from 16% to 30%.
While employees lost their livelihoods after years of service due to brutal restructuring and were cast onto the streets, the owner alone lined his own pockets—a textbook example of shameless self-enrichment.
Yun Ki-hun’s distaste for Chairman Lim Jong-myung’s unethical conduct was evident in the slightly sharp edge that crept into his tone.

“Well, as they say, one’s mind changes between entering and leaving the bathroom. Once the immediate crisis is extinguished and he catches his breath, the equity he promised to relinquish suddenly seems precious again.”

Naturally, my tone was equally cold.

“If that’s the case, there’s even less reason to meet with him. Tell him to honor the agreement made with the Creditor Consortium as promised.”
“Understood.”

I picked up my teacup, took a sip of coffee, set it down, and spoke.

“More importantly, arrange a meeting with the union representatives of the four companies we’ve just acquired.”
“You intend to meet the union representatives directly?”

Yun Ki-hun asked, visibly taken aback.

“Yes. To normalize these companies quickly, the most pressing priority must be to reassure the workers who are anxious about the change in ownership. Direct dialogue from me will be far more effective than having someone else represent us.”
“That’s true, but…”
“Coordinate with the union side to arrange a meeting as soon as possible.”
“Yes, I’ll see to it.”

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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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