Max-Level Son of a Chaebol Family - Chapter 74

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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74. Let’s Hand It Over Quickly (1)

 

President Sim and I got into the car.

 

On the way to Taeseong Chemical Factory.

 

President Sim spoke while driving.

 

“I have completed all the tasks you requested, Young Master.”

 

This was the reason why President Sim, who had fled to avoid troublesome questions, had bothered to attend the unofficial Executive Meeting.

 

“First, I obtained full authority regarding the handover of Taeseong Chemical with the Chairman’s permission.”

 

“Well done.”

 

“It was exactly as you predicted, Young Master. Even the instructions the Chairman left were identical.”

 

President Sim smiled broadly.

 

“Don’t have any regrets, don’t drag it out, hand it over cleanly and decisively! That’s what he said.”

 

Grandfather had decided to concede Taeseong Chemical as the price for rejecting the marriage arrangement with Wooguang.

 

Dragging it out and making a fuss would only tarnish Grandfather’s reputation without any benefit.

 

“Do you remember what Grandfather said when he told Chairman Kim of Wooguang to settle Taeseong Chemical?”

 

“He said to settle the Equity Shares.”

 

Grandfather had said this on Year-End Night.

 

-What do you want to do? I’ll transfer my shares, so do you want to take Taeseong Chemical, or will you transfer your shares to me and receive money?

 

-Your company is also getting some breathing room thanks to My Son. Wooguang has been in the red due to the steel business and was short on Cash.

 

-Business settlement takes time. But remember this one thing. This is already a concluded matter. Since positions change when situations change, the faster the Negotiation, the more advantageous it will be for you.

 

Taeseong Chemical is a company jointly funded by Wooguang and Taeseong, with each holding half the shares.

 

“If Wooguang wants to take over the company, they need to buy Grandfather’s Equity Shares.”

 

“They’ll buy the shares by any means necessary.”

 

Because Taeseong Chemical was a profitable company with quite good performance.

 

“An opportunity has come to easily acquire a company worth 30 Billion Won, how could Wooguang let it slip away?”

 

“But Wooguang doesn’t have the capacity to mobilize Cash due to losses from the steel business.”

 

Although Woo-gwang Construction had been making quite a bit of money from Apartment sales lately, it was nowhere near enough to come up with 15 Billion Won.

 

“Wooguang has already maxed out their bank loans and is using private loans quite heavily too. How could they possibly come up with 15 billion won here?”

 

“If they covet the company, they’ll issue promissory notes.”

 

“Who would accept promissory notes worth 15 billion won?”

 

“That’s true, but. Surely Wooguang wouldn’t be so shameless as to rack up 15 billion won in promissory notes?”

 

But “surely” is what gets people in trouble.

 

This gentleman must not have been burned by private loans before?

 

“If we adjust the conditions, negotiations will drag on and we’ll end up going past one year, then two years. President Sim, you think that’s not so bad either?”

 

“To be honest, yes. The management rights of Taeseong Chemical still belong to us at Taeseong.”

 

“There’s more loss than gain. If we drag it out like that, employee morale will drop, and we’ll face Wooguang’s interference at every turn.”

 

I shook my head.

 

“If you’re going to hand it over anyway, do it quickly. Instead, focus on reacquisition negotiations.”

 

“Reacquisition negotiations… you mean?”

 

“We agreed to get Taeseong Chemical back. As promised, we hand it over first then reacquire it. What choice do we have?”

 

“Wait a moment, Young Master. You mean getting Taeseong Chemical back was reacquisition, not equity acquisition?”

 

“Let me ask again. Will Wooguang try to hand over equity shares to Taeseong, or try to take the company?”

 

“Well, naturally… they’d try to take the profitable Taeseong Chemical. Ah, I see. My idea of getting Taeseong Chemical back through equity acquisition was just wishful thinking.”

 

If Wooguang offered to hand over equity shares, we could quickly say ‘thank you!’ and take it.

 

We have plenty of cash thanks to the investment funds we extracted from the big shots in the underground finance world.

 

But Chairman Kim of Wooguang would desperately try to take Taeseong Chemical, if only for pride and revenge.

 

Taeseong Chemical is a company Grandfather carefully nurtured over a long time, so from a long-term perspective, taking the company would be the profitable move too.

 

‘Actually, I had a different renegotiation card I was preparing.’

 

But that method is too extreme and aggressive.

 

I’m putting aside the methods I mainly used in the back alleys for now.

 

Since I’ve entered the Taeseong family, I want to try handling things in a more chaebol-like, legal and reasonable way.

 

“Young Master, do you think Wooguang will accept Taeseong Chemical reacquisition negotiations?”

 

“Of course.”

 

This was why I demanded that President Shim of Taeseong Chemical get full authority over the Taeseong Chemical acquisition.

 

I took out a neatly folded paper from my coin purse and handed it over.

 

“What we need to hand over should be handed over quickly, but we must attach special provisions to the M&A contract.”

 

“What is this?”

 

President Sim glanced at it through the rearview mirror.

 

“Don’t tell me an M&A contract is going to come out of that coin purse too?”

 

“How could I fit those thick documents in here? This is just the clauses that must be included in the special provisions.”

 

The paper I handed over only had a few lines written on it.

 

【1-month, 3-month, 6-month, and 1-year maturity promissory notes shall each be 25%.】

 

【If promissory notes are not fully paid by maturity, equity shares shall be transferred according to the note ratio.】

 

【If note payment is abandoned and Taeseong Chemical reacquisition negotiation is requested, private loan market rules shall apply.】

 

【In reacquisition negotiations, there is no equity ratio adjustment. Only price negotiation is possible.】

 

【Taeseong has priority negotiation rights until equity settlement is completed.】

 

We happened to hit a red light.

 

“Ha, this extraordinary vocabulary alone is really…!”

 

President Sim, who had read through the special provisions, let out a hollow laugh.

 

“Wooguang will bring their legal team and fight tooth and nail. The reacquisition negotiation conditions are so favorable to Taeseong.”

 

“What if we say we’ll hand over Taeseong Chemical within 3 days in exchange for including this clause?”

 

“What?”

 

If the reacquisition negotiation conditions favor Taeseong, then I just need to make the acquisition negotiation conditions favor Wooguang.

 

Since we’ve already decided to hand it over to Wooguang anyway, there’s no need to have any regrets.

 

“I think I misheard something just now. Hand it over in how many days?”

 

“3 days.”

 

“Th-three days? Three daaays?”

 

Just as President Sim was about to fire off rapid questions, the green light came on.

 

President Sim had to focus on driving with a grunt.

 

“Grandfather already approved it anyway. What’s the problem?”

 

“That’s the problem! How can you hand over a 30 billion won company in just 3 days! Does this make sense by any standard!”

 

President Sim’s voice grew louder, unlike his usual self.

 

“There’s not even time to move equipment and inventory to the back! The tighter the acquisition preparation time, the more losses Taeseong will suffer! For whose benefit!”

 

“If President Sim thinks that way, Wooguang will have the same thought, won’t they?”

 

Being able to get all the supplies Taeseong leaves behind for free in just 3 days would be too good an opportunity for Wooguang to pass up.

 

“We can just say the special provisions are conditions where Taeseong makes major concessions while leaving room for reacquisition negotiations.”

 

“Would Wooguang believe that? The person conducting that negotiation is none other than me! I’m Sim Won-cheol!”

 

“Exactly. Wooguang knows that Taeseong Chemical is being handed over day by day and President Sim’s position is up in the air, right? Just tell them outright that it’s none of your business and that Taeseong can go to hell.”

 

“Ugh······!”

 

Whether President Sim grabbed the back of his neck or not.

 

“If I have to finish all the acquisition preparations within 3 days, I’ll really die! I’ll drop dead from overwork!”

 

“You should live life easily. Just pretend you don’t know anything. Go ahead and try! Got it?”

 

“Kugh······!”

 

“Let’s just dump all those annoying handover procedures on Wooguang.”

 

It’s not like I don’t know this is unreasonable.

 

But I have a reason why I need to hand over Taeseong Chemical quickly.

 

‘The Taeseong Chemical fire accident.’

 

Whether it’s human error, safety accident, arson, or natural disaster.

 

It’s better to avoid it if you can avoid it, better to prevent it if you can prevent it.

 

But there’s no way to explain this, is there?

 

‘Even if heaven helps and the fire accident doesn’t happen at Taeseong Chemical, it’s better to hand over Taeseong Chemical early. You can drag Wooguang down into the swamp with money too.’

 

How terrifying loan sharks can be.

 

How dangerous promissory notes can be.

 

If you misuse such things, you can’t avoid chain bankruptcies.

 

Wooguang has already made the wrong move in the steel industry and is positioned at the end of the domino chain.

 

‘Taeseong Chemical equity shares worth 15 billion won would be enough to push over the end of the domino chain.’

 

President Sim quickly collected himself.

 

“Just the inventory and raw materials remaining at the factory alone would mean Taeseong has to take losses in the hundreds of millions. If we can minimize those losses, it’s definitely worth putting effort into.”

 

“How long did I promise the re-acquisition of Taeseong Chemical would take?”

 

“······Two months.”

 

“It’s a company we have to hand over anyway, so what’s the point of President Sim rolling around and wasting precious time for two whole months? Tell Wooguang to do the rolling around. They’ll probably be so excited about gaining hundreds of millions in profit that they’ll roll around happily, right?”

 

I smiled wickedly.

 

“Instead, I’ll take care of bringing Wooguang to the renegotiation table.”

 

“······!”

 

“So President Sim, please just handle the acquisition negotiation and renegotiation. Simple, right?”

 

“Hah······!”

 

President Sim’s mouth fell wide open.

 

His complexion turned red and blue, and only his lips trembled frantically.

 

But the more he bit his lips, strangely President Sim’s complexion became calm, and finally he let out a long hollow laugh.

 

“Ha, hahaha, an eight-year-old Young Master taking on the task of bringing Wooguang back to the renegotiation table… Hahahaha! If that could be done as easily as it sounds… Hahaha!”

 

When the second traffic light came.

 

President Sim buried his head against the steering wheel and let out a sound that welled up from deep in his stomach.

 

“I don’t usually get called stupid anywhere I go, but would you understand if I said I feel like I’ve been toyed with by ghosts to the point of becoming a complete idiot?”

 

* * *

 

The car entered the industrial complex.

 

“President Sim, what did you decide to do about the employment situation of Taeseong Chemical’s staff members?”

 

“Ah right, I was so surprised by the 3-day acquisition negotiation that I forgot to report. I’ve already finished discussing that matter with Young Master Seong-jun as well.”

 

I focused.

 

If Father refused, Taeseong Chemical’s family would have to sit out on the streets.

 

“To get straight to the point, Young Master Seong-jun has decided that Taeseong Construction will also take in Taeseong Chemical’s workers.”

 

Great!

 

Now I finally felt somewhat relieved.

 

“Taeseong Construction happens to be short on construction workers too. It’s a win-win proposal for both sides.”

 

“Yes, it’s good for Taeseong Chemical’s staff members since they won’t be subject to restructuring, and it’s good for Taeseong Construction since they can fill their manpower shortage.”

 

Father had won not only the Subway Line 2 construction but also the Gangnam Seoul Express Bus Terminal road expansion and commercial building extension projects.

 

On top of that, there was a backlog of domestic construction projects that former Taeseong Construction executives had neglected, plus construction projects contracted in the Middle East that needed to be completed.

 

There was a shortage of workers to deploy for construction projects.

 

With Taeseong Chemical people coming in at such a time, it would be like welcome rain during a drought for Father.

 

“Since we’re going to Taeseong Chemical Factory, I’m thinking of talking to the factory workers about this.”

 

Just then, the car we were riding in arrived at Taeseong Chemical Factory.

 

* * *

 

‘This can’t be!’

 

I was shocked when I looked around Taeseong Chemical Factory.

 

“The Factory is running hard even during the New Year holidays?”

 

“The restart costs are quite substantial. So we keep it running moderately, accepting the idle operation.”

 

The Factory Laborers also seemed quite numerous.

 

“Holiday pay is quite substantial. We’re generously providing bonuses and performance pay to laborers who volunteer for overtime work.”

 

Having to work at the Factory even during New Year holidays.

 

It wasn’t someone else’s business.

 

I had lived like that in the past too.

 

For those without money, holidays were also a luxury.

 

[10 days]

 

Above the heads of the laborers working hard at the Factory, even giving up their holidays, glittering ominous letters.

 

That was the Path to the Underworld countdown that the Grim Reaper had put up.

 

There seemed to be easily twenty such people.

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