The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 36

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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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The Regression of a Fallen Chaebol’s Third Generation — Episode 36
A dry radio news anchor’s voice drifted through the earphones wedged in my ears.
[The stock price of Seonjin Trading Company, which has seen its internal management dispute intensify, continues to climb to record highs day after day. It closed at 55,000 won, a 13.4% rise from yesterday’s closing of 48,500 won.]
Fifty-five thousand won.
Compared to before the management dispute surfaced, it was a surge exceeding 130%—market madness at its finest.
‘Let me do the math.’
I pulled out a pen and spread open my notebook on the desk. I began writing down the scattered numbers in my head, one by one.
First, our side’s equity stake.
– Family equity stake: 18.75%
– SJ Holdings equity stake: 4.95%
– Ribbon Capital equity stake: 4.5%
Total: 28.2%.
Next, Kang Byeong-chul’s equity stake.
– Seonjin Aluminum and friendly holdings (Public Disclosure): 30.1%
Kang Byeong-chul had positioned himself as a White Knight, absorbed the foreign equity, and continued buying shares to increase his stake in the market.
If I add to this the proxy certificates from Ribbon Capital that Park Nam-gyu would soon deliver.
– Ribbon Capital: 4.5%
Total: 34.6%.
Kang Byeong-chul likely believed he held an overwhelmingly superior position, even if he fell short of a majority stake.
‘Even if Park Nam-gyu’s stake is bait, in purely numerical terms, their side has more equity.’
I tapped the notebook with the pen, thinking.
Of course, I had cards prepared. If the future doesn’t change, the courts will issue a ruling imposing Voting Rights Suspension and Forced Disposition on some of the shares Kang Byeong-chul illegally accumulated.
When that happens, the game will flip.
But the problem comes after.
‘The stock price has risen too much.’
This was the dilemma. The stock price had more than doubled since Kang Byeong-chul had been buying.
Even if the court ordered Forced Disposition, telling him to sell his shares to the market, it would cost Kang Byeong-chul nothing.
Rather, he’d sell the shares at their peak, pocket the massive arbitrage gains, hold the cash, and when the price dropped, he’d just buy back in.
In my previous life, Kang Byeong-chul had mocked the law in precisely this way, dragged things out, and ultimately plagued the company. His zombie-like capacity to resurrect funds was the real problem.
‘This time, I can’t afford to leave him any such opening.’
The goal wasn’t simply to win the Shareholder Meeting. I had to ensure that Kang Byeong-chul never even dared to reach for Seonjin Trading Company again—and go further, jeopardizing his very grip on Management Rights at Seonjin Aluminum.
After long deliberation, I closed the notebook and nodded. There was only one way.
‘We start with SJ Holdings.’
I immediately opened my laptop and launched the HTS terminal.
The screen was flooded with blue—stocks plummeting.
An unprecedented motion for Presidential Impeachment had passed.
Amid political chaos, the KOSPI Index crumbled without resistance, and investors panicked into panic selling.
‘I anticipated this. So I shifted most positions into political-themed stocks.’
SJ Holdings’ Portfolio would be flowing in the exact opposite direction from the market.
The related stocks I’d preemptively bought in anticipation of the impeachment backlash, and the political-themed stocks aimed at the upcoming general election, were hitting the Upper Limit Price day after day.
The coffers of SJ Holdings would be overflowing.
‘I need to liquidate this and dangle bait to make Kang Byeong-chul uneasy.’
I picked up my phone and dialed Jung Tae-sung’s speed dial.
“Liquidate all the thematic stocks and execute additional purchases of Seonjin Trading Company shares. Even if the 5% Public Disclosure notice triggers, that’s fine.”

* * *
“What did you just say?”
A few days later, Seonjin Aluminum Chairman’s Office.
Kang Byeong-chul’s eyes widened as he received the report from his secretary.
“An entity called SJ Holdings has made a Public Disclosure of their Seonjin Trading Company stake. They’ve secured a total of 7.19% with the stated purpose of management participation.”
“SJ Holdings? I don’t think I’ve heard of them before.”
Kang Byeong-chul clicked his tongue. With this management dispute stirring up noise, he’d dismissed them as some moth-to-flame Private Equity Fund trying to glean crumbs from the turmoil.
But his secretary’s expression had hardened visibly.
“Chairman, we showed you that advertisement the senior figures placed in the newspapers.”
Days earlier, an advertisement had appeared in the lower section of the front page of a major newspaper—a statement from the elders endorsing the Mother of Kang Seon-woo and denouncing Kang Byeong-chul. Kang Byeong-chul had torn up that paper in a fury.
“Right, the one where Kim Seok-jun orchestrated those old fools behind the scenes?”
“Yes, sir. SJ Holdings is the Family Office of Executive Director Kim Seok-jun.”
The color drained from Kang Byeong-chul’s face.
“Kim Seok-jun?”
“Yes. And they distributed a press release along with the Public Disclosure. They stated that they are placing their 7.19% in Voting Rights entirely under the custody of the current CEO, the Mother of Kang Seon-woo.”
Kang Byeong-chul’s face flushed red then purple.
This wasn’t some upstart fund trying to make a quick profit. It was Kim Seok-jun—the elder brother’s loyal retainer, the man who’d managed the entire group’s affairs—coming at him with sharpened blades.
“In fact, it appears that SJ Holdings liquidated their prior stock holdings at recent highs and aggressively increased their Seonjin Trading Company stake.”
The secretary carefully punched numbers into a calculator.
“Based on our current equity stake, we hold 34.6%, while the Mother of Kang Seon-woo’s side now has 25.94% when combined with SJ Holdings’ stake. We’re still ahead by roughly 9 percentage points, which should be reassuring, but…”
Seonjin Aluminum didn’t yet know about Ribbon Capital—the seed I had planted—so those numbers did seem reassuring.
“Once Kim Seok-jun is in the game, there’s no room for reassurance, is there?”
“…That is correct.”
Kim Seok-jun was a variable of that magnitude.
From his political maneuvering—gathering the elders and shaping public opinion—to his ability to execute with all his firepower, mobilizing his funds to secure equity stakes.
“He managed all of my brother’s affairs—his finances, his connections. He’s certainly become a troublesome variable.”
Kang Byeong-chul tapped his fingers nervously on the armrest.
He had been the treasurer of Chairman Kang Man-ho, in possession of all his secrets. He had more than enough ability to bring new allied forces into the fold. If that happened, the current equity gap could reverse at any moment.
“Is there a way?”
“At present…there isn’t. Our cash reserves have bottomed out. All we can do is wait for the court to block Seonjin Trading Company’s New Share Issuance.”
Their own coffers had run dry. The money they’d spent accumulating these shares was already astronomical. It was nearly impossible to mobilize any more cash.
Knock, knock—
Just as they were discussing countermeasures, a knock sounded, and the secretary cautiously entered.
The secretary general reacted with irritation.
“I told you—no one is to be shown in while the chairman and I are in closed discussion!”
“My apologies, Chairman. We have a visitor, and they’re insisting on seeing you immediately. They say it’s an urgent matter related to this acquisition situation.”
Both Kang Byeong-chul and the secretary general turned to stare at the secretary.
“Who?”
“They said if I mention the name Park Nam-gyu, you’ll know who they are.”
“Park Nam-gyu? Why? Have we had any word from him?”
Kang Byeong-chul looked at the secretary general, but the secretary shook his head.
“I’ve had no separate contact from him either.”
That a man who should be moving in the shadows would come calling at the company in broad daylight—Kang Byeong-chul felt a flash of anger, but forced it down at the mention of urgent business.
“Have him come in.”
Moments later, Park Nam-gyu entered. Gone was his usual oily demeanor; his expression was rigid and tense.
“Chairman, I apologize. I’ve committed the rudeness of showing up at the company with such urgent business.”
“No, no. It’s fine. Sit down.”
Once Park Nam-gyu took his seat, Kang Byeong-chul deliberately composed himself and spoke with measured courtesy.
“Still, it would have been better if you’d contacted my secretary first. There are many eyes watching.”
“I apologize. I was in such a rush with such pressing news that I lost my head.”
“What is it? You don’t look well.”
“Jeon-ju has…requested the return of funds. I’m going to have to sell the shares.”
“What?”
Both Kang Byeong-chul and the secretary general’s expressions froze simultaneously.
If Park Nam-gyu sold off the 4.5% equity stake he held, the gap would shrink to around 5.5 percentage points. On top of the unease already caused by Kim Seok-jun’s appearance, now even his foothold was crumbling.
“Why so suddenly? That’s not what we agreed!”
“The stock market hasn’t been collapsing because of this impeachment situation? Jeon-ju seems to have suffered massive losses in other investment ventures. So he says he needs to recover the funds I lent him immediately, or he won’t be able to survive.”
“Hmm…”
“There’s nothing to be done about it? If we could just buy a few more days…”
“If I’m to keep operating in this world, I have to follow Jeon-ju’s lead. I’m truly sorry—my life depends on it.”
Park Nam-gyu bowed his head deeply.
Kang Byeong-chul pressed his temples hard, as if his head were throbbing.
The problem was money. If he had money, he could just buy those shares himself, but right now Aluminum’s coffers were empty.
Observing Kang Byeong-chul’s distress, Park Nam-gyu cautiously opened his mouth.
“Chairman, if you need additional funds…would it not be wise to meet with the Bukchon chairman?”
“Bukchon?”
“Yes. The Bukchon Wang-gaemi, Chairman Kim Jong-soo—I believe you know him well.”
“Of course I know him. Isn’t he a big player in Myeongdong?”
“Word has it he made quite a bit of money on stocks recently.”
“Really? Everyone else is crying that they’re ruined.”
“Yes. Somehow or other, he got wind of this crash and the impeachment beforehand, and through Reverse Trading and political-themed stock investments, he’s made enormous gains. Right now, Myeongdong probably doesn’t have capital flowing anywhere else but there.”
Park Nam-gyu had dangled the bait.
“Would you like me to feel out the connection?”
“You? Didn’t you get chased off for playing games with the Bukchon Wang-gaemi’s money?”
“Naturally, I can’t step forward myself. But the connections still live, through indirect channels. If you approach in your own name, it should be easy to meet.”
As Park Nam-gyu answered with confidence, Kang Byeong-chul glanced at the secretary general.
“What do you think?”
The secretary general gave Park Nam-gyu a sidelong look.
His expression suggested unease at drawing an outsider so deep into their circle, but Kang Byeong-chul raised a hand to stop him.
“Ah, it’s fine. We’re all in the same boat anyway. What do you think—do we have any other options?”
“…It’s true that to raise capital right now, we’d have to turn to banks or second-tier financial institutions, which would create Public Disclosure obligations and risk rumors of financial distress spreading to the market.”
“Exactly. That’s the worst headache.”
“From what I understand, the Bukchon Wang-gaemi’s funds come with absolute secrecy guarantees. It seems like the best option for a quiet capital infusion.”
With even the secretary general showing a positive reaction, color finally returned to Kang Byeong-chul’s face.
In his worst-case scenario, a single escape route had appeared.
“Make the connection for me. Discreetly, and as quickly as possible.”
At Kang Byeong-chul’s instruction, Park Nam-gyu bowed with a meaningful smile playing at his lips.
“Yes, sir. I’ll arrange it right away.”

* * *
Bukchon, in Kim Jong-soo’s traditional Korean house office.
“So you’re stepping in directly these days?”
The Bukchon Wang-gaemi, Kim Jong-soo, had now set aside the proxy who’d been playing his part and was stepping in personally.
“That’s right. I need to step in directly if I’m going to wind down this whole lending business and actually acquire the Mutual Savings Bank for real.”
“That was a good call. Everyone must have been shocked. To see the real Bukchon Wang-gaemi, after decades of hiding his identity.”
“Spare me the pleasantries. So, is Kang Byeong-chul coming to borrow my money?”
Kim Jong-soo asked while adjusting his glasses. His manner was subtly different from before—softer.
It had to be.
Even as the stock market had turned to blood during the impeachment chaos, the political-themed stocks I’d tipped him off on were hitting Upper Limit Price day after day.
He’d almost certainly raked in an astronomical sum.
“That’s right. He’ll be contacting you shortly.”
“What do you need me to do?”
“Lend him the money. Interest and collateral—use Bukchon’s method. Make it brutally harsh.”
At my answer, Kim Jong-soo’s eyes narrowed with interest.
“What? Isn’t Kang Byeong-chul trying to steal your mother’s Management Rights? And you want me to put live ammunition in his hands?”
“I do. However, I’d like you to include a special provision in the contract.”
“A special provision?”
I slid a memo I’d prepared earlier across the table.
“This language must be included in the Loan Note.”
Kim Jong-soo picked up the memo and read aloud.
[This capital is borrowed as a Bridge Loan for the purpose of securing Management Rights. Should major legal restrictions arise on the Voting Rights of the pledged collateral shares during the borrowing period, or should the purpose of acquisition become impossible to achieve, the Grace Period shall be immediately forfeited, and the full amount of the loan, including annual interest, shall be repaid in full without delay.]
Kim Jong-soo stared at me over his reading glasses. The eyes of a loan shark who’d been through every trial in the book flashed sharp.
“…You’re a scary one.”
“Safety mechanisms work best when they’re ironclad.”
This was a trap.
I plan to stake this entire battle on the Financial Supervisory Service’s response to our Complaint.
Once our Complaint is accepted, the Voting Rights on the stocks Kang Byeong-chul accumulated will be frozen. And more than that, an order could even come down to force him to sell.
The moment that happens, this special provision triggers.
‘Loss of Grace Period.’
The maturity date vanishes, and Kang Byeong-chul finds himself facing a demand to repay hundreds of billions of won by tomorrow.
The Bukchon money carries a High Interest Rate.
Add annual interest to that, and the debt balloons like a snowball.
Once he’s exhausted his cash reserves paying back that debt, Kang Byeong-chul will have no remaining capital to mount a fresh assault on Seonjin Trading Company.
With Park Nam-gyu primed in advance to plant the seed, cash-strapped Kang Byeong-chul won’t realize he’s swallowing a poisoned chalice.
“And if I do all that, what will I gain from you?”
Kim Jong-soo set down the memo and asked.
I let out a dry laugh.
Look at this guy.
“Haven’t you already profited plenty? The political-themed stocks I gave you, and the Mutual Savings Bank information I provided—is that insufficient?”
A covetous smile played across Kim Jong-soo’s lips.
“It’s insufficient. A merchant never stops looking for profit.”
“Then what do you want?”
Kim Jong-soo pointed to his own head with his finger.
“Your brain.”
“Pardon?”
“Later, once I acquire the Mutual Savings Bank, you’ll help me run it. I need you to keep an eye on the game for me.”
He was serious.
“It’s not just about moving money around. I want to try doing real finance properly. But everyone around me is either just muscle or swindlers playing games with money. Your ability to read the game…even those Yeouido bureaucrats can’t fake that.”
I laughed quietly.
It wasn’t a bad offer. Kim Jong-soo was a moneylender with massive capital mobilization power.
If I got involved when he moved into the formal financial system, I’d be gaining myself another reliable ally.
“Fine. Let’s do it that way.”
As I nodded, Kim Jong-soo laughed heartily, satisfied.
“Good! When Kang Byeong-chul comes around, I’ll strip him down proper. He’ll learn what it means to fear my money.”

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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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