The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 85

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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 Ruined Chaebol’s Third-Generation Heir – Episode 85
-Seon-woo, good morning.
June 2009.
Ribbon Capital Office. It felt like just yesterday that I’d returned from my business trip to the United States and visited the Ochang Industrial Complex, yet six months had already passed.
“Danny, isn’t it late night where you are?”
-It is, but wherever my boss is becomes my time zone.
At Danny’s words, I let out a soft laugh.
“You can call anytime you need to. My line is a 24-hour hotline.”
-Right, thanks. Anyway, I called because I had something to report.
I listened carefully to what Danny was saying.
-Volta’s status: we’ve started delivering Lightning units. We’re working through the prepaid reservations, and Jason tells me we’ve shipped about forty units so far.
Out of one hundred reserved units, forty meant nearly half had already reached customers.
“What’s the reaction?”
-Better than expected. The people who received them are posting videos on social media, and there’s buzz spreading through Silicon Valley.
“Silicon Valley?”
-Yeah. It’s become popular among young venture-founder CEOs out there.
The Lightning had the appearance of a supercar on an electric vehicle platform, so for people who readily embraced new culture, it was bound to be eye-catching.
“That’s good. Any response from the media?”
-Two automotive specialty publications have requested reviews, and one tech outlet is planning a test-drive piece. The ones calling it a scam are starting to change their tune.
“I think Holt will be pleased about that.”
I found myself picturing Ryan Holt, his pride visibly swollen with satisfaction.
-The guy practically lives at the factory. He’s in at five in the morning and doesn’t leave until eleven at night. He’s personally overseeing every production line.
I leaned back in my chair, phone pressed to my ear.
“That’s surprising.”
Had I been thinking of the old Ryan Holt from my previous life? Or perhaps I’d simply accepted the image of him that the media had projected. Either way, Ryan Holt was at least genuine about Volta.
He was genuinely committed to Volta.
-But the company that was dying has come back to life.
Six months ago, it couldn’t even pay the salaries of its eleven employees. In a thirty-million-dollar funding round, only two million was invested.
I put in fifty million dollars. That company is now building cars and delivering them to customers.
The people who receive them post videos, and specialized publications request reviews. What separates a scam from the real thing isn’t ultimately production scale—it’s what the first customers say.
And right now, those customers aren’t regretting their money. This momentum works.
“We still have a long way to go.”
-But it’s different from six months ago. A company that couldn’t meet payroll is now building and running cars.
Danny paused for a moment before adding.
-Oh, and about Ribbon’s equity stake value. It’s private, so I can’t be exact, but given the current atmosphere, it’s probably up about threefold.
In other words, the fifty million dollars invested had become a hundred and fifty million.
It wasn’t a bad number, but it wasn’t the time to calculate. The real profit would come when Volta went public.
“Let’s not worry about that now. The real payoff is at the IPO.”
-Got it. I’ll keep monitoring Volta and reporting in.
“Thanks, Danny. Sorry for calling so late.”
I hung up and set the phone down on the desk.
The image of Holt coming in at five in the morning stayed with me.
I’d put in the money, but Holt was the one turning it. For now, I could set aside my worries about Volta.
“CEO.”
Jung Tae-sung approached with some documents.
He’d apparently been waiting for the call to end.
“Status update on Cheongju. The excavation work is complete, and the steel framework has been going up for the past week. By year-end, the entire frame should be erected.”
The Ochang Site, which had been nothing but barren ground, was now beginning to take shape with steel beams rising on the hundred-thousand-pyeong plot where only wind had blown before.
From the design phase, both Shinhwa Welltech and Synapse Robotics had participated, incorporating everything they needed into the blueprints.
“We need to build the frame solid from the start. As I mentioned, please tell the construction company not to skimp on material costs.”
“Understood.”
“How are Synapse and Shinhwa Welltech progressing?”
“No issues to report. Everything is moving smoothly, and Dr. Lucas is preparing to join.”
“He should be joining next month. We’ll send him to Ulsan. Arrange accommodation for him. Contact Lucas and have him tell you everything he needs, then prepare it all.”
Since Lucas was set to join in six months, we were now in the final preparation phase before full deployment.
“Understood. Do you have any conditions regarding the size or location of the accommodation?”
“He’s coming alone from abroad. Make sure he has everything he needs to be comfortable.”
“Understood.”
Jung Tae-sung bowed and finished his report.
“Volta’s coming back to life.”
If Volta survives, materials sell. If materials sell, the factory runs. And for Shinhwa Welltech and Synapse Robotics to have their place at the end, the technology has to support it. We’d laid most of the foundation already—now we just had to wait for them to grow.
The infrastructure was nearly complete. Now I just needed to let them develop.

* * *
“Seon-woo! Senior! It’s been forever!”
A few days later, at the Korean BBQ restaurant near Yonsei University.
Han Jae-yi and I had finished work and come here, where our promised dinner companion greeted us enthusiastically.
“Min-jae!”
Jae-yi approached warmly, and Lee Min-jae jumped up from his seat.
Today’s dinner guest was Lee Min-jae, a high school classmate and fellow member of our club.
His face had grown noticeably sharper since returning from military service.
“Min-jae, you’ve lost weight, haven’t you?”
“Yeah, happens when you come back from the military. But isn’t it really been forever since all three of us got together? The last time was after high school graduation, when we met at a cafe.”
“Right! Five years! Can you believe it’s been five years?”
In those five years, we’d all changed significantly. Min-jae and I had completed military service, and Jae-yi had graduated from university.
“Seon-woo.”
After greeting Jae-yi, Min-jae turned to look at me.
“You’ve been doing well?”
“Yeah, and you seem to be doing well too, which is good.”
“Let’s eat first, we can talk later. I’m starving.”
At Jae-yi’s suggestion, the two of us smiled and sat down. We ordered meat and placed pork belly on the grill.
“I came back after discharge and rejoined school, but I’m dying. I applied for an internship and got rejected.”
Summer of junior year meant either going on an internship or taking summer courses to complete credits. For most business administration students, it was one or the other.
Min-jae had enrolled at the same university as Jae-yi, Yonsei.
“Where?”
“Mirae Electronics. Since the financial crisis hit, hiring completely froze. Last year they hired thirty people, but this year they’re only taking ten.”
“Everyone’s probably the same these days. I saw on the news that some companies aren’t hiring interns at all.”
Jae-yi said this while flipping the meat.
“Even a Yonsei diploma doesn’t help anymore.”
The smile faded from Min-jae’s face. The 2009 job market. Right after the financial crisis, companies had slashed hiring by more than half. The era when a business degree was a guaranteed ticket had long passed.
For a moment, there was only the sound of meat sizzling on the grill.
“What about you, senior? Where did you go after graduation?”
“……I work in finance.”
“Finance? But isn’t finance going through the hardest time right now? Where do you work?”
Jae-yi glanced at me briefly.
“……A small asset management firm.”
My lips curled upward slightly. Here I was, managing four trillion won, calling it a small asset management firm. Jae-yi was doing her share of acting too.
“Oh, do you remember that mock investment competition? I bombed on Hyeonbo Computer, and I was really down about it…”
Min-jae changed the subject.
“You said that fear of falling prices breaks your principles—that becomes gambling.”
“Right, right. I still remember what you said, senior. But honestly, I think that was the most thrilling moment of my life.”
The three of us laughed at the same time. Even I had been lukewarm about it then, but looking back, it was a perfect moment to mark the beginning of my second life.
“How about you? Are your studies going well?”
Min-jae asked, looking at me.
“I’m putting in the effort.”
“Come on, don’t even. This goody-two-shoes takes summer courses even during breaks? You’re at the top of your class.”
Jae-yi said this while picking up a soju glass.
“Top of your class? But you’re doing well in your grades—why are you taking summer courses? Trying to graduate early?”
“I’m not sure when I might have to take time off. So I’m building up my credits while I have the chance.”
It wasn’t a lie. Things were changing so rapidly these days that if I didn’t build up credits while I had the time, graduation would fall behind.
Min-jae was silent for a moment.
“……I’m jealous. You have a family company anyway, and you’re even doing well in school. Here I am struggling just to land an internship.”
As the mood grew heavy, Min-jae quickly waved his hand as if he’d realized his mistake.
“Oh! No, I don’t mean jealousy in a bad way. I just… it makes me feel like I should work harder too.”
A good kid, thinking his honest words were rude to me.
“It’s fine. That’s the kind of thing friends can say to each other.”
After talking about various things, we finished our meal and stepped outside the restaurant. The night air was cool.
“Let’s meet again next time. Senior, thanks for the meal today. I’ll treat you when I land that internship.”
“Graduate first.”
“You’re cold-hearted. Well, I’m heading out. Stay in touch. Seon-woo, see you later.”
“Yeah, I’ll reach out soon.”
Min-jae waved goodbye and turned to leave.
“Min-jae hasn’t changed.”
“No, he hasn’t.”
A brief silence fell between us.
“Could we bring him in? Since he can’t find an internship, we could just create a position for him at Ribbon.”
Of course, I’d already considered that. If someone straightforward like Min-jae joined Ribbon, he’d be helpful in many ways.
But Min-jae’s place wasn’t at Ribbon.
“No, Min-jae has somewhere better suited for him.”
“Somewhere better?”
“Yeah. There’s a position that would suit him much more.”
I felt Jae-yi’s gaze on me, but she seemed to understand and didn’t press further.

* * *
“Brother, when are you coming home? Mom’s worried about you.”
A few days later, in the evening. I had dinner at home for the first time in a while.
“I’ve been busy.”
“Busy with what?”
My younger sister, Seon-ah, had entered university and become quite a nag. Just like in my previous life, she’d enrolled at Korea University, becoming my junior.
“Next year’s my final semester. Of course I’m busiest now. Come on.”
“Are you eating properly?”
Mother asked while ladling soup for me.
“Yes, I’m eating well.”
“I don’t believe that for a second.”
Seon-ah said this flatly, but then pushed a bowl of braised short ribs toward me.
“Mom made braised short ribs since you’re eating dinner with us for the first time in forever. Eat plenty.”
“What’s gotten into you, looking after me like this?”
“Just—if someone’s taking care of you, you’re supposed to say thank you.”
It felt good to share an evening meal with my family after so long. I found myself reflecting on how, when I began this new life, I’d sworn to look after my family, yet I’d been too busy to take proper care of them.
Partway through dinner, news began playing on the living room TV.
[……As the global shipping slump persists, domestic shipping companies face intensifying restructuring pressure. Container shipping rates have dropped to half of last year’s levels, and major shipping lines’ losses are widening…….]
Mother’s chopsticks paused for a moment, then resumed moving.
“You must be having a difficult time lately.”
At my question, Mother looked startled before offering a small smile and nodding slightly.
“……The shipping business is struggling a bit. Trade volume itself is declining.”
“What about the offer trading?”
Offer traders were brokers who represented overseas clients, closed deals, and took commissions in the middle.
“The volume has dropped significantly.”
Without cargo to broker, the volume naturally dried up.
A brief silence fell.
“It will pass.”
Mother said this, but her voice lacked strength.
When global trade declines, cargo volumes drop and shipping rates bottom out. The more you run ships, the more you lose. Seonjin Trading Company had weathered crises well up to now, but the global economic downturn that began with the Lehman collapse was putting the company through another trial.
“That was delicious. It’s nice eating dinner at home after so long.”
“Yes, I was thinking there might not be many more chances since you’ll be even busier. Thanks to you, we got to share a meal as a family after so long.”
“Let’s eat together often. Anyway, I’m heading upstairs first.”
I excused myself from my family and went into my room, closing the door behind me.
“The company situation seems quite serious.”
Mother tried not to show it, but I could read her expression. I sat for a moment gathering my thoughts, then picked up my cell phone.
The moment the call connected, a voice came through the receiver.
-CEO.
“Director Jung, I’m sorry for calling so late.”
-Not at all. Go ahead.
“Please look into Seonjin Trading Company’s shipping division. Container shipping rate forecasts, current vessel asset values, estimated losses from sale. Get it organized within a week.”
There was a brief silence on the other end of the line.
-Is something happening at Seonjin Trading Company?
Probably because it hadn’t been long since Seonjin Aluminum’s attack, Jung Tae-sung asked with concern in his tone.
“No, nothing in particular. Just that the situation doesn’t look great. I need to review some data.”
-Understood. I’ll prepare it right away.
I hung up and sat back in my chair.
“I can’t stay on the sidelines managing only Ribbon and SJ Holdings forever. I need to look after the company starting now.”

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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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