The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 89

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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 89
“I’ve brought the due diligence materials.”
Seonjin Group Headquarters CEO Office.
A month had passed since the board decided to sell off the deficit ships.
In that time, two interim reports had come up through Choi Dong-su, but there was nothing that could be called progress.
Park Chul-min had come up personally for the third report.
“This is the result of considerable deliberation within the company.”
Mother of Kang Seon-woo took the documents and read through them. Page after page, her face grew harder and more rigid.
“Four ships?”
She had asked for seven sale candidates to be narrowed down, but the report contained only four.
“The remaining three ships — the shipping division says the settlement of remaining chartering contracts hasn’t been completed yet, and they’ll submit them once everything is sorted out.”
“Whenever a report comes up from the sales division, there’s always that caveat about the shipping division.”
Park Chul-min’s reports always included that line. Whether the shipping division hadn’t done their part, or Park Chul-min hadn’t pushed them — the boundary was always murky.
Mother of Kang Seon-woo looked at Park Chul-min with a hardened expression.
“If I recall correctly, I gave you a deadline of today.”
“Yes, I did follow up, but…….”
Park Chul-min fell silent.
“Has there been any progress on the buyer side?”
“We’re currently searching.”
Mother of Kang Seon-woo watched him quietly.
“It’s difficult with domestic shipping companies — they can barely handle their own vessels. We’ve reached out to two overseas brokers, but we haven’t heard back yet.”
“Still nothing?”
“The market itself is frozen, so it seems like it will take some time.”
This was the third time. Nothing after the board meeting, nothing two weeks later, and still searching a month in.
“Both narrowing down the sale candidates and finding buyers are behind schedule. These are two things I directed you to handle.”
The decision to sell was made a month ago. In that time, two billion won had simply evaporated.
Losses were mounting just from holding the vessels, yet nothing was progressing.
“There’s one more thing I should tell you.”
Mother of Kang Seon-woo lifted her head.
“The Baltic Dry Index has broken 4,100.”
The shipping index had been 3,500 at the board meeting and 3,800 in last month’s report. Six hundred points had risen in a month and a half.
“And?”
“People in the field believe container rates could follow suit in the second half. If bulk rates rise this much, doesn’t that mean trade itself is coming back to life?”
It was plausible logic. A boom in raw materials shipping meant that somewhere, those raw materials were being turned into finished goods.
Container ships were needed to transport those finished products.
“Whose opinion is that?”
“It’s from the shipping division.”
“Director Park.”
Mother of Kang Seon-woo spoke in a quiet voice.
“Did you come here to relay the division’s view?”
Park Chul-min lowered his head slightly.
“No. I’m simply relaying the mood on the ground…….”
“I understand what the division thinks. I want to hear what you think.”
Silence fell, and then Park Chul-min opened his mouth.
“……It’s true that it’s a difficult judgment.”
“What’s difficult about it?”
“It’s right that we should sell, and it’s not wrong to say that now is the bottom of the market, so…….”
“If both things are right, then ultimately you’re saying you won’t do anything.”
“That’s not what I mean.”
Park Chul-min answered with a fumbling expression.
“Then how am I supposed to understand it?”
“I will follow the board’s decision.”
“The board made its decision a month ago. Now is the time to report what has been done in that month. But you’ve brought me the division’s opinion instead.”
Mother of Kang Seon-woo felt frustrated. If he outright opposed, she could fight it. If there was logic, she could counter it with logic. But this wasn’t that. He nodded his head while his feet didn’t move, he agreed but didn’t execute, he said he would follow but pushed nothing forward.
“Have container shipping rates gone up?”
“Not yet…….”
“Has European consumption perhaps improved?”
“That…….”
“The Baltic Dry Index is rising because of Chinese iron ore. Container rates require finished goods trade to return, but Europe and America aren’t doing well. The raw materials being shipped on bulk carriers are being consumed within China — how can container shipping rates rise?”
Park Chul-min nodded. He had nodded at the board meeting, nodded again two weeks later, and was doing the same now. He was good at nodding.
“Let’s be honest.”
Park Chul-min looked at Mother of Kang Seon-woo.
“Can these ships be sold?”
……
“I’m asking whether you can personally push to sell them.”
Park Chul-min opened his mouth, then closed it. After a moment of consideration, he opened it again.
“……I will do my best.”
I will do my best. I will follow the board’s decision. I did follow up. We are searching. Everything he had said over the past month was the same refrain, neither “I can” nor “I cannot.” Words that promised nothing.
“Director Park.”
……Yes.
“Step down from your position.”
Park Chul-min’s face went white.
“It’s not because you’re a bad person.”
……
“Building wasn’t a decision for you — it was an expansion. Selling is a decision. It means taking what you’ve built and putting it in order with your own hands.”
Mother of Kang Seon-woo gazed at Park Chul-min in silence.
“I’ve spent the past month wondering whether asking that kind of decision from you is fair, and today I’ve arrived at an answer.”
Park Chul-min’s eyes wavered.
“Submit your resignation.”
Silence fell, and then Park Chul-min slowly rose and bowed deeply.
“……I’m sorry.”
“Thank you for your efforts over the years.”
Park Chul-min left with his head bowed, and the door closed.
“Hah…….”
A man she had worked with for five years had just walked out that door. Mother of Kang Seon-woo closed her eyes for a moment.
She comforted herself that it was the right decision, then picked up the phone.
“Director Choi, can I see you for a moment?”
Shortly after, a knock sounded and the door opened as Choi Dong-su entered the CEO office.
“You called?”
“I’ve received Director Park Chul-min’s resignation. If it comes up today, I’ll process it.”
……
Choi Dong-su looked at Mother of Kang Seon-woo in surprise, then bowed his head. Mother of Kang Seon-woo is not someone who makes decisions lightly.
That was something he had learned over the past five years assisting her.
When she made a decision, it was almost always the right choice.
“Will you take over as interim CEO of the trading company?”
……
“Can you not do it?”
Choi Dong-su thought for a moment, then nodded.
“I will.”
“Have the due diligence materials for the sale candidates submitted by the end of this week. And broaden the search for buyers.”
“I will proceed as directed.”

* * *
“Having a ship these days is a sin, a sin.”
Shipping Industry Event Venue.
People in formal attire were gathered in small groups.
The atmosphere was not bright. There was a saying that when shipping is good, the glasses are big, and when it’s bad, the sighs are big — today the venue was the latter.
“Us offer traders have nothing working out either, so it’s absolutely killing us. We only make money if there’s something to broker.”
The Dongyang Trading representative was drinking whiskey with acquaintances at one side of the venue.
With thirty years of industry experience and a background in trading, there was hardly anyone in this world he didn’t know.
“Ugh, we’re all in the same situation anyway — what’s the use of talking about this? Let’s just drink.”
While they were exchanging pessimistic remarks about the current situation, a man approached the Dongyang Trading representative.
“Hello. I’m Danny. I was introduced by Director Kim In-bae.”
The Dongyang Trading representative looked Danny up and down.
“Ah, so you’re that guy? Sit, sit. Have a drink.”
Through the network Jung Tae-sung had provided, Danny had received an invitation to this event today.
The Dongyang Trading representative, though meeting Danny for the first time, filled his glass as soon as he sat down, treating him like a long-missed friend.
“So you’re the head of an investment firm, I hear? First time I’ve seen someone wanting to put money into shipping these days.”
“Maybe that’s exactly where the opportunity is.”
The Dongyang Trading representative let out a snort of laughter.
“You’ve got nerve. I can speak comfortably with you, right? I’ve been in this rough business so long that this kind of straightforwardness is just…….”
“Of course. I understand. I was born and raised in America, so I’m more comfortable with that style anyway.”
“Ha ha, a young man born and raised in America, yet you speak Korean so well. Let’s drink.”
After several rounds of drinks had passed between them, the Dongyang Trading representative opened his mouth with a face that showed he’d taken a liking to Danny.
“You worked on Wall Street, right? Where are you from? Somewhere we’d have heard of?”
“Salomon Brothers.”
The Dongyang Trading representative’s glass stopped.
“Salomon?”
Salomon Brothers. That name that once shook Wall Street. In shipping circles, Salomon was synonymous with ship financing — not just simple lending, but those who wielded their influence over shipping companies through audacious structured finance.
“I was in the Derivative Products division. The company went under, and I went independent after that.”
The Dongyang Trading representative brought the glass back to his lips and asked.
“Why would a Salomon guy be interested in Korean shipping? No work left on Wall Street?”
Danny laughed.
“Wall Street is too busy licking its wounds right now. My job is to move into the spaces where money has exited.”
“So what are you looking to buy? Ships? Shipping companies? Ports?”
“Undervalued assets broadly. For now, I’m looking at Korean shipping assets. Container ships have caught my eye particularly.”
The Dongyang Trading representative set down his glass.
“Container ships? Right now?”
“Because it’s right now.”
“Container ships are money pits right now — just owning them costs you. And you want to buy them?”
“That’s what everyone says. So I figure there are probably plenty selling, but maybe I’m the only one buying.”
The Dongyang Trading representative was a bit confused about whether this guy actually had money or was just all talk.
“Any specific places catching your eye?”
“Not specific companies yet. I’m at the stage of looking at the Korean shipping market as a whole. I wanted to meet someone who knows the industry well.”
Danny didn’t mention Seonjin Trading Company.
As you had said, the industry was small enough that it would occur to him on its own — there was no need to bring it up first.
“Ha ha, then you’ve chosen the right person. There’s no one in this industry as sharp as President Jo.”
Another man listening in from the side spoke up in praise of the Dongyang Trading representative.
“Come on, don’t say that. I’m absolutely dying right now.”
“No, sir. I reached out precisely because I’ve heard so much about you.”
“Really? Ha ha. Come on then, let me raise a toast to welcome our American friend tonight. Raise your glasses.”
Danny smiled. He was a generous and straightforward man. That didn’t mean he was someone to be taken lightly.
He understood what it meant to have survived thirty years in the trading business.
As the drinks went back and forth and the intoxication deepened somewhat, Danny cautiously opened his mouth.
“But hyung, how do you see the Middle East situation?”
The two had fallen into the pattern of addressing each other as brothers.
“The Middle East? Suddenly?”
“Dubai’s debt structure looks a bit worrying. The real estate bubble hasn’t burst yet, but if it does, it could affect shipping too.”
The Dongyang Trading representative waved his hand.
“Nah, Dubai, come on. They’ve got oil money there. Even if they get shaken a couple times, Abu Dhabi will hold them up.”
“Right? I hope so too.”
Danny laughed.
“I get that things are so bad you’re imagining all sorts of things, but don’t let yourself get spooked over nothing.”
Time passed, and the gathering was winding down.
“Hey.”
“Yes, hyung.”
“You’re really serious about buying Korean shipping assets?”
“If the price is right, yes. I’ll look at it seriously.”
The Dongyang Trading representative looked at Danny, then nodded.
“Interesting fellow. Your expression looks sincere. Give me your contact. I’ll look into some things for my new brother.”
Danny handed over his business card. The Dongyang Trading representative received it.
“If a Salomon guy says he’s putting money into Korean shipping, the industry will definitely take notice.”
“That’s exactly what I need.”
The Dongyang Trading representative laughed heartily.
“Good. Next time I’ll bring a few people I know. Let’s have another drink.”
“Thank you, hyung.”
The first thread had been caught. It would take time to reach Seonjin Trading Company, but given how small the industry was, rumors would spread of their own accord.

* * *
“Just came from meeting Dongyang Trading.”
The next day, Ribbon Capital Office.
DK Capital had finished hiring staff and was operating like a respectable investment firm.
As soon as the office was set up, Danny, who had made contact with the targeted Dongyang Trading, came to find me.
“How’d it go?”
“Good. The CEO is named Jo. By the end of the drinks, he wanted to be brothers.”
“At the first meeting?”
I couldn’t help but laugh. Danny had always had an easy way with people, but brothers on a first encounter was something.
The two seemed to hit it off very well.
“What kind of person is he?”
“Generous and seems simple. But he’s not someone to take lightly. He’s survived thirty years in the trading business, after all.”
“Makes sense.”
“He was testing whether I was serious about investing in shipping assets — even though he wanted to be brothers, you could feel him trying to figure out whether I was just a con artist with a big mouth.”
I nodded. You can become friendly with someone at first meeting, but trust is another matter entirely.
“Anyway, I didn’t bring up Seonjin. Just said I’m interested in Korean shipping assets in general, and mentioned that container ships have caught my eye.”
“Good move. You brought up the Middle East too, right?”
Danny looked at me.
“I did, but……will that really happen?”
“If the current situation continues, yes. Let’s plan on that assumption for now.”
“……Got it.”
Buzz——
While I was still talking with Danny, his phone vibrated.
Danny looked at the screen and glanced at me.
“It’s Dongyang Trading.”
I nodded, and Danny nodded back.
“Hyung.”
—……
“Yes, of course. Yes.”
—……
“Seonjin Trading Company? I’ve heard of them.”
Danny’s eyes met mine.
“Hyung, thank you. Yes yes, I’ll come by this evening.”
Danny hung up and waved his phone with a grin.
“Korea really is small. One connection and we’re right at the target.”
Danny was making light of it, and I smiled and nodded in agreement.

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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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