The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 90

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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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Regression of a Fallen Chaebol’s Third Generation — Chapter 90
“Come on in, have a seat.”
That evening, in a restaurant in Gangnam.
The Representative of Dongyang Trading was already settled at the table. Meat sizzled on the grill, and an empty glass sat waiting.
“You’ve already ordered, sir?”
“I’m an impatient man. The moment I sit, I need to eat.”
The Representative of Dongyang Trading laughed heartily and spoke. As Danny took his seat across from him, the glass was filled at once.
“First, a toast.”
They clinked glasses.
“Ah, I think I need to work on my drinking if I’m going to keep up with you, sir.”
“You spent time in America, so soju probably doesn’t sit well with you?”
“That’s not it. I’ve just always had a weak tolerance.”
“Well, this shipping business is a rough trade.”
The Representative of Dongyang Trading refilled the empty glass as he spoke.
“I used to hate drinking myself, but if you want to survive in this world, you have to learn. By now I’m practically a functional alcoholic—sit down and you open a bottle first, ask questions later.”
Danny laughed and accepted the glass, continuing with his meal.
“I thought you’d stay longer at the event yesterday. Why’d you slip out early?”
“Once you left, there wasn’t much reason to stay, sir.”
“Ha, you’ve got a silver tongue. But everyone there was curious—what’s this Salomon Brothers guy doing in Korean shipping?”
“Curiosity means they’re interested, doesn’t it?”
“True. You need interest for anything to happen.”
The glasses made their rounds. Various stories came and went—tales of offer traders with no scruples, gossip about people they’d met at yesterday’s event.
The Representative of Dongyang Trading set down his glass and opened his mouth.
“About what I mentioned on the phone. Seonjin Trading Company.”
“Yes.”
“It’s an affiliate of Seonjin Group. They handle shipping—they own quite a few container ships.”
“How many?”
“Fifteen. They’re among the largest in Korea, aside from Hanmin Shipping.”
Danny nodded. It matched what Kang Seon-woo had told him.
“Fifteen is substantial.”
Of course, that was speaking only of container ships. When you factored in bulk carriers and LNG tankers, Seonjin Trading’s fleet had shrunk to small-to-medium size.
Naturally, the company was a trading house with shipping as its main division—it wasn’t actually a shipping company by trade.
“It’s substantial, but there’s a problem—deficits. Freight rates have been rock-bottom since last year, so the more they operate the ships, the more money goes out. That’s why the group has decided to restructure.”
“They’re selling everything?”
“Not all of it. Word is about seven ships, but you won’t know for sure until you’re inside the deal.”
“Are there any buyers?”
The Representative of Dongyang Trading let out a short laugh.
“None. Who’s buying ships now? The domestic shipping companies can’t handle their own fleets, and overseas brokers aren’t biting either.”
“But why the sudden restructuring? Deficits aren’t new, are they?”
“They changed representatives.”
The Representative of Dongyang Trading lifted his glass as he spoke.
“Recently. The old one left and a new one came in, and word is this one’s different.”
Danny flipped the meat on the grill, tuning into his words.
Thirty years in the trading business had woven a network of information that flowed naturally from his mouth.
“The previous guy would say he wanted to sell, but nothing actually happened. Now that the man upstairs changed, things are really moving.”
“This new guy sounds pretty decisive.”
“I don’t know the details. All I’ve heard is he’s the group chairman’s right hand.”
Danny nodded. If the chairman’s right hand had come down, it meant the previous progress wasn’t satisfactory, and they’d sent a restructuring specialist to push things through.
“If someone inside is pushing, that makes the deal real.”
“That’s why I called you, my friend.”
Danny lifted his glass and took a sip.
“Interesting.”
“What is?”
“That there’s someone pushing in a market where everyone else is backing out.”
The Representative of Dongyang Trading studied Danny. He seemed to be gauging whether this man was genuinely interested or just wanted to hear industry gossip.
“You thinking of buying?”
“Can’t say without seeing the data. I can’t decide to buy or not when I don’t even know the condition of the vessels. I’d like to see the data if possible.”
The Representative of Dongyang Trading nodded. Even when they met at yesterday’s event, this young man had been sparing with his words. He’d neither said he’d buy nor that he wouldn’t.
“In this business, I’ve never met anyone wanting to buy ships who wasn’t in a rush.”
Danny laughed.
“There’s nothing good about being in a rush.”
“Good. If my friend’s interested, I’ll make the connection. I can reach Seonjin Trading through my client network.”
“Thank you, sir. As for the commission, I’ll make sure to—”
“Come on now.”
The Representative of Dongyang Trading waved his hand.
“This isn’t brokerage work—I’m just handing over a business card. If you start talking about fees, I’ll feel slighted.”
“Ah…”
“I like you, and looking at you, I think you’ll make some real waves in this business. Let’s just call it staking my flag on your future.”
“Thank you.”
“But one thing.”
Danny looked at the Representative of Dongyang Trading.
“Dealing with chaebols isn’t easy. Even if the person in charge is on your side, the people above can flip the table. Even when everything looks done, they can change the terms at the last second. I’ve been doing this for thirty years, and I’ve seen it happen.”
“I understand. I’ll keep that in mind.”
The Representative of Dongyang Trading picked up some meat as he spoke.
“All right, enough shop talk. Let’s eat.”
After that, more rounds of drinks circulated. No more business talk.
As they were breaking up, the Representative of Dongyang Trading, pleasantly tipsy, spoke.
“If you’re grateful, do good work. If my friend’s doing it, it reflects on me too.”
“I will, sir. I’ll work hard to be a credit to you.”
Once the Representative of Dongyang Trading had gotten into a taxi and left, Danny pulled his phone from his pocket.

* * *
“The Seonjin Trading meeting is set.”
Two weeks later, at the Ribbon Capital Office. Two weeks had passed since Representative Jo of Dongyang Trading made the connection.
“Already?”
“Right? I thought there’d be more documents back and forth, but Seonjin seems to be in a hurry. They want to sit down directly, representative to representative, and jump straight to deal opening.”
Two weeks prior, Danny had reported back after meeting with the Representative of Dongyang Trading, saying he’d made contact with Seonjin.
The fact that the meeting had been arranged so quickly—sooner than expected—was notable. Even if it wasn’t a full transaction yet, it felt like they wanted to meet and get a sense of each other.
“Is Seonjin sending their representative directly?”
“That’s what they said. The speed is good, at least.”
I nodded. Choi Dong-su was the man I’d recommended to my mother, and I’d heard he’d been doing excellent work as her right hand for five years now.
“Given Choi Dong-su’s personality, he’d probably want to open talks right away.”
“You know him well?”
“Very well.”
Danny looked at me with interest, asking a question.
“What kind of person is he?”
“He’s exactly what he appears to be. Once an order comes down, he moves fast and pushes hard.”
“That type is hardest to deal with. Still, there must be a weakness. Bulldozers are usually weak with numbers.”
“That’s the problem. He’s strong with numbers too.”
At my words, Danny’s brow furrowed.
“Strong with numbers?”
“Yes. He doesn’t operate on personal connections. Once he decides on a figure, he’ll align everything to match it.”
In my past life, Choi Dong-su was exactly that kind of person. When an order came down, he’d move fast, and whether deals fell through or came together, he’d bring higher profits to the company.
He was the type to set his own bottom line before entering negotiations, making it impossible to sway him with external variables.
Danny nodded.
“So don’t try emotional appeals, then?”
“Right. When you meet, don’t discuss numbers at first.”
I looked at Danny and told him about Choi Dong-su.
“There’s only one way to deal with a bulldozer.”
“What’s that?”
“Don’t give it room to push.”
I smiled, and Danny looked at me with a face that said he was trying to understand what I meant.

* * *
“Welcome. I’m Choi Dong-su.”
In the Conference Room of the Seonjin Trading Company Headquarters.
Choi Dong-su stood and extended his hand.
“Danny Kim of DK Capital.”
Danny smiled brightly and clasped his hand.
“May I offer you a business card?”
“Of course.”
As Danny handed over his card, Choi Dong-su offered his own. A new Wall Street investment firm’s representative, introduced by the Representative of Dongyang Trading. A rare visitor at a time when there wasn’t a single potential buyer for the ships being put on the market.
Of course, they hadn’t actually contacted him about buying ships. As mentioned, the trading company’s representative had simply suggested meeting with this investment firm.
“Shall we sit?”
At Choi Dong-su’s suggestion, Danny took a seat. Several documents were visible on the table—exactly as Kang Seon-woo had described. This man would pull out the numbers the moment he sat down.
“Should we get straight to business?”
“Ah, but sir, I just arrived. Shouldn’t you at least offer me a cup of tea?”
Danny was playful as he looked at Choi Dong-su.
“This is our first meeting, and it seems cold to jump straight into business without any warmth.”
Choi Dong-su watched Danny quietly for a moment, then nodded.
“Would you like coffee?”
“I’ll have some if you’re offering.”
Choi Dong-su picked up the phone, ordered coffee, and then began speaking.
“I heard you’re from Salomon Brothers.”
“I don’t lead with that, but somehow the title got attached to me.”
“Isn’t that natural? I heard they only had elite traders there on Wall Street.”
Danny leaned back in his chair and spoke.
“It wasn’t so great when I was inside, but being from there has its advantages now. I can see that the representative of Seonjin Trading is evaluating me rather favorably.”
Choi Dong-su thought that Danny was a man of composure. Whether it was from his long time on Wall Street or from knowing that his side actually had the advantage in this situation, he wasn’t sure.
After a moment, as they were chatting over coffee, Choi Dong-su set down his cup and opened his mouth.
“Shall we move on to the main topic now?”
“Whatever you prefer.”
“First, I heard that DK Capital plans to invest in distressed assets domestically.”
At Choi Dong-su’s words, Danny nodded.
“That’s right. The domestic market looks difficult now, but I see growth potential.”
“I hope DK would be interested in the assets Seonjin is offering.”
Choi Dong-su said this and pushed the documents forward.
“We currently have seven ships for sale. I’ve organized everything—vessel age, tonnage, operating costs, deficit amounts. Take a look first.”
Laying out the numbers first was the fastest approach. If there was interest, they’d look. If not, it ended here.
No point in dragging things out. What the higher-ups wanted was speed.
Danny accepted the documents.
He opened the first page.
Seven ship names, construction years, tonnages, annual operating costs, deficit amounts. Information was packed in like a catalog.
Danny closed the page.
“Thank you for the detailed materials. I’ll take these and review them.”
Choi Dong-su’s mouth twitched slightly. He’d wanted to establish some direction at this meeting, but the other party was acting uninterested.
“Before that, I’d like to hear more about Seonjin Trading itself.”
“Which aspect are you referring to?”
“When you started shipping, what your main routes are. I’m more curious about the company than the ships.”
In fact, Danny was using the strategy he’d learned from Kang Seon-woo. Choi Dong-su was in a hurry. No, Seonjin Trading itself had no choice but to hurry to reduce its deficit.
Conversely, if they got pulled into the pace of the anxious party, they’d end up taking unnecessary losses.
Of course, his boss Kang Seon-woo had approved of some loss in order to help Seonjin Trading, but he wouldn’t tolerate excessive losses.
“Our Seonjin Trading Company…”
Choi Dong-su paused briefly, looking at Danny, then answered.
The expansion period of Seonjin Group’s shipping division, the main routes connecting Southeast Asia and Japan, the fact that seven of the fifteen container ships were for sale.
“How does the group view the shipping business?”
“It’s a restructuring target.”
Choi Dong-su didn’t mince words. A deficit is a deficit, and a sale is a sale.
“You’re saying you’re liquidating everything?”
“No. Only the seven ships in the materials we gave you are slated for restructuring.”
“May I ask why you’re keeping the rest?”
Choi Dong-su regarded Danny quietly before speaking.
“With respect, DK Capital isn’t here to acquire Seonjin Trading, are you?”
“Ah, I apologize. It’s a bad habit from working in finance. You’re right. If I’ve offended you, I’m sorry.”
Danny bowed his head. He felt he’d drawn out enough of the other party’s urgency by now.
“I accept your apology. Shall we return to the main topic?”
“Of course.”
“We hope that if DK Capital is interested in the assets we’re offering, we can have a serious discussion.”
At those words, Danny paused, looking at Choi Dong-su, before speaking.
“I understood today’s meeting as an introductory one. As you know, I haven’t prepared operational details.”
“…Of course, it’s meant to be that, but isn’t the real question DK’s intentions?”
He was demanding an answer. Definitely the bulldozer type. He wanted to nail down yes or no from the first meeting itself.
But if I gave in here, I’d end up accommodating Seonjin Trading’s terms.
“I have interest. However, as you well know, sir, Seonjin isn’t the only option in the Korean market.”
“…”
“If you truly want to open this deal, state your conditions first. We’ll consider our position based on yours.”
Following Kang Seon-woo’s advice, I had no intention of ceding the initiative of the deal. If Seonjin Trading truly was in a hurry, they’d accept this.
Choi Dong-su, who had been regarding Danny with a contemplative expression, exhaled a long breath and opened his mouth.
“…Seonjin Trading is thinking of a price around 45 million dollars for the seven ships.”

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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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