The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 95

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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 — Chapter 95
“We need to finish this negotiation today.”
Two days later, in the Seonjin Trading Company Conference Room.
Kim Ja-young, the chairman of Seonjin Group, had come here to personally conduct the ship sale negotiations with DK Capital scheduled for today.
“What’s the absolute limit on concessions we can make?”
At Kim Ja-young’s question, Choi Dong-su, interim representative of Seonjin Trading Company, found the documents and handed them to her.
“The lease rate portion is already at our maximum—there’s no room for negotiation there.”
Kim Ja-young studied the documents, absorbing Choi Dong-su’s words carefully.
“The area where we can yield is the Revenue Share. Since we only divide profits when there are profits, we can weather difficult markets.”
“It shows 25% is possible.”
“That’s correct.”
“That’s not enough.”
Kim Ja-young lifted her head and looked at Choi Dong-su.
“We need to move first, before DK changes their conditions. That means we need a proposal that could actually sway them.”
From the start, Kim Ja-young hadn’t wanted to hear DK Capital’s proposal. It was obvious they would weigh their conditions by combining Seonjin Trading’s current situation with the worst global economic outlook.
Revenue Share, favorable only when conditions were good, fell far short.
“If this deficit continues, how much longer can we hold out?”
At Kim Ja-young’s question, Choi Dong-su spread out the documents and began calculating.
Shortly after, he opened his mouth as the calculation finished.
“If we don’t sell the ships and the current deficit persists, the company can sustain operations for approximately four months.”
“And if we inject the 30% deposit?”
After recalculating, Choi Dong-su answered.
“Three more months—we could hold out for seven months total.”
“Good. Then let’s set the remaining payment as a six-month installment.”
The other side had proposed six-month installments from the beginning, but Seonjin had refused to accept it initially.
“It could be cutting it very close.”
“We need to show that we’re bleeding money. Can’t we hold out for six months?”
At Kim Ja-young’s question, Choi Dong-su wrestled with the thought before nodding.
“……I’ll do my best to hold on.”
“Good. Then we’ll make that our final offer…….”
Knock, knock—
Just as she was finalizing the negotiation terms with Choi Dong-su, a knock sounded and the conference room door opened. It was Kim Ja-young’s secretary.
“Chairman, DK Capital’s representative Danny Kim has arrived.”
“Please show him in.”
After instructing the secretary, Danny Kim soon entered the conference room, and the moment he saw Kim Ja-young, he bowed his head.
“It’s an honor to meet you, Chairman.”
“Welcome.”
Kim Ja-young greeted him and extended her hand. As Danny Kim grasped it, she studied his face for a long moment.
He looked remarkably young—perhaps mid-to-late thirties—but his face was filled with confidence.
“Shall we sit?”
At Kim Ja-young’s suggestion, everyone in the room took their seats.
“It’s an honor to meet you, Kim…….”
“Danny—please, call me Danny. I’m more comfortable with that.”
“Ah, yes. I’ve heard quite a bit about you from various people. You have quite an impressive career.”
“That’s all in the past. Now I’m just someone operating a small-to-mid-sized investment firm here in Korea.”
As he said this, a brief smile played at the corners of Kim Ja-young’s mouth.
Danny Kim, for that fleeting moment, felt as though he were looking at Kang Seon-woo.
‘She really does resemble Seon-woo quite a bit.’
Though the other party was unaware of any connection to his boss, Danny could sense his boss in Kim Ja-young’s face, which he found somewhat amusing.
He caught himself studying her, and their eyes met, but Danny quickly looked away, maintaining his usual natural smile.
“Then shall we get straight to business?”
“Of course.”
Kim Ja-young broached the main topic first.
“I wanted to meet you in person. Choi Dong-su here is a seasoned negotiator in his own right, but I heard you’re not an easy opponent.”
“I think the representative is being too modest. It was I who struggled, what with your refusal to make concessions.”
Light-hearted pleasantries were exchanged.
“The reason I came personally is that I’d like to close out this negotiation today. As you know, neither of us has much time.”
Danny nodded.
“Seonjin will make the first final offer. We at Seonjin…….”
“Chairman.”
When Danny Kim interrupted him, Kim Ja-young felt her chest tighten. She had intended to make her proposal first and avoid hearing theirs as much as possible…….
She wondered if he had read that.
“I apologize for cutting you off. I felt we should speak first.”
Kim Ja-young maintained her composure as much as possible and nodded.
“If you have a proposal to make first, please go ahead.”
“Our conditions don’t change.”
Danny Kim spoke without hesitation, and both Kim Ja-young and Choi Dong-su looked at him in surprise.
They had come prepared to make concessions—25% Revenue Share, installment payments on the balance.
The conditions don’t change?
It had been one week since the Dubai Shock hit.
Container freight rates had bottomed out, and DK was the only buyer. All the leverage was on their side…….
“There’s no need to be surprised. There’s no hidden agenda to what I’m saying, and I have no intention of presenting more favorable terms later.”
“…….”
“We at DK want to be a long-term partner with Seonjin.”
At Danny Kim’s words, Kim Ja-young, who had been listening, spoke.
“I heard DK Capital was only recently established.”
Danny nodded.
“That’s correct.”
“And you’re making this decision on your own, for a deal of this magnitude?”
Danny laughed. He understood the intent behind the question.
It must seem surprising for a startup investment firm to make bold decisions on a deal of this scale.
“Investment authority for our fund rests with me.”
At his answer, Kim Ja-young’s eyes shifted. It didn’t seem that suspicion had vanished entirely, but she appeared to sense that his claim about not changing the conditions wasn’t false.
“As I said, DK is a new investment firm just getting started. This is my first time in Korea as well. That’s why a partner is important. If that partner is Seonjin Group, it could be a solid credential for us. That’s all there is to it.”
Of course, the decision not to change the proposal had come from Kang Seon-woo, but Danny wasn’t lying. The name Seonjin would be invaluable to DK going forward.
“And I heard there were questions from the board about the source of cargo. This is cargo we’ve secured.”
Danny Kim handed over the prepared documents.
Kim Ja-young nodded, and Choi Dong-su accepted and reviewed the documents.
“We can handle approximately 9,000 TEU of cargo monthly. We have a considerable volume shipping from China to the United States, and from both China and the United States to Korea.”
“There’s also a fair amount of volume going out from the domestic market to China.”
“Yes, we’ve consolidated small-to-mid-sized shippers.”
The cargo had come with assistance from Dongyang Trading. The representative of Dongyang Trading hadn’t forgotten Danny Kim’s warning about Dubai, and when the moratorium became reality, he was treating Danny almost like a god.
“With this volume, the ships we lease after the sale shouldn’t sit idle.”
Of course, the container ship Seonjin intended to sell was a 5,000-TEU Panamax Class vessel, but with mixed cargo volumes, it was enough to keep the ship running productively.
“Danny.”
After confirming the exchange between Danny Kim and Choi Dong-su, Kim Ja-young called out to Danny Kim.
“Yes, Chairman.”
“We too are ready to become partners with DK Capital.”
“Thank yo…….”
“Let’s proceed with the contract setting the lease period at five years.”
At the words that came from Kim Ja-young’s mouth, Danny Kim, who had been bowing in acknowledgment, opened his eyes wide and looked at her.
The agreed-upon period had been three years.
If she extended it to five years, DK would have stable lease income for five years.
“Since you’ve shown goodwill first, shouldn’t we answer that goodwill in kind? Isn’t that how partners become partners?”
“Thank you, Chairman.”
It wasn’t a bad contract for Seonjin Trading either. With five years, Seonjin could continue operating the ship, and if the market recovered, they could generate profit with it.
Choi Dong-su, watching from the side, was amazed at Kim Ja-young. She had made a proposal that protected Seonjin’s interests while touching the other party’s heart.
The Kim Ja-young who had seemed unsure of what to do when he first met her was gone.
Now she had become a substantial force capable of leading Seonjin Group.
“Let’s prepare the contract. We’ll call an emergency board meeting immediately to finalize the agreement.”
Kim Ja-young rose from her seat and extended her hand, and Danny also stood and shook it.

* * *
“We will reconvene the emergency board meeting regarding Seonjin Trading Company’s ship sale.”
The next day, in the Seonjin Trading Company Conference Room.
A week ago, at this same table, the board members had shown sharp opposition, and the conclusion had been deferred.
But now the atmosphere of the board meeting was completely different. The Dubai Shock. Those five words had toppled all the logic from a week ago.
“Representative Choi Dong-su will present the report.”
At Kim Ja-young’s direction, Choi Dong-su rose from his seat.
“The Maritime Division and Business Planning Office have run simulations of two scenarios.”
Choi Dong-su laid out the prepared materials.
“Scenario 1: Acceptance of the DK Capital proposal. An inflow of 45 million dollars in sale proceeds, and through the Sale and Leaseback arrangement, we can reduce operating costs to approximately 1.7 billion won per ship monthly. For seven vessels, that’s 142.8 billion won annually.”
Choi Dong-su turned the page.
“The lease period has been agreed at five years. DK has secured cargo volumes of approximately 9,000 TEU monthly, so there will be no operational gap after the sale. Even after distributing 20% Revenue Share to DK, the current deficit is eliminated.”
The numbers were clear. Halt the deficit, keep the ships running, secure stable profits for five years. The board members’ eyes remained fixed on the materials.
“Scenario 2: Rejection.”
Choi Dong-su’s voice grew quiet.
“A 5 billion won monthly deficit continues. Container freight rates are currently at 540 dollars per TEU, far below the cost of 800 dollars. Considering the Dubai moratorium and global economic uncertainty, recovery of freight rates is expected to be much later than previously forecast.”
Choi Dong-su paused briefly, then continued.
“European bank financing for ships is shrinking, shipper volumes are declining, and competition among shipping companies is driving rates down. Currently, no one besides DK has expressed acquisition interest, and as the secondhand ship market tightens, sale itself may become impossible.”
Scenario 1 had a path forward; Scenario 2’s path was blocked.
“That concludes my report.”
As Choi Dong-su finished his presentation and returned to his seat, Kim Ja-young surveyed the board members.
“Any questions?”
Not a single board member could speak. That trend they had wanted to observe had shifted in the opposite direction. One week had been enough.
Before the numbers, dignity meant nothing.
“If there are no questions.”
Kim Ja-young wrapped up.
“We will vote to proceed with the ship sale and Sale and Leaseback contract with DK Capital. All in favor, please raise your hands.”
Every board member’s hand went up.
It was unanimous. An agenda that had dragged on for over a month passed without a single question.
“The resolution is approved. Thank you for your efforts.”
The board members began to rise from their seats. Kim Seok-jun gave Kim Ja-young a light nod. Kim Ja-young nodded back.
It was a moment that needed no words.
Once the board members had left, Kim Ja-young spoke to Choi Dong-su.
“Representative Choi.”
“Yes, Chairman.”
“Proceed with the contract execution. Let’s wrap this up as soon as possible.”
Choi Dong-su bowed his head.
“I’ll proceed immediately.”

* * *
“It’s done.”
Danny opened the office door and came in. His expression was brighter than when he’d returned five days ago after meeting with his mother and finalizing the contract directly.
“The board voted unanimously in favor. I’ve never seen Choi Dong-su’s face light up like that before.”
Danny dropped onto the sofa and continued talking. Today Danny had gone to finalize the ship purchase contract with Seonjin Trading.
“We processed the deposit payment right away too. They’re in a hurry.”
“You did well.”
“I didn’t do much. But like I said before—Kim Ja-young really is an impressive person.”
After meeting with my mother and returning, Danny had praised her every time he saw me.
“That line about answering goodwill with goodwill because they showed it first—I’m going to use that with other people too.”
That’s the mother I know. She always repays kindness when someone shows it first.
“I learned a lot doing this deal.”
Danny looked at me and continued.
“By not changing the conditions alone, Kim Ja-young’s attitude shifted…….”
Danny laughed.
“You said it—reputation becomes a weapon. Honestly, I only half-understood it then. Not changing conditions means missing the chance to earn more money, right? But sitting down face-to-face, I got it. Not changing the conditions itself becomes a message to the other party.”
“You did well, Danny.”
At my words, Danny shrugged his shoulders.
“I want to learn those parts from you. I feel like I haven’t really done anything, yet it feels like I have. I should try using that with our staff too.”
“Ha-ha-ha.”
“I’m serious. You’re really…… I always feel it, but you’re amazing. I’ve met a lot of people, but geniuses like you are definitely different.”
Though there’s no one who dislikes praise, every time I heard such things, I felt embarrassed. They didn’t know that I was living a second life.
“I’m thinking of developing DK more seriously from here on.”
Before it got even more embarrassing, I changed the subject.
“Not just Seonjin, but we need to become an investment firm that influences major corporations.”
“I’ll take care of it. It’s not something you can oversee forever anyway, and like you said, I won’t fall short as your representative.”
I nodded in agreement.
For DK Capital to become my hands and feet in Korea, Danny needed to build his own credibility in this market.
“How was it? Not bad for a first deal, right?”
“Definitely.”
“Then give me some money.”
“Money?”
“Our staff worked hard too. I should at least buy them dinner.”
“Doesn’t DK have a corporate card?”
“Come on, is that the same? Money from the owner’s wallet is the real reward.”
At Danny’s banter, I chuckled and pulled out a card from my wallet, handing it to him.
“Use as much as you and the DK team deserve for this job.”
“Really? What’s the limit on this? I’ll use it all up.”
Danny said so with a slight smile, and I shook my head as if to say he was hopeless.

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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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