InkBound
patreon
CH289 | Heir
🕑 Added 2025-09-21 05:38:18 +0000 UTCOne week later.
David arrived in Korea.
We waited for him in Captain Kang’s office alongside President Han, and in David’s hands was the contract for the OLED core technology.
“Boss! You’re looking well. America is like a war zone, but it seems Korea is still a safe haven, huh?”
“Compared to the U.S., the damage is less, but the repercussions are slowly coming. More importantly, hand over whatever you’re holding there.”
David handed me the contract.
It was the agreement transferring the OLED core technology to the fintech bank.
“For now, the contract is under the name of the fintech bank. If you want, Boss, it can be transferred to Taewoo Group anytime.”
“That can be done later. After all, it will take at least ten years before OLED is fully commercialized.”
“Maybe that’s why Kodak seemed willing to sell the OLED core technology without hesitation. Honestly, this was the easiest acquisition I’ve ever pushed through.”
“In times of war, everyone wants to load as many bullets as possible. Kodak probably needed cash to survive this conflict.”
The embers of the Lehman crisis had yet to die out.
If anything, they had grown into a massive wildfire.
“All companies are cash-strapped right now. And as you might have heard, a congressional hearing was held two days ago. The Big Three U.S. automakers all testified together—it drew intense attention.”
“I heard the hearing was a total mess.”
“They boldly requested $25 billion in bailout funds. Even if you’re in a position to beg, at least show some humility—wearing rags isn’t required, but showing up in a private jet? That’s over the line.”
I had watched the scene on the news myself.
The chairmen of the Big Three descending from luxury jets at Washington airport.
Their confidence was staggering—almost as if they were demanding money that had already been entrusted to them.
“The U.S. public opinion must be absolutely freezing.”
“The chairmen got a serious scolding at the hearing. Some congressmen even said they couldn’t approve bailout funds because if they were wealthy enough to arrive on private jets, they shouldn’t be asking for handouts.”
President Han, who had been listening, opened his laptop.
He pulled up a U.S. stock market site and showed us the Big Three automakers’ stock prices.
“They’ve hit the lowest point since 1929. That was the year of the Great Depression in America. The stock has fallen even further than during the worst period in U.S. history.”
“If they had focused only on the auto industry, it wouldn’t have dropped this much. But since they also got involved in housing bonds, this is the result.”
“Housing bonds are part of it, but revenues have also dropped by 45% compared to last year. And looking at the overall S&P 500 index chart, the market has halved in just one year. The worse news? Analysts are predicting it will fall even further.”
I nodded at President Han’s analysis.
I too expected stock prices to continue falling at least through the first quarter of next year.
“Given the situation, even if the Big Three chairmen caused a mess at the hearing, the U.S. government will still step in with bailout funds, won’t they?”
“Perhaps not immediately, but after one or two months, once public opinion calms down, they’ll provide support.”
“I heard from someone at the Treasury that the amount would be around $18 billion.”
“That’s just a drop in the bucket.”
$18 billion was less than the Big Three’s annual deficit.
It wouldn’t be nearly enough to save them. For GM, which had the worst financial structure, it would only delay the inevitable bankruptcy.
“The current administration seems focused only on putting out the immediate fire. Even if the companies go bankrupt, waiting until the next administration takes office allows them to avoid responsibility.”
“Obama’s election must be giving them a serious headache.”
“Perhaps that’s why the campaign contacted us again. They specifically requested that Boss attend the inauguration.”
If a VVIP calls, of course, you go.
But if they don’t offer the benefits I want, I have no intention of acquiring the U.S. automaker.
“That can wait until next year. By the way, did you hear that Taewoo Group will host the Baekseon Arts Awards this time?”
“I heard through President Han. Knowing your style, Boss, it won’t be a modest ceremony—it’ll be a massive spending event.”
“I plan to really splurge. So here’s the thing: I want to invite senior figures from the U.S. and European film industries as presenters. Is that possible?”
“It’s not impossible, but there will likely be many conditions attached.”
It was the first time Taewoo Group was hosting the Baekseon Arts Awards.
So naturally, we wanted to show an upgraded version compared to previous ceremonies—both in scale and in the presenters invited.
“Accommodate the conditions as much as possible. If necessary, cover the entire cost of film production, just make sure the masters come.”
“If that’s what Boss wants, we’ll make it happen. I’ll reach out to renowned figures in Korea who are well-known to the public.”
That was the serious business out of the way.
To celebrate David’s visit to Korea after a long time, we set up a casual drinking table.
Though it was nothing fancy—just a few cans of beer and some snacks—the relaxed atmosphere and good company made everyone laugh and enjoy their drinks.
***
The next morning, early.
There were still two hours before the staff would arrive at the office, and only a handful of people from the executive secretariat had come in.
“Chairman, Cheon Min-jung from Taewoo IT is here to see you.”
“Right now? Since when has she been waiting?”
“She’s been waiting for about thirty minutes.”
“Then have her come in immediately.”
Team Leader Cheon Min-jung was waiting for me this early in the morning.
There were only two possible reasons she wanted to meet me at this hour: a serious problem had arisen, or she had something worthy of praise.
“Chairman! The launch response for League of Champions has been amazing! It’s causing a huge buzz not only in North America but also in Korea!”
“You came early to get praise? Reports like this can wait until the afternoon. Why not get some sleep instead?”
“…Actually, I didn’t sleep at all. I kept checking the number of users by the minute and monitoring the related community reactions, and before I knew it, it was this time.”
I looked closely at Cheon Min-jung’s face.
Her pale skin made the dark circles under her eyes stand out even more.
“Then take a break for now.”
“I’d like to, but there’s still so much to do. Bugs keep appearing that we haven’t fixed yet, and we need to respond in real-time to minimize user complaints.”
“It’s beta testing, so the users will understand. If you push yourself too hard from the start, you’ll burn out later and have to give up. And thank you for your hard work. Without you, Cheon Min-jung, this success wouldn’t have been possible.”
I gave her the praise she wanted, freely and sincerely.
Cheon Min-jung lowered her head deeply and gave me the answer I was hoping for.
“Then I’ll rest until the morning and return to work after that.”
“It’s fine to rest until the afternoon.”
“Alright, I’ll go for now.”
Team Leader Cheon Min-jung bowed deeply and left the room.
As soon as she stepped outside, the Planning Director, who had been waiting, entered the chairman’s office.
“Did you scold Team Leader Cheon?”
“Of course not. Why would I scold her?”
“I thought so because her face was flushed red, and it looked like she had been reprimanded.”
“She must be exhausted. Director, what brings you here this early in the morning?”
“I came to report on the acquisition of Hankyung Ilbo and matters related to the Baekseon Arts Awards.”
We hadn’t acquired the entirety of Hankyung Ilbo.
Instead, we acquired just the sports newspaper that owned the Baekseon Arts Awards, and the Planning Director reported the process in detail.
“The acquisition seems to have been completed without any issues.”
“Thanks to the full support of the Samsung Group, neither the Juan Group nor Hankyung Ilbo made any unreasonable demands, and they handed over the shares smoothly.”
“That matter is mostly settled. How is the shipping industry these days? I imagine it’s facing difficulties due to the Lehman crisis.”
The Lehman crisis wasn’t simply an economic problem in the U.S.
It triggered a prolonged global economic downturn, hitting the shipping industry especially hard.
“The shipping industry is in a serious situation. Hyunjin Shipping has been the most affected, and companies like Taewoo Motors and Taewoo Electronics, which rely on export-driven sales, are also expected to suffer some losses.”
“Most of Taewoo Group’s products are exported by ship, so it’s only natural that we’d be affected as well.”
Korea was only just beginning to feel the effects of the Lehman crisis.
The first sector to react was the shipping industry, and the situation at Hyunjin Shipping was particularly severe.
“Still, the shipping arm of the Hyundai Group is holding strong, so there’s no need for major concern.”
“Hyunjin Shipping must be in serious trouble, then.”
“Ever since Chairman Jo of Hyunjin Shipping passed away two years ago, things have not been going well.”
“Wasn’t the company being managed by Chairman Jo’s wife?”
“That’s correct. Mrs. Chu Young-hee, Chairman Jo’s wife, took over as CEO. As a result, there’s been internal conflict over management control within the Hyunjin Group.”
A royal-style succession struggle was also unfolding within the Hyunjin Group.
As with the Hyundai Group, when the top leader passed away, a power struggle over management was inevitable.
In the case of the Hyunjin Group, it was particularly complex because the deceased chairman’s wife, siblings, and children all participated in the battle for control.
“To defend control over Hyunjin Shipping, a large amount of capital will be necessary. I’m certain they’ll try to liquidate their major ships and assets in a hurry.”
“I’ve already heard rumors that Hyunjin Shipping has been meeting with Chinese and Japanese shipping companies.”
“Hmm, I should arrange a meeting with Chairwoman Chu myself.”
“Are you planning to help? Even if Hyunjin Shipping struggles, Hyundai Group’s shipping company exists, so exports won’t be significantly affected.”
There were multiple shipping companies in Korea.
So even if Hyunjin Shipping were to fail, there was no pressing reason for us to intervene.
But the situation was different if the goal was profit rather than assistance.
We couldn’t allow assets being sold at rock-bottom prices to fall into the hands of foreign companies.
“Hyundai Group’s shipping company isn’t exactly thriving either. The entire Korean shipping industry is facing difficulties. We should secure insurance in advance, don’t you think?”
“Do you mean Hyunjin Shipping’s major ships are insurance? The premiums would be far too high to call it insurance. Given the Lehman crisis, the economic downturn is projected to last at least ten years.”
Just like in the semiconductor industry, the shipping sector had cycles: ten years of boom followed by ten years of bust.
The Planning Director knew this cycle well, which was why he referenced the ten-year period.
“That’s why we need to make contact now. It’s a chance to acquire ships and assets for just 10% of their value.”
“Even so, would Chairwoman Chu really sell ships at such a bargain?”
“Right now, it’s better to buy time than face immediate collapse. If she refuses to sell, we can always walk away.”
“Then let’s schedule a meeting with Chairwoman Chu immediately.”
The shipping industry wasn’t generally a source of quick gains.
The next boom cycle wouldn’t arrive for at least ten years.
But if we could acquire Hyunjin Shipping’s assets at 10% of their value, waiting ten years was a small price to pay.
