Free Web Novel“Let’s head in for now.”
As absurd as it sounded, this was reality.
I stifled a dry laugh and climbed the stairs.
When I reached the third floor, a large glass door came into view. Next to it was a prominent sign that read “Hyunbo Group,” with a list of subsidiary names written beneath it.
Had it not been for the sign, I would’ve passed it by without a second glance—it looked that ordinary.
A man who had seen us through the glass door stepped outside.
“What brings you here?”
“I have an appointment with the chairman.”
“With the chairman?”
He looked me up and down with an expression that clearly read, ‘What kind of young guy has an appointment with the chairman?’
“I’m from Myeongdong.”
“Just a moment.”
The man turned and shouted inside.
“Hey, Assistant Manager Han! Call the secretary’s office and check if there’s an appointment with the chairman.”
I nearly laughed again but held it in.
The interior looked fairly spacious, but still—this was a company that had ranked 18th among Korea’s business conglomerates and had once climbed to 14th before facing bankruptcy...
Even seeing it with my own eyes, I could hardly believe it.
“He said you can come in.”
His manner was almost comical, but I kept a straight face and followed the employee to the chairman’s office.
Just stepping through one door led into a completely different world.
How much money did they sink into this place?
The chairman’s office was a world apart from the outside.
Even to my untrained eye, the paintings on the walls looked expensive, and the decorations, the sofa—everything was top-tier.
“You’re Chairman Cheon’s representative?”
Chairman Jang sat on the sofa, looking at me. He was slightly younger than my grandfather or Chairman Song, with dyed hair instead of gray.
It was oddly emotional to see the face I’d only seen in the news before.
But his first impression... was a total zero.
“Yes, I’m Kim Muhyuk.”
“So you’re his grandson. How old are you?”
Suppressing a smirk, I answered.
“I’m twenty-two. But Chairman, is this how Hyunbo treats its guests? No offer to sit, just firing off questions like an interrogation. Even Chairman Song of Daehyeon wasn’t like this.”
“What? Hahahahaha! You’re quite the character, aren’t you? Alright, sit down.”
Sure. Let’s see how long you keep that smile.
I sat without another word.
Chief Ma, standing behind me, handed me an envelope.
As I accepted it, Chairman Jang gave Chief Ma a probing look and asked,
“So why did you ask to meet? Where’s Manager Ha? Why’d a youngster like you come instead?”
He was trying to assert dominance with his age, but I didn’t bother to respond.
“I handle most matters now. More importantly, Chairman, about the convertible bonds—I’m considering settling them.”
He didn’t seem too surprised.
“I’ve been paying interest on time, haven’t I?”
“We’re currently in the process of liquidating assets. I’m afraid we have no choice. Other companies are being reclaimed as well.”
“Hmmm...”
Chairman Jang stroked his chin, lost in thought.
There was no need for me to elaborate.
I’d already confirmed their financials—there was no way they could repay the debt. His answer was obvious.
“It’s difficult at the moment...”
Just as I expected. He dragged it out, but we both knew he’d end up saying that.
“Then I’ll convert to equity. Or I could sell the bond—with a premium—to another firm.”
“What?”
There are times when a debtor becomes the one holding the power.
A debt of one or two million won? The creditor’s in charge. But as the amount grows, the debtor becomes the one in control.
Creditors end up coaxing and appeasing the debtor just to recover something.
He probably knew how scary my grandfather was, which is why he never missed an interest payment. But if that bond ended up in someone else’s hands, it could threaten his control over the company. No—it absolutely would.
He must have borrowed in a hurry during the tough times of the '80s, never expecting that loan would become the blade at his own throat.
I never intended to collect in cash anyway.
“If I convert the convertible bonds into Hyunbo shares I currently own... well, I’d have to calculate it, but I imagine it would make operations very difficult for you. Are you prepared for that?”
What I was really after was the land under Eunmi Apartments.
After Chairman Jang fled the country, the tax authorities had tracked it relentlessly but failed to seize it.
On top of that, I planned to take the rest of his real estate holdings—by slapping on a generous premium to the principal, of course.
“You...”
Chairman Jang’s face turned red, then pale.
“Chairman. If you’re underestimating me just because of my age, you’d better reconsider. I carry my grandfather’s blood. I do whatever brings profit.”
He opened his mouth, then shut it, gaping like a fish.
A cold smile curled at my lips.
“You’re a businessman, so I’ll keep it simple. If you want this bond back, you’ll need to pay the amount stated on the bond—plus a premium. Otherwise, I’ll convert it to stock.”
Since the shares weren’t listed, there wasn’t a fixed price. But controlling shares always carry a hefty premium.
Chairman Jang raised his voice.
“When I made the deal with Chairman Cheon, we agreed that the bonds would never be converted into shares! Do you even have the authority to change that?”
Of course my grandfather made that promise.
He lent the money on the condition that the bonds be issued at the top of the circular shareholding structure for stability.
He had no interest in company control, which is probably why they were desperate enough to borrow from him.
But I was different.
“I now hold full authority over these bonds. If you’d like, feel free to call and confirm.”
Chairman Jang urgently picked up the phone and dialed somewhere.
*** frёeweɓηovel.coɱ
“Pyeongchang-dong residence.”
—“Manager Ha, it’s Jang Taeho from Hyunbo. Can I speak with Chairman Cheon?”
“Please hold.”
Manager Ha knocked on the study door, phone in hand.
“Chairman, it’s a call from Chairman Jang of Hyunbo.”
“Patch him through and come in.”
“Yes, sir.”
Chairman Cheon accepted the phone from Manager Ha.
“Yes, Chairman Jang. What’s going on?”
—“Chairman Cheon, what is the meaning of this? This isn’t what we agreed on.”
“What are you talking about, man? Calm down and explain yourself.”
Chairman Cheon furrowed his brow.
Chairman Jang’s voice lowered slightly, perhaps realizing he’d overstepped.
—“Your grandson showed up and demanded to take the bond with a premium, or else he’d sell the stock and bond to someone else for a higher price. Isn’t that extortion?”
“Heh.”
—“This isn’t something to laugh about! You clearly said there would be no stock conversion!”
Chairman Cheon let out a dry laugh at the indignant tone.
—“How can anyone do business with you after this?”
“Now hold on, Chairman Jang. Are you trying to lecture me? You were bowing your head asking for «N.o.v.e.l.i.g.h.t» money when you needed it. But once the banks and mutual finance companies started lending, you stopped even pretending I mattered.”
—“That’s not what I meant.”
“Enough. I’ve already handed everything regarding that bond over to the boy. Handle it with him. Goodbye.”
He hung up without even waiting for a response.
As soon as the call ended, the irritation melted from Chairman Cheon’s face, replaced by a deep smile.
“Myeonghun, that rascal Muhyuk’s really speaking his mind—even to a conglomerate chairman.”
“He’s not the type to get intimidated, sir.”
“Of course not. Can’t have him shrinking back in front of others. I wonder how much he’ll squeeze out of Jang Taeho.”
Laughter echoed through the study for some time.
***
“Chairman! Chairman!”
Chairman Jang shouted in disbelief, still clutching the receiver.
I had to cover my mouth with my hand to hide my smirk.
He lowered the phone in a daze, then glared at me as if he could kill me on the spot.
“Did the call go well?”
“Are you mocking me?”
“Perish the thought. I wouldn’t dare mock you, Chairman.”
“Haa... Fine. How much do you want?”
The bond’s stated amount was 5 billion won.
But time had passed, and this wasn’t something you could value in simple cash.
“Twenty billion.”
“What? Are you insane...?”
“It’s not an unreasonable price. You know very well I could get even more elsewhere. Or shall I take my leave?”
For the first time, I truly admired my grandfather.
Regardless of interest rates, maturity, or returns—he never sold bonds like this to anyone.
“Haa... Look, young man. There’s such a thing as business ethics. Isn’t four times the original amount a bit much? I’ll double it. Ten billion. Just give me a month.”
He must be planning another shady loan.
Using a company name for the kind of deal a bribed loan broker might arrange. Just another thug in a suit.
There was no value left in negotiating.
“Then I suppose the deal is off. Once I walk out of here, you’ll never see me again.”
As I stood to leave without hesitation, Chairman Jang hurried to stop me.
“Wait, wait. No need to rush. Let’s talk.”
He picked up the phone and made a call.
A moment later, another man entered.
The two of them moved away from me to the corner and talked quietly.
After a long exchange, they approached me again.
“This is our CFO. He says repayment isn’t feasible right now. Could you give us just one month?”
“If it’s not settled today, I’ll pass everything along—Hyunbo shares and all subsidiary stock included.”
If I dumped my Hyunbo-related shares, I could probably get around 10 billion won.
But with the convertible bond and Hyunbo Corp. in the mix, I was confident I could fetch a massive premium anywhere.
The CFO, who had been listening silently, finally spoke up.
“Just tell us what you want. You clearly know everything already. What’s the point in dragging this out?”
He was a numbers guy—he must have figured out my goal.
He didn’t avert his gaze.
“Let’s value the Hyunbo-related shares and this bond at fifty billion. You know how many shares I have.”
“Haa... That’s quite the premium.”
“I think it’s a fair valuation. You understand what I mean, don’t you?”
The CFO glanced at Chairman Jang, then sighed and nodded.
“You know we can’t come up with cash right now. So what do you want in exchange?”
“There’s about 600 pyeong of land inside Eunmi Apartments. It’s unregistered.”
The CFO’s eyes widened.
Chairman Jang also looked shocked.
“How do you know about that?”
“That’s not important. Also, the remaining plot in Daechi-dong, right? About 1,000 pyeong? The one Hyunbo Construction has been holding for a future building.”
“...”
The CFO said nothing, stunned.
Frustrated, Chairman Jang finally spoke.
“How do you know our company’s inner workings so well? Do you have someone on the inside?”
I let out a snort and replied.
“I’m Chairman Cheon Taesan’s grandson. Is that enough of an answer?”
“...”
“Even by current market prices, that land’s worth about forty billion. But I factored in a premium for the Eunmi Apartments land.”
That plot inside the complex would sabotage the redevelopment of Eunmi Apartments.
After Chairman Jang fled the country, the tax authorities tried to register and seize it to recover unpaid taxes and prepare it for public auction.
But some members of the redevelopment committee and residents filed lawsuits, delaying the process.
As of 2020, the redevelopment still hadn’t happened.
As for the 1,000 pyeong in Daechi-dong—I intended to build my kingdom there. Enough space to erect multiple buildings.
“So, make your choice. The land or the group. You can sell everything else and keep that land for me under specific terms.”
This was the only thing worth taking from Hyunbo Group.
The two men exchanged glances, cold sweat dripping down their temples.
