Chapter 41
Chapter 41
Translation: Godtl
"I expected some pushback, but the resistance is fiercer than I imagined."
"Honestly, even if it were you, hyungnim, the construction cost alone is 5 trillion won. Do you really think they'd hand over a building that'll be worth 7 trillion once the hotel opens for a mere 2 trillion?"
"Absolutely not. If I were Oh Jae-hyun, I'd be marching into the company with a gas canister."
This is why contracts are terrifying.
They say you shouldn't stamp documents carelessly anywhere.
This is what happens when you fall into the clutches of unscrupulous people.
Of course, it's not like our president deliberately inserted those clauses intending to seize LK Tower.
"I guess this is why political connections matter. They're throwing their weight around with sheer unreasonable demands."
"Hyungnim, don't you have any connections that could reach them?"
"Hey. Even if I did have connections, the sheer scale difference between LK Group and our Gwangun is massive. Do you really think that would work?"
LK is a conglomerate.
And we're just a single securities firm.
The difference in scale is unavoidable.
"What if LK tries to raise funds by selling off subsidiaries?"
"It's not impossible. The problem is that divesting subsidiaries isn't as easy as it sounds. LK's core business is hotels—they can't easily sell that off. And if they try selling other assets, most companies right now don't have spare capital to invest."
"I heard that aside from the 900 billion they owe us, their commercial paper keeps getting returned?"
"The Brexit situation was the final blow. While the 900 billion they owe us is important, plugging the holes from other defaults is more urgent right now."
From the China Shock to the European terror attacks, and now the UK's sudden announcement of leaving the EU—
With global markets in such turmoil, countless companies are struggling right now.
In this climate, who would acquire a subsidiary of LK Group, which already has poor public sentiment?
And pay thousands of billions for it?
It wouldn't be easy.
"In the past, we had big deals and frequent M&As. But those only work when there's growth potential. Why do you think advanced economies like ours are seeing growth rates freeze? It means we've already hit our growth limits."
It's the common trajectory of developed nations.
Even the U.S. stubbornly maintained zero interest rates precisely because no growth was visible—they kept rates at 0% just to encourage spending.
"And the biggest issue is the acquisition cost. If LK Group truly can't withstand our pressure and waves the white flag, we'd have to buy it for 2 trillion won. Even deducting the 900 billion they owe us, that's still 1.1 trillion. And that's not all—there's also a staggering 700 billion won in bank loans tied to LK Tower."
"The numbers keep piling up."
"Right. The bank loans could be repaid gradually, but LK Tower was designed with hotel operations in mind from the start. Figuring out what to do with it is another headache..."
Lately, he's been complaining to me constantly about this, clearly distressed.
LK Group using political pressure against Gwangun Securities is one thing.
But actually taking over LK Tower brings its own set of problems.
"Hyungnim. I have an idea."
"What is it?"
"It might not be a good one."
"What are you talking about? Jin-ho, any idea you propose would be our best option. What is it? Tell me."
I recommended that company I'd thought of when talking with my sister last time.
"How about reaching out to Baekje?"
"Wait. Baekje? Baekje Hotel?"
"Yes. I heard Baekje Hotel competes with LK Hotel for the top two spots. They might see this as a golden opportunity."
At those words, hyungnim's expression changed.
It was like watching someone shout "Eureka!" with their face alone.
＊＊＊
"Everyone, stay sharp. If this deal goes through, it'll be massive. So if anything's needed, we'll be the first to coordinate with each department to provide materials. And most importantly—whatever gets discussed in today's meeting, you forget it the moment it leaves your head. Understood?"
Today, Baekje Hotel's headquarters was on high alert.
Gwangun Securities and Baekje Hotel.
Two companies that seemed like unlikely partners had scheduled a meeting.
And it was all about the LK Tower project rights.
"Yun-ah, your role is crucial. If anything's needed in the meeting room, you'll relay it immediately to us outside. And you've prepared the presentation materials well, right?"
"Yes, Manager. I've prepared thoroughly."
"Good. I'm counting on you, Yun-ah."
Jeong Yun-ah was flustered by this sudden commotion but tried hard to maintain her focus.
'But Gwangun Securities... that's where Oppa works.'
She'd discussed the LK Tower project with her brother before.
Who would've thought negotiations between these two companies would materialize so suddenly?
Was it coincidence?
It felt too perfectly timed to be mere chance...
"Alright everyone, stay sharp. The Gwangun Securities team will be arriving shortly."
Soon, the Gwangun Securities representatives entered the headquarters.
At that moment, Yun-ah's mouth fell open unconsciously at the sight of a familiar silhouette in the distance.
"Huh?"
The figure seemed to sense her gaze too, meeting her eyes with a knowing smirk.
'O-Oppa?! Why is he here?!'
***
Baekje Hotel.
A subsidiary of Kangsung Group, South Korea's top conglomerate, with Kang Tae-san's granddaughter serving as CEO.
Overseeing both hotel and department store operations, she'd been keeping a hawk's eye on LK Group's movements - their greatest rival in the industry.
That's why she must have popped champagne when LK Group's management struggle caused them to lose their duty-free shop license.
But LK Hotel's stronghold remained unshaken.
Because of LK Tower.
If that project launched as planned, LK would maintain its top position forever.
"..."
I'd come to Baekje Hotel's magnificent headquarters for today's negotiations.
But my gaze kept drifting toward my little sister standing by the wall.
She looked thoroughly startled too, clearly not expecting to see me here.
"This was rather sudden, so we truly appreciate you accepting our request, CEO."
"The pleasure is entirely ours. We should be thanking you for giving Baekje this opportunity."
We exchanged business cards and greetings one by one.
I shook hands with CEO Kang Mi-ra.
"Jeong Jin-ho, Department Manager."
Seeing someone I'd only watched on TV up close gave me an odd sense of familiarity.
"Department... Manager?"
But her gaze clearly questioned why someone below executive level was present.
"Well, pleased to meet you regardless."
After brief introductions, CEO Kang Mi-ra got straight to business the moment we sat down.
"By reaching out to Baekje Hotel, you must be considering the hospitality business?"
"Correct. Even if we acquire LK Tower, we have no experience in hotel operations. Completely overhauling their existing system would be too time-consuming and costly. We determined it wiser to partner with an established player."
One side needed an operator for their hotel.
The other needed to reclaim South Korea's top hotel position.
This deal was mutually beneficial.
"Then let's cut to the chase. What price range is Gwangun Securities considering?"
Therein lay the problem.
What was the right price for hotel management rights?
This was precisely why I'd attended today's meeting.
My intuition failed me when trying to determine the exact valuation.
But there was no need for major concern.
My superiors had already discussed figures internally with executives.
"What does Baekje Hotel propose? We'd like to hear your thoughts first."
"Very well. Let me present Baekje Hotel's position first."
At CEO Kang Mi-ra's gesture, an employee stepped forward to display data on screen. The problem? That employee was my sister.
"With the current tourism downturn, hotel operations face challenging prospects. Additionally, Korea has several disadvantages as a tourism destination..."
My little sister.
They said she was quite respected at the company.
Her presentation was professional and confident - no signs of nerves.
I felt an unexpected swell of pride.
But her content suggested the hotel industry's struggles meant they couldn't offer a high price.
After the presentation, CEO Kang Mi-ra spoke.
"Based on this data, our maximum offer would be 900 billion won. We'll handle hotel operations while providing Baekje Hotel's premium services to tenants moving into LK Tower. We'll also share a portion of profits with Gwangun Securities as lease payments. What do you think?"
900 billion.
Seeing that even my hyungnim showed no particular reaction, it seemed the amount was within his expectations as well.
Especially the part about sharing the hotel profits from LK Tower—that was quite significant.
The terms seemed favorable, but that's precisely when it happened.
"...!"
The hand holding the pen began trembling uncontrollably the moment CEO Kang Mi-ra mentioned the price.
With a sinking feeling, I wrote down the price on paper.
The trembling wouldn't stop.
I kept raising the price incrementally.
1 trillion.
1.2 trillion.
1.3 trillion.
1.5 trillion.
Yet the trembling persisted.
Finally, I decided to jump straight to a much higher figure.
2 trillion.
"..."
Miraculously, the trembling ceased at that exact amount.
'Is this the fair price?'
I took a short, deep breath.
2 trillion won.
This meant demanding more than double the amount from a party that had offered 900 billion.
Even hyungnim seemed to be considering a figure just slightly over 1 trillion.
But 2 trillion won...
I gently nudged the back of hyungnim's hand where he sat beside me.
Then I showed him the amount written on my paper.
"...?!"
Hyungnim alternated between staring at the number and at me with wide, disbelieving eyes. I nodded firmly in response to the silent question in his shaken gaze.
"Ahem. May... may we share the amount Gwangun Securities has in mind?"
"Of course."
After a brief hesitation, hyungnim uttered the figure.
"2 trillion won."
"...Pardon?"
The room erupted in murmurs.
Not just the opposing executives—our own team looked equally bewildered.
"W-wait a moment. 2 trillion? We heard you're acquiring LK Tower for 2 trillion, but you're asking us to cover that acquisition cost?"
"Correct. However, Gwangun Securities will handle the 700 billion won in bank debt tied to LK Tower."
"But you'd be using our 2 trillion won to settle that debt anyway!"
CEO Kang Mi-ra's voice rose sharply, as if the amount was utterly absurd. The Baekje Hotel executives joined in the protest.
"..."
Hyungnim shot me another sidelong glance.
I remained motionless, giving no reaction.
Understanding the unspoken message, hyungnim gave a firm nod.
"Gwangun's set price is 2 trillion won. This is non-negotiable."
"Excuse me, Chairman. Even so, demanding we pay 2 trillion is—"
"Once I set my mind to something, not even a split heaven could change it."
Whether from speechless disbelief or frustration, CEO Kang Mi-ra rose from her seat.
"Let's all take a moment to cool our heads. Our team needs to discuss this privately."
"Understood."
Following their CEO, the Baekje Hotel executives streamed out of the conference room in a flurry.
The moment they left, our own executives immediately clustered around hyungnim.
"Chairman! 2 trillion out of nowhere?"
"Our initial assessment barely exceeded 1 trillion, didn't it? To suddenly double that figure—"
"I understand your concerns perfectly. But this was Manager Jeong Jin-ho's decision."
"Pardon? Manager Jeong?"
All eyes turned to pierce through me.
"Jin-ho."
"Yes, Chairman."
"You truly believe this is the correct amount?"
This wasn't a decision backed by outstanding data like my younger sibling's presentation—it rested solely on my intuition.
But didn't I know better than anyone?
That my intuition was more accurate than anything else.
"I believe 2 trillion won is the fair price."
Gasps rippled through the assembled executives.
"Manager Jeong. Even considering everything, jumping from 1 trillion to 2 trillion—"
"Exactly. What's the point of leveraging Baekje Hotel's strength? Kangsung Group stands behind them. If Kangsung acts as our breakwater, we can avoid political pressure and smoothly acquire LK Tower."
"But if negotiations collapse here—"
"Enough."
Hyungnim silenced the executives.
"Have you all forgotten? It was Manager Jeong Jin-ho who bought shares with 300 billion and brought us this far. Without him, would we have ever dreamed of targeting LK Tower?"
"Well... that's true."
I understood their reaction.
They simply couldn't imagine the other side accepting such terms.
Even I had my doubts—why would they be any different?
"Therefore, we proceed as Manager Jeong Jin-ho has decided."
But the Chairman had immense trust in me.
"Ask and double it."
＊＊＊
"How on earth did they come up with 2 trillion won?"
I thought I'd die from trying so hard to contain my anger that my face turned red.
I knew they were the kind of bastards who'd shake the entire LK Group with just 300 billion won and ultimately try to swallow the Tower whole, but I never expected them to be this brazen!
"This is an impossible amount. They clearly have no intention to negotiate."
"Exactly. 2 trillion won? We're not even acquiring ownership of LK Tower, yet they demand 2 trillion won!"
The executives were equally outraged.
Their initial estimate had been slightly over 1 trillion won.
That's why we'd started by offering 900 billion.
But to counter with more than double that amount?
These lunatics.
If we were getting the entire LK Tower, I'd understand.
But that's not the case.
We'd be paying 2 trillion won just for the hotel space within LK Tower.
In other words, we'd only be acquiring the hotel business, while ownership of the Tower itself remains with Gwangun Securities.
Moreover, Gwangun Securities would retain all rights to sell the residential spaces.
On top of that, we'd agreed to share hotel profits and provide services for residents, yet they had the audacity to demand such an outrageous sum.
This wasn't just highway robbery—it was beyond robbery.
'But when we mentioned 900 billion, CEO Hwang Dae-un showed no particular reaction.'
Was it after that Deputy Director Jeong Jin-ho showed him something that his attitude suddenly changed?
First of all, it was strange enough that someone with just a director-level title was seated at this meeting.
And sitting right next to the CEO? Highly suspicious.
What on earth could he have shown them?
"Hmm?"
At that moment, Kang Mi-ra blinked as a familiar name appeared on her phone screen.
"Everyone, please step out for a moment. I need to take this call."
"Ah, yes."
After clearing her throat, Kang Mi-ra answered the call.
"Oh my~ Chairman. To what do I owe this call? My apologies. I should have congratulated you first after hearing about your inauguration."
[President Kang. Are you meeting with that bastard right now?]
"That bastard? Who are you referring to?"
[Don't play dumb. Do you think I don't know about your little scheme with Gwangun Securities to swallow our LK Tower whole?!]
Hearing Chairman Oh Jae-hyun's seething voice actually improved her mood slightly.
Nothing is quite as thrilling as watching a competitor crumble.
"You should've gotten along better with your family. Why did you have to escalate the internal feud and attract such bandits?"
[What?! No... sigh President Kang. Listen carefully. Those Gwangun Securities bastards are complete thugs. They're trying to extort us with absurd prices. They'll probably do the same to you, won't they?]
That made her flinch momentarily.
[But Hwang Dae-un, the CEO of Gwangun Securities—he's not the real player here. There's someone else behind him. There's a puppet master who started with our LK Group and is now playing with Baekje Hotel too!]
"So you're telling us to gracefully back out?"
[Yes. Don't get greedy and just give up on LK Tower. I'll compensate you generously if you do.]
"For me, the best compensation would be you stepping away from LK Hotel. If we let LK Tower open as is, we'll never reclaim the industry's top position, will we?"
[No. President Kang. Don't you understand what I'm saying? We're being played by someone right now. We should cooperate to—]
"I understand perfectly. But Chairman, you should focus on putting your own house in order. Don't stick your nose in other people's business. I'll hang up now."
[President Kang. W-wait!]
Click.
Kang Mi-ra ended the call.
It gave her a strange sense of satisfaction to imagine Chairman Oh, who'd always been a thorn in her side due to their hotel business rivalry, stomping his feet in frustration.
Moreover, Kang Mi-ra could sense it—
Chairman Oh was absolutely terrified right now.
Why would Gwangun Securities want to join hands with Baekje Hotel?
Because LK Group is squeezing every last won they can to pressure Gwangun through political channels.
That's why Gwangun doesn't want this dragged out—they're trying to quickly secure the Tower by leveraging the might of Kangsung Group behind Baekje Hotel.
"And those bastards demanded 2 trillion won?"
It was utterly infuriating, but what if Baekje abandoned negotiations now?
This would be no different from throwing away the perfect opportunity to cut off LK Hotel's lifeline.
"Even so, 2 trillion won seems way over the line."
We'll have to negotiate somehow.
With that thought, she rose from her seat to return to the meeting room.
"But what did he mean earlier?"
Suddenly, Chairman Oh's desperate words echoed in her mind.
"That there's someone pulling Hwang Dae-un's strings from behind?"