The Trap of Money
Min-ho's position, which the employee had assumed was that of a mere manager, turned out to be representative—CEO of the company. The first step for this fledgling enterprise was none other than acquiring a newspaper. No further explanation was needed.
President Jo instantly grasped that Min-ho was no ordinary man. He sprang up from his seat, bowing his head in apology.
"I'm sorry for the rudeness."
"It's fine. This is an important matter, and you couldn't just air your dirty laundry carelessly."
"Thank you for understanding."
"It'll come to light eventually, but until then, I'd appreciate your discretion."
"I've been in journalism for 35 years. You don't need to worry about confidentiality."
"You must have a lot of questions for me."
Wiping the sweat from his brow, President Jo cautiously broached the main topic.
"I'm curious about the acquisition price you're considering."
"If you want that answer, there's something you need to tell me first. The situation is worse than I thought."
President Jo gave an awkward smile as he replied.
"As you can see. Things got tangled up once, twice, and now it's come to this."
"Explain your relationship with Namdo Group in detail, and I'll give you a hint on the price."
Exposing his secrets was like spitting in his own face. For President Jo right now, just not starving was a miracle. With no way out, he had no room to be picky. After a long hesitation, he carefully opened his mouth.
"You may have seen our Yeonggwang Ilbo, but 80 percent of our ads came from Namdo Group."
"Unfortunately, that's the past tense. Things are different now, right?"
"Yes, it started early last year. Suddenly, Namdo pulled all their ads."
"The blueprint was finished long ago; they were just timing the strike."
"I know full well, but what power do I have? I rushed to Chairman Han Du-hak, but he gave me the cold shoulder."
A newspaper's main revenue is advertising. For Yeonggwang Ilbo, so heavily reliant on one company, it was as good as Han Du-hak holding the leash. With income plummeting, President Jo dipped into reserves to hold on—but only for a few months. The money dried up fast.
"As the cash flow tightened, I had no other options. I took out a bank loan using the building as collateral, but that was just a stopgap."
"You wrapped your frostbitten feet in the worst possible way."
"Eventually, I couldn't even pay the interest, and all bank loans dried up. By then, I was blinded—only thinking about survival."
"And so you reached out to Namdo Group of all places?"
"That... it's the biggest regret of my life."
As if berating his own poor judgment, President Jo clutched his head with both hands, looking utterly tormented.
"Truth be told, this building already changed hands a while back. Reporters' salaries are four months overdue... We're paying as money comes in, but it's woefully short."
"Excluding Namdo funds, how much receivables are outstanding?"
"We owe a mountain to Chungmuro folks too. Collection calls everywhere, no way out... To put it bluntly, it's hell."
"You're trapped in a wheel lined with thorns."
"Exactly. To avoid one thorn, you stretch your legs—only to hit another. Dodge that, and there's more. It's an endless vicious cycle."
Namdo Group's scheme was blatantly deliberate, but powerless President Jo had no escape. No end to the horrific loop in sight, he was left a wretched shell, just waiting to die.
"What's the total debt?"
"Just what we borrowed from Namdo is over 600 million won, and with miscellaneous receivables, it's easily a billion."
"Factoring in reporters' salaries, you'd need at least 1.1 billion to normalize."
Acquisition by Athena was the best outcome for President Jo. Still, he was caught in that thorny wheel. He let out a sigh like the earth was caving in, then barely managed a reply.
"The biggest problem is Namdo Group."
"I know. They've already set up the screen. If I hadn't stepped in, this would've gone to a sole bidder."
"You know your stuff. All five are firms living off Namdo's scraps. They'd fake their deaths if ordered."
"Right now, Athena is your only alternative."
"Yes. I have nothing left to do."
Finishing his answer, President Jo rose and slowly approached Min-ho. With grim resolve, he took heavy steps, shedding his last scraps of pride with each one. Kneeling before Min-ho, he begged for salvation.
"My juniors out there... they followed only me here. I don't care what happens to me, but please, I'm begging—save them at least."
His face was haggard, but his eyes burned with life. His earnest plea was enough to stir Min-ho's heart. Without a word, Min-ho helped him to his feet. He opened the president's office door briefly, gazing at the newsroom.
-Deadline's closing in—hurry up!
-How'd that interview go?
-Kim, the ad space is gone—fill it with more copy!
The reporters toiled desperately, chasing scoops to save the paper. You see humanity's true colors when you're down. Trapped in the basement with no debts of their own, they squeezed out every ounce to survive. Min-ho was certain: reporters like these could accomplish anything.
Closing the door, Min-ho sat back down.
"As you know, if Namdo and I go head-to-head with money, you can't win."
"I know no mid-tier firm can beat Namdo."
"You have a map?"
"Pardon? Maps are everywhere. Here."
Min-ho spread the map across the desk. Studying it intently, he circled a spot near the Nakdong River with a pen. President Jo, with no clue, asked,
"Why mark there?"
"You have two most trusted reporters?"
"Of course."
"Send them there."
At Min-ho's out-of-left-field command, President Jo balked.
"It's too hectic right now—hard to spare them."
"Want to become Namdo's mouthpiece? Or work freely under Athena?"
"The latter, no question."
Pointing at the map, Min-ho stated clearly,
"Here's the secret to killing Namdo Group. Send them now."
"Understood."
***
Min-ho wasn't the only one moving fast. After acquiring Daehan Mobile Communications and renaming it JK Telecom on Min-ho's advice, Chairman Kang had no time to rest. Even en route, Moon the butler continued his report.
"This month's pager subscriber numbers and the executive list you requested."
Sighing at the thick file, Chairman Kang said,
"People are such schemers. Wandering the mountains alone felt a tad lonely back then... Now, out in the world, I'm busier than ever and miss those days. What about you?"
"You always say every matter has pros and cons. I feel the same."
Adjusting his thick glasses to review the documents, Chairman Kang sighed and set them down.
"Chairman, any worries?"
Staring out the window without reply, his voice brimmed with longing.
"With my grandson gone from my side for a while, a corner of my heart feels empty."
"I'll summon him to Seongbuk-dong this evening."
"No need to tire him out like that."
Moon knew Chairman Kang's heart well. He slyly pulled out a newspaper.
"Chairman, news on Namdo Group."
"Don't mention that two-bit punk unless it's his obituary."
Han Du-hak, the Mingdong hippo who'd once been a partner—the parting wasn't clean, so Chairman Kang harbored no fondness. He shook his head, ignoring the paper.
"It's something you should know. May I report briefly?"
At Chairman Kang's nod, Moon spoke carefully.
"Namdo Group's entering the Yeonggwang Ilbo acquisition."
"That cur's nasty temper hasn't mellowed with age... He's rubbing salt in the wound, like smearing bean paste on the doorstep."
"Yeonggwang Ilbo is small, but in Namdo's hands, it's bad news for us."
"Relentless bites will topple you eventually. He's probably sharpening his teeth for JK Telecom—plain as day. Anyway, who showed acquisition interest?"
"Hwanggang, Daewon, Daegwang, Jinseo, Tongmin..."
Before Moon finished, Chairman Kang saw it—all five in Han Du-hak's orbit.
"He's playing coy, not swallowing whole—propping up proxies first. Still as卑劣 as ever."
"Finally, a firm called Athena submitted intent too."
"Athena... Never heard of it. New entity?"
"Yes, recently established, now in the bidding."
"A newbie... acquiring a newspaper? Either a front or one with balls of steel."
Moon had no reason to mention an unaffiliated startup unless... Chairman Kang's instincts kicked in; he turned to Moon.
"Do you know something I don't?"
"Yes, that's why I brought it up."
"Don't tell me Min-ho's absence is because..."
Moon handed over documents politely.
"Athena's rep is presumed to be Young Master Min-ho."
"How'd you find out?"
"Called Lawyer Choi—no issues, as reported."
"That sharp kid wouldn't sit idle, so you investigated?"
"Yes. Registry lists other execs, but handling lawyer is Choi Jong-hoon."
"That says it all."
Donning his glasses again, Chairman Kang reviewed the papers. He burst into booming laughter, like the car might shake apart. He laughed so hard he choked, coughing.
"Water, Chairman."
Gulping it down, he quelled his joyous guffaws, face beaming with satisfaction.
"He stepped up himself so bean paste wouldn't smear Grandpa's face. And against no small fry—Han Du-hak."
Coincidences aligned like a dream come true—good enough. Handing papers back, Chairman Kang probed casually,
"Your thoughts?"
"Capital-wise, Young Master can't beat Namdo."
"Obviously—just 100 bills in hand; not enough against that punk... But is that all?"
"No. If he's drawn his sword, he'll win."
Nodding, Chairman Kang replied,
"Indeed—with his caliber, failure's impossible."
"What if I quietly back him from the shadows?"
"Leave it. Min-ho'll handle it. That dullard can't beat my grandson. If it gets too big, then we'll talk."
"Understood. I'll report any peculiarities."
Grinning ear to ear, Chairman Kang grabbed the car phone and dialed.
"Long time. Thought I'd see your face before I kick it... Yeah, I'll come over."
They say bragging about grandkids is priceless—even to rivals. Beaming, Chairman Kang ordered,
"Sang-oh, turn the car. Time to pay and boast about my grandson."