Co-opting the Suppliers
***
Even after stepping back from the Myeong-dong loan shark market, Chairman Kang still wielded immense power. A single phone call from him could turn promissory notes into worthless scraps of paper. To the paper and rotary ink suppliers that dealt with the three major dailies, he was nothing less than the man who held their lifelines.
They had all dropped everything and rushed to the main building of Soseonjae at his sudden summons, but none of them could guess the reason. Gulping down water to calm their pounding hearts, they hurriedly exchanged information.
"Why do you think the Chairman called us out of the blue?"
"Maybe something to do with the notes?"
"No way, not unless he holds a grudge against us. Haven't you seen the papers? He's not the type to sweat the small stuff."
"This is frustrating—we have no idea what he's thinking."
They racked their brains, but nothing came to mind. Their newsprint and rotary ink businesses had no direct overlap with JK Group's operations. There was that one promissory note connection, but Chairman Kang wouldn't summon them over something so trivial. With no clues, their tension and fear only grew. How could rabbits fathom the lion's intentions?
Pooling their heads together only dragged them deeper into the maze. Among the five presidents, Solhan Paper's Jeong Pil-seung—the eldest—calmed the commotion and spoke up.
"Come on, everyone, let's talk this through slowly. President Yeom, got any ideas?"
"I've been wracking my brain thinking if I've done anything to offend Chairman Kang, but nothing. What about you, President Jeong?"
"No clue here either. I just raced over when Director Yang called."
"So does that mean Director Yang's connected to JK...? But that doesn't add up either."
Yang Sang-pil, president of Athena Distribution after leaving Namdo Group, had unexpectedly relayed the Chairman's summons. The more they talked, the murkier it got.
To change the subject, Wonnam Ink's Kwon Seok-won—who had been listening intently—shifted gears.
"No point chasing an answerless question. Let's talk something else. JK Group's moves lately are insane, right?"
"I thought he'd stay holed up in Myeong-dong forever, but who knew he'd come roaring back like this."
"Exactly. Word is there's a Kang Jin-gwang syndrome blowing through the young crowd."
"No matter how rich you are, showing mercy like that isn't easy. I learned a lot from the news myself."
Soljin Ink's Pyeon Nam-hun—the youngest of the five—ventured a cautious opinion.
"Gives me a bit of a bad feeling, though."
"What do you mean specifically?"
"Like they're trying to swallow our whole market. Kinda unsettling."
It wasn't impossible, but there was no reason for Chairman Kang to devour their industry. Solhan Paper's President Jeong shook his head firmly.
"Our market's decent-sized, sure, but I doubt it's worth the Chairman's greed."
"Right? You ever see a well-fed lion grazing? He doesn't bother with pocket change."
As baseless speculation swirled, the door opened and Moon Sang-oh the butler entered. The presidents jumped to their feet in surprise. Contrary to expectations that Chairman Kang would follow, Moon closed the door behind him.
"Has the Chairman arrived?"
"The Chairman will not be attending."
"What? We all came at his summons."
"I'll get straight to the point with one announcement."
Unable to predict what would come from the butler's mouth, they swallowed dryly and stared.
"Someone will join you shortly. Whatever that person says is as good as the Chairman's word."
Solhan Paper's President Jeong asked urgently.
"Who's coming?"
Moon offered no reply and left the room, heightening their anxiety.
"Walking out without a word like that—something's up, right?"
"Maybe the legal team to deliver bad news?"
"Feels ominous no matter how you slice it... Let's just wait and see who it is."
Tension peaked. As worst-case scenarios filled their minds, the door opened and Kang Min-ho appeared.
***
The presidents didn't know who Min-ho was.
"Hello. I'm Kang Jin-gwang Chairman's grandson, Kang Min-ho. Thank you sincerely for coming all this way."
Not Chairman Kang or the butler, but this young man. Their confusion deepened.
"I've come to relay the Chairman's message. It won't take long."
Short time meant not negotiation, but a one-sided notice. Unable to quell his unease, Solhan Paper's President Jeong Pil-seung spoke first.
"Straight to it: bad news?"
"If I had to pick between two, I'd say positive."
"Positive...? What exactly did the Chairman say?"
"This could be your last chance to hear it. Please, have a seat—I'll explain step by step."
Seated, Min-ho first questioned President Jeong.
"Is Solhan Paper's revenue still dictated by Seyoung Newspaper?"
"You seem to know already, young master, but I'll explain. Newsprint supply makes up over 75% of our sales. We're heavily dependent."
"How are payments handled?"
"Embarrassing to admit, but... promissory notes. We take them to Myeong-dong to cash in."
The dirty practices persisted, past and present. Min-ho confirmed it straight from their mouths. He turned to Wonnam Ink's President Kwon Seok-won.
"President Kwon, mind if I ask a few questions?"
"Of course—anything I know, I'll answer."
"I understand Wonnam and Soljin hold over 80% of the rotary ink market."
"Precisely 83%. And like you, we're just as reliant on the three majors for revenue."
"Same payment method?"
"Just thinking about those notes gives me chills. They drag their feet, and only after begging do they toss them like scraps."
With facts confirmed, Min-ho cut to the chase.
"Are you aware of the recent friction between JK Group and the so-called three major dailies, including Seyoung?"
President Jeong nodded.
"We're in the printing biz—how could we not? They're going all-in; even watching made my heart race."
Min-ho nodded, listening, then continued.
"And you're well aware of The Times."
"The Times... In our circles, it's the golden child."
"Golden child? First I've heard that."
"Just a joke among us presidents. Seyoung, Minguk, Dongyoung—they're all down lately, right?"
"Circulation's tanked."
"When sales drop, our revenue follows—par for the course. But this time was different."
"How so?"
"The Times made up the shortfall. Can't tell you how grateful we are."
The Times also sourced their newsprint and ink from these firms. The difference? Payments in cash, on time. For The Times to keep surging, stable supplies were key. And as it grew, their sales would rise too. Now, much hinged on these men's choice.
Min-ho sipped his water and launched into the main pitch.
"To the point: Cease all newsprint and rotary ink supplies to the three major dailies immediately."
Absurd to them. Even from Chairman Kang, halting supply outright meant folding their businesses. Panic rippled through.
"What, you want us to die?"
"You can't just drop this without a plan—it's outrageous."
"Did we piss off the Chairman with those notes somehow?"
Min-ho stayed silent, waiting for quiet. The presidents gauged his eyes and fell silent. Then he made an irresistible offer.
"We'll fund whatever amount you need for the next 10 years. Interest at one-third market rate."
The loans maxed at 10 billion won—life-or-death money to them, mere digits to Min-ho. To men hawking notes in Myeong-dong alleys, such low rates were a godsend.
This was why Grandpa had granted full authority: to uproot the three majors. Crush them with cash—simple, surefire.
Stunned by the unimaginable proposal, they could only gape at Min-ho. President Jeong, hands shaking as he drank, asked.
"Is this the Chairman's decision over this mess?"
"Yes."
"If we stop supplying..."
"Small runs possible, but no capacity for current circulation."
They set down chopsticks they'd been fidgeting with, eyes locked on Min-ho as the Chairman's wrath dawned. He dangled another carrot.
"A chance to escape the tyranny of Seyoung, Minguk, and Dongyoung."
Newsprint and ink firms couldn't generate sales without newspapers. Weaker parties bowed to the strong's whims. Grasping Min-ho's hand meant freedom from that. Shelter under bigshot Chairman Kang's wing—perfect terms, no reason to refuse. The cost? Just withhold paper and ink. With over 80% market share aligned, easier than pie.
Min-ho added a final warning.
"Supply them covertly without JK Group's permission, and prepare for bankruptcy. This is also the Chairman's will."
After long hesitation, Solhan Paper's President Jeong spoke heavily.
"One question?"
"Go ahead."
"Short-term, no loss for us. But long-term, we're leaning on JK again—can't do that forever."
Min-ho had the answer ready, delivered leisurely.
"The Times has already agreed to handle that."
"You met The Times' president?"
"Yes, just came from sealing the deal."
No one had met The Times' president—the veil of secrecy was that thick. They buzzed.
"What was discussed?"
"They'll launch evening editions, weeklies, economic mags too. With circulation exploding, it won't fall short."
Low-rate loans erased funding woes; The Times covered sales dips. Escape tyranny, gain JK backing—no better deal. No reason to say no.
President Jeong, after a pause, spoke reluctantly.
"We need time to discuss."
"How much?"
"At least a day or two."
Time wouldn't yield better. The answer was set. Min-ho wouldn't wait.
"Refuse my hand, and JK Group will launch subsidiaries in paper, publishing, printing, ink—every field."
A colossal threat: barge into their industry, devour the market whole.
"You have one minute from now. Plenty. This isn't negotiation."
Flustered, they huddled, whispering. Choices were already fixed. Under a minute, consensus formed. President Jeong nodded.
"We've decided to accept Chairman Kang Jin-gwang's position."
As expected. Min-ho stood, extending a hand to President Jeong, who bowed and clasped it.
"Contract sealed. Newsprint and rotary ink cutoff to the three majors starts now."
"Looking forward to working together."
"Wise choice. Thank you."
Negotiation done, Min-ho left Soseonjae. His car headed straight for Seongbuk-dong.