Chapter 171
Jo Bongjun still tilted his head, looking utterly baffled.
"No, of course acquiring Geumsan Card would be a massive win for Wooshin. Any other company would kill for it too. The debt ratio on Geumsan Card is insane right now—everyone's just watching and waiting. Which company in Korea has the cash on hand to swallow something like that? None."
He didn't seem like Apollo for nothing. I had the advantage of knowing the future, so I could see the full big picture that had started unfolding three years ago all at once. But he didn't. His ability to infer the uncertain future from my hints alone was exceptional. And he knew the financial state of every major corporation inside out.
"That's where Antrozol Alpha comes in."
"Isn't that a stretch? Jonghyeon hyung said himself it takes ten years to develop a single drug. You knew Geumsan Card was up for sale ten years ago? Back then, Geumsan Group was the fourth-largest conglomerate. Come on, that doesn't add up."
Jo Bongjun twisted his lower lip and waved his hands dismissively over and over.
"Myeonghwa Pharmaceuticals knew from the early Antrozol research phase that adding those two ingredients would boost its efficacy. But the side effects were too severe, so they couldn't use them in regular Antrozol. Antrozol Alpha was on standby."
"Hmm."
"They've crunched all the numbers, so there's nothing holding them back now. That's why they started the media play three years ago, announcing they'd begin developing Antrozol Alpha. And as you said, Mr. Jo, that timing lines up perfectly with the rumors that Geumsan Group was pushing to sell off its card company."
"But what if someone else snatched Geumsan Card in the meantime? They got lucky it didn't sell for three years, but if their luck ran out, some other company would've gobbled it up whole."
"You think Wooshin Economic Research Institute just sat on their hands? They ran the numbers. Among Geumsan affiliates, the card company still has decent market cap. It's already public knowledge that Geumsan fought tooth and nail to hold onto it while selling off everything else, figuring they could last at least three years. So they planned to roll out Antrozol Alpha within that window to raise the funds. And as you pointed out, the other companies' cash situations were crap too, so they probably weren't sweating it much."
"Hmmm."
"The research results are already in, so they can jump straight to clinical trials. One phase per year for three years—or if it drags, they'd cut a deal with the Food and Drug Administration head to fast-track it."
"The timing is suspiciously perfect. But was this really the only way to scrape together acquisition funds?"
"For Wooshin Group to definitively boost its value in a short three-year window, Myeonghwa Pharmaceuticals is the only play."
"Doing all that just to snag one card company... it's nuts."
Jo Bongjun kept muttering "Hey, this is..." while shaking his head.
He fell silent, lost in thought for a moment, then straightened up and spoke again.
"Even if Antrozol Alpha hits big and the stock skyrockets, would that really cover a Geumsan Card acquisition? Wait a sec..."
Jo Bongjun, who'd been firing off questions nonstop, pressed his forehead and squeezed his eyes shut. He muttered to himself, counting on his fingers as if piecing something together, then suddenly snapped his eyes open and shouted.
"No way—are they banking on a rights offering too?"
"Exactly. If Wooshin Card just announced a rights offering out of the blue, investors would see it as bad news. But if it's Myeonghwa Pharmaceuticals—the Antrozol breakout star—doing it for business expansion, why would anyone treat it like a negative?"
In my previous life, Wooshin did hit it big with Antrozol, pulled off the rights offering successfully, and acquired Geumsan Card. Then Wooshin Card rose to industry number one, and its stock exploded again. Embracing the high-debt-risk Geumsan Card became a legendary feat in Wooshin's history. As a result, flush with cash, Wooshin alone thrived through the tough 2010 downturn that crushed everyone else.
"Ha, the picture's so huge I can't take it all in at once..."
Jo Bongjun said, his face still blank with shock.
"At that scale... yeah, it's worth the crazy gamble. Wrap up the sons' power struggle, nail the rights offering, snag Geumsan Card, ride the Wooshin Card stock surge for more cash, clear the debt. The snowball's rolling like mad."
Jo Bongjun kept gasping in admiration, then slapped his knee and yelled.
"Okay, I get the gist. It's not some pie-in-the-sky bullshit. And it's a damn solid theory."
Suddenly, like a machine detecting weird vibes, he whipped his head toward me.
"But why's Cha Lawyer telling me all this? We're not even buddies. You're not wasting all this time meeting me in person just to protect my reputation from me blabbing about buying Myeonghwa stock somewhere."
I locked eyes with Choi Jonghyeon. He gave a firm nod.
The preamble was over. Time for the main point.
"We're going to topple the whole thing."
I said it dead serious, but Jo Bongjun burst out laughing.
Choi Jonghyeon and I exchanged glances, wondering if there was something off about what I'd said.
"Topple it? How?"
"If Antrozol Alpha tanks, Go Sangjun's plan goes up in smoke, right?"
Choi Jonghyeon said as he lit a cigarette.
Jo Bongjun crossed his arms and cocked his head.
"And?"
"We blow the lid off how shitty the Antrozol Alpha ingredients really are."
"Ah. So you two are plotting to tank Myeonghwa Pharmaceuticals and shit all over Wooshin Group. And this fucking long-winded pitch is you asking me to join in?"
"That's right."
I nodded along with Choi Jonghyeon.
Jo Bongjun shot to his feet, hands on his hips.
"Fuck, you lure innocent me here talking about some internet broadcast guest spot, just to reel me in?"
He got serious. Choi Jonghyeon had sworn Jo Bongjun would jump on board, but that expression didn't look so sure.
"What, you hate it?"
Choi Jonghyeon looked up at him shamelessly, exhaling smoke.
Jo Bongjun grinned and replied.
"Nah, sounds fun as hell to me."
As Jo Bongjun chuckled and sat back down, Choi Jonghyeon pointed at him triumphantly.
"See? What'd I tell you? Bongjun's a sure thing. Knew it."
"Got a concrete plan? I can guess why you two picked me. You want me to start spreading rumors in the industry, right?"
"Spot on. First, we'll run a story based on the ingredient analysis and German research data that Cha Lawyer showed you. I'll handle that. Then you jump in and work your magic off that."
"Hmm, but spreading rumors among retail investors is easy. This needs to hit the big players too, right? That's what'll tank the stock hard and get it on the news. Tough for me solo."
"You need comment bot pros?"
"Kiyaa!"
Jo Bongjun slapped his knee again and made some weird gesture, finger-gunning like crazy. Seemed to mean I nailed it.
"We got experts for that."
"Experts?"
This time, even Choi Jonghyeon eyed me like it was news to him.
"Was gonna introduce you to them anyway, Journalist. Perfect timing. Let's all meet tomorrow. You too, Mr. Jo."
"Just call me hyung. 'Mr. Jo' is too formal. You're two years younger than me, Cha Lawyer, so I'll drop the honorifics too. Cool?"
"Go ahead. I'll switch when I'm comfortable."
"...Ah, the serious type, huh. Might not mesh with us."
He leaned toward Choi Jonghyeon and whispered.
"He's always like that. But butter him up. He's our money man."
"Right, the guy who turns every stock he touches to gold and made 3 billion on real estate flips?"
"...Anyway, let's meet tomorrow."
"This a snack bar or what?"
The two men who'd followed me down to the basement looked around dubiously.
"You sure we got the right place? Tough to do business in a spot like this."
"We did. What time is it?"
"10:50."
"Could be sleeping, then."
"Lunchtime's coming up and he's still out? What kinda guy sleeps this late?"
I'd considered calling ahead, but no clue what his sleep schedule was like, so I skipped it. Waking him could mean dealing with his bitching.
Sometimes emails came at dawn, sometimes late at night. But one thing was sure: the hermit recluse was always holed up here.
Want to see him? Just show up.
"You'll get it when you meet him."
I knocked hard on the door. No response.
"...Too early?"
Choi Jonghyeon scratched the back of his head sheepishly.
I kept knocking anyway. Then I remembered how Jang Taesik had kicked the door once and the guy came out scratching his head irritably.
No doorbell, so make noise.
I kicked the door a few times with my foot.
Soon enough, a hoarse-voiced man yawned hugely as he swung the door open.
"Haaa... No thanks on the papers. No water purifier. No jade mattress. Already met Jesus. Not buying. Beat it."
Eyes still shut, he rattled off his lines like a script. Then tried to close the door.
I jammed my foot in the gap quick.
"What the fuck."
Door wouldn't shut, so he irritably cracked his eyes and glared at me.
"...Ow, ack, ack—Lawyer?"
"Mind if we come in?"
"No, what the hell, no heads-up at this hour... Uh, anyway, come in. It's kinda filthy though..."
"Always is."
"True. But who're these ajusshis? Undercover cops?"
He blabbered on, eyeing the two men behind me. They were scanning him with a hint of wariness toward the NIS guy too.
Even with the door open, they weren't stepping in easy, so I figured introductions first.
"This is Gukjeongwon, the expert I mentioned. Top of the game in comment botting."