Money Likes Me Too - Chapter 28



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Episode 28.

A month has passed. Winter has gone and spring has come.

“Congratulations, Chairman Lee Chung-jae.”

The registered address of the head office of the help center has finally been moved to Jeju Island.

“Why are you even celebrating with something like this, hehe.”

“If we don’t congratulate you, who will? If you go to Jeju Island, we will definitely greet you.”

“Thank you all. I know you’re all busy. Come on, have a drink.”

It was a farewell party led by Pangku Lee Seok-hwan.

The place was a high-class sushi restaurant in Seorae Village. They rented the entire hall for Lee Chung-jae, who loves Japanese food.

It’s a place I know well.

I have a memory from college. It was when I was preparing for a company outing.

One of my classmates forgot to pack lunch. It was a mistake. Everyone was just stamping their feet. If I hadn’t thought of this place, we would have starved. I can still vividly remember the faces of the kids who were surprised at the crazy cost-effectiveness when they saw the price list later.

‘It would be surprising if that quality was available for 120,000 won.’

I also sometimes crave places like this.

“It’s a shame.”

Lee Chung-jae said, putting down the glass he had just clinked. A look of worry still lingered on his face.

“What happened?”

“Rather than that, I just feel that way. I feel a bit uneasy.”

In the end, he was the first to get up. It was because he had something to do.

“I’m leaving, so don’t bother leaving this nice seat. Just stay where you are. I’m going first.”

No one seemed to have any intention of leaving.

When Pangku Lee Seok-hwan gets drunk, he becomes more talkative.

“CEO Kang Si-Hyeon, do you know that? Missile delivery is really hard. I don’t even understand what kind of spirit I had to take on this challenge.”

He nodded. It seemed like it would be like that. It would be a matter of setting up a logistics system from the beginning. If it were easy, it would be even stranger.

“I’m sure it’s just as difficult for the chairman.”

“yes?”

“Didn’t you know? Why is the chairman’s face so full of worry?”

“Well, I’m fine.”

He chuckled.

“Mr. Chairman, you must be a bit short on money these days. Starting with Dream Wizard, you’ve been doing M&As one after another, so every day must feel like a year. It’s so serious that even the stock price is fluctuating.”

“I think I heard that too.”

“I don’t know why you’re suddenly like this. It’s just like when I bought the old Lycos.”

Lycos Honey comes to mind. It’s something I heard from Han Jang-soo.

‘I think I bought it for 111.2 billion won and sold it for 42.6 billion won a few months ago.’

The forgotten respect has returned.

“Lycos is the problem.”

“Are you Lycos?”

“I don’t know if I should tell you this story. Well, it’s something that everyone who reads financial statements knows anyway.”

It looked like he was going to tell something interesting.

“Mr. Kang, you know that too, right? When Lycos was sold to Exalite (Indian telecommunications company), the total sale price was $36 million.”

I nodded in respect. He added.

“Then you know that they only paid ten million dollars in advance there.”

“So far so good.”

“I knew you would do that.”

And then the story he told was shocking.

Exalite, an Indian telecommunications company that had signed a contract with the company for a total of $36 million, is still holding out on paying the remaining amount, aside from the $10 million it paid in advance before the acquisition.

The water bill is 26 million dollars in receivables. And it’s long-term.

In the end, he filed a lawsuit in a US court. It was useless. The other party had no intention of paying. It was like, “I’ll pay you back.” His story ended with the fact that there was no business in such a situation.

“Even without that, cash turnover is not good these days, and now bad receivables are giving me a headache. With the move to Jeju Island also continuing to hurt the stock price, how can the chairman feel good about himself? Isn’t that right?”

After finishing speaking, Lee Seok-hwan sighed.

‘It’s a truly amazing and great story.’

I was impressed.

Selling a company for a third of what it was purchased for is a remarkable feat, but even that created receivables. My respect doubled.

But I couldn’t say that.

I remembered the advice of a team leader who told me not to show off my thoughts like this anywhere. I am a good boss who never forgets his employees’ advice and follows it.

“That is truly a sad story.”

Although it wasn’t sincere, he gave a plausible response. His real thoughts were a little different though.

‘I want your company. I want it so badly.’

My mouth was watering.

***

Lee Jong-suk said bluntly.

“Absolutely not.”

It was at a gathering with Director Yoo and Team Leader Han.

The atmosphere wasn’t like this from the beginning. It was the day of the monthly day. It was also the day of Song Yu-hwa’s presentation, the first since she took over as CEO.

“I think this is my first time greeting you as the CEO of Coco I&M. Hello. I am Song Yu-hwa.”

It was a wonderful expression. The reaction was like a fever.

“Sister, you’re cool!”

“I should call you boss now.”

“But to me, you are always my Yuhwa unnie! You are the best!”

Eventually, her face turned red.

“Ahem, I will begin the presentation.”

Next, there was a presentation on Coco I&M’s achievements and vision.

Her speech, which started with the story of how she expanded her business to film investment and entertainment management (the real reason: because the major shareholder told her to), soon moved on to business performance and her vision for the future.

In fact, there was nothing to speak of as an achievement. The only thing they talked about was how much they had spent so far and how much they would spend in the future.

That was enough. I nodded.

‘Let’s keep going like this, Mr. Song.’ I cheered him on in my heart.

The response was also good.

“If it’s Yi Sun-sin, isn’t the story over?”

“Can we get cheap tickets to Sai concerts in the future?”

It can’t be helped.

Each of us has our own area of ​​expertise.

Developers don’t know much about management or planning. They are outsiders. On the other hand, unfamiliar development stories such as frameworks and failbacks do not get sympathy from the back office.

There is a wall between the two.

But when it comes to movies or entertainment, it’s different. Everyone is sharp. There are no experts. The slightly awkward atmosphere definitely got better when Coco I&M was added.

It was a relief. It made me feel better too.

The problem came after it was over.

“Director Yoo, please come to the CEO’s office with Team Leader Han. I have something to tell you.”

It was a gathering place where even Lee Jong-suk, who had arrived first and was waiting, gathered. It was the first time that the story of helping In-su was brought up.

Lee Jong-suk’s reaction was very resolute.

“I clearly told you that I couldn’t do it.”

It was my mistake to talk about receivables without realizing it.

“How can you say such a thing so easily when you know there are such bad receivables? 20 million dollars is almost 30 billion won. Of course, it may be a small amount compared to the corporate value of the help. However, if you see one, you know ten. I am telling you that there is no reason to go to such lengths to acquire a company whose financial soundness is questionable.”

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That’s why we do it. We have to go to extremes.

“Not right now.”

Instead, he said this.

“Help is something we need at some point. Help and cocoa have something that each other doesn’t have. They are complementary. That’s the only reason. There is no other reason.”

A team leader intervened.

“Are you thinking of going public?”

“······.”

“It is evaluated that the corporate value is lower than ours, but it is still a large company with a market cap of 1.5 trillion won and is one of the top two companies on KOSDAQ. I also think it is not the right time. I agree with CEO Lee Jong-seok.”

Lee Jong-suk opened his mouth again.

“I think I know what you’re thinking, sir.”

What do you think?

“I think you are thinking about a reverse listing, but if you do that, the control of the major shareholder will inevitably be weakened. There is no change to the fact that you are the major shareholder. Anyway, if there is a reason why you absolutely must go public, then I don’t think it is necessary now.”

At the same time, a line was drawn on initial public offerings (IPOs).

“Unless there is an immediate need to raise a large amount of funds, I don’t see any particular reason to rush to a direct listing, which would require an IPO.”

“You’ll probably make a lot of money, right?”

“Of course. Even if it doesn’t work out, I guarantee that the public offering will be worth at least 200,000 won. The calculation is up to the organizer, but I estimate that it will easily amount to several hundred billion won.”

It was horrible to even hear. I shuddered.

“What if the purpose is neither a backdoor listing nor a direct listing?”

Changed the direction of persuasion.

“yes?”

“Can’t I just have the help?”

“What does that mean? Or rather, is it even possible? Help is not a neighborhood hole-in-the-wall store. As Team Leader Han said, the market cap is still 1.5 trillion won. Even by simple calculation, it means that there should be 750 billion won in hand. In reality, it should be less than that, though.”

Lee Jong-suk expressed his anger.

“Besides, the acquisition does not increase the value of the cocoa company. It is extremely rare for two companies to join forces and create synergy. No, it is just a fantasy, sir.”

That was a good point. Lee Jong-suk’s words have been helping me make up my mind since last time. This time was no different.

“Then how about just investing?”

“Help?”

“yes.”

“It’s not attractive. It’s also likely that it will be difficult to recover the principal.”

I had something to say here too.

“Warren Buffett said, you should look at the intrinsic value of the company, not the stock price. The intrinsic value of BoD is certainly not small. Mr. Lee Jong-seok, do you think BoD is a company without value?”

“I never said that a company was worthless.”

Lee Jong-suk took a step back.

“Okay then. Then there’s no problem at all with putting it in my personal portfolio for investment purposes, right?”

That’s right. I got caught.

“After all, stock selection is the investor’s right.”

“Okay, so the decision has been made.”

“······How long will I live?”

It was a face that didn’t look very appealing. I shook my head.

“It’s not about how much you live. I want to buy as many helpful stocks as possible within the range that I can.”

There was nothing more enjoyable than investing in a stock that was sure to fall. This compromise wasn’t so bad.

I decided to let go of my impatience.

Because walking slowly while enjoying the scenery along the road is also a very enjoyable way to reach your destination.

Lee Jong-suk returned to his office with a proud face.

“Sir, your expression is the same again today.”

“I don’t know. Don’t ask.”

After snapping at Lim Kyung-jun, he sat down with a thud. He needed time to gather his thoughts.

‘What are you saying you’re going to do with money? Are you going to create a subsidiary? What is this?’

I couldn’t read Kang Si-hyeon’s mind. If there was an answer, it was only that.

I couldn’t stay still. I picked up the phone. I thought to myself that it was a good thing that I exchanged business cards at Dalunsan on New Year’s Day.

***

It was several months later, in the middle of summer, that a single piece of data arrived at BizDaily.

The editor-in-chief personally visited the publisher’s office (president’s office).

“Is it true?”

President Choi Man-bok, who confirmed the contents, was gripped by fear.

“No. No. What does it matter whether it’s true or not?”

“What should we do, sir?”

“No, what should I do? What should I do? Don’t you have any feelings?”

Choi Man-bok glared at him as if he was going to eat him. The editor-in-chief kept his mouth shut. He knew he would be reprimanded, but it was more than he expected.

It was a document containing the transaction history of the help stock.

It was mainly buying rather than selling. The number of units was high. It was a few hundred, and a lot of it was tens of thousands. There were various transaction sources, but for some reason, the informant was certain that the source was Cocoa, and he was claiming that this was Cocoa’s undercover operation with the aim of securing control of the help.

“A whistleblower is a trustworthy friend.”

Choi Man-bok’s throat was blocked. He pounded his chest.

“You believe it? Do you think this makes sense?”

“······.”

“Does everyone who buys stocks intend to acquire them? Do you happen to have any Seongsam stocks?”

“yes?”

Suddenly, the story of Seongsam came up.

“Don’t you invest in stocks?”

“Yes, I do.”

“Then you must have Seongsam stocks? I’ve never seen anyone who trades stocks who doesn’t own Seongsam Electronics.”

“That’s true. But why are you suddenly talking about that······.”

“So, you’re also interested in taking over Seongsam? Is that so?”

It was forced.

Just because an ant has a few dozen shares, it cannot be said that the intentions of a person who buys thousands or tens of thousands of shares are the same. It was a problem of a different dimension.

But I couldn’t say that. Choi Man-bok’s eyes were already bloodshot. There was no need to get wet in the falling rain. I made up my mind not to refute him until he calmed down.

“Of course I have no such intention.”

He shook his head. This answer pleased Choi Man-bok.

“They are the same.”

He jumped to conclusions.

“Even if this is true, Cocoa is not trying to help. It’s just an investment. It’s a portfolio. Do you understand what I mean?”

Choi Man-bok’s face regained some of its color. The editor-in-chief asked cautiously.

“Then what should we do with this information?”

“Destroy it.”

“All right.”

“No, wait. That probably won’t be enough. What should I do?”

Choi Man-bok whispered in her ear.

“Make the informant shut up. Okay? Make sure he doesn’t go somewhere else and blow his whistle. If you have trouble, call this number. This guy will take care of everything.”

“But the informant’s personal information······.”

“Do you want to break your pen? Do you want to become like Jo Young-jun?”

He made a hissing sound. It was an obvious threat.

“no.”

The editor-in-chief had no power to resist. He nodded. He accepted the business card that Choi Man-bok handed him.

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