Story of a Big Player from Gangnam

All of Gun-Ho’s attention was being paid to the Kumho Chemical stock right now. Its price hiked three times up, and it made Gun-Ho’s currently retaining stock value over 90 billion won.

Gun-Ho was holding on to the stock without selling it just yet. He decided to keep it for now because he didn’t hear anything about the reconciliation of the two brothers of Kumho family.

“I am certain this stock’s price will go up higher. I just have to suppress my urge to sell it!”

Gun-Ho wanted to tie his hands somewhere so he wouldn’t be able to sell the stock. He didn’t even open the stock trading website on his computer for some time now.

He eagerly wanted to acquire Mulpasaneop. The price of the acquisition was not a problem for Gun-Ho. The real problem would come along after he purchased the company. He would have to take over all debt that the company had, and he was not sure if he could handle it.

“Their debt is definitely more than 50 billion won, and there is possibly more to it that is hidden somewhere.”

Gun-Ho just kept an eye on the company for now.

He could acquire the company right away once he sold all of his stocks. However, that was not what he wanted to do because it was too risky. If something went wrong after he acquired the company, then he would lose all he had.

“I have to look before I leap.”

Gun-Ho was being extremely careful. He knew what his life would be like without money by experience, so he didn’t do anything reckless or careless with his money. When he wanted to invest in something, he always thought about it twice or three times before doing it.

It seemed that the joint venture between Lymondell Dyeon and the Korean company—Egnolak—didn’t work out.

Gun-Ho made a call to Attorney Young-Jin Kim to ask about it.

“Attorney Kim? How’s the joint venture of Lymondell Dyeon going?”

“It’s not going anywhere. I guess it won’t work.”

“I see.”

“The president of Egnopak is demanding too much.”

Egnopak was well known as extremely particular about hiring their employees among job seekers as well. The company posted a job advertisement for an entry position every year, and the competition was over 100:1. They demanded extremely high qualification on the job candidates as well.

“I remember that it was impossible to get into this company with a college degree from a province.”

Gun-Ho had heard about it from people who were studying in Noryangjin.

“My older brother graduated to a mid-ranked college in Seoul, and he scored 950 in TOEIC. However, Egnopak rejected him based on his papers; they didn’t even bother inviting him for an interview.”

“That company also requires many specific things to be included in a personal essay that needs to be attached to the job application.”

“Instead, they pay very well. Even an entry position receives 50 million won per year.”

Gun-Ho should have felt honored to be with the owner-president of this famously particular company in the same space and to have a cup of tea with him. The president who had a large round face like a car wheel with small eyes was often seen in the media.

Gun-Ho remembered a news article he read years back about the president.

“Our company is looking for a new employee who had a sense of ownership about the company he is working for. I came this far after overcoming all sorts of management crisis.”

Gun-Ho chuckled.

“His father acquired a factory that Japanese people left behind before returning to Japan. It was right after Korea gained its independence from Japan. That was how the Egnopak president’s father built his wealth. His father was a pro-Japanese person; he had even contributed a plane to Japan, and his daughter is a professor at a good university in Seoul. She must be doing very well in school, huh?”

Gun-Ho made a call to Attorney Young-Jin Kim again.

“Hey, it’s me again. How much did you say was the total investment fund that Lymondell Dyeon and Egnopak agreed on for the joint venture?”

“It’s 20 million dollars.”

“Hmm. Then each company will have to come up with 10 million dollars. 10 million dollars is a lot of money.”

Gun-Ho thought that Egnopack would invest in kind by contributing land to build a factory on and construction of a factory and preparing the necessary equipment.

‘With 10 million dollars, they can build a factory in a province with all kinds of advanced technology in it. They would be able to bring ten extruders by purchasing them instead of leasing them. However, it’s funny that Lymondell Dyeon had to invest 10 million dollars. They will need to bring raw materials, but it won’t cost them much. Their intangible asset—goodwill—must be worth substantially. It’s like the premium I had to pay for the restaurant I purchased in Noryangjin. Well, if I can make a lot of money, then I am willing to pay for a high premium.’

Attorney Young-Jin Kim was representing Lymondell Dyeon, and he was on their side, of course.

“Lymondell Dyeon is a global company. Why would they go through all these hassles to work with Egnopak?”

“Then, is Amiel looking for another Korean company to do the joint venture with?”

“He is not rushing. The joint venture with Japan is selling a significant number of products right now anyway.”

“I see. The Japanese market is large. That makes sense.”

“Oh, by the way, Amiel is asking for you to come to Japan to visit him with me. Would you like to go?”

“That sounds good.”

“I am currently working on a case about the issuance of foreign convertible bonds for a big company. So I don’t have time for the trip this week. How about next week?”

“Convertible bonds? Isn’t it handled by a stock company?”

“Companies want to consult us because of legal issues around it, and the papers are all in English. That’s how a person like me makes a living. Overseas convertible bonds are handled by Morgan Stanley or Goldman Sachs. Korean stock companies handle it as well.”

“Oh, I see.”

“I think the work will be completed by the end of this week. So, let’s go to Tokyo next week.”

“Okay. Just let me know.”

Gun-Ho decided to take a trip to Japan and have fun there in order to distract himself from feeling an urge to sell his stock.

Attorney Young-Jin Kim from Kim&Jeong completed his overseas convertible bond work and took a vacation. He was ready to go on a trip to Tokyo with Gun-Ho.

Since it was not a business trip for a legal work assigned to him by the law firm but it was purely his personal trip, Attorney Kim had to pay for his own travel expenses this time.

“President Goo? I will make a reservation for a hotel. We’d better save money, right?”

“Which hotel are you going to reserve?”

“I know a less pricey hotel around Minami-Senju Station. Amiel’s office is close to the station as well. Nihonbashi is around there too.”

“We don’t often go to Tokyo. Let’s stay in a good and decent hotel. I will pay for it.”

“Whoever pays for a hotel, we don’t have to waste our money, right?”

“I will make a reservation for a hotel. New Ontani Hotel in Akasaka looked good. I saw the hotel last time I went to Japan for a tour.”

Gun-Ho had once been to Japan before. He went there for a tour after he had come back from China. At that time he couldn’t afford to stay in an expensive hotel like New Ontani. However, he was different now. He had 90 billion won worth of stock in his account.”

“I won’t be able to buy your flight ticket, but I can pay for the hotel we will be staying in. It will be just for three nights or so.”

“But still…”

“Don’t worry about it. I will take care of it. I will talk to you later.”