Story of a Big Player from Gangnam

The president of Mulpasaneop was very upset when he received an order to appear by the prosecution.

“Managing Director Goo, I received this letter; can you take a look? Why does the prosecution want to see me?”

“I suppose it’s because of the overdue wage claims.”

“Overdue wage claims? Are you saying one of my workers filed a complaint against me for the wage?”

“The local office of the Department of Labor probably did so. They have the right to do it.”

“What would happen if I don’t appear?”

“If you don’t appear intentionally knowing that you received the appearance notice, you could get arrested. I recommend you going there voluntarily.”

“They could arrest me once I go there, right?”

“Haha. They wouldn’t do that right away. They would probably ask you to settle.”

“Settle?”

“Yes, they want you to settle with the overdue wage claimants.”

“What if we don’t reach an agreement? It takes money to settle.”

“If you can’t settle, they would start the court proceedings.”

“I will get arrested then?”

“Haha. I don’t know. Whether to arrest you or not is up to the court, I guess.”

The president eventually went to the prosecutor’s office; he certainly didn’t look happy.

The court officer was looking outside the window when the president went out heading to the prosecutor’s office. He asked Gun-Ho,

“Where is the president going?”

“He received an order to appear in the prosecutor’s office.”

“It must be for the overdue wages. Stubborn old man!”

The court officer was quietly sneering.

“Managing Director Goo, what did I tell you earlier? I told you that we should pay off the overdue wages first among everything else, right? The president was furious when he saw me planning to pay for the overdue wages first; he insisted that we had to pay to the raw material supplier first. Look at how his life turned out at his old age.”

The president came back to the company after 4 pm that day. He looked very exhausted, and he tossed a document in front of Gun-Ho.

“Sons of b*tches! They used to work for me, and I am the one who gave them the jobs so they could make their living. And this is how they pay me. Just because they haven’t gotten paid for a few months, they filed a criminal complaint against me?! Sons of b*tches!”

Gun-Ho picked up the document that the president tossed and read it. About 20 workers filed the complaint together against the president.

“I don’t know what to say, sir.”

Gun-Ho felt like it was almost time to acquire Mulpasaneop.

“I hope that this doesn’t become anyone’s misfortune.”

Gun-Ho was thinking with his eyes closed.

‘The capital of this company has become about only 500 million won due to the punitive reduction. The president practically has no funds to take out from the company. The price of 2 billion won that I suggested him is actually a good offer. He is just being very stubborn. Chairman Lee from Cheongdam Town told me that business owners think differently from a person like him who has played with money. A company is like a child to those business owners so it means more than money to them. I guess President Se-Young Oh needs more time to let his company go. It seems that he is in the process of changing his mind. Let’s give him some more time.’

Gun-Ho went to the court officer.

“I offered 2 billion won for the company to the president.”

The court officer was surprised and asked Gun-Ho,

“What did he say?”

“He said he would think about it.”

“I think it is a generous offer. I would take it if I were him. He has no idea what it’s like to live with a bad credit score.”

“If I pay 2 billion won, do I get the company right away?”

“No, since this company is under court receivership, the acquisition is done by increasing capital stock. The capital stock of this company is 500 million won, and you add 2 billion won to it—and then you become the controlling shareholder right away.”

“Hmm.”

“If the payment plan submitted by the company is determined to be difficult to achieve, I will have to start sales proceeding to a third party with the court’s approval.”

“Hmm.”

“The acquisition applicant—you, Managing Director Goo needs to give me your application to acquire this company. Then, I will select another examiner.”

“An examiner?”

“Yes, someone who will review the accounting records and legal matters because the procedure has to be fair to everyone.”

“Who is going to be the examiner?”

“I know someone who is running an accounting firm, but I don’t want people to be suspicious about the selection of the examiner. I think the accounting firm that has been handling this company’s financial matters is good too. The firm’s name is Anchang Accountant Office.”

“Hmm, there could be multiple acquisition applicants.”

“That’s possible. However, one of the important factors in selecting the final acquiror is the acquiror’s business experience and will to take over the company, so I believe you are the right person for it. Moreover, I don’t think there would be anyone who would pay that much to buy this company. You will have to show that you have the cash to acquire the company though. Be loaded with cash.”

“Okay, I will do that.”

Gun-Ho decided to sell all of his Kumho Chemical stock in order to get the necessary cash to buy Mulpasaneop.

“I’ve been so busy that I didn’t even have the chance to open my stock account. It was worth 90 billion won two months ago.”

When Gun-Ho opened his stock account, he was shocked by the number he saw.

“225 billion won!”

Gun-Ho couldn’t breathe. The price of Kumho Chemical stock increased by 2.5 times and Gun-Ho’s stock was now worth 225 billion won.

Gun-Ho still couldn’t believe it.

“God is helping me!”

Gun-Ho went outside to get some fresh air. He took a deep breath.

“I will not waste even a single penny of this money that was given to me by God!”

Because of the enormous amount of money that his stock was worth, it took him more than a month to sell off his stock.

While Gun-Ho was selling his stock, the branch manager of the stock brokerage company called Gun-Ho several times, but he didn’t pick up the phone. Gun-Ho, at first, transferred 10 billion won to his bank account, which he would use when he acquires Mulpasaneop. With 225 billion won in hand, he could easily acquire a larger company than Mulpasaneop, but he didn’t.

“I’m going to buy Mulpasaneop, and then I will grow it and make it a large KOSDAQ registered firm.”

This was Gun-Ho’s intention with Mulpasaneop.

During the month when Gun-Ho was selling his Kumho Chemical stock, the court examiners were almost done with their investigation and review. The court officer often came to Gun-Ho and told him how things went.

“It seems like the court examiners will determine that the company is not capable of achieving their payment goal as they indicated in their payment plan. I’d like to know about your next move, Managing Director Goo. You haven’t talked to me about your plan or intention lately.”

The president seemed to be anxious about his company’s future and also his future as well.

“Is your offer of 2 billion won acquisition still valid? The investors behind you haven’t changed their minds, right?”

Gun-Ho didn’t pay attention to them and focused on selling his stock.

The court officer called for Gun-Ho again.

“The court examiners will submit their opinion with their investigation records to the court soon. The court will revoke the court receivership right away. We don’t have much time.”