Story of a Big Player from Gangnam

The upper-level management of Mulpasaneop was anxious as well.

“Managing Director Goo wants to acquire the company with his investors’ funds, but I heard that the president is not cooperative. If the company is sold off in pieces, he will lose everything. Why is he making things difficult?”

“Maybe the president wants to sink with his company. If he wants to do that, he’d better do it by himself. He is now dragging everyone down with him.”

The head of the labor union went to the president and tried to persuade him too.

Gun-Ho determined that it was time.

He went to the president.

“Do you have any good news, Managing Director Goo?”

The president seemed anxious.

“I will submit my application to acquire the company to the court officer today.”

“What is your offer?”

“I offer 2 billion won in a method of increasing capital stock. Since the company is still under court receivership, the court officer will use the money to pay the company’s debts in the order of priority.”

“They will have to pay for my hard money loan first.”

“The court officer will pay for the amount claimed for public interest.”

“What about me? I won’t get anything then?”

“I will take your capital shares of 500 million won and will give you additional funds so you could get 2 billion won.”

“Thank you, Managing Director Goo. I have one more favor to ask you.”

“What is it?”

“My condo in Bangbae Town is being used as collateral to secure several loans that were used for the company’s debts, mostly to the raw material suppliers. Can you pay for these loans first?”

“Hmm.”

“I know there is a priority order in distributing to creditors; however, this is my personal asset. I could get evicted from my home.”

“I admire you, sir. Not everyone would use their personal assets to pay for their company’s debts. I will do what I can do to make those loans the priority in paying off the debts.”

“Thank you so much, Managing Director Goo.”

Gun-Ho gave a call to the president’s son as well.

“My application to acquire Mulpasaneop has been submitted to the court by the court officer.”

“I see. Thank you for your work and effort, sir.”

“I think you did a great job.”

“Huh? Me? I didn’t really do anything.”

“You played a major role in getting the product drawing from B Company when you were in China.”

“Oh, that. Yes. I even kneeled down to my friend who was my senior when we were in college and he was working for B Company, in order to get that product drawing. However, it became useless now. All of the product drawing and machines are seized by the workers.”

“I will give you 100 million won, and I will take over Mulpa Automotive in China.”

“Huh? 100 million won?”

The Mulpasaneop president’s son didn’t expect an offer of 100 million won. It seemed that he suffered enough to let go of his factory as soon as he could.

“If you give me 100 million won, I will hand it over to you without any issue. The company’s business is very simple with only a few major customers and vendors, so the process to take over the company should be very simple.”

“Can you go to China? If you get there, a person with the name, Min-Hyeok Kim will come and see you. He is the president of Jinxi Industrial Park in Kunshan City. You can start the process to sell your company with him.”

“With the industrial park?”

“That industrial park is my joint venture. I invested in that joint venture and their Korean co-venturer is me.”

“Oh, I see.”

Gun-Ho could see the president’s son’s surprising face even over the phone.

The court officer selected Anchang Accountant Office as the examiner to proceed with the sales of Mulpasaneop to a third party. Anchang Accountant Office had been handling Mulpasaneop’s financial matters until the court receivership. Accountant Nak-Jong Lee from Anchang Accountant Office came to the company.

“I’m Nak-Jong Lee. I’ve been handling financial matters of Mulpasaneop for a long time.”

“The court receivership will end soon and there is an applicant who wants to acquire Mulpasaneop. Once that person acquires the company, can you come again to Mulpasaneop?”

“Of course. I will do my best to perform my duty.”

“We have a strong candidate to acquire the company, but we want the acquisition process to be performed through the neutral examiner, to look fair. We selected Anchang Accountant Office where you work for and already made a contract with its headquarters in Seoul.”

“Oh, I see. Who is the strong candidate to buy this company?”

“He is coming over here. He is the managing director of this company now; however, once he acquires the company he would become the owner-president.”

“Hi, I’m Gun-Ho Goo.”

Accountant Nak-Jong Lee stared at Gun-Ho.

“You look familiar, sir.”

“I actually went to your office for consultation the other day. And you didn’t like to talk to me at that time.”

“Oh, I remember now. It was not like that, sir.”

“Haha, I’m just joking. I look forward to working with you.”

Gun-Ho extended his hand to Accountant Nak-Jong Lee for a handshake, and the accountant gave him a 90-degree bow.

The court officer added with a smile.

“This man is supported with more than enough funds. I was astonished when I saw the acquisition application. His bank statement shows an enormous amount of cash.”

Gun-Ho thought,

‘He is surprised by looking at only 10 billion won in my bank account. They will faint once they learn that I have 210 billion won in cash.’

After Accountant Nak-Jong Lee left the company, Gun-Ho and the court officer had a tea.

“Once the court receivership ends here, what are you going to do?”

“I will apply to the court again for another work as a court officer.”

“Is it easy to get the work that way?”

“I have extensive experience in this field, so the court trusts me. However, so many people want to do this job lately.”

“The court officer work is usually done by a person who used to work as a branch manager of a bank?”

“Not necessarily. People who used to work as an auditor of a company, or an accountant, or a tax accountant do this job as well. I’ve seen people who used to run an insurance company or some financial institution too.”

“Hmm.”

“Why are you asking those?”

“Don’t you want to stay in a company, rather than moving from one company to another as a court officer? I want you to work as an auditor here.”

“Huh? An auditor in Mulpasaneop?”

“You now know well about Mulpasaneop, and I do like the way you handle things.”

“If you offer me the job, I will take it with my pleasure.”

“I can’t pay you much though. However, I will give you more than you are currently making.”

“Thank you.”

“I decided to acquire Mulpa Automotive in China too.”

“Huh? The factory in China?”

“Yes, I offered 100 million won for that company.”

“Do you have anyone in mind to run that company?”

“Yes, I do.”

“That’s good.”

“Please record the Mulpasaneop’s investment funds of 10 billion won that was invested in China as a loss on disposal of investment assets.”

“Okay. That will make the Mulpasaneop’s financial statements less complicated.”

For some time, the court officer who was in his 50s—and used to be a branch manager of a bank, treated Gun-Ho with respect. The power was shifting towards Gun-Ho slowly.