Story of a Big Player from Gangnam

Chapter 149 - Preparation for M&A (3) – PART 2

Chapter 149: Preparation for M&A (3) – PART 2

After meeting with the creditors, it was time to talk with major personnel inside Mulpasaneop. Gun-Ho made a call to the sales director, the production director, and the chief of the research center respectively to invite them for dinner.

“Hi, I am the new managing director—Gun-Ho Goo. I’d like to invite you to dinner. How about today?”

The sales manager was in his early 50s and both of the production director and the chief of the research center was in their late 50s. They gathered in a sashimi restaurant specialized in blowfish located at the downtown in Asan City.

Those three men were all trying to read Gun-Ho’s face when they saw him in the restaurant. Even though Gun-Ho was a lot younger than them as he was in his 30s, they knew he was a very wealthy man. Being wealthy gave more power to a person than having a high education or being an older person.

“I know you are practically the major leading figures in Mulpasaneop. I should have made an occasion like this earlier.”

“We heard a rumor that you might acquire Mulpasaneop, sir. Have you made a decision about it yet?”

“I have a question for you before I could answer your question. The court examiners requested to change the sales revenue plan in our payment plan. Is the high sales revenue achievable given to the Mulpasaneop’s current situation?”

“It’s possible if we develop A Motors’ new product.”

“Are we capable of doing that? Is our research center equipped with necessary personnel and technology?”

The chief research officer, the sales director, and the production director all laughed in response to Gun-Ho’s question.

“We could just wish for it. Even though we are provided with the right researchers and equipment, it will take at least one year to develop the new product. Also, once the product is developed, we will have to test it and that takes time too.”

“Hmm.”

“In order for the court to determine that it is worth to keep the company, our payment plan will need to include a well-designed sales plan that’s based on the production development.”

“So, you are saying it is possible that the court would approve the court receivership.”

“Not necessarily. Those court examiners are very experienced in reviewing a company’s payment plan and investigating relevant facts. There is no guarantee that they would approve the plan.”

“The court examiners are DAS Accounting Firm in Daejeon City, right? Should I talk to them?”

“They won’t talk to you, sir. During the investigation period, they can’t meet with an individual from the company that they are examining.”

“Is it illegal?”

“I am not sure whether there is a law prohibiting it; however, that’s how they do things.”

“Hmm.”

“Our president’s son was so careless and even reckless. He used to work as a vice president in Mulpasaneop for two years. He was a highly motivated and driven man. Maybe he picked the wrong time to expand the business. His factory in China produced too many defective products.”

After they drank some liquor, the three major employees seemed to feel less nervous and more relaxed in being with the new managing director—Gun-Ho. The production director asked Gun-Ho,

“I’m not sure if it is okay to ask you this, sir..., but can I ask you who you are helping?”

“What do you mean by who am I helping?”

“I mean the person who actually wants to acquire the company?”

The sales director added to it.

“Right. I’m curious about it too.”

“That..., I don’t know yet. I know a few big players from Gangnam who are interested in acquiring a company. I don’t see any specific sign from them yet.”

“Is it an individual or a company?”

“I’m sorry. I can’t answer that question right now.”

After having another glass of liquor, Gun-Ho asked them,

“Where is the president’s son now?”

“We don’t know. We heard he took off after having a nasty argument with the president. Maybe he is in China. I’m not sure.”

The production director said,

“I used to do some maintenance work for the equipments in that factory in China. I’m not sure what happened to those machines.”

“Well, I’d like to tell you that please hang in there even though the company is going through a difficult time. We will hear good news in the near future.”

The three major officers of Mulpasaneop looked more comfortable once they heard what Gun-Ho said.

Gun-Ho received a call from his mother.

“Are you already in bed?”

“No, I just came back from work. I was going to take a shower before going to bed.”

“Your aunt’s son—Jae-Woong—is getting married next Sunday.”

“Really? Good for him.”

“His wedding will be held at Cottium or Cottaum or whatever Wedding Hall close to Ganseogogeori Station at noon. The name of the wedding hall is very strange.”

“Okay, mom. I will be there.”

“The bride is working at a post office. Is it a government job?”

“Yes, it is, mom.”

“Your aunt keeps asking me why you don’t get married. She said that you have money and you are old, so you shouldn’t have any problem with getting married. Your aunt thinks his son is better than you.”

“Did he find a home to start a family?”

“He rented a townhouse in Gyesan Town. Your aunt is so proud that her son saved 50 million won by working for the government in order to pay for the security deposit of that townhouse by himself.”

“He saved a lot. He is a steady person.”

“Maybe he is steady, but he surely doesn’t know how to respect his elders. He doesn’t even say hello to me whenever he sees me.”

“Haha. He is just shy, mom.”

“You are not dating anyone yet, son?”

“No, mom.”

“If you can’t find a girl on your own, I can find you one. You are getting old, son.”

“Don’t worry about me. I will take care of it.”

“Whew. Okay, if you say so.”

After getting off the phone with his mom, Gun-Ho gazed vacantly into space while lying down on his bed. He was thinking of the dancing geisha—Mori Aikko.

“I should stop thinking about her. I don’t know why I want to see her again so much.”

He couldn’t forget about Mori Aikko’s clear eyes, her fair skin, and her full lips. Whenever he closed his eyes, he could see Mori Aikko smiling at him.

“I thought geishas always paint their faces with white makeup, but she was wearing light makeup that night, maybe because she was in the bar not in a stage. She looked like a true fairy.”

Gun-Ho kept thinking about Mori Aikko and finally fell asleep after 2 am.

The next day, Gun-Ho received a call from Min-Hyeok Kim.

“I met with the representative of Mulpa Automotive’s workers.”

“What did he say?”

“He said they haven’t gotten paid for five months. The company used to have more than 100 workers, and now only twenty of them are left. And those twenty people work at someplace else right now because they have to make a living; they just come back occasionally for Mulpa Automotive’s meetings.”

“Really?”

“The machines are all seized for their unpaid wages, and he said that the workers keep the metal molds right now. Once they get paid, they will leave the factory. Leaving those machines without using them is certainly a waste.”

“Hmm.”

“Oh, and there was a Korean company next door, so I went there to talk to them. They said the young president of Mulpa Automotive comes to the factory from time to time.”

“That means, he is in China, huh?”

“I don’t know.”

“Okay, Min-Hyeok. Thank you. When will you go back to Korea to visit?”

“I can’t come right now. There are two contracts to finalize for Jinxi Industrial Park. Maybe I will come next month.”

“With the two contracts that you are working on, how many companies moved in already?”

“Half full. The industrial park looks nice now.”

“Okay. Keep up the good work, Min-Hyeok.”