BXBX NOVEL Chapter 335 - Episode 7: Signs of Downfall
Chapter 335: Chapter 35, Episode 7: Signs of Downfall
Increasing the premium rate would reduce the number of convertible stocks, and lowering the interest rate would taint the meaning of investing in bonds. Madam Jang was bound to froth at the mouth, trying to lower the premium rate. The entire Jang family suffered from the “I’m the smartest” syndrome, which was common among those born with a golden spoon. Because they considered the people around them as existences less than savage cavemen, little tricks could easily get to them.
“But Boss, I think Madam noticed your nephew’s case.”
“What!”
Surprised, Park In Bo’s voice rose an octave.
“Ah, calm down. Think of your health. It seemed like Madam was testing me, so I said I knew nothing.”
He spoke as though he expected to be praised.
Tsk, this raccoon-like b*stard!
Park In Bo secretly clicked his tongue.
“Good job. Without suspicions, she’s a woman no better than a corpse. Even if it’s 100 times over, it’s fine for her to be suspicious. I’ll see you later.”
Park In Bo put down the phone and tilted his head back. With that, the first button was fastened. He had slipped some of his intentions to Madam Jang through lawyer Lee. Madam Jang was bound to run to her father in haste.
“Lawyer Lee, I don’t trust anything aside from money. You’ll make the right decisions since you have an eye for turning tides.”
Park In Bo’s expression turned grim once more. His eyes, which were a shade of yellow, stared at the wall. All kinds of awards—of recognition and achievements—decorated the wall. It was proof of how he had raised the company with his blood and tears.
To get to their position today, Good Heart Oil had obtained five small production factories. They had blocked and wiped out the market, bought over employees, stole other people’s crafts, and induced strikes to shut down factories. They had bought the factories at a bargain price when the competitors were in their most vulnerable state. He rushed into things without stopping because he had a cash cow called Good Heart Lodgings.
Perhaps, it was because he didn’t have long to live. The pieces of paper and metal reminded him of other people’s tears and anger. He had done many wrong things. Why was he so greedy? What was the point of having so much money? It wasn’t as though he ate 10 meals a day.
The tears of others returned in the form of his family falling apart. A wife scheming to take over her husband’s company, and his children turning into nothing but waste. He wanted to return to the time when he used to fight over minor things with his brother. He preferred the time when he used to dig up dirt for a living.
“It’s too late. Time flows like a river, and I only have this sick body left. I wonder where Ssang’s planning his revenge.”
Cough—
Cough—
“This damn cough won’t leave me alone. Ah Young, go get me some medicine!” Park In Bo shouted without using the interphone.
2IC[1] Jung, who came with the medicine and water, glared at him. Jung Ah Young, who used to be the head of accounting, took over the secretary role and office after she was promoted to second-in-command.
“Boss, you drank again yesterday, didn’t you? What do you plan on doing, ignoring Professor Kim’s advice?”
There was concern in Jung Ah Young’s eyes as she interrogated her boss. Her boss was the only one who kept the Jang family members in check. If something were to happen to his health, the company would falter.
“Shut up brat, I only had two glasses. I shouldn’t have brought along such a naggy person. My ears are hurting. Why are there so many medicines?” Park In Bo complained.
It wasn’t the cold personality that the other employees were familiar with. Jung Ah Young had worked with Park In Bo since he established Good Heart Lodgings, the parent company of Good Heart Oil. Rather than an employee, she was more like a daughter to him.
“Professor Kim wants you to visit.”
“No thanks. What happened to Min Ja?”
“I told her to take care of some operational records. That’s the job of the secretary next-in-line. She’s very happy about it, even when she doesn’t know what it means. Why don’t you fire her? She’s so rude.”
Jung Ah Young’s eyes grew narrow. Park Min Ja was Madam Jang’s lackey. With that information, Jung Ah Young had personally pulled her out of the accounting department and offered her the undersecretary position to observe her 24/7. She even got slapped on the cheek by Madam Jang because of that. Although Jung Ah Young was easygoing, that had been an unbearable humiliation. Grudge was embedded down to her bones.
“Leave her be. Min Ja’s working to pay for her two siblings’ school fees, right? Jang has hands and feet all over the place trying to steal information. Just one more won’t make a difference.”
“Aigoo, boss, what a nice person you are,” Jung Ah Young complained, pouting.
“Why are there only a handful to trust? You’re taking good care of the accounting department, right?”
“Ya, I check the market for changes every day and investigate frequently too. The problem is the lodgings. Director Jang keeps taking the tickets for his personal use, and I haven’t been able to stop him. What should I do?”
Jung Ah Young’s temper boiled over. 50 percent of the employees in Good Heart Lodgings were Madam Jang’s family members. They were people the boss couldn’t touch. They’ve attached themselves like cancer cells, eating away at the company. There was no way to get rid of them.
“Leave them be too. All the rotten ones will be gone soon.”
“They take bribes using employment as bait, pretend they don’t know anything when I give them a warning, lure smart ones on their side with money, and steal oil. It’s beyond recoverable.”
“I know what I should know. Ah Young, will you betray me if the Jang family offers you money?”
Park In Bo glared at Jung Ah Young with his narrowed eyes.
“Ya, if they give me a few million, I’ll think about it. If they give me a few billion, I will betray you right away.”
Jung Ah Young’s eyes curved into a crescent moon shape.
“Damn brat, go on a diet instead. You’re not bad-looking, but your beauty’s hidden under all that fat.”
“Why’re you provoking me again? I was planning to start my diet today.”
“What, diet? The sun’s going to rise from the west. Were you shocked?”
“Ya, I saw a king-ka[2] today on my way to work. He got off from a foreign car in front of a school. I just couldn’t take my eyes off him.”
“Oho! You couldn’t take your eyes off?”
Park In Bo was slightly surprised. Actually, he was very surprised. Jung Ah Young didn’t show much interest in men. She was extremely focused on her work. Although there were a few who lingered around her, she didn’t bother giving them a second glance.
“Hey, I’m a woman too. He was wearing a black suit with a thin shirt in this cold weather. I couldn’t see his face clearly because of his hat, but his body and black clothes were a work of art. I never knew a man’s body could be so beautiful. I became so embarrassed all of a sudden.”
Of course, the king-ka she saw was Mu Ssang who came to take the examinations. The proud guy would never have imagined that he’d bring about such an effect. An ordinary lady was about to starve herself on a diet.
“Hehe, it seems like you will be able to marry someone. I’ll pick some nice pants for you, so you just get on with that diet.”
“Really? Can I trust you, boss?”
Jung Ah Young looked at Park In Bo from head to toe. She wondered whether he’d introduce her to someone like himself. Park In Bo smiled bitterly.
“Geez, you brat, when have I ever lied to you? Despite my s**tty body and bad temper, you will not believe your eyes when you see my nephew.”
“Nephew?”
“Hmm, he’s a great guy. I haven’t seen him for a long time, but he’ll be more than enough to make that king-ka you saw cry in shame.”
“You’re going to introduce me to your nephew?”
Jung Ah Young’s eyes twinkled.
“Nah, you brat. He’s five or six years younger than you.”
“Tsk, he’s still little.”
“Hehe but that young man isn’t just any young man. Anyway, I’ll find you a good guy, so work on losing the fat. Times have changed. People won’t take in plump women as their eldest daughter-in-law anymore.”
Park In Bo gathered his documents.
“There’s a board meeting tomorrow at 10. Prepare the materials for me.”
“Is the bond issuance surcharge the only thing that needs to be raised?”
“Yes, the ginseng factory construction urgently requires more funds.”
“Should I contact Madam too?”
“Do that.”
The next day, in the conference room on the eighth floor of Good Heart Oil, the issuance of convertible bonds (CB) was brought up during the board meeting. A heated debate began.
“Boss, who’d buy the bonds if there is a five percent interest, and the premium is issued at 200 percent? Let’s set the premium at 150 percent.”
Director Jang Gi Su, Madam Jang’s eldest younger brother, argued.
“Director Jang, what are you saying? You’re not mistaking Good Heart Oil for Good Heart Lodgings, are you? Good Heart Oil is the best company in Daegu. I want to set the premium at 300 percent instead of 200 percent. CB’s have merit since they can be converted to stocks. The interest is but a bonus. You’re an idiot for not even knowing the purpose of the CB’s interest.”
And so, the director, who became known as a clueless idiot, simply pouted. Director Kim, a finance executive, proposed a compromise.
“How about in exchange for allowing the premium bond to be issued at 150 percent, we lower the interest to one percent?”
Manager Jang Sang Su glanced at Madam Jang. Madam Jang nodded. By increasing the premium bond rate, there would be problems gathering his shares. The interest was a matter to be considered later.
“I agree with director Kim’s idea!” director Jang raised his hand and shouted.
“Director Jang, if we increase the premium, the company funds will increase, which will ultimately improve the company’s financial structure. So, why do you keep resisting?”
“I’m just worried it won’t be taken,” director Jang mumbled, guilty.
“Think about the value of this company. We need to at least set it at 200 percent. The ginseng factory’s construction alone costs 1,500,000,000 won. What are you going to do about the land cost when the real estate’s raising its value day by day? The ginseng factory is an investment that puts the company’s fortune on the line. Who is going to be responsible if we don’t have enough ammunition? Will you take the blame, director Jang? What about the operating funds? Will the factory’s construction fee appear out of nowhere? I’d rather loan money, in that case.”
Park In Bo glared. The two, who were overwhelmed by the boss’ energy, couldn’t reply.
Did that man eat a bear’s gall or something?
Madam Jang was annoyed by her husband’s stubbornness. That man was the kind of person who’d cancel the convertible bonds plan if it didn’t go according to his plans. He used to be compliant, but somehow, he’d left her range of influence.
It would be a waste if the CB issuance got canceled. If so, there was no way to turn Good Heart Oil over to the Jang family. Her husband had nothing to worry about even if the CB issuance got canceled. There were banks waiting in line to loan money. Madam Jang grew hasty.
“Everyone’s having a hard time putting together their money because of the current situation. If we issue it only to find that there’s no one willing to buy, nothing more embarrassing can top that. Stop being stubborn and listen to the directors,” Madam Jang replied.
“Please, boss. Like director Kim said, let’s leave the premium at 150 percent and the interest at one percent. Instead, we can push for the conversion three months into the issuance. I’ll take responsibility for the issuance too.”
Director Jang immediately stepped in and agreed with Madam Jang.
“Oho! Director Jang, you’re going to take responsibility for the issuance?”
Park In Bo glared suspiciously at his eldest brother-in-law. Secretly, he found his eldest brother-in-law very brilliant for taking the bait.
“Of course, I’ll take responsibility,” Jang Gi Su agreed hastily.
“No, there are more than 100 people who’d take these bonds under such conditions. We need the premium to be at 200 percent.”
“Dear!”
“Hey, calm down. This is the company’s meeting room, not the house!” Park In Bo scolded with a serious look on his face.
This damned old man!
Madam Jang gritted her teeth at her husband’s scolding. Their positions had swapped. Her old, s**thead husband scolding the eldest daughter of the Jang family? That was impossible. It was only possible because he had a reliable company and was also the owner of Good Heart Oil.
“Director Jang said he’ll take responsibility.”
“Fine, I’ll take a step back. The amount issued will be 3,000,000,000 won, and the interest for the 150-percent premium will be one percent, and the conversion will be in three months. The conversion claim period will be three years. There isn’t any meaning to that period. The issue price will change to the net asset value per share after an asset revaluation. The company will hold an asset revaluation every three months to determine the conversion price. Happy?”
“Fine,” director Jang agreed, his face all bright.
Madam Jang and director Jang also nodded.
“The investors will need time to put together the funds. Let’s hold the sale in a month.”
Park In Bo made his decisions quickly. That was a plan he’d devised for a long time. The scenario had been thought out carefully.
Madam Jang called her brother over as she headed out of the meeting room.
“Preparing 3,000,000,000 won in a month won’t be easy, even for our father. Do you think he’ll be able to do it?”
“He said if brother-in-law keeps being stubborn, he could look into 4,000,000,000 won too. It’s a little overbearing, but if I take care of all our spare businesses, and borrow money from my in-laws, I can prepare 1,500,000,000 won. If you and Sang Su pool in, and the family elders also pool in, we can cover the shortage with a bank loan. If we choose to cover it with a real estate loan, the interest will be cheaper.”
“Your brother-in-law keeps shoving money into the company, so I don’t have any spare funds. Maybe I can come up with 200,000,000 won? Well, once we have the company’s management rights, that kind of money will be nothing. That idiot old man’s dancing around, clueless that he’s kicking his own Achilles heel.”
“For the longest time, brother-in-law’s been blinded by greed when it comes to business. Maybe he believes in our family. Sister, don’t turn your back on brother-in-law yet. Did you talk to him about our nephew and nieces? Their shares add up to 10 percent.”
“I’ll deal with that.”
“I’ll have to scramble to gather 3,000,000,000 won.”
“You’ll have to work hard to drag the family elders into this.”
“Of course, I should. Our family will survive on it for the rest of our lives, after all.”
The two siblings faced each other and smiled creepily.
Park In Bo was full of life for the first time in a long while.
“Ah Young, bring me the minutes.”
Park In Bo laughed as he looked through the typed minutes.
“Hehehe! Enjoy it while you can.”
“Boss, why are you laughing like a madman?”
“Brat, does being composed earn you money? Ah Young, have you ever seen such a continuous bond? The premium is 150 percent and the interest is one percent! Hehehe! It’s basically money without interest, which is worth nothing. A pumpkin just rolled into an empty house! Hahaha!”
Park In Bo’s laughter continued endlessly.
[1] Second-in-command is a title denoting that the holder of the title is the second-highest authority within a certain organization.
[2] The most popular and influential male student.