"In Korea, the Ana Group's circular shareholding centers on Ana Incorporated and Ana Non-Life Insurance. Of the two, the key is Ana Incorporated. Take Ana Incorporated, and the other affiliates fall like dominoes."

"Just as planned, the stock is in free fall on the tax-evasion allegations against the U.S. subsidiary and the public's loss of trust in the owner family. The affiliate mergers they forced through to pad their capital and make secured loans easier have turned into poison. In May 2007 they absorbed Ana Energy as an affiliate, and in September the Pohang Combined Heat and Power Plant, among others. On top of that, a run of large-scale M&A sent the debt ratio through the roof."

A heated meeting was underway in a conference room Robert had rented from an investment firm.

I'd gone over the moment it was light out, with Attorney Jo and three Samu Law attorneys in tow.

Ten people, men and women, had gathered in the room.

The Ana M&A team had been assembled.

The makeup was complicated.

Me, Attorney Jo, Robert, and staff from every kind of private equity fund and investment firm.

The law firm's attorneys were waiting outside with the lawyers from the other investment firms.

Fantastic.

A real-life M&A conspiracy, straight out of a movie.

All those people in sharp suits, men and women, young and old, were throwing off serious heat.

I sat off to one side, doing a little face reading and enjoying the show at my leisure.

It did my heart good to watch my hands and feet at work.

I was full without eating a bite.

We'd gotten our story straight: I was here as a Korean investor.

Showing who I really was would do me no good at all.

Wall Street was always crawling with rich investors from every country.

I was far from the only one.

The briefing on the Ana acquisition moved along at a brisk clip.

Robert sat at the head of the table.

He followed his instructions to the letter.

He'd linked the private equity funds into a secret ring of circular…