Unlike the first presidents’ meeting Seong-ho had attended, today’s session showed many empty seats scattered throughout the room. Most belonged to companies that had vanished through sale, merger, or liquidation — their number now exceeding twenty. The presidents still seated looked at the empty chairs and couldn’t help wondering whether their own futures were equally precarious. They held their seats for now, but no one felt certain they’d still be there at the next meeting. Because of this, the mood in the room sat heavier than it ever had before.

“Have you all been to some funeral I don’t know about?”

Chairman Tak-hyeon, sensing the mood, looked around at the presidents. “Or is there trouble at home for all of you? Why the long faces?”

“Not at all.”

Vice-Chairman Mun-jong stepped in on the presidents’ behalf. “With the economy giving cause for concern right now, I think everyone’s faces have darkened out of worry.”

Whether Mun-jong’s excuse landed or not, Tak-hyeon nodded. “Well, there’s certainly cause for concern. Hey, Head Kim.”

Tak-hyeon called to Seong-ho, who — thanks to the empty seats — now sat closer to the front than at the last meeting. “Before we start, give us a short briefing on the current situation, and then we’ll begin.”

At Tak-hyeon’s instruction, Seong-ho rose and began speaking to the assembled presidents about Korea’s current economic situation.

“Since Dubo Group’s bankruptcy at the start of this year, the domino collapse of companies has continued without pause. The Bumi Group went bankrupt following Dubo, and Seongro Group is currently in a bankruptcy grace period awaiting sale. SL Foods and Padopa Department Store have also gone under, and Haechi Group has entered final insolvency and is awaiting court-supervised rehabilitation. And not long ago…”

Seong-ho glanced briefly at Tak-hyeon and Chief Do-beom Hwang, standing behind him, then continued.

“Rumors of Doa Motors’ insolvency have surfaced.”

“Doa Motors? Even Doa Motors is going under?”

“Doa Motors is failing?”

The presidents stirred. Seong-ho had just rattled off six failed companies’ names in short order, from Dubo to Haechi. But except for Dubo, which had ranked in the low teens among Korea’s conglomerates, all of them sat toward the back of the business rankings. Doa Motors was different.

“Isn’t Doa ranked 8th in the business world? That’s going under?”

Mun-jong too looked at Seong-ho with a puzzled expression. Then, recalling that Chairman Seong-mun Kim of Doa Motors had visited Pyeongchang-dong, he asked Tak-hyeon, “Chairman. So that day, when Chairman Kim came by, was it…”

“Yes. Chairman Kim came to ask me for help.”

“Then it’s really true… Doa’s going under?”

Mun-jong felt his head spin. Then, as if something had occurred to him, he shot to his feet.

“Then couldn’t we just… acquire Doa ourselves?”

The other presidents present, seeming to have had the same thought, all turned to look at Tak-hyeon. Under everyone’s gaze, Tak-hyeon spoke to Seong-ho. “I had the same thought myself. So I asked Head Kim… Head Kim, tell the presidents here exactly what you told me.”

At Tak-hyeon’s instruction, Seong-ho looked around at the presidents and repeated what he’d conveyed to Tak-hyeon through Do-beom.

“I agree that Doa Motors is a company we should absolutely acquire. But not now. Given time, an opportunity will come to acquire Doa Motors at a better price, from a stronger position. Since time is on our side, now is the moment to wait and watch the situation.”

“And if we wait and miss the chance?”

Mun-jong asked Seong-ho with the urgent look of a child standing before a toy-store window.

But Seong-ho answered him with a face full of conviction. “There’s no chance of missing it.”

“What’s that supposed to mean? How can you be so sure? Do you know how many places are eyeing Doa Motors? Chairman Woo-ha Kim of Sunwoo Group alone won’t sit still, for one. Chairman, isn’t that so?”

Mun-jong sought Tak-hyeon’s agreement. But what came out of Tak-hyeon’s mouth wasn’t the answer Mun-jong had expected.

“Sit down. Even if you speak calmly without shouting, everyone here can still understand you.”

Realizing he’d gotten worked up, Mun-jong sat back down. But even with his excitement cooled, his thinking hadn’t changed. Sitting down, he pressed Tak-hyeon again.

“Chairman. We absolutely must swallow Doa Motors. If we do, our Ilhyeon Motors could become, without question, Korea’s finest automaker. What’s more, it would let us hit our target of a million units in annual exports. Selling a million units a year would give us a foothold to expand our overseas market channels.”

“Do you think I don’t know that?”

Still wearing a displeased expression, Tak-hyeon spoke to Mun-jong, then looked at Seong-ho. “Hey, Head Kim. Convince the Vice-Chairman here. Explain why acquiring now isn’t a good idea.”

Mun-jong realized that the credit for the Doa Motors matter sat not in Tak-hyeon’s hands but in Seong-ho’s. When Mun-jong turned to look at him, Seong-ho addressed not just Mun-jong but the whole assembled body of presidents, explaining why staying still for now was the right course.

“Doa Motors’ acquisition price is going to keep falling. So buying now is not a good choice.”

“What do you mean by that? Why would the price keep falling?”

Mun-jong again asked on the presidents’ behalf.

Seong-ho gestured to Byeong-jin Jo, who’d come along to the meeting as his attendant, and answered. “Korea’s economy is going to keep collapsing, and more and more goods will come onto the market as a result. Just as prices fall in a market economy when competing goods increase, the same holds for Doa Motors. And the reason is written in the document I’ve handed out.”

As Mun-jong, still failing to understand, made to question Seong-ho further, Byeong-jin handed him a document, drawing his eyes to it instead. At Seong-ho’s gesture, Byeong-jin had been distributing the documents he’d brought to the assembled presidents.

Mun-jong examined the contents of the document and rubbed his eyes. Then, with an expression of disbelief at what he’d seen, he lifted his head. He looked around at the other presidents, all wearing the same expression, making the same gesture. Everyone seated showed the same reaction as Mun-jong.

Watching them, Seong-ho spoke. “What’s just been handed out is a report on changes in overseas markets. The Restructuring Headquarters has been tracking overseas market changes closely for months now. And within those changes, we discovered something unusual that we’d like to share.”

Looking down at the report as if he couldn’t quite believe it, Mun-jong asked Seong-ho, “So you’re saying Korea’s economy is going to collapse because of something unusual originating overseas…?”

“Yes. Korea is soon going to face a crisis unlike anything seen since the war.”

Hearing his answer, Mun-jong looked up at Seong-ho and spoke of what was in the report.

“So the exchange rate could climb to nearly double what it is now? Are you… asking us to believe this?”

Instead of answering Mun-jong’s question, Seong-ho continued the presentation.

“Now let me present the results of the Restructuring Headquarters’ first-phase restructuring, carried out in anticipation of this.”

Looking around at the bewildered Ilhyeon Group presidents, Seong-ho began the presentation in a calm voice.

“Through the restructuring, Ilhyeon Group’s roughly 82 affiliates have been reduced to 56. Ten affiliates entered sale procedures, five entered liquidation, and the remaining 11 were absorbed and consolidated into existing affiliates. Approximately 12,000 employees have left Ilhyeon, while 21,500 were reassigned. Assets worth 2.5 trillion won were liquidated, securing roughly 1.3 trillion won in liquidity, and…”

“Wait!”

Mun-jong cut Seong-ho off. Rising to his feet again, he looked at him and shouted, “I understand the restructuring results — finish what you were saying before. So you’re saying Korea’s economy is set to collapse, so we shouldn’t acquire Doa Motors now but later? Am I understanding you correctly?”

“Yes. That’s correct.”

Seong-ho nodded at Mun-jong and went on. “Dubo, Bumi, Seongro, Haechi, and now Doa… this is as far as it’s gone so far, but more companies will fall going forward. And the collapsed companies will come onto the market to recover whatever minimal amount they can. As this continues, Doa’s price will naturally keep falling — so there’s no reason to buy now.”

Seong-ho looked around at the eyes fixed on him and spoke again. “Through restructuring, we’ve stockpiled strength and trimmed the fat, building up the capacity to fully respond to what’s coming. Using the liquidity secured through the sale of 2.5 trillion won in assets, we plan to carry out a second-phase restructuring. Compared to the first phase, the second…”

“Second phase? What’s this second phase now?”

Mun-jong cut Seong-ho off again. Unable to follow, his true nature — cutting others off to say only what he himself wanted — had surfaced.

Tak-hyeon knit his brow at Mun-jong’s manner. But Seong-ho, seeming used to it, answered his question with a smile.

“Cutting staff and selling off assets isn’t the only form restructuring takes. Expanding business is also part of restructuring.”

“So what is the second phase!”

“Having stockpiled our strength and filled our pockets, isn’t there only one thing left to do? Pick up the cheap goods coming onto the market and put them in our pocket. That’s exactly the second-phase plan.”

“Picking up cheap goods coming onto the market — that’s…”

“We plan to acquire Doa Motors at that time, so please wait a little. And you needn’t worry about Sunwoo Group snatching it up first, either.”

“Why’s that?”

“Because if the exchange rate climbs to double what it is now, Sunwoo Group — which carries heavy foreign borrowing — will find itself in serious difficulty too.”

“Serious difficulty? Surely you don’t mean…”

Mun-jong trailed off mid-sentence and simply stared at Seong-ho. One word had kept surfacing in his mind as he listened to Seong-ho’s account, but it was a word hard to say aloud with everyone present. Dubo Group, ranked in the low teens. Doa Motors, ranked 8th. Those two alone were astonishing enough — but Sunwoo Group, which alternated with Ilhyeon Group for 2nd and 3rd place in the business rankings, was a name Mun-jong himself found too delicate to bring up.

Once Mun-jong’s mouth fell silent, Tak-hyeon’s finally opened.

“Finished?”

“Sorry? Ah…”

At Tak-hyeon’s words, Mun-jong came to himself. Only now looking around and sitting back down sheepishly, he drew a look of contempt from Tak-hyeon.

“If you have questions, ask Head Kim privately later. What do you think you’re doing at a regular presidents’ meeting? Tsk, tsk.”

Tak-hyeon clicked his tongue and gestured to Seong-ho. “From now on, whoever tries to interrupt, don’t stop — keep going.”

At Tak-hyeon’s instruction, Seong-ho bowed his head slightly and answered. “Yes, understood.”

Lifting his head, he gestured to Byeong-jin. The lights dimmed, and a screen appeared at the front via projector. Pointing at the graph on screen, Seong-ho began the Restructuring Headquarters’ full mid-term results presentation in earnest.

Once Seong-ho finished his presentation at the presidents’ meeting, the Ilhyeon Group affiliate presidents gave him a thumbs-up.

“I never knew Head Kim was such a skilled presenter. Impressive.”

“He’s got as much of a gift for presenting as for restructuring. I’ve got a whole new view of Head Kim now.”

“Couldn’t he teach that skill to our kids? Every last one of them can talk a good game on paper, but they turn to mush the moment they have to speak in person — it’s maddening. Get him to teach a session on presenting when he has time.”

Seong-ho offered his thanks to the affiliate presidents, then looked over at Gyeong-eun, standing off to one side. She was watching him with a delighted face, as if she herself were the one being praised.

Once the presidents had passed, Gyeong-eun came over to Seong-ho, her voice full of excitement.

“How do you speak so well?”

“Did you think I couldn’t?”

“Oh, come on. I know better than anyone how well you speak — but that’s just between the two of us. I didn’t know you’d be this good in front of this many people. You’re really something.”

Gyeong-eun gave him a light embrace, stroking his back warmly.

“I must have a good eye for men.”

“Not really. It’s that I have a good eye for women.”

“Oh, stop.”

Gyeong-eun tapped him lightly, embarrassed, and turned her head, unable to meet his eyes directly.

“Huh?”

Turning her head, she caught sight of Tak-hyeon scolding Mun-jong.

“Dad looks really angry.”

Even from a distance, Tak-hyeon’s anger was palpable, and the fragments of his voice that carried over made plain just how furious he was.

Following Gyeong-eun’s gaze to Tak-hyeon and Mun-jong, Seong-ho leaned close to her ear and said quietly, “I should go help Brother. Looks like I need to go pour some water on the fire.”

“Water?”

Gyeong-eun turned to look at him and understood what he meant by pouring water.

“Ah! Right, Seong-ho. Go quickly and put out the fire on Dad.”

Gyeong-eun gave his back a light push, telling him to go.

“Let’s talk about the rest at home later. I’ll head off now.”

Gyeong-eun waved at him.

Seong-ho waved back at her as she backed away. She gave him a bright smile and turned.

Watching her go for a moment, Seong-ho made his way toward Mun-jong and Tak-hyeon. Approaching the spot where Mun-jong was still being scolded, he murmured quietly to himself.

“Shall I go find out what happens when you pour water on a grease fire?”

Holding back the smile threatening to rise at the corners of his mouth, Seong-ho walked toward where Tak-hyeon stood.

(End of Chapter 89)