Though darkness had settled thick over the hour, the lights in the Ilhyeon Group chairman's office burned bright.

Seated there, Seong-ho was in the middle of explaining to Tak-hyeon what had happened at the Ministry of Finance and Economy. Arms folded, his back not resting against the chair, Tak-hyeon rocked slowly as he listened. Having heard him out in silence, Tak-hyeon stopped his rocking and looked at Seong-ho.

"So you agreed to forgive 3.5 trillion in debt, and of the remaining 7 trillion, to convert 3 trillion through a debt-for-equity swap?"

"Yes. We convert 3 trillion into Doa Motors shares, and three years from now we acquire the creditors' shares—that's how we settle the acquisition."

Tak-hyeon nodded slowly and said,

"Indeed, done this way, we acquire Doa Motors without laying out a single won. And with 3.5 trillion in debt forgiveness promised, we're acquiring it with money added on top…"

"Are you satisfied?"

"Satisfied, you ask?"

Unfolding his arms, Tak-hyeon spread his hands out to either side.

"Who else could have brought back a better result than this? Even I couldn't be sure of it. Cutting the debt is a matter of course, so set that aside—but to acquire it right now, without spending a single won, through the equity swap? Where is there anything better than that? Well done."

Tak-hyeon praised him.

Seong-ho dipped his head slightly at the praise and laid out the finer points.

"When we acquire the 3 trillion in shares, I attached an option that we buy at the share price as of the contract, wherever the price may have moved by then."

"Even if the price falls, you acquire at the contract-date price?"

Tak-hyeon posed the question with a smile tugging at his lips.

"That's not bad either. It means that even if it rises, we still buy at the contract price."

"In exchange, the funds needed for the acquisition will be lent to us by the creditors, Modu Bank included."

"Hahaha."

Tak-hyeon burst into loud laughter.

"So the equity swap was nothing but for show."

"Yes. It's merely a stopgap to reduce the…