"No. Don't accept it."

"Not even at 25 percent?"

"Not 25 percent, not 20 — not even 10 percent. Don't accept it."

"Not even 10 percent…?"

Byeong-ju Jeong looked at Seong-ho, thrown.

If 400 billion won were recognized as a 10 percent stake, the company would instantly be reborn as a 4-trillion-won company.

That valuation would hold right up until listing and would obviously be an enormous help in attracting further investment.

And for Seong-ho, holding convertible bonds as he did, such a valuation would come back to him as a staggering gain.

Yet even so, Seong-ho wouldn't permit even the smallest exchange of equity.

As Byeong-ju Jeong and Byeong-jin looked at each other, unable to follow, Seong-ho spoke.

"Because Ilhyeon Globevision is not a company that stops at 4 trillion won."

"What?"

Byeong-jin asked back, startled.

But Seong-ho spoke with perfect composure, as though stating the obvious.

"Ilhyeon Globevision is going to be the linchpin of the Ilhyeon succession. So why on earth would we hand over a stake in it for 400 billion?"

Byeong-ju Jeong stared at him blankly.

"The linchpin… of the group succession?"

"Yes. And it's precisely because they know that, that the Secretariat offered up the Chairman's personal land as collateral if it were needed."

"So that's why… the Secretariat…"

Hearing Seong-ho's explanation, Byeong-ju Jeong finally understood the Secretariat's behavior.

"I did wonder why the Chairman would personally put up collateral for a transaction between companies… It was because he doesn't want Ilhyeon Globevision's shares falling into someone else's hands."

"Exactly. Under these circumstances, if we handed a stake in Ilhyeon Globevision to Silla Future Asset, do you imagine the Chairman would sit still for it?"

Byeong-ju Jeong nodded, understanding now.

"I'll speak with Silla Future Asset and handle it properly."

"If it proves difficult, tell me. I'll speak with Representative Jo directly."

"There's no need to worry. I'll settle it at my level so you aren't troubled with it."

Seong-ho looked satisfied at Byeong-ju Jeong's confident assertion that he could handle it himself.

"Then please make the preparations so we can proceed with the…