"Pursuant to the Seoul Central District Court's order granting permission regarding Ana Incorporated, I hereby declare open the extraordinary shareholders' meeting of May 21, 2008. This extraordinary meeting has been convened at the demand of numerous shareholders, owing to the current management's and board's lax management and the shareholders' loss of confidence. Accordingly..."

The chair of the shareholders' meeting made his opening remarks.

"..." The shareholders' meeting, held in the main hall at Ana's headquarters, was heavy with tension.

The directors and executives seated along one side of the dais looked grim.

Ana had blundered again and again, and foreign capital had moved in with an M&A attempt.

Everyone knew that a large share of the stock had already changed hands.

Below the dais on the left sat Jo Yun-tae, a director at Samu Law, flanked by foreign lawyers.

They looked unconcerned, but their eyes were sharp.

Across from them sat the shareholders friendly to Ana, scowling.

Ana's lawyers were giving the proxies a final review.

"Next, we will hear from Attorney Jo Yun-tae, a director at Samu Law, on behalf of the foreign investment firm that has demanded the removal of current management."

At the chair's words, Jo Yun-tae rose from his seat without hurry and went up to the dais.

Outside, reporters from home and abroad had swarmed in—a conglomerate like Ana throwing out its management was big news.

But the guards had sealed things off so thoroughly that not a sound got through.

"I'm Jo Yun-tae of Samu Law, representing a number of investors."

Jo Yun-tae bowed on the dais and kept the greeting short.

"I believe you're all well aware of Ana's problems. Through M&As far too big for it, the Ana Group now faces a severe liquidity crunch. Its debt ratio is soaring sky-high, and sales have nose-dived. On top of that, Chairman Oh Seung-hyeok, Ana's real owner, and his family have been in the press day after day, doing serious damage to the company's image."

His voice carried quietly over the microphone.

"The failed acquisition of Daeung Shipbuilding has drained the company's capital and…