Chapter 143 - Company in Rehabilitation (3) – PART 2

Chapter 143: Company in Rehabilitation (3) – PART 2
The accounting manager came back to the president’s office after a while. She was carrying the real estate registration of the president’s condo in Bangbae Town with her.

Manager Kim, how much did we use for the loans with this condo? We already calculated that a few days ago.


It’s 1.2 billion won, sir.

The president handed the real estate registration to Gun-Ho hoping it would help Gun-Ho make a favorable decision for him.

Look at this. The total amount secured for the loans with this condo is 1.2 billion won. Since the current market value of the condo is 1.8 billion won, there still is 400 million won left.

Gun-Ho closely looked at the real estate registration that the president just handed to him.



If I lend you money, will you be able to pay the corresponding interest?


Whew

The president let out a deep sigh in response to Gun-Ho’s question.

Since it would be my personal loan, I would have to pay the interest myself, but the court reduced my salary significantly.


Also, you need to consider what you would do in the case where one of the secured creditors decided to put your condo for sale.

The president recoiled from the idea that he might lose his home.

And what if unfortunate things happened and the condo would be sold for less than 1.2 billion won at the auction?


That’s not possible. There is a current fair market value.

Gun-Ho sipped his cup of green tea with a smile.
‘As Chairman Lee mentioned, the person with money gets the power and controls the situation. When I worked for YS Tech in Dunpo Town years ago, Mulpasaneop was so great that I couldn’t even think of getting close to it. And now, the president of Mulpasaneop is waiting for my favorable decision. This is happening not because I have highly respectful knowledge or character, but it is because I have money.’


As Gun-Ho kept smiling, the Mulpasaneop president was just looking up at the ceiling.

This is all happening because of my son. If he didn’t expand the business recklessly, none of these would have happened.


Umm, sir, have you ever thought of selling your company?


I will have to if the court decides that selling the company is worth more than keeping it.


Have you received the decision from the court yet?


I don’t know. The accountant who was appointed by the court and other people from the court was doing something now, but they don’t report to me. Maybe they are doing something behind my back. Who knows? Jackas!


As far as I know the initial paperwork about whether the company should stay in business is done by the company. The documentation is about a plan on how a company could pay off its debt so it is included there how much the company would make next year, after three years, after five years and so on. The management in the sales department must have done all the work.

The president asked for the accounting manager again.

Manager Kim, please see if Director Kim in the sales department is in his office. Tell him I need to see him now.


Yes, sir.



After quite a while, the accounting manager came back to the president’s office.

Director Kim in the sales department is talking with the officer from the court right now.


What the… I don’t care who he is talking with. Just tell him to come and see me right now!

The president seemed to be upset and yelled at the accounting manager.
After a moment, Director Kim entered the president’s office. He was a tall man in his 50s.

You are working on the documentation about whether the company should continue its business or whatever, right? Is it done?


I am working on making some changes on it per the court officer’s request.


What do they know about my company? Do they have any idea how a factory like this is conducting its business? Fckers! Okay, you can go!

Gun-Ho thought that many businessmen who were running a company seemed to be short-tempered.
After Director Kim from the sales department left the president’s office, Gun-Ho continued to talk to the president.



Even though the court determines that it is worth keeping the company’s business, you can’t use the company’s money as you previously had done, before you pay off the debt.


Hmm.

The president seemed to be displeased at the idea that Gun-Ho just said.

Moreover, if the court determines it is better to sell the company rather than keeping it, your company will have to be sold. My boss buys companies that are under court receivership as well. If you are interested in selling your company, please let me know any time. As to the loan to be secured by your condo, I will think about it and will let you know.


Whew. Okay.


I will take this real estate registration with me.

Gun-Ho went to Onyang Hot Spring Hotel close to Mulpasaneop, instead of heading to Seoul.

Maybe I should stay here and enjoy the hot spring bath and spend the night here today.

Gun-Ho had a meal at a restaurant inside the hotel and soaked in a hot spring.

I think it’s important to be extremely careful about running a company. I learned my lesson today by looking at President Se-Young Oh. Who would even imagine that Mulpasaneop would end up like this? By the way, should I lend him 300 million won? Since he can’t borrow money from anyone else but me, he will contact me sooner or later. Let’s see what happens.



After bathing in the hot spring, Gun-Ho felt exhausted and fell asleep in the hotel.
The next morning, Gun-Ho called his office to Manager Kang from Onyang Hot Spring Hotel.

I am in Onyang Town right now for business. I will return to Seoul this afternoon. If you need me until then, just give me a call.


Okay, sir. I will let Ms. Ji-Young Jeong know as well.

Gun-Ho was driving to Seoul while humming when his phone started ringing. It was from a number he didn’t recognize, so he was not going to take it. However, since it was a call to his personal cell phone, he answered the phone.

Gun-Ho Goo? I’m Jae-Sik Moon. Remember me?


Jae-Sik Moon?


Yeah, we went to high school together.


Oh, of course. How did you get my phone number?


Suk-Ho Lee gave it to me. I heard you are running a big business.


Nah! It’s just a small company. What about you? What are you doing for a living?


I used to do package delivery service and now I’m just unemployed. I’m calling to let you know that I made a book of the alumni directory of our high school. It includes all other year graduates as well.


Oh, really? Nice work.


However, it cost me a lot so I can’t just send it to everyone for free, but I will have to charge 50,000 won for each person. I will send you my bank account number so you could send me the fee, and I will send you the directory book.


Oh, sure. I will do that.


Thank you. There are some friends who don’t want to buy it. I will mail it to your home. Send me your home address when you are ready.


Can you send it to my office instead? You did a good job.


Thank you.


You used to participate in the literature club in high school, right? And you were involved in making our high school newspapers as well.


Yeah, it was fun. Well, thank you, Gun-Ho. I’m sorry if I bothered you in your busy time.

Gun-Ho thought of Jae-Sik Moon after getting off the phone with him.

I can’t clearly remember his face. He used to be a very active participant in the literature club when we were in high school, and he was doing a package delivery job? Of course, he wouldn’t enjoy his job.

Gun-Ho received a text message from Jae-Sik Moon with his bank account number. He also sent another message asking if Gun-Ho could help him send the directory book to their teacher from high school. He said that their teacher was just staying at home after his retirement, and it was hard to reach him to get the 50,000 won so it would be really nice if one of his high school friends could help him send the book to their teacher.

I included the money for our teacher as well. Good Job, Jae-Sik. Thank you.

Gun-Ho sent Jae-Sik 100,000 won for himself and for their teacher.