Chapter 360: Chapter 38 Episode 9: The Wind Doesn’t Rest
With the unsteady progress of the real estate sales, the CB payment deadline crept up on the Jang family. Sam Shik Capital offered to pay for it with a provisional registration of senior collateral and a contract. Tired of the complicated and slow screening for bank loans, the Jang family was immediately hooked.
The Jang family received the funds after setting up Sam Shik Capital as the first lien on their mortgage. They were dancing to Park In Bo’s tune. Now, three months after the conversion, they had to pay a bank interest of 4,375,000 won and a bond interest of 18,750,000 won, making it a total of 23,125,000 won. It was basically 40 majigi of their business disappearing. Their bond interest would increase to 5.5% next month. Even for a large landowner like Jang Kyung Ju, those prices terrified him.
Jang Kyeong Mo’s situation was even worse. Large forests made up most of the real estate he owned. Jang Kyeong Mo, who couldn’t find any buyers, had to sell those forests at a bargain price. He had to make up for his scarce funds with a 200,000,000 won loan from Sam Shik Capital.
That was also the same for Jang’s first cousins once removed. Jang Kyung Tek took up 100,000,000 won in debentures while Jang Kyung Nam took up 80,000,000 won in debentures to purchase convertible bonds. Jang herself sold an accessories store building near Dong-A department store and took up a bank loan with her house as collateral. The core members of the Jang family were dragged into a mountain of debt with their eyes open.
As the situation became urgent, the Jang family mobilized all of their members who worked in the legal profession. They mobilized lawyers, prosecutors, and even judges to find any traces of illegal business but gained nothing. Sam Shik Capital was as clean as a bowl licked clean by a dog.
It had to be. Sam Shik Capital implemented an interest rate of 1.5% per month for a three-month loan period. It was a low interest rate that was incomparable to other loan companies. At 18% per annum, the difference wasn’t much as opposed to bank interests.
It was hard to find a leeway with overdue interests. According to the commercial law, an overdue interest could be imposed on a debtor who saw a profit loss over time. Sam Shik Capital also had good overdue interest rates. Their imposition of overdue interest was excellent. The interest increased every month to a point that only the Jang family would be branded as a bad debtor if they took it to court.
Sam Shik Capital secured all justifications and avoided all disputes. The Jang family should even be grateful that their creditors didn’t exercise CB security rights. Park In Bo’s divine move ended up shoving the Jang family into hell, and it also became a manual for lenders.
“Are you all saying that as company owners, you didn’t know the conversion value would go up this high? You said it was 18,000 won, but what’s this! 28,000 won! What are you going to do about this situation?
Jang Kyeong Mo, whose throat was sore, downed the cold coffee and repeatedly tapped on the tea table with his hand.
“…”
The Jang siblings, who had nothing to say, were dumbfounded. They were about to go mad themselves. They felt as though they were led around by a ghost.
The provision that the conversion value was to be determined by the revaluation of one’s asset every three months became a toxic clause for them. Three months later, when it was time for the conversion, the conversion value had risen to 25,000 won. Astonished, the Jang family fell on their butts.
The excess CB issued at a 200% premium was 2,000,000,000. The money went into their savings account entirely. With the increase of their assets, the conversion value naturally went up.
When the conversion value rose, the number of convertible stocks decreased. The Jang family, who fell into a crisis while trying to secure management rights, delayed the conversion because they didn’t know what to do. Three months later, the conversion value rose to 28,000 won. They jumped around like mad.
Park In Bo was cruel. It was only after the three months mark did he sell the real estate owned by Good Heart Lodgings to Good Heart Oil using the increase of buses as an excuse, therefore carrying out the revaluation of Good Heart Oil’s assets. That was a time when real estate prices differed day to day. The conversion value of Good Heart Oil’s CB went up again. It was Park In Bo’s plan to collect as much interest as he could after dealing a blow to the Jang family.
Even if they held onto their convertible bonds without converting them, it would become a problem. Their bank loan interest was 15% per annum. Good Heart Oil’s CB interest was one percent per annum. If the Jang family held onto their bonds, they’d have to pay an interest of 14% annually to the bank. Bank interests were like a drop in the ocean compared to debentures. In June alone, the interest on their 880,000,000 won loan was a whopping 33,000,000 won.
The Jang family couldn’t do anything and struggled in the swamp. The Jang family were basically done in by Park In Bo. That was why there was the saying, “Be nice when they’re around.”
“Park Shil, is there no way to lower the conversion value?” Jang Kyung Ju asked weakly.
“It’s legal, and the clauses were already included when they were issued, so we can’t do anything.”
Jang Kyeong Mo beat his chest out of frustration at Jang’s answer.
“Aigooo, do you know how much the family needs to pay this month? It’s over 30,000,000 won! What are we to do? Not only will this affect me, but the whole family will also be uprooted! I won’t be able to die in peace in fear of meeting my ancestors.”
F*** you!
Jang bit her lip. Although she wanted to chew her husband out, she had no reason to push the blame on him. He never came home after Hwa Ja went missing. However, Hwa Ja’s disappearances were frequent, and therefore, not a huge problem. Her wind-like daughter wasn’t the problem when her family was about to fall apart.
“Brother, calm down. We need to find a solution somehow.” Jang Kyung Ju tried to pacify the intense mood.
“We can’t acquire management rights even if we convert them, and the interest will melt us if we keep holding onto the CB. Nephew, don’t you have a solution?”
As Jang Kyeong Mo looked around the room, his eyes met Jang Chul Su’s. Jang Chul Su didn’t have a definite solution either. He was too busy hiding lately, in fear of becoming the subject of rumors. He wanted to hit the cousin-siblings who brought the whole ordeal upon them.
“Sister, the conversion value is high because the company has a lot of assets, right? So to decrease it, we have to lower its worth?”
“That’s right.”
“Let’s turn the company into an empty can. Let’s mobilize the labor union, send everyone out, and stop the production.”
Jang looked at her cousin pathetically.
“Brother, our family’s going through this ordeal to eat this small-sized company. What’s the point of possessing an empty can of a company then?”
While Jang wasn’t wise, she was smart. Her insides flipped at the idea of cutting open a duck that laid golden eggs.
“I’m just saying. I’m frustrated too.”
Jang Chul Su rubbed the back of his neck and fell silent.
“Brother, what happened to that?”
“To what?”
Jang Chul Su asked Jang Gi Su, omitting the subject from the question.
“The release of the collateral that the damn interest collector has a hold on.”
As long as the interest collector released the collateral placed on their CB, they could pay back their debts by taking up additional bank loans.
“I tried contacting them several times, but they said it’s impossible. I mean, of course, they won’t release it when our interest will snowball just by staying put.”
“Still, try meeting them one more time.”
“Haa! I’ll meet them, but don’t expect too much.”
Jang Chul Su didn’t want to meet that manager guy from Sam Shik Capital ever again. That man wore a suit and minded his words, but his gangster instincts from the past didn’t go anywhere.
Begging someone the likes of trash made Jang Chul Su’s insides flip. He was a man who spoke harshly at times, moved roughly as though he was about to pull out a knife, and had a long scar across his cheek. He had his pride as the lieutenant governor, after all. He’d met the man unwillingly because of his family’s situation, with no intention of ever seeing him again.
Their three-hour discussion ended with no resolution at hand. Jang glanced at her uncles and first cousins once removed. The old men should be tired, but it seemed like anger was keeping them going. She could see that they were holding back their temper, trying to maintain their dignity.
Jang felt like her head was about to explode. Vomit scratched at her throat. She barely managed to suppress her burst of hysteria. Her family was everything to her.
Only with the support of her family was she able to become a major shareholder and manager at Good Heart Oil. Without them, she was nothing but a wife and the madam to president Park In Bo. The difference between shareholder Jang Pil Nyuh and Madam Jang Pil Nyuh was like the Nakdong River and a mountain stream. Madam Jang Pil Nyuh was like the moon that reflected the sun’s light, Park In Bo. She’d rather hang herself from the ceiling than stay alive with such a title.
She had to find a way out of that swamp after keeping the elders’ mouths shut. Throwing a temper tantrum there would only tear the family to pieces. Jang decided to make a bold bet.
“Uncles, dangsuk[1], I’ll try to hold off the interest somehow. Please bear with me.”
“What, Jil Nyuh, you’re going to hold off the interest?”
“Very well, we should be able to take a breather as long as Jil Nyuh handles the interest. Will there be a solution if we wait?”
The old men’s faces brightened up.
“Ya, just trust me and wait.”
Jang herself didn’t have a definite solution. Without her husband’s knowledge, she even put up her house as collateral just to raise the CB funds. What kind of solution could she come up with when she was like a butterfly caught in a spider’s web?
“How long do we have to wait?” her second dangsuk, who was suffering the worst time crunch, asked.
Damn old man. You b*stards are the ones who bought them out of greed. Why are you blaming me!
Jang wanted to scream, “Why are you guys asking me to handle the consequences of your greed? Why are you blaming Jil Nyuh?”
“Don’t rush Park Shil. She’s in a tough spot too. Let’s all get going. Nothing’s going to come out of talking all day,” Jang Kyung Ju scolded his siblings and stood up.
“We’re going. We believe in you, Jil Nyuh, niece.”
The featherless roosters all rushed out the door. The cars that were waiting for them left the house one by one.
Mu Ssang, who was lying on the roof, slowly raised his body. The collapse of the Jang family was like lightning in broad daylight. No, perhaps, his uncle was just that good.
He looked at the moon that peeked and hid behind the clouds. He could almost imagine the Jang family’s situation, their foundations and pillars shaking. He was astounded. It was said that even mountains could change in 10 years, but he didn’t expect that the Jang family would be shaken.
“Are they playing into uncle’s hands? Teacher was right about this.” Mu Ssang sighed.
Wolves and dholes are similar, but ultimately, both are different species that would see blood while fighting over food. If it’s difficult to untie a knot, time will fix it.
It was just as his teacher said. If his uncle was a wolf, the Jang family were a bunch of dholes. A couple was involved in a bloody fight over food, which in this case was the company. The Indong Jang family, who were caught up between the two, were punished for bringing up their children poorly in the end.
Is money more important than the love between family members?
It was impossible for him to judge these people with common sense. Bitter liquid flowed up into his mouth at their bickering.
Would Jang just stand for this?
Mu Ssang shook his head. The internal driving force of the Jang family—a family who survived generations—wasn’t that simple. The wolf and dholes were bound to start their second round.
“I should scrap my initial plan if this continues. Hehehe, one side should end, no matter the results. It’ll all be over if I flip the other side on its head,” Mu Ssang mumbled.
His uncle had already started what he was planning to do. Once the collateral family members left, secret conversations began.
“Why did you say you’ll handle the interest? Do you not know how much interest your uncles and dangsuk have?”
Jang Kyung Ju scolded his daughter once everyone left, leaving behind only their family.
“Husband Park’s busy taking care of Good Heart Oil, so he doesn’t mind the Lodgings that much. I’ll try raising funds there and sell one or two department stores.”
Jang sounded down. Jang Kyung Ju’s face creased.
“Park will go mad if you embezzle the funds. He’s a firm businessman when it comes down to the company.”
“What’s he going to do? It’s not like he’ll kill his wife.”
“Haa, we could have received some help had you treated Park well… why didn’t you?”
At his criticism, Jang grew mad.
“Father, did I do all of this for my own well-being? I did all of the hard work for the family. It’s been some time since my husband left home, Hwa Ja went missing, Hee Ja got kicked out of her husband’s home, and Wu Tak joined a gang. I know a woman’s life is difficult, but look at what’s happening. I really want to die these days. Just die.”
Tears streamed down from Jang’s eyes at the rush of emotions. Her bipolar disorder had turned into depression.
“What are you saying! No matter what, don’t say such things.” Jang Kyung Ju waved his hand frantically.
His daughter was decisive enough to do so and more.
“Haaa, how did this happen? Our front door’s going to be torn down at this rate. What a nightmare, a nightmare!”
“Damn b*stard, that f***er!” Jang gritted her teeth.
Her eyes flashed in blue.
“Brat, don’t say that no matter how much you hate your husband. I’m going to rest.”
Jang Kyung Ju headed upstairs after reprimanding his daughter. Little did he know that Mu Ssang was the b*stard who Jang was referring to. Driver Kim, who she had sent to curse her brother-in-law’s remains, never returned. She tried looking for Bodhisattva Young Mae but only received a message that she was sick and couldn’t move.
Trusting her gut feeling that something had gone wrong, Jang personally went to check her brother-in-law’s grave. The grave was covered with a large rock. Jang instantly knew that something had gone wrong. However, she couldn’t tell what it was exactly because driver Kim had disappeared into thin air.
Not even the curse of the most powerful shaman could affect Mu Ssang. Problems would arise every time Kim Mal Soon and her son were involved. Jang thought it was also Kim Mal Soon and her son’s fault that the CB plan went awry. Mu Ssang, who Jang wanted to tear to shreds, was lying comfortably on her roof. If she knew, she would have vomited blood and collapsed.
[1] First cousins once removed.
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