Genius Grandson Of The Loan Shark King

Lehman Brothers Headquarters.

A board meeting was convened in Dick Fuld's office.

His face was pale, and defeat weighed heavily in his voice.

“Ladies and gentlemen. Today we have an important decision to make.”

Dick Fuld continued solemnly,

“We need to disclose our true financial condition and discuss our plans going forward.”

The directors exchanged puzzled glances.

The CFO began distributing documents, and as the directors read through them, their expressions stiffened.

“What is the meaning of this?!”

“You deceived us, Fuld!”

The boardroom descended into complete chaos.

Dick Fuld silently lowered his head, enduring the directors' fury without a word.

It was the CFO who spoke in his place.

“There is no alternative except filing for bankruptcy.”

The directors fell silent.

Despair, anger, and fear flickered across their faces.

A moment later, Dick Fuld weakly declared,

“Let's vote.”

The result was unanimous.

After seeing the company's true financial condition, every director accepted that filing for bankruptcy was the only remaining option.

A few days later.

Lehman Brothers filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.

The Treasury Department firmly announced there would be no bailout for Lehman, sending shockwaves through the market.

Lehman Brothers' stock collapsed, dragging the share prices of other financial institutions down with it.

* * *

After Lehman Brothers filed for bankruptcy, I gathered everyone involved in the core of our plan.

Han Kyungyeong.

Eva.

And Ha Myeonghun, Chairman of Taesan Financial, who had flown in from Korea.

“Just as we planned, Lehman finally filed for bankruptcy.”

Furrowing his brow, Han Kyungyeong replied,

“But they filed under Chapter 11 instead of Chapter 7. Doesn't that throw off our plan?”

The United States had several different bankruptcy procedures.

Chapter 7 meant liquidation.

Chapter 11 meant corporate reorganization.

“I already expected them to file under Chapter 11. In fact, if they'd gone with Chapter 7, it would've produced an even worse outcome for our plan.”

Eva asked,

“The assets we're taking are the North American investment banking division and the asset management division, right, Boss?”

“That's right. The Asia-Pacific and European operations will go to Taesan Financial, while the Middle Eastern division will go to Qatar as promised. Eva, can you get in touch with Jaber?”

“Of course. We've been in constant contact.”

“Tell him to send his team to the U.S. immediately. As quickly as possible.”

At that moment, Ha Myeonghun called out to me.

“President. What should we do?”

“You and Taesan Financial will acquire Lehman Brothers' Asia-Pacific and European operations.”

“Hm... How much do you expect it to cost?”

“Not as much as you'd think. You secured the funds in advance, didn't you?”

Nodding calmly, Ha Myeonghun gave his report.

“Yes. Following your instructions, we reduced lending and accumulated as much cash as possible.”

“Excellent. If that's still not enough, the Bank of Korea will provide the necessary financing.”

“Understood.”

Han Kyungyeong, who had been quietly thinking the whole time, finally spoke.

“Muhyuk. What about the real estate assets?”

“Let's leave those to other investors. If we swallow everything ourselves, the backlash will be much stronger.”

Han Kyungyeong nodded in agreement.

“Still, shouldn't we take the headquarters building? If we're acquiring all of their North American operations.”

“Boss, I completely agree with James.”

“It's symbolic.”

For once, the two of them were in complete agreement.

“All right. Then we'll acquire that as well. Eva, keep the creditor group under control.”

“Yes, Boss!”

We were Lehman's single largest creditor.

That alone gave us tremendous leverage in negotiations.

“Brother, finish setting everything up so Dreamhigh won't appear publicly as the direct acquirer.”

“It's already done.”

“Good. Then the two of you get moving.”

After sending Han Kyungyeong and Eva off, only Ha Myeonghun and I remained.

“Chairman, it must've been a difficult trip all the way to New York.”

“Haha, not at all. Seeing you making such a name for yourself in America has been very gratifying.”

Ha Myeonghun smiled warmly.

He'd definitely become much gentler.

Perhaps it was because he'd grown older.

Or perhaps because he'd stepped out into the legitimate world.

“If this acquisition proceeds according to plan, it'll be both a tremendous challenge and a tremendous opportunity for Taesan Financial.”

“I know. But internally, there are still plenty of negative opinions.”

That was understandable.

Lehman was the hottest topic in the financial world right now.

“But if Taesan Financial wants to strengthen its global position and expand its capabilities as an investment bank, this acquisition is absolutely essential. It will especially strengthen your presence in both Asia and Europe.”

“How much do you estimate the acquisition will cost?”

“At least two hundred million dollars.”

Ha Myeonghun's expression changed immediately.

“Two hundred million dollars?”

“Yes. That's the minimum. If competitors emerge, you should be prepared to go as high as two hundred fifty million.”

Our plan was to purchase the businesses as asset acquisitions rather than assuming their liabilities.

“Two hundred fifty million dollars... President, if we're not careful, even Taesan Financial could be shaken.”

“If we miss this opportunity, we'll never again be able to acquire Lehman's assets, talent pool, and client network at such a price.”

Lehman's greatest asset wasn't something tangible.

It was the customer network they had built over decades.

Its value was practically impossible to measure.

Ha Myeonghun nodded in understanding.

“I understand.”

“When will your negotiating team arrive?”

“They'll reach New York tomorrow.”

“Then you'll be busy starting tomorrow as well. Tonight, let's have a drink together.”

“I'd like that.”

It had been a long time since Ha Myeonghun and I had talked over drinks.

A few days later, the court appointed Brian Marsal as the bankruptcy trustee.

It was an unusually swift decision.

The longer Lehman's bankruptcy proceedings dragged on, the greater the turmoil facing the American economy.

Immediately after his appointment, Marsal's first priority was determining the precise scope of Lehman Brothers' assets and liabilities.

He contacted every department within Lehman, compiled an inventory of assets, and began assessing their value.

Afterward, he held extensive discussions with the creditor group while simultaneously reaching out to numerous financial institutions regarding asset sales.

“Is this the place?”

Standing before the entrance of a luxury hotel, I looked up at the building.

Eva, who was adjusting her clothes beside me, answered.

“That's right, Boss. Brian Marsal is staying here.”

“Good. Let's head up.”

Han Kyungyeong and Eva accompanied me.

When we entered the conference room, Marsal stood to greet us.

“Charlie, welcome.”

“Thank you for making time for us, Mr. Marsal.”

The moment we finished shaking hands and sat down, Marsal got straight to the point.

“Charlie, I understand you're interested in purchasing Lehman Brothers' assets.”

“Yes, that's correct. We're extremely interested in specific portions of Lehman's assets.”

He immediately followed up.

“Could you be more specific?”

I gave Han Kyungyeong a glance.

“We're offering two billion dollars for Lehman Brothers' North American operations.”

Han Kyungyeong removed a document from his briefcase and handed it to Marsal.

As Marsal examined it, I added,

“That amount can be paid entirely in cash immediately.”

His eyes widened.

“The full two billion dollars... in cash?”

“Yes.”

“Hm...”

Marsal swallowed thoughtfully.

“Mr. Marsal, I know you've received offers from other parties as well. But none of them can compare to ours.”

“How do you know that?”

“I have my own sources. Besides, we've already been communicating with the creditor group.”

Eva stepped in.

“Mr. Marsal, as the representative of the creditor group, I'd like to inform you that we've already concluded negotiations with the principal creditors.”

Marsal looked at her in even greater surprise.

“Is that so? That changes things considerably.”

Eva continued confidently.

Her poised demeanor and confident voice naturally inspired trust.

“We've worked closely with the creditors to ensure this transaction delivers the best possible outcome for every stakeholder involved. The majority of creditors have responded favorably.”

“In that case, obtaining creditor approval shouldn't present much difficulty. However, court approval is still required.”

“We're fully aware of that. Furthermore, we'd like to offer two hundred fifty million dollars for the Asia-Pacific division and two hundred million dollars for the European and Middle Eastern divisions. As far as we know, these terms are also better than those of any competing bidder.”

“Well...”

Marsal awkwardly thumbed through the documents.

“You know so much already that it's making these negotiations rather difficult.”

Han Kyungyeong chose that exact moment to step in.

“We intend to comply with every legal procedure. However, considering current market conditions, we believe swift decisions are far more important than prolonged bargaining. That's why we're making such an aggressive offer. Frankly, I don't believe anyone else will present better terms.”

I continued,

“Our proposal preserves Lehman's core businesses while maximizing value for its creditors. The fact that we can pay immediately in cash is another major advantage.”

Marsal nodded.

“I understand. Charlie, your proposal is extremely compelling. The fact that you've already reached agreements with the creditors—traditionally the most difficult part—is a tremendous advantage.”

Eva answered him.

“Yes. We've done everything possible to ensure this transaction becomes a win-win for everyone involved.”

After thinking for a moment, Marsal looked at me.

“Charlie, what are your plans after the acquisition?”

“We intend to preserve Lehman's strengths while pursuing innovation. For the North American operations, we'll maintain the Lehman brand and its expertise in order to create even greater synergies.”

After a brief pause, I continued.

“As for the Asia-Pacific and European businesses, they'll be transferred to Korea's Taesan Financial. They've also committed themselves to preserving Lehman's brand, expertise, and talent pool while restoring those operations.”

Marsal nodded.

“And finally, the Middle Eastern division will go to the Qatar Investment Authority. I'll complete all negotiations myself before transferring it to them. I have no intention of inflating the price simply for personal profit.”

“A single negotiation channel certainly makes things much easier. I understand.”

“The detailed proposal is right here.”

Eva removed a thick stack of documents from her briefcase.

“It includes our future plans, acquisition prices, financing methods, and everything else. Please review it.”

“I'll contact you after I've finished reviewing everything.”

“Thank you.”

Marsal stood and extended his hand.

“I'll strongly support this proposal. I'll do everything I can to move it forward as quickly as possible.”

As we prepared to leave, Marsal called out to me once more.

“Charlie, you're truly remarkable. To make such a bold decision during a time of such chaos...”

With an easy smile, I replied,

“A crisis is simply another word for opportunity, Mr. Marsal. I have no intention of being satisfied with just this. We'll use this crisis to open an entirely new chapter for the financial industry.”

“I look forward to it. Good luck, Charlie.”

As we left the conference room, Han Kyungyeong asked,

“Muhyuk. Everything went according to plan, right? What do we do now?”

“This is only the beginning. Acquiring Lehman is merely the first step of our plan. Through it, we'll create a new financial order with ourselves at its center.”

Eva and Han Kyungyeong exchanged glances before nodding.

We left the hotel and got into our respective cars.

After climbing into mine and loosening my tie slightly, I listened to Manager Ma's report.

“Boss. Shall we begin preparing the next phase? The liquidity crisis is becoming severe. But according to our information, they're still not in as much danger as Lehman was.”

“Everything's proceeding exactly as expected. If the government provides support, they'll survive. But that's not what I want.”

“AIG is ours to take.”

“So make sure everything is ready for the plan to proceed.”

“Yes, Boss.”

As the car drove through the streets of New York, I looked out at Wall Street.

At first glance, everything appeared perfectly normal.

Yet in the faces of the people walking its streets...

I could clearly see worry and confusion.