Chapter 31: It’s Not Over Yet
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The announcement of the sale of Samdo General Construction.
And the stock price continues to fall.
However, Samdo Group stated that they hoped Samdo General Construction would find a better owner, revealing the ongoing construction projects and assets.
According to Samdo Group, the tangible asset value of Samdo General Construction was 1.8 trillion won.
Considering the infrastructure and technological expertise they had maintained, they claimed the value exceeded 2 trillion won.
In reality, this was an inflated valuation.
They had not factored in various risks or pending lawsuits.
But since those issues were concealed, the general public was unaware.
On top of that, media outlets under Samdo Group’s influence provided supporting coverage.
News reports framed the sale as Samdo Group’s decision to focus more on the electronics sector.
The company had recently commercialized small-sized mobile phones, the first of their kind in Korea, gaining sensational popularity.
Amidst this situation, Lee Seon-su filed a major shareholder report and requested an emergency shareholders’ meeting at Samdo General Construction.
* * *
“Of course, this is how he moves.”
Upon confirming that Lee Seon-su had officially requested an emergency shareholders’ meeting, Executive Director Lee Min-ho chuckled bitterly.
“He’s really trying to take Samdo General Construction?”
Why not just take the profit and walk away?
Hoo.
The thought of confronting Lee Seon-su made him tense.
And for good reason.
He had underestimated Lee Seon-su, only to be repeatedly outmanoeuvred.
“But this time, things are different. No matter what variables you bring, you won’t win.”
Even if Lee Seon-su brought in his powerful background—like the President—it wouldn’t matter.
Everything was proceeding according to legal procedures.
Believing in this, Executive Director Lee Min-ho shook off his nervousness.
“Alright! Everyone, focus. The shareholders’ meeting is in one week!”
The date for the shareholders’ meeting was set.
As the major shareholder, Lee Seon-su had the right to request it, but current management could refuse.
However, if he appealed to the court, the law would force them to hold the meeting.
What was crucial was ensuring Lee Seon-su’s stated reasons for the meeting didn’t attract public interest.
He would undoubtedly cite issues like the pending fines, various corruption allegations, and the looming redevelopment lawsuits.
Thus, it was better to hold the shareholders’ meeting before these reasons gained traction.
“We’re going all in. Release more press statements! Call up individual shareholders—visit them if necessary—and secure proxy votes!”
“Yes, Executive Director!”
Executive Director Lee Min-ho was convinced of victory.
But he planned to prepare even more thoroughly.
After all, Lee Seon-su always brought unexpected surprises.
* * *
April 16, 1994. Saturday, 10:00 AM.
The emergency shareholders’ meeting was held in the Samdo General Construction headquarters’ main conference room.
Since people still worked on Saturdays, no one found it unusual for a shareholders’ meeting to be scheduled on this day.
There were no suspicions.
Samdo Group had chosen Saturday for a reason.
Most general shareholders worked until 1 PM on Saturdays before heading home to enjoy their weekend.
Even if they weren’t working, those with families usually had plans to spend time with them.
At the time, weekends were widely seen as family time.
Of course, not everyone followed this norm.
Still, dozens of people attended.
Lee Seon-su arrived accompanied by Advisor Kim Seong-woong, CEO Im Kang-min, and Lawyer Kang Mu-song.
“Well, well. If it isn’t the rising star in business, CEO Lee Seon-su?”
Hearing a familiar voice, Lee Seon-su turned his head.
“Chairman Lee Hwan-geon… sir?”
He barely managed to add the respectful title.
After all, the man was significantly older.
“Haha. Yes, that’s right, Chairman Lee Hwan-geon.”
Why was this man smiling so much?
“Are you here to pick up what I’ve discarded?”
So, he was picking a fight.
“Are you trying to sell off what you dropped because it was too valuable to leave behind?”
“You never let a word go unchallenged, do you?”
“There’s no reason to back down.”
“Is that so?”
Chairman Lee Hwan-geon seemed to be speaking with a deeper meaning.
He was confident they would win the emergency shareholders’ meeting.
“Did you hear?”
About what?
Lee Seon-su had no intention of asking.
Whoever was desperate to talk would speak first.
“Tsk. You’re slow on the news.”
No, he wasn’t.
If Lee Hwan-geon knew how Lee Seon-su actually obtained information, he might be so shocked he’d faint.
Perhaps even grab his neck and collapse.
“We’ve decided to put the sale of Samdo General Construction to a shareholder vote.”
What?
That meant their side had failed.
Samdo Group would only do this if they were confident of victory.
The fact that Chairman Lee Hwan-geon personally showed up meant they were sure they would win.
“You’ll make some money, at least.”
He only said what he wanted to.
Then Lee Seon-su could do the same.
“You must be feeling bitter about the profits you’re missing out on.”
Look at that.
His smiling expression instantly changed.
Chairman Lee Hwan-geon.
This man had already revealed his nature when he tried using force before.
There was no way he had come just to exchange pleasantries.
“Just because you’ve been lucky a few times doesn’t mean it’ll last forever.”
“That’s true. No one can be lucky all the time.”
“Oh? Are you actually listening to my advice?”
Not a chance.
“But I feel like my luck is going to hold today.”
“Guess not.”
“And more than luck, what matters is how well you prepare.”
They say a person gets three great opportunities in life.
Who originally said that?
Lee Seon-su wasn’t sure.
It was just something he had heard somewhere.
But one thing was certain.
Even if an opportunity arrived, it wouldn’t mean anything if the person wasn’t ready to seize it.
To illustrate—
Imagine a bicycle delivery worker struggling every day.
Someone suddenly offers him a free motorcycle.
But he doesn’t have a motorcycle license.
Naturally, he can’t accept it.
He never even considered that he might one day transition from a bicycle to a motorcycle.
But what if he had prepared in advance, expecting that one day he would switch to a motorcycle?
The outcome would be completely different.
Anyway, enough with the analogy.
“All your preparation might end up being in vain.”
“That’s possible. But I won’t give up.”
“Do as you wish. Just don’t cry at the end.”
“It seems like you’re here just to watch me cry.”
“You’re quick to read situations. Haha.”
So he really came just to provoke him.
“Looks like the meeting is about to start. Best of luck.”
“Same to you. I’m curious to see who will be the one crying in the end.”
As Chairman Lee Hwan-geon turned away, he spoke.
“You already know it won’t be me.”
I intend to return those words exactly as they were.
[Ah, we will now commence the Emergency Shareholders’ Meeting. All concerned parties and shareholders, please take your seats.]
People who had been gathered in small groups chatting began to take their seats.
However, Chairman Lee Hwan-geon was not seated far from me.
With just a slight turn of my head, I could see his expression, and he could see mine.
[First, I will explain the order of the shareholders’ meeting.]
The sequence was simple.
They would confirm that the emergency shareholders’ meeting was properly constituted.
Then, they would explain that the meeting had been requested by a major shareholder holding 32.33% of the stock and state the agenda.
After that, the major shareholder—or their representative—would provide the reasoning behind the request.
Of course, a proxy could be used.
My proxy was Lawyer Kang Mu-song.
[I will now explain the reason for the agenda.]
Kang Mu-song stepped forward.
He took the microphone handed to him by the moderator.
[Ahem.]
Was that microphone test some kind of universal habit?
[I am Lawyer Kang Mu-song, representing Dream General Construction. The reason for requesting this emergency shareholders’ meeting is…]
Naturally, he explained—using legal terms—that the request stemmed from the fines incurred due to accidents, various corruption scandals, and the arrest of Executive Director Lee Min-sik.
[That is why a management replacement is necessary. The current management is not focused on saving the company but only on selling it at a good price.]
Anyone could see that.
[As a major shareholder holding 32.33%, Dream General Construction demands the complete resignation of the current management. Simultaneously, we propose electing a new CEO and forming a new management team. That concludes my statement.]
Clap, clap, clap!
The only ones applauding were me, Advisor Kim Seong-woong, and CEO Im Kang-min.
Even if it seemed underwhelming, it was still applause from 32.33% of the shareholders.
Kang Mu-song handed the microphone back to the moderator.
As he returned to his seat, the moderator spoke.
[Does anyone else wish to make a statement?]
Of course, someone would.
Executive Director Lee Min-ho stepped forward.
Like Kang Mu-song, he received a microphone from the moderator.
[I am Lee Min-ho, representing 21% of the shares.]
He didn’t mention his executive position in the trading division.
Why only 21%?
I was certain they had more.
Otherwise, Chairman Lee Hwan-geon wouldn’t have confronted me earlier with that smug smile.
He must be confident that he could defeat my 32.33%.
[We acknowledge the issues within current management. A demand for their resignation is understandable.]
Was he admitting defeat?
No way.
[However, resignation is not the only solution. The current management consists of individuals who have worked at Samdo General Construction for a long time. They know the company inside and out.]
He was stating the obvious.
Conveniently leaving out the fact that they were corrupt.
[They know what is best for the company… and for the hardworking employees.]
Woof!
Did I just hear a dog barking somewhere?
Did someone bring a pet?
Executive Director Lee Min-ho continued his long-winded speech, but it was all nonsense.
In the end, his argument boiled down to:
Management change is not the answer; selling Samdo General Construction is the best course of action.
[So, I would like to propose an additional agenda.]
That must have come from Chairman Lee Hwan-geon.
[I propose that we vote on the sale of Samdo General Construction during this shareholders’ meeting.]
Executive Director Lee Min-ho turned to me and flashed a smug grin.
If the majority approved the sale in this vote, I would lose my leverage.
If even the shareholders agreed to sell, who else could oppose?
Anyone objecting would be nothing more than a lone voice screaming into the void.
[That concludes my statement.]
If he smiled at me, I should smile back.
Executive Director Lee Min-ho returned to his seat.
[A new agenda has been proposed. If any shareholder wishes to object, please raise your hand.]
Kang Mu-song asked in a hushed voice.
“President, should we oppose? We have more shares than them, so opposing it could prevent the agenda from being approved.”
“It’s fine. Let them go ahead.”
The higher they climb, the harder they fall.
“Understood.”
[Since there are no objections, we will proceed with this agenda item. First, we will now vote on the agenda of removing the current management.]
As soon as the moderator finished speaking, Executive Director Lee Min-ho raised his hand.
[Yes, do you have something to add?]
“I would like to request that we conduct a named vote instead of an anonymous vote. Of course, this depends on whether Dream General Construction agrees. It doesn’t matter if you decline.”
So, he wanted to publicly display his victory and humiliate us.
“CEO, let’s go with a secret vote.”
That was Kang Mu-song, sounding a bit nervous.
“We’ll do it publicly.”
“Since the President of Dream General Construction has agreed to a public vote, we will proceed accordingly.”
[Ah! Understood. We will proceed in that manner.]
Even the moderator seemed caught off guard.
Well, he was from Samdo Group, after all.
[Now, we will verify the shareholder registry. Shareholders or their representatives present should confirm their information before participating in the vote.]
Both Dream General Construction and Samdo Group had already completed verification.
Otherwise, they wouldn’t have been allowed to speak earlier.
Attendees stood up and moved to verify their names against the registry.
[Verification is complete. The total number of issued shares is 185,600,000, and the shares accounted for today amount to 136,952,000. That means 74.33% of shares are present.]
Wait.
Something felt off.
If you subtract my 32.33% from the 74.33%, you get 42%.
Yet, Executive Director Lee Min-ho claimed to represent 21%.
Then what about the remaining 21%?
Institutions held 5%, and banks held 4%—a total of 9%.
That still left 12% unaccounted for.
I turned my head.
Chairman Lee Hwan-geon and Executive Director Lee Min-ho were both staring at me.
Smiling.
That could only mean one thing.
That 12% belonged to them.
[Then, we will begin the voting.]
At this rate, we will lose.
[For the first agenda item, those in favor of dismissing the current management, please raise your hand and state the number of shares you hold.]
Attorney Kang Mu-song raised his hand.
“Sixty million shares in favor.”
[Sixty million shares in favor. Is there anyone else?]
No one.
[With sixty million shares, that is 32.33% in favor. If there are no more votes in favor, those opposed to the agenda item, please raise your hand and state the number of shares you hold.]
Executive Director Lee Min-ho raised his hand.
“38,976,000 shares against.”
As if waiting for their turn, someone else raised their hand.
“11,136,000 shares against.”
Another hand went up.
[Please hold for a moment. We will total the count. 50,112,000 shares against. That is 27% opposed.]
There is still some leeway.
As long as the people who raised their hands are not affiliated with Samdo Group.
[We will continue.]
“11,136,000 shares against.”
Another vote against. That’s another 6%.
That makes 33% opposed.
The opposition votes have now surpassed the 32.33% in favor.
The moderator confirmed the numbers.
[61,248,000 shares against. That is 33% opposed.]
Executive Director Lee Min-ho was smiling so widely it looked like his face would split.
Chairman Lee Hwan-geon’s secret weapon was the hidden 6% of Samdo General Construction shares.
No one had known that Chairman Lee Hwan-geon had been holding an additional 6% of shares under borrowed names.
[Are there any other shareholders?]
Do they think the game is already over?
Someone raised their hand.
[Yes, please speak.]
“7,424,000 shares against.”
It was the representative of a bank.
I knew that Uju Bank was attending this shareholder meeting as a representative.
[A total of 68,672,000 shares against. That is 37% opposed.]
Now even Chairman Lee Hwan-geon was laughing.
“CEO…”
Attorney Kang Mu-song, Advisor Kim Seong-woong, and CEO Im Kang-min all looked at me.
“It’s not over yet.”
It’s only over when it’s over.
Bang!
“I’m a little late. I’m a shareholder. I will participate in the vote.”
They arrived.
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