The document was thick, bound in leather, and titled [Assignment of Debt Deed].
Kang Min-jun sat at the table, flanked by two lawyers from Kim & Chang (paid for by his crypto liquidation). Across from him sat Chairman Bae, a legendary figure in the Gangnam private lending market. Bae was a man who didn't look like a financier; he looked like a retired butcher, with thick fingers and a face scarred by decades of "aggressive collections."
"Let me get this straight," Chairman Bae grunted, chewing on an unlit cigar. "You want to buy the bridge loan I issued to Jin Hyuk-jae? The 12 Billion won note?"
"Yes," Min-jun said.
"Why? The interest rate is 15%. It's a cash cow. Hyuk-jae pays on time. Usually."
"Because Hyuk-jae is about to be indicted," Min-jun lied smoothly. "The NTS investigation into Mirue Partners? It's actually a cover. They are tracing the money back to Daegwang's slush funds. When the warrant drops next week, Hyuk-jae's assets will be frozen. Including the cash he uses to pay your interest."
Chairman Bae narrowed his eyes. "How do you know that?"
"I was the target of the audit," Min-jun leaned forward. "I saw the questions they asked. They weren't interested in me. They were interested in him."
It was a bluff. But in the private lending market, fear was the currency. These lenders were terrified of the government seizing their principal.
"If his assets freeze," Min-jun continued, "Your 12 billion won becomes a piece of paper stuck in court for five years. I'm offering you an exit. Today. Cash."
"How much?"
"8 Billion Won. 66 cents on the dollar."
"Robbery!" Bae slammed the table. "That's a 4 billion won haircut!"
"It's 8 billion won in liquid cash, today," Min-jun motioned to his lawyer, who opened a laptop showing a proof of funds statement. Balance: 10,480,000,000 KRW.
"Or," Min-jun shrugged. "You can keep the note. And explain to your investors why you lost 12 billion won when the Prosecutors seize Hyuk-jae's accounts."
Chairman Bae looked at the screen. He looked at Min-jun. He smelled the fear in the market. Daegwang Retail had already crashed. Daegwang Construction was under audit. The empire was shaking.
"Fine," Bae spat. "8.5 Billion. And you take the legal liability."
"Deal."
Min-jun signed the papers. He wasn't signing as Kang Min-jun. He was signing as "Nemesis Capital LLC", a paper company registered in Singapore yesterday.
The transfer was initiated. 8.5 Billion Won left Min-jun's account. In return, he received the original promissory note.
[Debt Instrument No. 2014-DK-09] Borrower: Jin Hyuk-jae. Principal: 12,000,000,000 KRW. Collateral: 500,000 Shares of Daegwang Construction (Unvested). Terms: Callable on Demand if Collateral Value drops below 140% LTV.
Min-jun ran his finger over the signature. Jin Hyuk-jae. He didn't just own the debt. He owned the voting rights attached to the collateral in the event of a default.
"Pleasure doing business," Min-jun said, standing up.
"Kid," Chairman Bae called out as Min-jun reached the door. "You know what happens when you try to collect from a tiger? It eats you."
"Hyuk-jae isn't a tiger," Min-jun said. "He's just a cow with painted stripes."
November 12, 2015. Daegwang Securities. Executive Director's Office.
Jin Hyuk-jae was having a bad day. The NTS audit on Mirue Partners was dragging on, but they hadn't found the "smoking gun" to arrest Min-jun yet. And now, the construction division was bleeding cash.
His secretary buzzed in. "Director. You have a call. It's... Nemesis Capital."
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"Nemesis? Who is that? A hedge fund?"
"They say they bought your loan from Chairman Bae."
Hyuk-jae frowned. Bae sold his debt? Without asking? He picked up the phone. "This is Jin Hyuk-jae."
"Director Jin," a voice replied. It was synthesized, slightly distorted. Or maybe just cold. "We are the new holders of your 12 billion won bridge loan."
"Okay. Send the new bank account details for the interest payment. My secretary handles it."
"We don't want the interest," the voice said. "We are exercising the Call Provision."
Hyuk-jae froze. "What?"
"Clause 4, Section B. 'Lender reserves the right to demand full repayment of principal if the Borrower is subject to government investigation.'"
"I'm not under investigation!"
"Your proxy wars are messy, Director. The NTS raid on Mirue Partners counts as 'Material Adverse Change' in your risk profile. We are calling the loan. 12 Billion Won. Plus accrued interest. Due in 24 hours."
"Are you crazy?" Hyuk-jae laughed nervously. "I don't keep 12 billion won in my checking account! You can't just call it like that!"
"If payment is not received by 4:00 PM tomorrow," the voice continued relentlessly, "We will execute the lien on the collateral. We will seize your 500,000 shares of Daegwang Construction. And we will sell them on the open market."
Hyuk-jae turned pale. If 500,000 shares hit the market at once, the stock price would crater. But worse, those shares were his voting block. If he lost them, he dropped below the 3% ownership threshold required to join the Board of Directors next year. He would be ineligible for succession.
"Who are you?" Hyuk-jae hissed. "Chairman Bae wouldn't do this. Who puts you up to this? My sister?"
"You have 23 hours, Director. Tick tock."
The line went dead.
Hyuk-jae slammed the phone down. "Fuck!" He needed 12 billion won. He couldn't ask his father—the Chairman would disown him for reckless borrowing. He couldn't ask the banks—they were tapped out. He couldn't sell assets—everything was locked up or crashed.
He dialed the only person who had cash. Director Choi (Retail Division).
"Choi! Embezzle it! Siphon it from the supplier payments! I don't care! Get me 12 billion won by tomorrow!"
"Director... we can't. The audit committee is watching everything because of that... that leak from last year."
Hyuk-jae threw a vase against the wall. He was trapped. A financial noose, tied by an invisible hangman.
November 13, 2015. 3:00 PM. One hour before the deadline.
Min-jun sat in the Mirue Partners office. The blinds were drawn. His phone rang. It wasn't Hyuk-jae. It was Jin Seo-yoon.
"Call off the dog," she said.
Min-jun blinked. "What?"
"Hyuk-jae is desperate. He's about to sign a predatory deal with a Japanese loan shark to pay you off. If he does that, Daegwang equity ends up in Yakuza hands. I can't allow that."
"So you want me to let him off the hook?"
"No. I want you to meet him. He wants to negotiate with Nemesis Capital. He doesn't know it's you."
"If I meet him, I lose my anonymity."
"You already won, Min-jun. You have his throat. Now you need to show your face so he knows who is cutting it. It's psychological dominance. He needs to fear you, not a ghost."
Min-jun thought about it. He had the cash. He had the debt. He had the power. It was time to step out of the shadows.
"Fine," Min-jun said. "Tell him Nemesis Capital will meet him. At the Vault. Tonight."
November 13, 2015. The Vault. 8:00 PM.
The whiskey bar was empty. Min-jun had rented the whole place. He sat in the center booth, the debt deed sitting on the table next to a glass of water.
The door opened. Jin Hyuk-jae walked in, looking disheveled. He hadn't shaved. His eyes were bloodshot. He was flanked by two lawyers.
"Where is the CEO of Nemesis?" Hyuk-jae barked, looking around.
Min-jun turned his chair around. "Hello, Director."
Hyuk-jae stopped. He stared at Min-jun. The intern. The student. The beggar.
"You..." Hyuk-jae whispered, his brain struggling to process the reality. "What are you doing here? Where is the investor?"
"I am Nemesis," Min-jun said calmly.
"Bullshit. You're a kid. You have... you have 2 billion won in a fund. You can't afford a 12 billion won note."
"I liquidated my Hanmi Science position last week," Min-jun smiled. "10.5 Billion Won profit. Cash."
Hyuk-jae staggered back as if hit. "You... you bought the debt?"
"I bought you, Hyuk-jae."
Min-jun placed his hand on the deed.
"You have 4 hours until the default triggers. I take your shares. I take your Board seat. I take your future."
"What do you want?" Hyuk-jae’s voice trembled. "Money? I'll pay you double! Give me a week!"
"I don't want money," Min-jun said. "I have plenty."
"Then what? What do you want?"
Min-jun stood up. He walked over to Hyuk-jae. He was slightly shorter, but in that moment, he towered over the Chaebol heir.
"I want the NTS investigation stopped. Today."
"I... I can't control the NTS..."
"Yes, you can. Call your father's lobbyist. Tell him it was a mistake. Tell him Mirue Partners is a 'Strategic Ally' of Daegwang. Make the call."
Hyuk-jae hesitated. Min-jun checked his watch. "3 hours."
"And," Min-jun added. "I want Daegwang Bank to sign a 10-year exclusive partnership with Toss. Irrevocable."
"You're crazy. My father will kill me."
"Your father will kill you if you lose your shares and the Yakuza get involved. This is the cheaper option."
Hyuk-jae looked at his lawyers. They looked down, defeated. The contract was ironclad. He looked at Min-jun. He realized, for the first time, that he wasn't fighting an ant. He was fighting a monster he had created.
"Fine," Hyuk-jae pulled out his phone. His hands were shaking. "I'll make the call."
Min-jun sat back down and took a sip of water. It tasted sweet.
[TRANSACTION LOG]
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Date: Nov 13, 2015
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Asset: Distressed Debt (Jin Hyuk-jae).
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Action: Restructured.
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Terms:
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NTS Investigation Dropped (Immediate).
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Toss Partnership Secured (10 Years).
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Debt Maturity Extended by 1 Year (Min-jun keeps the leash).
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Status: The Shadow Sovereign is no longer a shadow. He is the Creditor.