The air in the room was stale, recycled, and smelled of fear. Around the U-shaped table sat the grim-faced representatives of Korea’s banking sector. They were the "Senior Creditors." They held the secured debt—the loans backed by Daegwang’s buildings and machinery.
At the far end sat Jin Hyuk-jae. He looked like a ghost. His suit hung loosely on his frame. His eyes were sunken, darting around the room, looking for an exit that didn't exist. Beside him was his legal team, who looked like they were attending a funeral.
"Let's begin," the Executive Director of K-Bank said, tapping his pen. "Daegwang Construction has defaulted on the 50 billion won bond maturity due yesterday. The cross-default clauses have triggered on all other loans. Total immediate liabilities: 1.2 Trillion Won."
He looked at Hyuk-jae. "Director Jin. Do you have a repayment plan?"
"We need... time," Hyuk-jae’s voice cracked. He cleared his throat. "We are negotiating the sale of the Vietnam resort project. It will raise 200 billion. If you just roll over the debt for three months..."
"Three months?" The representative from Woori Bank scoffed. "Your auditor refused to sign the books! We don't even know if the Vietnam resort exists! We are moving to liquidate."
"Liquidation?" Hyuk-jae stood up, panic rising. "If you liquidate now, you get 30 cents on the dollar! You destroy a national builder! The government won't allow it!"
"The government isn't answering your calls anymore, Hyuk-jae," a voice cut in from the back of the room.
The doors opened. Kang Min-jun walked in. He wasn't wearing a school uniform. He wasn't wearing a cheap suit. He was wearing a bespoke charcoal suit that signaled absolute authority. Flanking him were lawyers from Kim & Chang.
"Who is this?" K-Bank Director frowned.
"I am the representative of Nemesis Capital," Min-jun said, taking a seat at the table. "We hold 110 Billion Won of the unsecured bonds. We are the largest private creditor."
Hyuk-jae stared at Min-jun. The realization hit him like a physical blow. The "Vulture" wasn't some foreign hedge fund manager. It was him.
"You..." Hyuk-jae whispered. "You bought the bonds?"
"I bought your mistakes," Min-jun corrected. He turned to the bankers. "Gentlemen, liquidation is foolish. Hyuk-jae is right about one thing—you will lose money. The assets are illiquid."
"Do you have a better idea?" K-Bank asked.
"A P-Plan (Pre-packaged Reorganization)," Min-jun slid a document across the table.
"Daegwang Construction has good assets. It has bad management. The solution isn't to kill the company. It's to kill the owner."
Min-jun pointed to the flowchart on the document.
[Debt-to-Equity Swap Proposal]
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Capital Reduction: Existing shares (held by Jin Hyuk-jae and Daegwang Group) are consolidated at a 10:1 ratio. (90% wipeout of value).
Unauthorized duplication: this narrative has been taken without consent. Report sightings.
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Swap: Creditors convert their debt into new equity shares.
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Result: The Creditors become the new owners (95% stake). The Jin family stake is reduced to <5%.
The bankers leaned in. This was appealing. If they swapped debt for equity, they didn't have to book a loss immediately. They could hold the shares, wait for the company to recover, and sell later at a profit.
"This... this is theft!" Hyuk-jae screamed. "You want to steal my company? I am the majority shareholder! I have Management Rights!"
"You had Management Rights," Min-jun said coldly. "When you defaulted, you lost the right to speak. This is a creditors' meeting. You are just the debtor."
"I won't sign! I'll fight this in court!"
"Fight it with what money?" Min-jun asked. "Your personal accounts are frozen. Your stock is suspended. Your lawyers," Min-jun glanced at Hyuk-jae's legal team, "haven't been paid in two months, have they?"
The lawyers looked away awkwardly.
"We accept the proposal," K-Bank Director said, looking at the numbers. "But who runs the company? We are bankers. We can't build bridges."
"We have a management team ready," Min-jun said.
The door opened again. Jin Seo-yoon walked in. The "Princess" of Daegwang. The exile.
She walked to the head of the table, standing opposite her brother. "Hello, Hyuk-jae."
"No..." Hyuk-jae backed away, hitting the wall. "Not you. Anyone but you."
"Director Jin Seo-yoon has managed Daegwang Hotels profitably for a decade," Min-jun announced. "She is untainted by the Mir Foundation scandal. She has the trust of the foreign investors. Nemesis Capital nominates her as the new CEO of Daegwang Construction."
"Seconded," said the representative from BlackEdge Capital (via speakerphone).
The K-Bank Director looked at Seo-yoon, then at Hyuk-jae. It was a choice between competence and a corpse.
"Agreed," K-Bank said. "Let's vote."
April 1, 2018. The Aftermath.
The vote was unanimous. The P-Plan was submitted to the Seoul Bankruptcy Court. Jin Hyuk-jae's equity was diluted from 40% to 4%. He was stripped of all titles.
Min-jun sat in the CEO's office of Daegwang Construction. It was a massive room, filled with trophies and golden shovels. Workers were busy removing Hyuk-jae's personal belongings—golf clubs, wine fridges, a portrait of himself.
Seo-yoon stood by the window, looking at the city she now helped build.
"It's done," she said. "He's gone. He's crying in his penthouse, waiting for the prosecutors to arrest him for the embezzlement."
"He's not done yet," Min-jun said, sitting on the sofa. "A rat is most dangerous when it's cornered. He still has the 4% stake. And he still has allies in the dark corners of politics."
"We control the board, Min-jun. Nemesis owns 30% of the new equity. The banks own 40%. I own 5%. He is irrelevant."
"For now."
Min-jun checked his ledger. Nemesis Capital Asset Value:
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Daegwang Construction Equity: 30% Stake.
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Book Value: ~300 Billion KRW (purchased for ~50 Billion in bonds).
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Return: 600%.
He had turned the 10 billion won from the Hanmi trade + crypto profits into a controlling stake in a major Chaebol subsidiary. He was 24 years old.
"What now?" Seo-yoon asked. "You are the Shadow Chairman. Do you want an office?"
"No office," Min-jun stood up. "I'm just an investor. You run the company. Clean up the accounting. Finish the projects. Restore the stock price."
"And you?"
"I have other fires to start."
Min-jun walked out of the building. He stood on the sidewalk of Yeouido. The cherry blossoms were blooming again, just like they were when he regressed in 2010. Eight years. He had climbed from the basement to the boardroom.
But he looked at the sky. 2018. The Crypto Winter was deepening. The US-China Trade War was looming. And somewhere in a garage in Singapore, a man named Do Kwon was writing a whitepaper for a stablecoin called Terra.
"Peace is boring," Min-jun smiled.
He hailed a taxi. "Teheran-ro. Mirue Partners."
[TRANSACTION LOG]
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Date: April 2018
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Event: Daegwang Construction Restructuring (P-Plan).
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Action: Debt-to-Equity Swap.
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Input: 110 Billion KRW (Face Value) Bonds.
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Output: 30% Equity Stake in New Daegwang Construction.
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Valuation: ~300 Billion KRW (Est. Recovery Value).
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ROI: ~6x on capital deployed.
[Volume 4 Conclusion]
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The Candlelight Revolution: Leveraged to destroy Hyuk-jae's political shield.
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The Crypto Boom: Leveraged to build the war chest.
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The Takeover: Complete.