Chapter 119: Hope
A few days ago.
In Seongnam, Gyeonggi Province, at the headquarters of NeoChips.
Figures in suits crossed the lobby with a heavy air about them.
Instead of company ID cards with the logo, their necks bore tags with stiff titles like ‘Legal Team 1,’ ‘Risk Management Team,’ and ‘Bond Advisory Team.’
Their hands were laden with bags full of documents, USB drives, external hard drives, and even slim laptops.
It was clear they weren’t here for an ‘audit’ but to ‘take control.’
Tension spread throughout the office.
“This is the full list of technical data. We request its submission by tomorrow.”
The head of Ahsung Life’s legal team placed a stack of documents on the desk of NeoChips’ division manager.
“This… the data is classified, making it difficult to release externally…”
A team member beside him cut off the division manager’s words.
The tone was polite, but the content was nothing short of a threat.
“It’s an item included in the audit. Refusal to submit may affect debt recovery procedures.”
“Additionally, please prepare the internal employee bonus execution details and the board meeting minutes for the past three years.”
By now, it was clear the audit was just a pretext.
The real objectives were to grasp the internal structure, control financial flows, and secure justification for replacing the management.
Ahsung Life’s audit team quickly collected internal NeoChips data, using a large conference room as their base.
“We’ve confirmed the contracts of six key executives, including CEO Choi Moon-sik.”
The legal officer of the audit team looked up and said,
“Without separate articles of incorporation, director dismissal is possible through a general shareholders’ meeting resolution. Securing more than 30% of the shares will allow us to immediately proceed with the replacement process.”
Another team member continued,
“Even now, we can apply to the court for an emergency shareholders’ meeting using the bonds we hold as collateral.”
“The issue is whether we can push through the director’s dismissal with the shares we have.”
The legal team leader responded to the officer,
“With the FIU audit ongoing, it’s more than possible.”
“Indeed. Many shareholders are anxious, and if we say we’re securing management rights, obtaining proxies won’t be difficult, I believe.”
It meant no shareholder would oppose NeoChips’ incorporation into the Ahsung Group.
They came under the guise of an audit, but their goal was to seize management control.
The detailed plan was as follows:
Phase 1: Audit and Pressure
Phase 2: Legal action for debt default
Phase 3: Convene an emergency shareholders’ meeting through the court
Phase 4: Dismiss the current management and form a new board through a vote
To achieve these goals, the legal team members visited the CEO’s office.
“CEO Choi, could you spare a moment?”
Behind the legal team leader of Ahsung Life, the risk management director and the bond advisory team manager stood expressionless, holding internal documents.
CEO Choi Moon-sik silently rose from reading the ‘FIU Audit Report’ and followed them.
As soon as the conference room door closed, the bond advisory team leader spoke up,
“CEO Choi Moon-sik, this is no longer a situation you can avoid.”
“Making a quick decision now is in the best interest of both the company and its employees.”
The risk management director took over,
“According to our findings, NeoChips must repay 73 billion won in short-term bonds this month. Liquidity is already at its limit, and additional loans are impossible due to the FIU audit.”
“…What are you trying to say?”
CEO Choi Moon-sik asked weakly.
“Step down from your position.”
A direct statement.
The legal team leader continued with a gentle smile,
“Combining our prepared old share acquisition plan with some shareholders’ proxies would meet the special resolution requirements, but if you resign voluntarily, we’ll present it to the board and shareholders as an ’honorable retirement.”“
“And…”
After a pause, the risk management director spoke again,
“We’ll take protective measures for the data containing the MPS core algorithm after acquisition. That way, it won’t fall into anyone else’s hands. You won’t need to bear any further legal risks.”
CEO Choi Moon-sik barely resisted the urge to slap the man in front of him.
He glared coldly at the legal team leader,
“…Is this a negotiation or a threat?”
Smirk.
The legal team leader wore a sly smile.
“We’re giving you a choice, CEO.”
…
…
At the same time.
In NeoChips’ Strategic Planning Office.
“Team Leader, take a look at this.”
Assistant Manager Lee Jung-woo of the Strategic Planning Office showed the team leader an email.
It was from an unfamiliar domain.
From: IR@safebridgecapital.com
Subject: [Urgent Consultation Request] Proposal for Stabilizing NeoChips’ Capital Structure
Team Leader Park Jin-tae clicked on the email with a uneasy expression.
We are SafeBridge Capital, a global restructuring and special situations investment firm.
We are aware of your company’s recent situation and, under certain conditions, hope to negotiate providing approximately 380 billion won in liquidity, along with asset protection and maintaining management autonomy.
Specific conditions will be conveyed through a separate meeting.
After signing an NDA, all legal responsibility for sharing data will be borne by us…
“…What is this?”
“I’ve never heard of this company either. It seems to be a U.S. PE fund, but… doesn’t it seem a bit odd?”
It was out of the blue.
But to dismiss it as spam would be ignoring their detailed knowledge of the internal situation.
Team Leader Park Jin-tae quickly searched for SafeBridge Capital.
The results weren’t bad.
It was a New York-based private equity fund with numerous global restructuring cases.
“I should show this to the CEO first.”
Park Jin-tae headed straight to the CEO’s office.
The CEO, who had just returned from the audit team, sat weakly on the sofa.
“…CEO, you need to see this.”
Team Leader Park Jin-tae handed over a printed A4 sheet.
CEO Choi Moon-sik silently took the document and began reading slowly.
Initially expressionless, his face gradually hardened as he read.
“SafeBridge… I’ve never heard of them.”
“It’s listed as a U.S. private equity fund. They seem to know quite a bit about our situation.”
Choi Moon-sik scanned the document silently for a while.
Phrases like 380 billion won in liquidity provision, management retention guarantee, and legal response responsibility caught his eye.
The conditions seemed overwhelmingly favorable to them.
Which was why suspicion naturally arose.
“Can this be trusted?”
Team Leader Park Jin-tae shook his head in response to CEO Choi Moon-sik’s question,
“I’m not sure either, so I haven’t replied yet. But to dismiss it as spam or a fake email would ignore how detailed their knowledge of our situation is.”
“What would they gain from scamming us…”
The company was like a candle in the wind.
What could they possibly scam from them?
“Could this be… a lure from Ahsung?”
At the suggestion it might be Ahsung’s bait, CEO Choi Moon-sik put down the document in his hand.
“Better safe than sorry. Still, it’s worth looking into further.”
“Yes, CEO.”
Though Team Leader Park Jin-tae was told to look into it further,
CEO Choi Moon-sik didn’t actually have much time.
The Ahsung Life audit team kept visiting, showering him with what amounted to threats.
“CEO Choi Moon-sik. Your final decision must be communicated by today.”
The legal team leader of Ahsung Life coldly handed over a document.
At the bottom of the document, in bold letters, was written ‘Notice of Convening an Emergency Shareholders’ Meeting.’
“If you make a decision now, we can frame it as a cooperative resignation.”
“…I told you to stop with that talk.”
CEO Choi Moon-sik grit his teeth and responded,
But the legal team leader’s face was full of confidence.
“If you insist on taking the hard road, we’ll see you at the shareholders’ meeting.”
That night, in the CEO’s office at NeoChips.
Alone in the darkened office, Choi Moon-sik sat with his laptop open, revisiting that email.
…Asset protection and management retention as conditions, considering a 380 billion won liquidity injection… Audit can begin after signing an NDA…
His scrolling hand paused.
An attachment at the bottom of the email.
‘SafeBridge Capital Introduction.pdf’
Upon clicking, a document opened showing the headquarters in Manhattan’s financial district and past investment cases.
One of them caught his eye.
2006 SafeBridge Capital’s incorporation of Acron Fund subsidiary.
‘Acron? Where’s that?’
Opening a browser and searching quickly yielded information about Acron.
[Acron Capital, unable to withstand the global financial crisis, was sold to DJ Capital.]
“What a mess. And what’s DJ Capital?”
Looking at it with an annoyed expression, CEO Choi Moon-sik suddenly felt the initials ‘DJ’ seemed familiar.
“DJ… DJ… Where have I seen that…”
As he muttered ‘DJ,’ a thought struck him like a thunderbolt.
“Could it be… from Dojin?”
Just then,
His phone, which he had been shaking his head at in disbelief, began ringing vigorously.
CEO Choi Moon-sik looked down at the ringing screen.
[Caller: Kang Tae-joon / CEO of Dojin Tech]
His finger paused momentarily.
He had only saved the contact and never called.
Even during their first deal, he had met with Sales Team Leader Jo Seong-hwan, not CEO Kang Tae-joon.
Why was CEO Kang Tae-joon calling him at this very moment?
His hesitation didn’t last long.
“…Hello?”
-Is this CEO Choi Moon-sik?
A low, calm voice.
Much younger and more refined than expected.
“Yes, it is. What can I do for you?”
-Since you seem busy, I’ll get straight to the point. We’ve heard about your situation and are preparing a way to indirectly assist you.
“…Indirectly?”
-Have you heard of SafeBridge Capital?
At that moment, CEO Choi Moon-sik’s heart skipped a beat.
He had suspected as much, but to hear that name from Kang Tae-joon…
A glimmer of hope that they might overcome this crisis began to flicker.