Chapter 221: The Possibility of Not Taking Off
The first page of the document I handed over was filled with a list of ‘reverse-engineering non-cooperative component suppliers’.
[Reverse-Engineering Non-Cooperative Component Suppliers]
- NovaCircuits GmbH: 1.5%
- Tetsuyo Microsystems: 1.5%
- OrionSat Comms: 2%
- CryoFuel Industries: 1%
- Magnus Propulsion Ltd.: 1.5%
- …….
Seong-hwan and Park Cheol-jin’s expressions hardened simultaneously as they scanned the list.
“There are more than I thought.”
Companies willing to share their technology were rare.
Those that accepted the authority-sharing agreement either had no proprietary technology or already had alternative supply chains in place.
In contrast, companies holding core technologies uniformly maintained an ‘absolutely not’ stance.
On the surface, it seemed…….
“Check the next page, too.”
As Park Cheol-jin turned the page, an analysis chart of each component supplier’s ownership structure appeared.
‘Independent companies’ with headquarters in Germany, Japan, France, Norway, Australia, and other locations.
However, just one layer deeper into the ownership structure, a completely different picture emerged.
“Trinity Holdings…… Orion Blue Capital…… Polar Arc Investment…… NeuroCore Alpha…… Could it be?”
Seong-hwan’s eyes widened as he confirmed the names at the top.
“What’s wrong?”
Unaware of the situation, Park Cheol-jin asked, and Seong-hwan replied in a low voice,
“These companies…… they’re all subordinate hedge funds stemming from DJ Capital.”
Only then did Park Cheol-jin look at me in astonishment.
“So, the actual controllers of these component suppliers…… are you, sir?”
“In conclusion, yes. However, the structure is so intricately woven that it wouldn’t be easy to trace from the outside.”
The next page of the document displayed a complex diagram.
Within a picture densely intertwined with boxes, lines, and alphabetical abbreviations, the name Trinity Holdings was at the center.
However, the component suppliers’ names were not directly connected below it.
“Each component supplier goes through a 3 to 5-step indirect structure.”
As Park Cheol-jin said, numerous shell companies were layered atop each affiliate.
[NovaCircuits GmbH Ownership Structure]
- Step 1: NovaCircuits GmbH (German headquarters)
- Step 2: Alpen Technologies AG (Switzerland) – 52% stake
- Step 3: NorthBridge Capital Ltd. (Cayman Islands) – 63% stake
- Step 4: T&H Infrastructure SPC (Virgin Islands) – 87% stake
- Step 5: Trinity Holdings (Malta) – 100% stake
Though a summarized version, in reality, it was an extremely complex structure involving 50 hedge funds intertwined with numerous subordinate shell companies.
Even if the FBI or CIA were to investigate, it would take at least several years to interpret the entire flow.
Another example was shown.
[OrionSat Comms Ownership Structure]
- Step 1: OrionSat Comms (France)
- Step 2: Helios Avionics SA (Luxembourg) – 53% stake
- Step 3: BlueHaven Ventures Ltd. (Jersey) – 100% stake
- Step 4: PhotonEdge Capital SPC (Bermuda) – 73% stake
- Step 5: PhotonEdge Capital Master Fund (Singapore) – 100% stake
After thoroughly reviewing the materials, Park Cheol-jin soon exclaimed in admiration,
“No matter how you look at it, this isn’t a structure that could be devised in just a day or two. How long have you been preparing for this?”
I curled the corners of my lips.
“Since establishing DJ Capital ten years ago, I’ve been preparing for this.”
Every time I visited New York, and before returning to Korea, I shared investment strategies with Grant and Lisa.
The very companies I instructed to secure as many shares as possible were now contained within this document.
＊＊＊
California, USA, SpadeZ.
In a conference room overlooking the Pacific Ocean through a large glass window,
Yelon Mux, the legendary founder of Tesler and CEO of SpadeZ, sat in a chair.
In front of him, a diagram of ‘SpadeZ’s launch vehicle, Merlin,’ was displayed on the screen.
“I never thought we’d get MTCR approval so quickly.”
Mux highly appreciated the skill in swiftly launching the premium electric vehicle models PRIME and EV-Nova.
However, a company from a small East Asian country obtaining approval for a reusable rocket business in less than three months was truly an unexpected situation.
“It seems Gindun Ben Ari lobbied extensively, including with the Department of Defense.”
Matthew Haligan, the general manager of Merlin’s development, said in a cold tone.
Mux leaned back in his chair, showing curiosity.
“I also heard him talking to MTCR Executive Chairman Henry Brewster not long ago…… How did he manage it?”
Matthew concisely explained what he had found out.
“First, he held unofficial meetings with officials from the Department of Defense’s Strategic Planning Bureau and the Directorate of Defense Trade Controls (DTSA) at a private membership club near the Pentagon. The rationale was that Luna Link’s launch vehicle could strengthen the U.S. satellite network in the Asia-Pacific region, and it seems a significant amount of political funding was exchanged afterward.”
“Political funding?”
“Money that leaves no trace, which the officials reportedly welcomed.”
At the mention of money that leaves no trace, Mux expressed doubt, but Matthew didn’t know any specifics beyond that.
“Anyway, it created political justification for the Pentagon side.”
“Yes, and then he met separately with the Washington lobbying teams of Lockheed Martin, Raytheon, and Northrop Grumman.”
“Why there, too?”
“He requested their support by guaranteeing their participation in launch vehicle support infrastructure, low-orbit communication network data processing, GNSS correction and navigation, and ground station construction, installation, and transportation.”
In the process, equity investments were also made, so they had no reason to refuse.
“Is there more?”
At Mux’s question, Matthew nodded.
“Finally, he met with a former DTSA director.”
“DTSA……?”
“Lawrence Keller.”
Mux’s expression hardened.
“Keller…… Ben Ari has had a long-standing relationship with him.”
“Yes. Keller led the DTSA for eight years until his retirement and is still serving as a military and satellite industry advisor in Washington, D.C.”
DTSA, under the U.S. Department of Defense, prevents the overseas leakage of advanced military technology.
It is a key department with authority to interpret ITAR regulations and assess military risks in MTCR reviews.
“A significant amount of lobbying funds must have flowed in there, too.”
“It’s not certain, but the likelihood is high.”
There was a saying, ‘Wherever Ben Ari goes, gold remains.’
He wasn’t just a lobbyist who opened doors but a designer who reshaped the landscape.
Mux sighed briefly.
“Devices, industries, regulations…… moving all three simultaneously, it’s no wonder MTCR approval was so fast.”
And among them, the most effective was the ‘international joint development project’ strategy adopted by Dojin.
“Still, you don’t need to worry too much.”
“What do you mean?”
Matthew Haligan shrugged.
“Passing the MTCR approval process doesn’t mean launch success is guaranteed. This isn’t Dojin’s first time making a propulsion system.”
Mux nodded.
“True, South Korea itself doesn’t have much practical launch vehicle experience.”
“Right. With Nuriho, they gained three-stage liquid combustion experience, but it was solely a long-term, government-led project. For a private company, especially to complete a large first-stage propulsion system in a short period, it’s absolutely not easy.”
“So, I heard they recruited a large number of personnel?”
Rumors that Dojin was scouting talent regardless of origin—from South Korea, Europe, Israel, and India—had already spread widely in the industry.
Especially, the engine team was mainly composed of those with experience in the Russian RD series, and the structure and thermal analysis sectors were led by ESA veterans.
“The problem is…… for the gathered personnel to function as a single team and unify processes and specifications, time is needed. Their resumes may be impressive, but they come from different systems and cultures, so initial efficiency is bound to be low.”
Mux narrowed his eyes.
“That’s definitely a problem.”
“That’s not all. For a company with no experience in propulsion system manufacturing to make a reusable rocket, technical difficulties are bound to arise.”
“Specifically, in what areas?”
Matthew lightly tapped the table with the back of his hand.
“Three major areas. These were the issues we struggled with the longest when developing Merlin.”
“Ah, right.”
Remembering, Mux slapped his knee.
“The first issue was the precision of barge landing, right?”
“Correct. The first-stage propulsion system of a reusable rocket, after separating at an altitude of tens of kilometers, must return precisely to a barge hundreds of kilometers away at sea.”
However, due to issues like changes in atmospheric density, crosswinds, engine thrust instability, and control computer delays, it took more than two years just to reduce the margin of error to within ±1 meter in practical tests.
“The second issue was shock control during stage separation.”
The explosive bolts or mechanical separation rings used to separate the first and second stages produce larger-than-expected recoil shocks.
If these create micro-cracks in the second-stage engine nozzles or electronic equipment, thrust becomes unstable immediately after launch.
“During Merlin’s development, we lost three test launches just because of this issue.”
“And the last was the plume impingement problem?”
“Yes. During the descent phase, the exhaust plumes from the multi-stage engines reflect off or collide with the lower fuselage structures or landing legs, causing asymmetric thrust.”
Matthew counted them off on his fingers.
“If even one of these three isn’t properly resolved, not only reuse but even a successful launch will be impossible.”
Especially for Dojin, which designed the first-stage propulsion system with reuse in mind from the start.
The technical difficulty is bound to be much higher than a simple launch.
Mux twisted the corners of his lips.
“Hearing this, even if they manage to place the rocket on the launchpad…… the possibility of it not taking off is high.”