Chapter 154 - Business Acquisition (3) – PART 1
The president of Mulpasaneop was very upset when he received an order to appear by the prosecution.
“Managing Director Goo, I received this letter; can you take a look? Why does the prosecution want to see me?”
“I suppose it’s because of the overdue wage claims.”
“Overdue wage claims? Are you saying one of my workers filed a complaint against me for the wage?”
“The local office of the Department of Labor probably did so. They have the right to do it.”
“What would happen if I don’t appear?”
“If you don’t appear intentionally knowing that you received the appearance notice, you could get arrested. I recommend you going there voluntarily.”
“They could arrest me once I go there, right?”
“Haha. They wouldn’t do that right away. They would probably ask you to settle.”
“Settle?”
“Yes, they want you to settle with the overdue wage claimants.”
“What if we don’t reach an agreement? It takes money to settle.”
“If you can’t settle, they would start the court proceedings.”
“I will get arrested then?”
“Haha. I don’t know. Whether to arrest you or not is up to the court, I guess.”
The president eventually went to the prosecutor’s office; he certainly didn’t look happy.
“Hmm.”
“The acquisition applicant—you, Managing Director Goo needs to give me your application to acquire this company. Then, I will select another examiner.”
“An examiner?”
“Yes, someone who will review the accounting records and legal matters because the procedure has to be fair to everyone.”
“Who is going to be the examiner?”
“I know someone who is running an accounting firm, but I don’t want people to be suspicious about the selection of the examiner. I think the accounting firm that has been handling this company’s financial matters is good too. The firm’s name is Anchang Accountant Office.”
“Hmm, there could be multiple acquisition applicants.”
“That’s possible. However, one of the important factors in selecting the final acquiror is the acquiror’s business experience and will to take over the company, so I believe you are the right person for it. Moreover, I don’t think there would be anyone who would pay that much to buy this company. You will have to show that you have the cash to acquire the company though. Be loaded with cash.”
“Okay, I will do that.”
Gun-Ho decided to sell all of his Kumho Chemical stock in order to get the necessary cash to buy Mulpasaneop.
“I’ve been so busy that I didn’t even have the chance to open my stock account. It was worth 90 billion won two months ago.”
When Gun-Ho opened his stock account, he was shocked by the number he saw.
“225 billion won!”
Gun-Ho couldn’t breathe. The price of Kumho Chemical stock increased by 2.5 times and Gun-Ho’s stock was now worth 225 billion won.
Gun-Ho still couldn’t believe it.
“God is helping me!”
Gun-Ho went outside to get some fresh air. He took a deep breath.
“I will not waste even a single penny of this money that was given to me by God!”
Because of the enormous amount of money that his stock was worth, it took him more than a month to sell off his stock.
While Gun-Ho was selling his stock, the branch manager of the stock brokerage company called Gun-Ho several times, but he didn’t pick up the phone. Gun-Ho, at first, transferred 10 billion won to his bank account, which he would use when he acquires Mulpasaneop. With 225 billion won in hand, he could easily acquire a larger company than Mulpasaneop, but he didn’t.
“I’m going to buy Mulpasaneop, and then I will grow it and make it a large KOSDAQ registered firm.”
This was Gun-Ho’s intention with Mulpasaneop.
During the month when Gun-Ho was selling his Kumho Chemical stock, the court examiners were almost done with their investigation and review. The court officer often came to Gun-Ho and told him how things went.
“It seems like the court examiners will determine that the company is not capable of achieving their payment goal as they indicated in their payment plan. I’d like to know about your next move, Managing Director Goo. You haven’t talked to me about your plan or intention lately.”
The president seemed to be anxious about his company’s future and also his future as well.
“Is your offer of 2 billion won acquisition still valid? The investors behind you haven’t changed their minds, right?”
Gun-Ho didn’t pay attention to them and focused on selling his stock.
The court officer called for Gun-Ho again.
“The court examiners will submit their opinion with their investigation records to the court soon. The court will revoke the court receivership right away. We don’t have much time.”