Wall Street of the third generation chaebol

＜ The dissolution of Bethlehem. (2) >

“What is this?”

A month later, Washington DC

Korean Legation in the US.

Lee Wan-yong came to the United States after receiving the teachings of King Gojong and Lee Hyung.

Half of the imperial gold was poured out to build the legation in Washington, DC, and the legation was located only 25 minutes from the White House.

Lee Wan-yong frowned.

“Your Majesty, why did you say you invested in Bethlehem Steel? What’s going on right now is beyond absurd, it’s terrifying.”

widely.

The Washington Post (WP) and Wall Street Journal (WSJ) were thrown on the table.

[US House of Representatives, ‘The level of punishment for Bethlehem Steel should be increased. The board of directors should receive a full sentence.’]

[Attorney General Taft said, ‘Their atrocities have degraded America’s prestige. It must be thoroughly investigated for the sake of restoring honor.’]

[Federal Prosecutors’ Office, ‘A subpoena has already been issued. Even if it takes several months, try to find out the truth thoroughly. Exchanging information with the Southern District of New York.’]

“The requirement for a major shareholder is at least 3% of the total stake. His Majesty’s investment in Bethlehem by means of an investment agent is a total of 3.01%. That’s an astonishing number.”

Because of this 0.01% stake, it became a major shareholder.

Maybe Bethlehem Steel got an extra 0.01% for the purpose of becoming a major shareholder.

“I’m going crazy.”

these few days.

Combining the information obtained while scouring Washington, Bethlehem Steel was a steel company that had fallen into disrepair with the supply and demand of almost all of the United States.

“It was the largest shipyard in the United States until the dreadnought was destroyed. I understand that it seemed attractive enough to invest, but why?”

Even dry warships are the result of patent infringement. What the hell are these Bethlehemites doing?

Isn’t this a group of scammers?

🥳

Lee Wan-yong pulled out one more document.

“A total of $300 million in debt that Bethlehem has to pay for damages. The bankruptcy application has been dismissed by the court, and investigations into unfair trade practices, embezzlement, bribery to the Navy Department for dumping, and white-collar crimes are ongoing. Major shareholders are now involved Was it because he was involved in this crime or not?”

The total liability for damages is $300 million.

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Of that, $200 million was reported in a newspaper article saying that two large shipyards were seized by the Newport News shipyard and cleaned up.

There are reports that there is a way to get the remaining 100 million dollars, so this 300 million won is not a problem.

In the first place, shareholders have limited liability. You don’t have to pay off debt.

The question is the value of the stake and whether or not it participated in the illegality of the board of directors.

The former went to Gollo, and the latter remained a hearing and a prosecutor’s office. It was the beginning of the hardships Lee Wan-yong, who appeared as the agent, had to endure from now on.

“Why is the unit like this…”

Lee Wan-yong ruffled his hair.

“Your Majesty’s private money is only 170,000 dollars.”

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Of course, if you include more hidden funds as a slush fund, it will exceed approximately $1 million. The rebate alone for selling the mine was close to hundreds of thousands of dollars.

“A million dollars? Right now, only debt is going back and forth in billions, but one million is cut off.”

cut off.

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One million is too small to count.

“I’m going crazy.”

The window meeting and prosecution subpoena investigation remain.

“It’s even more catastrophic that the problem isn’t the liability for damages. What the hell are these kids doing?”

Bethlehem’s liability for damages is 300 million won.

Ignoring this since it was all settled and liquidated, Bethlehem’s original debt was not counted.

$1 billion in net debt.

Excessive shipyard acquisition costs, dumping orders, and rising labor costs and huge corporate taxes.

Due to the nature of warship construction, you have to pay the down payment, the interim payment, and the remaining balance 3 times or more, so it is all debt until you receive it.

caught in debt.

“The bankruptcy application was also dismissed. The stock value plummeted and now it’s the size of an ant, and it all evaporated because I bought the stakes by driving the Korean Empire’s slush funds and slush funds.”

Compared to the original value, the equity value has been reduced to a piece of paper.

It acquired a whopping 3% stake in the No. 1 shipbuilder in the United States.

Even if you add $1 million to $170,000, you have no choice. As he collected bank loans to purchase shares, the Joseon Dynasty became a beggar at once, even with the bank debts.

Most of the money in the private sector has been extinguished due to the capital already invested in the acquisition of Bethlehem’s stake.

The value of the stake has long since vanished like dust.

All that remains is the huge bank debt that went into the acquisition of the stake.

The more it is collected, the more the equity value will plunge toward the bottom.

“dizzy.”

At the time of the acquisition, the value of the stake in Bethlehem is roughly 1 billion won.

A rough estimate of the purchase price of 3% is $30 million. If the Korean Empire’s imperial family has a lot of money, if it’s 1.5 million dollars, the rest is debt?

There is also a system called margin call, but what will happen to the imperial family of the Korean Empire?

“The Korean Empire’s annual tax revenue is 4 million dollars. However, this investment was completely purchased under His Majesty’s secret name, so the tax revenue of the Korean Empire cannot be used. Isn’t it?”

I do not know.

This is the first time in my life that this has happened. How the U.S. will handle these costs is also an issue.

If the U.S. court calls it embezzlement, it is embezzlement.

“That old man only has a lot of greed…”

Lee Wan-yong was spread out on the chair.

“In the end, it is said that the Joseon imperial family has to pay back 30 million dollars.”

10 years of Joseon tax revenue.

It must be repaid in the name of the Joseon Imperial Family, and His Majesty’s personal name. Misuse of the funds of the Korean Empire will result in charges of embezzlement.

“under.”

Lee Wan-yong gave up his thoughts.

Then, he took out the funds set for this business trip from his pocket and counted them one by one with his fingers.

Travel expenses of $30,000.

Lee Wan-yong had no intention of taking this risk himself.

It is the job of the Joseon imperial family to dispose of the shit the Joseon imperial family has thrown away once in the country due to a feud with the Independence Association, and to have them summoned at the best.

The country has run out of arrogance.

He had no intention of working for the country.

‘No, are you going to settle down in America with 30,000 dollars like this?’

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Of course it’s robbery.

But how will the Joseon Imperial Family take care of a distant foreign country?

‘Since I’ve been appointed as the plenipotentiary of the Korean Empire, wouldn’t it be possible to raise more funds by selling this ticket?”

Lee Wan-yong began to roll his head.

After all, the Korean village is far away in California. If he was determined and hid in favor, there was little chance that the pursuer would come as far east as he was.

“I don’t have an answer. I’m looking for my own way.”

Lee Wan-yong began to rationalize himself.

The Joseon Dynasty has abandoned itself. He was determined to be loyal to the Joseon Dynasty.

It just needed foreign power.

In order to protect its power and insist on a tyrannical monarchy, the Korean Empire has suffered from obstacles in realizing proper political modernization.

So is Bethlehem.

He also gave up his pro-American faction, and that narrow and greedy lust for power finally began to tighten his leash.

“It’s self-sufficient.”

Lee Wan-yong made a sculpture.

This is how it’s going to end. As long as the opponent is an American, the imperial family is left as a debtor.

“……”

Suddenly, a person’s name flashed in Lee Wan-yong’s eyes.

It was a moment of concern because the name was written once on all documents such as collection documents and subpoenas.

‘By the way, what the hell is this guy doing?’

“Detroit Morgan.”

Lee Wan-yong put that name in his eyes.

I’ll have to check it out.

***

“The merger and acquisition approval has been rejected by a federal court.”

1st pick up.

The result of the suspension of operation of the shipyard due to an injunction prohibiting patent infringement against Bethlehem and the exercise of the right to claim damages. The federal court finally upheld us.

This approval is an approval process for the merger between the seized shipyards and the Newport News shipyard.

“With this, two large shipyards in Bethlehem are coming into the arms of Newport News Shipyard.”

“The court is still reviewing the seizure of warships. The court seems to be paying close attention as it is an unprecedented and unprecedented situation.”

“I knew it would. Ignore it for now.”

Warship seizure is a rather serious problem.

In the modern 21st century, accustomed to capitalism, the seizure of warships by Argentina was considered unreasonable.

How much more so in the early 20th century, when warships are considered a symbol of imperialism beyond national property.

“In the end, the one remaining dreadnought couldn’t even be launched.”

Although not publicly announced.

There were two in total.

The dreadnought that sent McKinley was the dreadnought chosen as the flagship of the 8th Fleet. There was still a dreadnought that had been appointed as the flagship of the 9th Fleet.

“Bocchan, if you launch even that and throw it in two, external public opinion will become uncontrollable. It will also take a big hit diplomatically.”

“Well, I guess.”

dissolution was issued.

Jinsooshik is treated as a dog-horn dreadnought ‘iron model’. The dreadnoughts of the 9th Fleet were being torn apart in parts with the launch canceled.

It was determined that disassembling it in parts was more valuable.

“What about President Huntington?”

“You have already left to visit the new shipyard to be merged. You seem to be having fun.”

“Of course it would be fun. It’s not just a shipyard, it’s the two largest shipyards that made up the Bethlehem Shipyard.”

Bethlehem should not be underestimated.

Due to the connection with the Naval Ordnance Bureau and the internal cartel, the shipyards were pumped two or three times in size due to the large-scale line expansion work.

50% of the total shipbuilding industry in the United States.

Bethlehem Shipyard, which accounted for 80% of the total naval shipbuilding industry in the United States, should be called a national key industry.

“The Newport News shipyard has emerged as the number one shipyard in the United States, both in name and reality.”

There is absolutely no need to take over the Bethlehem Shipyard.

We just need to remove the thorns from the fish called Bethlehem and take the flesh.

“The No. 1 shipyard…”

The cost of acquiring the patent.

Most of the cost I paid to break the giant steel trust of Bethlehem Steel was for the purchase of patents.

Almost zero dollars. free

I have already recovered all the costs to Newport News Shipyard, so there is no cost for me to salvage two large shipyards from Bethlehem.

“That’s why I like patent monsters.”

You can earn a living by litigation alone.

Even in the 21st century, they are patent monsters who eat from several trillions to tens of trillions of dollars in claims for damages. If a large-scale takeover of a patent is cheap, it can make a living by litigation later.

It’s even better without a production line.

Physically, the Patent Monster and the Newport News Shipyard were separate entities.

“What is the total asset value of the confiscated warships?”

“There are dozens of warships that have been seized. There are also civilian armed merchant ships. In addition, if you add up not only the warships, but also the ammunition and coal inside, it will cost about 100 million dollars.”

I recklessly pulled out the warship.

‘100 million dollars.’

When the Newport News Shipyard was taken over by the Naval Director, the total debt was $100 million, so that’s about right.

“Cancel the seizure of the warship. Take another one instead.”

“Is there anything you can get for the warship?”

“Did you guys forget to take the Kruppgang patent from us? We haven’t attacked only the shipyards yet.”

“ah…..”

Bethlehem Steel.

The parent company of the Bethlehem Shipyard.

It was time to dismantle them.

“Bethlehem Steel was the source of Krupp steel. Would they only use Krupp steel to build warships? If you search for steel buyers, civilians and other government agencies will surely come out.”

“If you file a patent lawsuit on all of them…”

“okay.”

He canceled the seizure of the warship and even filed a patent lawsuit on the Krupp River. Bethlehem Steel also carried out expansion work, and the Krupp steel they pulled out would be roughly the same as the price of the steel mill.

any cost left?

Then you just invest the extra money and take over.

‘You can even get a suspension of business for patent infringement, but you have to crawl on your own when they say you’re paying money.’

Gap of Gap is us.

“Call Federal Steel’s director Gary. Prepare for the merger and acquisition process for Bethlehem Steel. Take this opportunity to hire all of those steel mills in Pennsylvania.”

If Federal Steel and Bethlehem Steel merge, they will become the largest steel company in the United States other than Carnegie Steel.

When the Japanese steel mills are included, it overwhelms Carnegie.

‘But there’s still one more left.’

James called me.

“young master.”

“James, I know.”

I smiled and waved my hands.

“There is still the second collection left.”

Melon Bank and its creditors.

Since we established a corporation through a joint venture with these two, the second collection still remains.

The net has already been devoured by us.

“What should I rip this time?”

Hearing coming soon

***

“They are mixed with Asians.”

US Senate.

Hearing venue for the investigation into the facts of the Bethlehem Shipyard.

The senators began to shout as they saw Lee Wan-yong and his companions at the hearing.

Not only the senators who attended, but also the major shareholders of Bethlehem and the board of directors were focused.

“Were there any Asian major shareholders on the list?”

“There is no direct mention.”

“No, take a closer look. There’s no way the yellow race can pop out of nowhere.”

“Oh, I found it. You used an investment agent. Deutsche Bank and HSBC.”

“If that’s the weight class… is it the Imperial Family?”

“I will.”

Awkward glances poured in.

It was the moment when one of those responsible for sinking the dreadnought, a symbol of U.S. maritime security, was revealed to be the imperial family of the yellow race.

To say that the American dreadnought has sunk to Asians, the white people’s minds are twisted.

A senator took the right to speak.

“Wan Yong Lee?”

“Yes.”

“Who did you represent?”

“It is the royal family of Joseon.”

I don’t even try to hide

confident.

No, is it fair?

That Asian figure looked like something that had given up on everything in the world.

….. The suit was also attended in expensive luxury suits, and was clad with luxury goods.

What appeared was the jolbu itself.

The impression was even more wrinkled.

But he smiled inside.

I asked for one.

For senators, the hearing was like a debut battle to emerge as a key political figure.

Here, it is necessary to show a provocative appearance as much as possible in order to have an impact on the public.

you are well

“You mean the Joseon Imperial Family invested in the Bethlehem Shipyard, an American military company.”

“However, it is only a small figure that barely meets the 3.01% majority shareholder requirement-“

bang!

“Did the damn East Asians dare to scratch the U.S. maritime security!!!”

Roar.

The Democratic Senate roared.

Home of the Dixies and Rednecks.

This hearing was important for the Democratic Party, a synonym for racism with a supporter of the Southern United States.

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One of the Democratic gardens, Texas, has been shaken.

The eyes of the Senators were on the reporters, beyond the cameras, and on the public.

“Everyone, this is an act of terrorism and a mean surprise! The imperial family of another country dared to scratch America’s maritime security and sank the dreadnought! This requires further investigation!”

“That’s right!”

Democratic legislators agreed.

Lee Wan-yong’s face turned black and died.

“Oh no, wait…”

“Look at those bastards. You dare to attend the hearings of the Sacred Congress, adorned with expensive luxury goods to behave like a human being! This is an act of deceiving the US Congress! Besides, that luxury has made a dreadnought in Bethlehem. Who knows if it is the embezzlement funds obtained in exchange for being insolvent!”

Sell the dreadnought.

They used it for their luxury life.

Dare to be the imperial family of a foreign country.

Now the Democrat senator was roaring like that.

“You mustn’t forgive them. They are deceiving us! America’s security is being shaken by a single imperial family in the Far East! Can you forgive this!”

bang-!

The air of the hearing began to flow strangely. The hateful and hateful gazes of the attendees poured on Lee Wan-yong.

Republicans were silent.

The Republicans could be pardoned if they could put the blame for the disgrace on them.

Even some lawmakers were promoting the Democrats.

Excited by the instigated crowd, the Democrat senator began to slurp out his words.

“This is like a surprise attack on the United States without a declaration of war! The Joseon Imperial Family will have to come up with an explanation that the United States can understand.”

“under…”

Lee Wan-yong’s complexion started to turn white beyond black.

Getting caught up in a situation like this It was so desperate.

If I sell Joseon, will I be freed from this responsibility?

Except for Hanyang, Joseon is like a rice paddy field.

However, it was clear that the interests of the Korean Peninsula were at a level that could not be ignored. There were still plenty of mine development rights, deforestation rights, railway rights, etc.

‘If I have someone to sell, I want to get rid of this position after giving it away right away.’

Suddenly, a name flashed through Lee Wan-yong’s mind.

The name of the tycoon that came up every time he looked at the documents at the Korean Legation in the US. That’s the name I decided to investigate.

‘By the way, what the hell is this guy doing?’

As an ambassador, in order to trade the interests of the Korean Empire, there must be a proper trading partner.

If you bet this right, the transaction itself will be possible. No matter how much he was treated like a yellow beast, Lee Wan-yong understood well that it is American capitalism that shines in his eyes in front of Lee Kwon.

It would be best to go to the US State Department, but I don’t have a personal network.

At that time, Lee Wan-yong’s eyes caught on this name.

What the hell does a human being do, so his name is put in all sorts of places?

He must have been a tycoon.

“Detroit Morgan.”

Lee Wan-yong recalled the name in his mind.

‘Isn’t the name of the Federal Reserve Chairman Detroit Morgan?’

no way.

Lee Wan-yong’s heart began to tremble with excitement.

“Our Senate is calling on the US Department of War and the State Department to find out the facts and take action!”

This.

It may be a real opportunity.

Not a chance for Joseon, but my chance.

***

“You make a show big. Guys who don’t even have the guts.”

The second floor railing of the hearing.

I leaned against the railing and looked down at the first floor.

James rolled his eyes.

“A show? Is that a show now?”

“The Far East defense line allowed by the British Empire to the United States extends to the waters of the Korean Peninsula. It is not the mainland. Do you think they can declare war on the Korean Peninsula while ignoring the voices of the American isolationists?”

“ah.”

“So, Shoji.”

I laughed bitterly.

In any case, the boundaries of the British haters are messed up once.

‘Come to think of it, I think I heard from Archibald that Standard Oil has advanced into Manchuria, where the Daqing oil field is located.

However.

If I do, it might not be a show.

US Steel and Standard Oil.

For the sake of Lee Kwon, I was always ready to intervene in the Kikai board.

“Pan has a lot of fun.”

Korean Peninsula.

And Manchuria was a political buffer with conflicting interests of the present powers.

At the same time informal neutral…

‘It’s called a gunpowder store.’

great game.

Rise of the German Empire.

BOSS. Bank of Silver.

China is divided into north and south.

Anglo-French negotiations and the Triple Alliance.

The various interests of European powers.

It exists compressed in that small piece of land.

‘I just use it.’

＜ The dissolution of Bethlehem. (2) > end