Original subtitles

SOUTH KOREA SEEKS IMF BAILOUT

The government has eventually decided to seek an IMF bailout.

Amid ongoing financial difficulties,

Gukbo is now reportedly on the brink of bankruptcy.

Concerns are growing over the future of the beloved soju brand.

In-beom, where are you?

Almost there.

Should I just go to the Asia special task force?

No, go straight to see Mark.

He wants you to give a briefing on this.

In-beom, do not screw this up.

Follow me.

Am I even allowed to go in there, sir?

Just present your report.

And don't fuck this up.

All right.

Tell me about you.

Bachelor from Seoul National University,

MBA from University of Chicago,

three years at Bear Stearns,

three years as an associate analyst at our firm.

South Korea is facing a series of bankruptcies

following the collapses of Hanbo and Sammi last spring.

In-beom?

Get to the point, we know Korea.

At least 30 corporations will be on the M&A market

following a series of bankruptcies soon.

That's why I propose establishing a branch in Seoul.

If we don't head there immediately,

all our rivals, like Lehman, JP, Deutsche,

and even small hillbilly banks like Lone Star,

will fucking swarm in to take what should be ours.

Our first target is Gukbo.

In a country that has

the highest alcohol consumption in the world,

they make the best soju in Korea,

and they have...

never lost money.

Amid harsh criticism of reckless expansion and management,

and under mounting pressure to repay its loans,

Gukbo has defaulted today on six of its key subsidiaries.

Gukbo defaulted after failing to cover 8.25 billion won

in promissory notes from nine financial institutions.

So, what's the president's stance?

They won't talk with us anymore

if we don't come up with a concrete recovery strategy.

They had no problem pocketing my money during the election, those fuckers.

There are reporters outside.

Rude little shits...

Chairman.

The public has started a "Save Gukbo" campaign.

Shouldn't we do something from the company's side too?

You heard, right?

We won't go down that easily.

We absolutely will not fail.

We're Korea's number one soju brand, how could we possibly go bankrupt?

But the fucking media,

they're spinning it like Gukbo's fall is coming from reckless expansions.

I don't regret the expansions.

Well, this is war now.

Get out!

-Director Pyo. -Yes, sir?

Go meet them.

It's an up-and-coming law firm, and I hear they're sharp.

They're snatching up consulting gigs from all the big ballers.

Understood, sir.

Mumyeong?

KOO YOUNG-MO

GUKBO DIRECTOR PYO JONG-ROK

If you'd invited me to your office, I'd have gladly come.

Well, yes.

I just came to watch your trial out of curiosity.

-Well, then... -Okay.

Excuse me, Mr. Koo.

May I ask your thoughts on today's verdict?

Well...

The merger of subsidiaries and the defense against foreign capital

had a favorable impact

and strengthened Taeseong Group's hold on management rights...

...had a favorable impact...

...but it can't be considered an act aimed at succession of control.

...but it can't be considered an act aimed at succession of control.

You should file for composition.

Composition?

A request to mediate a deadline extension for you to repay the debt.

Your management rights will remain 100% intact during that time.

I've never heard about this before.

It's a newly implemented system.

Gukbo would be the first to use it.

If approved, you'll only pay interest for five years

while restructuring subsidiaries

and liquidating assets, all while maintaining control.

Then, in five years, repay the principal.

And if we can't repay in five years?

Creditors could file for bankruptcy with the court.

First, file for the composition.

Then find a consulting firm to help you repay the debt.

Most creditors prefer responsible repayment

rather than dragging things through the court.

If you get us the composition,

I'll have Mumyeong handle all of Gukbo's legal affairs.

I'll give it everything I've got. You can trust me.

-I'm counting on you. -I won't let you down.

Mr. Choi In-beom?

Nice to meet you, I'm Baek Sung-bin.

I was sent by Director Gordon, head of Solquin Hong Kong.

He told me to bring you in, but there's no corporate car yet,

so I came in mine.

Where is Director Gordon now?

Macro Building in Gangnam, he said to bring you there.

Sir?

Didn't you say you start next week?

Enjoy your free time while you still can.

I can borrow your car, right?

Thanks for the time.

Now I understand why they sent you from New York,

when I insisted on bringing my team from Hong Kong.

Why is that?

Because you're a fucking Korean.

I haven't been back in ten years.

Won't be able to make deals through personal connections.

Drink?

I just closed a deal.

Use this space as your temp office.

Cheers.

I read your report.

Gukbo.

Unbelievable.

I mean, Koreans drink soju every day.

Happy, sad, bored,

they'll find any possible

excuse to pour up soju, like tap water.

How can a company that literally prints cash go bankrupt?

I know.

It's time for Koreans to throw away that bitter drink, I guess.

Gukbo filed for composition yesterday.

They're gonna need a plan to pay back the debt.

They'll need a consultant.

I'll approach them right away.

Yeah, use this office.

I'm here three days a week and the rest in Hong Kong.

Oh, how was the kid who picked you up from the airport?

I thought you might need a Korean sidekick.

He flew out to Hong Kong as soon as I asked for an interview.

How do I keep you updated?

Phone, mail, messenger, whatever!

This is your turf, bud. Home-field advantage.

It's your shot.

Don't fuck it up!

I never imagined Solquin would open a consulting branch in Korea.

Timing really is everything, isn't it?

Chairman Seok, it's a great honor

to have you as our first client.

It is our great honor to have you as our first client.

Thank you.

-Director Pyo. -Yes, sir.

A press release about Solquin being our consultant

should put the creditors at ease, no?

Certainly.

If you trust us, we'll deliver the outcome you're looking for.

I'm sure you've seen the data.

We would need some restructuring, right?

Yes, Chairman.

Out of the 20 subsidiaries, sell off 12, including Gukbo Distribution,

and declare bankruptcy for all non-core businesses.

Director Pyo, are you sure we showed them everything?

Yes, we shared everything we could.

Sell off 12 subsidiaries and bankrupt the rest?

We're not that far gone, are we?

We reviewed the data thoroughly.

You'll need over two trillion won to meet debt obligations in five years.

If you sign an NDA, we'll show you the rest of the data.

Chairman,

we haven't yet signed a consulting agreement with them.

It's currently under review at Solquin Hong Kong.

If your concern is about trust...

It's not that we can't trust them,

but that particular information may need more consideration.

If there's additional material, of course we'll review it thoroughly.

And as you said, you should be cautious,

but let me make one thing perfectly clear.

Chairman.

Solquin will prevent the final collapse

of Gukbo.

And we'll protect your control over the company.

I skimmed through all internal documents,

including restructuring plans, assets, financial conditions,

cash flow, marketing, and export strategy.

Here's the strategy.

First, we gobble up as much of their bonds as possible

under the name of Stone Investment.

In a few years,

this shell company

will be the largest shareholder of Gukbo in Korea.

We are financing only

a hundred million dollars for this project.

Like, how could we possibly

control a large company like Gukbo?

What percentage of Gukbo bonds should we be securing?

The bonds are being sold dirt cheap right now.

Our goal is to buy in at 10% of the face value,

securing about 30% of Gukbo's bonds.

Are you confident we can bankrupt them

with only a hundred million?

Absolutely.

Our advice for retaining management control

is the sale of stakes in overseas subsidiaries to secure liquidity.

Among the overseas branches,

Gukbo Japan holds the highest market value.

Mr. Choi? Mr. Choi?

Excuse me.

Do you have time to stick around a little longer tonight?

Yes, of course.

I was actually hoping to grab a drink with you anyway.

It's not really about the drinks.

There's a place I'd like to show you.

I see.

Sure, we can do that.

I'll head down first, then.

Now the finance director is flirting with me.

Doesn't look so easy to me.

They've inflated their size

to pretend to be a large corporation,

but the chairman is the only one who calls all the shots.

In Korean society,

there is always that one person who is sucking up.

But you know,

it's all fake.

First, let's feel him out.

Gukbo's original symbol was the legendary flying horse.

But eventually, it changed to the tiger we use now.

After the Korean War, the late chairman said

that the Korean Peninsula resembled a tiger...

Chief!

There he is.

How have you been?

This is our newest product called Top Soju.

Would you like to taste it?

-Right now? -Yes.

It's bitter and sweet.

That's right.

That's soju for you, bittersweet.

Kinda like life, don't you think?

Is that all?

There should be something else you're tasting.

It's...

It's...

a bit...

a bit...

It's...

Smooth?

It's smooth.

-It's got that smoothness. -Yes.

And...

It's somewhat...

Fresh?

Yes, it's fresh.

We were going for a smooth and fresh drink,

and you tasted it perfectly.

You did well.

We need a firm...

that works like it owns this company.

I'm sure as a major firm,

Solquin won't go all in just for a retainer,

but we need a partner who'll ride or die with us.

Sir, this might be a bit out of line,

but why do you care so much?

What do you mean?

What I mean is...

does the company properly reward you?

You seem genuinely loyal.

Come on now...

It's not about loyalty.

I've always liked soju,

so I love working at a soju company.

And when the company does well, I feel good too.

When the company's struggling, it weighs on me too.

Chairman Seok...

is lucky to have you.

Stop it.

Looking at you

makes me think my father must have been like you at work.

He's retired, I take it?

He passed away ten years ago.

He was always busy, so I don't have a lot of memories.

Damn...

He used to love Gukbo soju.

-Director. -Yes?

I'll do my best, like it's my own company.

Thank you.

Let's drink to that.

This stuff is like nectar!

One moment, please.

Let's drink properly tonight.

Here!

-Cheers! -Cheers!

Have you heard of the Gukbo herbal tonic?

Allow me to demonstrate.

First, you add an egg yolk!

Pour in the herbal tonic,

and that's how you make the Gukbo herbal tonic!

Here!

Bottoms up!

-I can't drink this. -Come on.

It's great for your health, give it a try.

How am I supposed to drink this?

Just swallow it all!

You people are savages.

When are we going home?

It's time to go to work.

We should consider selling the training center too.

Wow, look at the time.

Let's grab a meal with a little drink on the side?

Sound good?

Sounds good!

It's market research.

-Hello! -Hello!

-It's gotta be... -Top!

-Top! -Top!

I work for Gukbo.

What's this?

It's our new product. Give Top a try.

We'll take a bottle!

Yes! Coming right up!

In-beom!

Over there, those folks...

He'll bring it over! Go on.

This is Gukbo's brand-new soju.

It's...

smooth and fresh.

All right, time to go home!

-Let's go. -Wait, wait!

That's it, no more!

Let's go!

The boys threw up, so they must be hungry!

You need to go!

Thirsty?

Let's have a drink.

The court has approved Gukbo's composition request,

and after narrowly escaping collapse, it'll retain management control

and be allowed to delay debt repayment for five years.

Gukbo's sales increased last year, boosting net revenue by 20%,

calling the strong performance a relief--

Relief?

Which idiot said that to a reporter?

Relief? What a moronic thing to say.

Legal review of the first phase of restructuring is complete.

The employees are likely worried about the company,

so it's important to use this to push for wage cuts.

BUSINESS EVALUATION REPORT

It'll really hit them hard if we cut wages by 20%.

Be a little understanding, Mr. Koo.

Pyo only sees the world through a salaryman's lens.

A very small lens at that.

Did you look into what I asked?

Of course, Chairman.

You can push forward quietly with minimal manpower.

From now on, don't involve the legal team,

and talk to Pyo directly.

Yes, sir.

All right then.

See you next week.

Certainly, Chairman.

Director Pyo.

Yes, Chairman.

We bought ourselves five years.

But what if we can't generate enough cash

or can't make the interest payments?

We go into full receivership, and the court takes my control.

I don't think that will happen.

-Director Pyo. -Yes, sir.

Do you understand the weight of my position?

How could I...

Founded by my father

and expanded by me, Gukbo has a 70-year legacy.

Have a seat.

What I'm about to say stays between us.

Did you finish the list of Gukbo's creditors?

Schedule meetings with all of them next week.

All thirty in one week?

Yeah, study Gukbo's relationship with each creditor closely.

Sir, can we really gain control of a company with just bonds?

Why do bonds matter?

Bonds are basically debt contracts.

When a company hits crisis mode,

the creditors become the real owners.

But--

GUKBO LAUNCHES TOP SOJU IN RECOVERY BID

It's smooth and fresh.

Sir, that could be considered a breach of trust and embezzlement.

That's why this shell company will be under your name!

Give the paperwork to Koo.

Use Gukbo Distillers' stock as collateral and raise about 20 billion won.

I'm also considering selling off some properties,

but use that money to buy bonds.

This is our insurance policy.

You get what I mean, right?

The money from selling assets should go to paying off the debt.

Buying back bonds is...

Above all, self-dealing in bonds is a serious crime.

You'll be in serious trouble if this gets out.

Goddammit!

I can take care of myself!

Didn't my father once pay for your mother's surgery

after she got into a car accident?

I'm giving you a chance to return the favor.

Get this done discreetly.

No one cares about our bonds yet.

We need to sweep them up while the price is low.

Got that?

Yes, Chairman.

They'll sell off all the bonds at 10% of face value.

Is that so?

It's next to nothing.

Okay!

Buy 300 million won worth from Daeyoung Securities.

You serious about buying these bonds?

I've been stressed over them anyway.

Now that you want them, maybe I should hold onto them.

They're just trash in your pocket.

I'll pay a fair price, so hand them over.

Are you here to buy Gukbo bonds?

Yes.

The bond we bought today has a 13% interest rate!

We'll earn back the investment

in a few years with the interest alone!

Well...

We could be looking at a much bigger return.

Yo, Beom!

If you could buy your Porsche for ten million won,

collect 13% in maintenance fees, and resell it for 100 million,

what would you do?

The ball!

You wanna go, huh?

This boiled beef is killer.

How'd you even know about this place?

I came here a few times as a kid with my dad.

But why do you play basketball with your mouth?

Your moves are so predictable.

It's why you keep losing the ball.

Basketball's meant to be played with your mouth.

It's all about talking your opponent down.

Think you'll play as well as me when you're my age?

We'll see, punk.

We won't see each other for that long.

You ever think about dating?

Well, girls must hate you.

Always off to New York or Hong Kong...

You're not exactly one to talk.

Why?

Seoul's tiny, so you can get anywhere in two hours.

Was it really that hard to just go home?

You look like your kids abandoned you.

Unbelievable.

Why are you chugging so fast?

Go easy, I can't take you home tonight.

You're making me thirsty.

A recent exposé uncovered illegal betting on golf matches among CEOs...

Those sons of bitches!

...and one of them turned out to be Chairman Seok of Gukbo.

Yes, he's definitely the Gukbo chairman.

He comes by often, so I know his face well.

He usually bets between 300,000 and 500,000 per stroke,

but he was betting a million that day.

Taxpayer money is being used to delay bankruptcy,

and citizens rally to save Gukbo by buying their soju

-to help sales recover. -They still haven't got it together.

-But the chairman is deceiving -Easy, easy.

the public and the government while playing high-stakes golf.

Ma'am, we don't want Top Soju!

Give us something else!

I'll take that Top Soju!

Sure.

Another Top, please!

A bottle of Top!

Director.

Another drink?

I LOVE GUKBO!

Workers face wage cuts,

while the execs are playing high-stakes golf!

Incompetent and corrupt Seok must step down!

-Step down! -Step down!

Seok Jin-woo must step down!

-Step down! -Step down!

Seok Jin-woo must step down!

-Step down! -Step down!

Seok has ignored our blood and tears!

He must resign!

-Resign at once! -Resign at once!

I don't think today's the day for this.

We've got our final meeting with Solquin today.

I believe we should proceed.

Shouldn't we call the cops?

If we do that, the media will just make it worse.

Please give me ten minutes.

Chairman.

Stupid bastard.

He's brain dead, so he's getting physical.

I hope you can understand.

We'll reschedule the meeting.

I'll be in touch before flying out.

Okay!

In-beom!

Why did you bother coming?

Just wanted to give you some meds, that's all.

Why'd you buy so much? They've got this in Hong Kong too.

I'm kinda sad you're leaving.

Things started going well after we met.

I'm really grateful.

Don't drown your sorrows just because we sold the basketball team.

You have to take care of yourself.

Yeah, you're right.

I have no one to drink with anyway.

Sohn just had a baby.

So I literally kick him out of the office at seven.

I tell him not to end up like me.

Call me when you're back, we'll grab another drink then.

Take a vacation and come visit Hong Kong.

No one up top even notices you're working yourself to death.

Look who's talking.

You and I are the same, a couple of workaholics.

I'm off.

All right. Safe travels.

Thank you for this.

Bye.

Bet you want to lower the stakes now.

We can still lower it if you want.

Shut up. Just stick with a million won!

I heard Gukbo Japan is being sold to Osaka Beer.

It must sting, selling off a golden goose like that.

It was doing well in Japan.

What can I say? Got no other options.

Just gotta carve off a piece and stitch things back up.

It's almost done.

Pyo must've gone to hell and back.

What's that dumbass ever done?

Solquin charged a fat fee and handed him the whole solution!

Where the hell is the update?

Director!

How did it go?

Osaka Beer is asking for just two more days.

Can't tell if they're stalling or serious.

We'll have to wait it out, then.

They're still coming to Busan, right?

Well, it's...

-Sit, come sit down. -Okay.

We're already three days past the deadline.

Feels intentional, doesn't it?

The court approved the repayment extension, right?

Not yet.

I'm sure it'll go through.

They know we're negotiating with Osaka Beer.

Don't worry.

Osaka won't back out of the deal.

The creditors won't panic just because we're a few days late.

Let's head back to Seoul for now.

Yes, sir.

I'll call the court again to confirm we'll repay.

We've long wanted to expand into the soju market.

So when we heard about Gukbo Japan's sale,

we moved fast.

But the offer you made for Ginjo Soju was too good to pass up,

so we had to reconsider.

Under the name of Stone Investment.

In a few years,

this shell company will be

the largest shareholder of Gukbo in Korea.

We are financing only

a hundred million dollars for this project.

Like, how could we possibly

control a large company like Gukbo?

So my second strategy is

we collect bonds from overseas subsidiaries

so that Gukbo cannot easily react to it.

The highest valued overseas subsidiary is Gukbo Japan.

They have to sell it to pay back the debt.

Since it's their best performer,

I'm gonna convince them to hang on to it

as long as possible.

We'll make a move...

at that moment.

So it's pretty obvious that Osaka Beer

will drool over that company.

Then we just need another liquor company

that could potentially sway Osaka Beer.

They'll need to dangle Gukbo

until they miss the golden hour window.

We've decided to purchase Ginjo Soju instead of Gukbo.

Let's get started on the MOU today.

I'm really sorry to say,

but we got a call from Ginjo Soju this morning

saying they want to renegotiate the sale price.

If you could give us a little more time,

we'll try to talk them down.

Though, I can't promise anything.

What is this?

We only considered Ginjo Soju,

with Gukbo's acquisition practically sealed,

because Solquin, as a trusted intermediary,

proposed a very generous offer!

Right now, all we can say on their behalf is that

they're asking for about a 30% price increase.

Call Gukbo Japan.

Hurry.

Yes, sir.

Yes?

Yes.

Yes, I understand.

Director Pyo!

Yes?

Osaka Beer wants to meet immediately.

They're here?

Yes.

-All right, get us a cab. -Right away.

Taxi! Taxi!

Over here!

The review process took longer than expected.

We deeply apologize

for the delay.

You've apologized,

so I won't press it further.

Thank you.

Please, let's sit.

Let's proceed with the contract today.

Certainly.

What's going on?

Pardon?

Gukbo Hong Kong's creditors

have reportedly filed a lawsuit in Japan

claiming ownership of Gukbo Japan!

That can't be right.

What's he talking about?

Excuse me.

GUKBO JAPAN'S BEEN HIT WITH A TRADEMARK LAWSUIT

Trying to sell during an active legal dispute?

This is unacceptable.

Let's go.

Mr. Kono. Mr. Kono.

Please, wait!

-One moment please, Mr. Kono! -Mr. Kono, please!

Hold on a second.

It feels like the Hong Kong creditors are stirring things up on purpose.

But why would they?

-Hello? -Director!

The rep of the Hong Kong creditors turns out to be Solquin!

Solquin?

All right, this hole is two million per stroke!

Chairman!

What?

-You goddamn moron! -I'm sorry, sir.

How the hell are you even doing your job?

Solquin knew everything about our overseas bond situation,

and they played both sides.

Speak plainly, for fuck's sake!

They advised us to sell Gukbo Japan to Osaka,

but they sabotaged the--

Those sons of bitches!

What the hell do they gain from blocking the sale?

What do they gain by filing a trademark lawsuit...

Wait a minute.

The sudden delay in the Osaka deal feels off.

They're after management control!

Stop them, no matter what.

You have to stop them!

Stop them!

IT'S SMOOTH AND FRESH

You're one step too late.

You missed the 1.7 trillion won repayment deadline by 3 days.

Solquin has filed for Gukbo's bankruptcy as a creditor.

Now the court will decide.

You really did this to me?

Are you...

really the In-beom I know?

Seeing all our confidential documents,

our profitability made you change your mind?

So you started buying up our bond behind our backs?

Or...

did you approach us from the beginning

because this was your goal?

We legally acquired the debt from Stone Investment.

Stone held Gukbo's bonds,

and we paid for them fair and square.

Are you being serious right now? Who do you take me for?

If you were genuinely just investors,

you never should've approached us as consultants!

Call it "advanced financial engineering."

What?

You learned your lesson, so feel free to benchmark us.

You really are trash.

"Advanced financial engineering"?

You call backstabbing clients advanced finance?

Mark my words,

we're not going down without a fight.

You really think the creditors will agree to the bankruptcy?

Most of the creditors are Koreans.

Will they just hand over Gukbo to a foreign firm?

Fucking hell!

That naive belief that the creditors will try to save Gukbo.

That mindset is totally wrong.

That's exactly why you're losing!

Do you hear me?

You're afraid of nothing, huh?

Why would a thief be scared of anything?

We don't go after just anything.

We pounce when we see a weakness.

Because we're a company with weaknesses,

it's fair game to attack us?

All right, all right, all right!

All right, listen up, listen up!

To this fucking asshole who killed the first step.

Cheers!

-Cheers! -Cheers!

Phones are ringing off the hook in Hong Kong.

It's been insane.

Gukbo probably clued in, right?

They'll sue, won't they?

Now call me anytime if you need help.

It's gonna be messy.

Fighting for creditors

and fighting with Gukbo in court.

You don't really like them, do you?

Yeah.

He irritates me.

He knows nothing of the world.

But somehow,

his stupidity makes me feel like...

I'm a fucking asshole.

Solquin will focus on rallying creditors who support bankruptcy.

The majority's stance will heavily influence the court's decision.

So this ends up in court?

Isn't there any way to overturn it

by revealing Solquin's double-dealing?

Chairman,

the truth is, Gukbo failed to repay its debt on time.

We can't cancel the application now that it's been filed.

As for Solquin violating the NDA,

Gukbo will need to prove that in court.

Solquin won't readily admit it.

Shit.

Pyo got played like a puppet for five years.

Can you believe this?

How did he not suspect anything

and blindly believed every word they said?

Let's not get too discouraged.

Not many Koreans want to see Gukbo handed over

to a foreign company.

Isn't Top Soju practically the national drink?

Use public opinion to your advantage.

A good number of creditors will oppose the bankruptcy.

Focus on securing as many of them as possible.

We need to buy more bonds.

I'll scrape together ten billion by the end of the week.

So buy some more.

At this rate, it's all over for us.

Damn, Solquin really is something else.

Their M&A strategy is insanely calculated.

Global investment firms really are on another level.

You call that an M&A strategy?

That's called a con job!

You should know better, working as a financial supervisor.

Dude, to be honest, if it's not technically illegal,

even fraud counts as a financial strategy.

Speculation and investment are basically the same.

Tanzania earns 3 trillion a year and splits it among 25 million people,

while Solquin makes 3 trillion a year and splits it among 160 people.

Shut up and drink.

SAVE GUKBO CAMPAIGN HQ

It's an honor to meet you.

You can save Gukbo

only by filing for court receivership

and finding a specialist to competently manage the company.

Please help save Gukbo. Thank you!

-We ask for your support. -Sure.

Please help.

We had more than enough time, but Solquin...

Chairman Seok recklessly created subsidiaries,

using top-selling Gukbo Soju as collateral, didn't he?

His vanity ultimately put a solid company like Gukbo in jeopardy.

These documents prove that

Solquin disrupted the sale of Gukbo Japan,

which prevented us from repaying our debt.

If you look at page three,

there's a report from Solquin itself advising us to sell Gukbo Japan.

At that time, Solquin had already created a shell company...

Chairman Seok will never be able to revive Gukbo.

He has shown no remorse for his own mistakes

and insists he's the only one who can run Gukbo.

Would you really entrust this company

to such a self-serving man?

CREDITOR OVERVIEW

If the sale of Gukbo Japan hadn't been blocked,

we could have easily repaid the principal

and been on the road to recovery!

The way to save Gukbo is

to find a new, competent leadership through court receivership.

Solquin states that there is

a strict "Chinese Wall" between

consulting and investment departments.

They claim that Gukbo's allegations of insider information sharing

simply aren't possible!

What is a "Chinese Wall"?

It's an information barrier preventing firms

from using consulting data for their own investments...

The trial begins next week.

Any thoughts on the court now deciding Gukbo's fate?

Solquin, a global consulting firm,

came in under the guise of an advisor and took all of our internal secrets.

They secretly bought up bonds,

and now they're trying to take over Gukbo's management itself.

We trust the court will deliver a fair judgment.

Do you realize we've been working 115 hours a week?

And I'm not even getting a bonus.

Isn't getting posted to New York your bonus?

That's true.

62% of creditors still oppose the bankruptcy? Is that true?

61% actually.

I found that Chairman Seok made a sizable

slush fund to get the current president elected.

If an arrest warrant is issued,

and he's forced to stand in the police lineup,

more than half the creditors will change their minds.

No, it's not enough.

Slush fund doesn't feel dirty enough.

Put yourself in the creditors' position.

They'll think Chairman Seok was doing whatever he can

-to save the company. -How about an audit?

Leak them to National Tax Service.

Would they go after companies

that barely survived the IMF crisis?

It's not a bad idea. But guys, we need...

we need something bigger than a tax audit.

Who knows Gukbo like we do?

Their law firm.

Mumyeong has been in charge of Gukbo

since the approval of the composition in 1997.

If they represented Gukbo for the last five years,

they would damn well know Gukbo's fucking weaknesses.

Which means

they're the perfect partner for us.

Gukbo cannot prove Solquin's internal departments

have been sharing information with each other,

but it's illegal for Mumyeong to be partnered with us.

It's a conflict of interest per the Korean Attorney-at-Law Act.

This plan could backfire on us big time.

Hey, Beom. You want to win?

Then you accept the risk. Okay?

Let's figure it out.

Remember, information is king.

High risk, high return.

LAW FIRM MUMYEONG

-Please have a seat. -Thank you.

So, Solquin is finally our client.

Are we?

We've actually been wanting to go global for a long time.

Since Korean laws are different from the US,

you'll need a friend here.

We will be more than happy to be your partner.

Wow... I'm glad to hear that.

Mumyeong served as Gukbo's legal representative

from the composition approval to the recent restructuring.

Given your close ties to Gukbo,

is it legally feasible for you to work with us?

Of course. It's not a problem.

The law is like a spider web,

small bugs such as flies and mosquitoes

get caught and die, but large animals like birds

fly through without a worry in the world.

I know exactly what you're worried about.

The provisions of the Attorney-at-Law Act,

the conflict of interest.

But we can proceed

without violating any regulations.

There are plenty of law firms

that will gladly be our puppet.

Aside from the law,

are you okay with this, personally?

I mean, you have an amicable working relationship

with Gukbo, I heard.

Haven't you also had an amicable relationship with Gukbo?

It's the job of the court

to make moral decisions and judgments.

Law firms simply decide

which clients they work with.

Does that clear everything up?

We can force Gukbo into declaring bankruptcy.

And I'll put Gukbo in your pocket.

Your Honor.

Gukbo is a highly capable company,

generating over 200 billion won in operating profit annually.

As Top Soju has contributed significantly

to Gukbo's recovery since it launched in 1997,

they got to fully meet its composition terms.

Furthermore...

Why isn't Mumyeong handling such an important trial for us?

They suddenly backed out.

They declined twice, so I stopped asking.

The opposition is a firm called 2K, I've never heard of them.

Your Honor,

may I read a petition

that the Gukbo labor union asked me to present to the court?

Keep it short.

When executive mistakes put our company in crisis,

Gukbo's 10,000 workers took to the streets,

promoting Top Soju wherever alcohol was sold.

Their efforts brought in 200 billion won in profit and boosted market share,

and full recovery was within our grasp.

If Gukbo is declared bankrupt now,

all our hard work would be dismissed

and betrayed.

That's right.

Gukbo is a solid company with strong operating profits.

Both the creditors and the public want to see Gukbo revived.

Which is exactly why Solquin filed for Gukbo's bankruptcy.

Because under corrupt leadership, Gukbo's future is bleak.

-Your Honor! -Your Honor.

I'm explaining the justified distrust toward Gukbo's current leadership.

You can continue.

For months,

rumors of Chairman Seok's embezzlement circulated.

And people said it wasn't just some baseless market gossip.

Yesterday,

prosecutors officially launched an investigation into Chairman Seok.

There's strong suspicion he used funds that should've been used

to repay company debt to defend his control of the company.

Possibly through illegal practices like buying back company bonds.

Was it you?

Were you running your damn mouth?

If not, bring me that bastard Koo Young-mo right now!

If Mumyeong didn't leak that info, how the hell would they know?

It's a violation of the Attorney Act! This is illegal! No?!

I'll look into it, sir.

Director Pyo.

We need to make use of this properly.

They say it's hard to prove Solquin shared our info

with their investment arm.

But with this, we can catch them.

We can nail them for this one!

Only Mumyeong had that info. Sue their ass under the Attorney Act!

And expose Solquin to the media!

If you can't pin this down, don't bother coming to work.

No, screw that, go kill yourself!

You should've known the second that son of a bitch Koo declined this case.

You should have figured it out!

You goddamn moron.

PLAQUE OF APPRECIATION

It'll be hard to prove any ties between 2K and Mumyeong.

Those clever bastards wouldn't leave a trace.

The prosecutor on Seok's case won't let go once he sinks his teeth in.

This doesn't look good for Gukbo.

Stop blaming yourself.

There's nothing more you can do.

LETTER OF RESIGNATION

Let me ask you one thing.

Like you said,

Seok is a bastard.

And I'm trash for standing by him.

But...

what did the employees do wrong?

I don't care about anything else, so tell me.

If you take over the company,

do you actually plan to run it properly?

You're not...

gonna lay everyone off and flip it for profit, are you?

There are many ways to make money.

Isn't there the freedom to earn money in this country?

You call firing hardworking people a freedom?!

Do you even think about how they'll struggle just trying

to keep up with tuition or mortgage payments?!

You knew Chairman Seok was buying up bonds

with company money.

That was your freedom too.

I admit I made the wrong call.

But I thought

helping him was the only way to keep the company afloat.

For the employees to survive.

Just do me one favor.

For the sake of your bonuses,

people are gonna end up on the streets.

Just think about that for even one minute.

At least you.

Next on the news.

Early this morning,

a man in his fifties jumped from Gukbo's Namyangju factory rooftop.

The man has been confirmed to be an executive at Gukbo Group.

He was transported to a hospital after being found by a factory worker.

Gukbo's sales are incredible.

It's a real golden egg.

Soju really is a unique business.

Top Soju was released in 1997,

100 million bottles were sold in 6 months,

3 billion bottles in 3 years, that's 85 bottles per adult.

-Can you believe that? -Jesus.

Okay, so when Gukbo enters the M&A market,

the competition to secure it's gonna be tight, right?

Abso-fucking-lutely!

All right, once the bankruptcy is declared,

you gotta delay the sale as long as possible. All right?

Jack up the price by jerking the bidders around.

By the way, have you appraised Gukbo yet?

Yes. It was appraised at two billion dollars,

but it can be raised up to 2.2 billion.

And what's the expected return?

If Gukbo gets sold at the raised valuation of 2.2 billion,

it would be...

600%.

Don't tell me you're jumping into bed at 2.2 billion?

I'll get some articles going in several publications

and say that Gukbo is undervalued.

Wall Street Magazine,

a couple of British business magazines should do the trick.

We can buy those articles, no problem.

If the valuation is 2.2 billion,

the analysts will pump it up to 3.2 billion.

Adding a billion is not unreasonable.

That's the sound of your bonus going up, buddy.

Hey, you better lick them lips and get ready to suck my dick.

Yeah, that's right. You are the bomb.

If you manage to pull off this sale,

I'll put you in charge of Solquin Seoul.

Put in a recommendation for you.

That first Solquin branch in Seoul

that you proposed back in New York,

you're gonna build it.

This fucking guy, his name is In-beom.

I think he should change his name to Bomb

because he's gonna blow up Seoul and make it his bitch.

Bomb!

Hey, Bomb,

you don't really wanna go back to New York

as an analyst again, right?

Push it all the way.

We've already spent a billion.

Headquarters wants this wrapped up

by the end of the month.

He was lucky to hit several structural beams

on the way down.

Truly a miracle, Chairman.

Aside from a torn kidney, there's no major organ damage.

But he really needs glaucoma surgery.

Glaucoma?

If he doesn't get it soon, he could go blind.

No.

I'm fine for now.

They said you're being discharged next week?

Yes.

Director Pyo.

Why did you do something so foolish?

If you had died like that, what about me?

Do you know how much bond is tied up in your shell company?

How could you try to kill yourself without telling me?

I get it, you may be upset with me.

But to act so recklessly.

The prosecution's digging into presidential slush funds.

I can't even change the name on those assets in this climate.

This hospital's best doctor worked on you.

This company saved your mother's life,

and now it's saved yours too, right?

Yes, thank you.

-Chairman. -Yeah?

Once we get through this crisis, please don't lay anyone off.

Of course! I promise.

Why would I fire the staff? No way in hell.

You don't really wanna go back to New York

as an analyst again, right?

Push it all the way.

We've already spent a billion.

Headquarters wants this wrapped up

by the end of the month.

57% OPPOSED

How are you doing?

Get to the point.

Have Sohn request documents from the court.

Ask for 2K's list of pro-bankruptcy creditors.

Then 2K will fax the documents to the court.

At the hearing, ask the judge to confirm the origin of that fax.

What are you scheming now?

You already know.

This case is being handled by Mumyeong, not 2K.

I'm just getting that straight.

This may sound like a joke,

but I can't stand watching lawyers break the law.

Just know...

that this isn't a scheme.

LAW FIRM 2K

Public outrage is still boiling over.

REVEALING THE TRUTH ABOUT SOLQUIN!

The Save Gukbo campaign is highly organized too.

The chairman's arrest warrant will likely be issued.

We just have to time it right.

Ms. Jeon,

the court wants the creditor consent for bankruptcy.

-Send it. -Yes, ma'am.

CANCEL

Sir, I'll head out early today.

Go ahead.

Heading home?

Not yet.

I got chores to take care of at the firm.

You're working hard.

If you've got time, I was hoping for a chat.

Sounds good.

I know a private members club--

No, let's go to your office.

You've got work to do anyway.

Let me just make a quick call.

Yes, Your Honor.

I was in an important meeting, so I couldn't take your call.

The Ieum Group case?

I'll get in touch with you tomorrow.

I've actually wanted to grab a drink with you for some time.

I'm glad you've made time for that today.

Is that so?

We're not too far apart in age,

and I was probably around five years your senior at SNU.

Not trying to pull rank on my own client,

I just wanted to be friends.

If the Gukbo sale succeeds,

Solquin will open a branch here in Seoul, right?

I heard you're being considered to lead that branch.

I think we can be long-term partners.

At Mumyeong, we prioritize clients like Solquin above all else.

That's very kind of you to say.

Honestly, I never expected Mumyeong to betray Gukbo and take our side.

Lawyers are bound by the law, after all.

Well...

American lawyers have been corporate watchdogs

for over a century now.

You seem upset, Mr. Choi.

Is there a problem?

No, it's just...

It makes you feel like there's nothing you can't get away with in Korea,

and that honestly makes me

pretty sad.

Mr. Choi.

I shouldn't be hearing that from my junior,

so let me be rude to my VIP client just this once.

Just stick to one thing, you piece of shit.

Stick to making your money with a smile.

Why pretend to be noble while making money?

Stick to one story, you son of a bitch.

What a piece of shit.

Your Honor,

Gukbo's legal advisor has been Mumyeong for the last five years.

But they aren't representing Gukbo in this case.

And there was no clear reason that would've caused a rift.

However,

behind 2K, who is now representing Solquin,

there appears to be Mumyeong,

who has full access to Gukbo's confidential info.

That is outrageous.

That's just speculation with no proof.

I agree, it is outrageous.

But it's a blatant case of unethical dual representation

and a clear violation of the Attorney Act.

Your Honor,

this document was submitted to the court by 2K and shared with us.

Please confirm whether the sender is indeed 2K.

Come up and check it for yourself.

The document 2K submitted to the court shows a fax number

that matches Mumyeong's.

KOO YOUNG-MO

Your Honor, this must be some kind of mistake.

We'll need to verify this matter further,

so the court is adjourned and this hearing will be postponed to next week.

The second bankruptcy hearing for Gukbo is set for next week.

Gukbo warns that citizens' hard-earned savings,

soothed by soju,

could end up in the hands of foreign investors,

in an attempt to appeal to the public and creditors.

With clear evidence of Solquin's breach of confidentiality,

many believe the court is likely to rule in Gukbo's favor.

Director.

Please get your glaucoma surgery.

I heard about it from the nurse.

You'll go blind if you don't get it.

Why did you do it?

Don't tell me it was because of Chairman Seok?

I wasn't being impulsive.

And definitely not because of him.

After writing my resignation letter that night, I sat at my desk

and looked back on my life.

And I realized I'm a man who only ever knew work.

My wife left, and so did my daughter.

All I had left...

was this company.

And if I lose it too,

then everything I've lived for...

it would all feel so empty...

and unfair.

That company you care so deeply about...

Is it really worth throwing your life away for?

I just don't get you.

I work myself to the bone

because I want a fat paycheck, bonuses,

and guaranteed promotions.

But that's not why you work!

So what the hell are you working so hard for?

That's exactly what I wanted to tell you if I ever saw you again.

That company is ruining you.

Someone as smart as you could get paid well and promoted fast anywhere.

But do you really have to make money the way you do?

I just can't wrap my head around it.

Come on.

How can making money be sleazy or noble?

It's just making money!

You're seriously frustrating.

Director.

I can't go into the details,

but Gukbo can't win against Solquin.

Once Gukbo is sold,

I'll be Solquin's Seoul branch manager.

I can get you a job in finance.

I don't want dirty money, no thanks.

I figured you wouldn't bite.

What's with you?

I'm not doing this for the sake of Seok.

Director.

No human can win against money.

But I think you might be different.

If that photo leaks, I'll be the one under suspicion.

Approach the judge privately, and persuade him.

This just in.

At 2 a.m. following the pretrial hearing,

Gukbo's Chairman Seok was detained.

He's accused of securing a 20 billion won loan through fraudulent accounting

and embezzling 15 billion won in slush funds.

Cheating or not, it's best to win, right?

Pardon?

Director! Where are you going?

The big-shot lawyers are arriving any minute now.

Sir!

Where'd you get this?

This is our smoking gun.

These motherfuckers are screwed.

I knew that judge was fishy when he let the fax thing slide.

Should I throw this photo in that bastard's face in court?

Chairman.

Doing so will endanger the source.

I promised them I wouldn't leak it

to the media or submit it in court.

They suggested blackmailing Judge Koh directly

to get the ruling we want.

Then what,

you're gonna threaten him yourself?

Who are you gonna send?

Even thugs don't mess with judges nowadays.

How about sending a copy anonymously?

Pyo, I hear you. I'll take care of it myself.

Chairman, I'll say it again.

Please don't leak or use the photo in court.

Director Pyo!

Who gives a shit about the source?

With this kind of dirt, we need to counterattack properly.

Leave it up to me!

The evidence I just submitted

is a photo of three individuals who seem to be on good terms

during a golf outing.

Mr. Choi In-beom of Solquin's Consulting Team,

Attorney Koo Young-mo of Law Firm Mumyeong,

and lastly,

Judge Koh Joong-chun, the very judge presiding over this case!

Order!

This court is now adjourned.

What's going on?

Don't you think you're gambling too much

with what you're doing?

Even after we got Chairman Seok arrested,

it didn't change too much with the creditors or the media.

That's why I needed to blow things up

to get what we want.

Would that judge push for the bankruptcy?

Judge Koh is a prime candidate

to be the next Supreme Court Justice.

He was utterly humiliated in his own court today.

That's like fucking with the judiciary.

And now, it's personal.

No matter the public opinion,

he will bankrupt Gukbo.

It's embarrassing,

but that's how the Korean judiciary works.

Wow.

You're really blowing this shit up, aren't you?

IN-BEOM, I'M SORRY. I COULDN'T STOP THE CHAIRMAN.

Regarding the key issues raised by Gukbo,

this court has reached the following conclusions.

First,

Gukbo claims that Solquin obtained

confidential information under NDA

and shared it with the investment division of Solquin Hong Kong.

However, evidence is lacking to support this claim.

Second,

Solquin was accused of interfering with Gukbo's plans

to sell its overseas subsidiaries

by purchasing its foreign bonds in bulk.

However, the court found

no evidence of illegality.

Third,

due to public distrust stemming from

the chairman's embezzlement

and failure to repay debts despite being granted composition,

the court finds Gukbo's rehabilitation unlikely.

What the hell are you saying?

-Order in the court! -What are you doing?

Calm down.

Quiet, please.

Therefore, the Seoul District Court

hereby declares Gukbo

bankrupt, effective immediately.

Why are you ignoring the creditors' opinions?

59% of the creditors are against this bankruptcy ruling!

-Really? -Let's get in the car.

-You think so? -Yeah.

Thank you for your hard work.

Thank you.

I'd love to interview you sometime.

Sure, sounds great.

If you feel like punching me, go ahead.

Why would I punch you?

If I were you, I'd throw a punch.

After getting outplayed all this time, now I finally get you.

Took me a few hits to figure it out.

From the very beginning, you've always been the same.

I was the one who foolishly...

misunderstood and assumed.

Director, a company is just a place to make money.

Figure out what really matters to you in life.

Something beyond the company.

May I have your attention, please?

First of all, I just wanna say

that we secured Gukbo's management rights

as the major creditor thanks to

all of your fucking hard work over the last five years!

I especially want to say thank you to Mark,

who flew all the way from New York

just to put my fucking name on the bonus list.

-Thank you, Mark. -You're welcome.

And to Julia and Linda

from the Hong Kong office.

They've been riding my ass on this deal for so long,

I prayed every fucking day

that someone would just erect that stupid Chinese Wall.

Oh!

And a big thanks to Chiro from Japan!

Who ate a lot of shit from Osaka Beer.

And last but not least,

I'd like to introduce a very important person tonight

who made everything possible.

I endured that boring-ass trial because of him.

Allow me to present to you, ladies and gentlemen...

Mumyeong's Mr. Koo!

I'll keep it short.

Our most pathetic,

high-maintenance client, Solquin,

is going to sell Gukbo for a fucking incredible price.

Until the day we get the best return on our investment,

we, Mumyeong,

will work our ass off to make it happen.

I won't let my guard down

until that day arrives.

Your result is our result.

Thank you.

Enjoy your night!

Come on, it's a fucking party.

Just enjoy it.

I heard it was you.

The one who handed over the photo to attack me.

You dare come at me?

I hope you're prepared.

What is this?

Mr. Choi In-beom,

you're under arrest for embezzlement and intimidation.

ARREST WARRANT

Let's not cause a scene.

Bomb, I hate to say this now.

Do you remember the contract you signed before coming to Korea?

"If disclosure of any confidential trade secrets

acquired during one's employment leads to losses or damages,

the employee will be fined up to ten times the damage amount."

Don't forget, Bomb.

You may drown in debt until the day you die.

How could you have gambled everything away?

Why ruin your life for the company?

You were the one who told me to accept the risks

if I want to win big.

Bomb, we're not the ones who locked you up in here.

It's that fucking judge. He was desperate for

that Supreme Court Justice job and you.

You, right?

He gave us the verdict that we needed.

We gave him what he needed.

Quid pro quo.

Koo took care of shit in the middle.

Chill out here for a few months, and then you walk.

Was this Koo's idea?

Or yours?

This isn't a fight between us.

It's your country's damn judicial system.

I hear your threat loud and clear.

Anything else?

I don't know if this is any consolation,

but the company will pay your bonus and salary.

You have my word.

Director Pyo.

How many bonds have we accumulated?

Around 230 billion won, sir.

230 billion...

Shit, I saw on the news that Solquin raised Gukbo's price to three trillion.

They really are smart pricks.

The bond prices are going up thanks to them, so...

That means I'll make about 700 billion, right?

I still got it.

Even if I lost control, I still wanted to make money.

Pyo, listen.

Sell the bonds at peak price and invest it all in Hanbit Capital.

No, invest 400 billion in Hanbit,

and put the rest into Sangyong Electronics.

Got it?

Are you listening?

Do you know why you're sitting there?

What?

You don't know?

I think I do.

In the wild,

whether it's because you stepped on a thorn

or because you got hit by a falling rock,

if you're a limping pony, you're in trouble.

Everyone will go after that pony.

It's only natural that the lion will eat it.

I think I'm ready to accept that simple truth now.

I ought to thank the guy who made me realize that.

What the hell are you talking about?

So even if you lost control,

you still wanted to stuff your pocket?

You're laughing? You mother--

Fuck you, you fucking bastard!

Buddy.

The shell company is in my name.

Why would I give you that money?

You fucking moron!

Think about the crap you've pulled for the last 20 years.

You stupid bastard!

And your real mistake

was thinking

I'd stay loyal to you forever even in a mess like this.

That's exactly why you lost!

You dumb bastard!

I'll put it to good use.

Take care, you son of a bitch.

Director Pyo! Pyo! Hey!

You... You idiot!

-Hey! You bastard! -Motherfucker.

Get back here! I'm not done talking to you!

Somebody stop him! Let me tell you something!

Solquin, the representative of Gukbo's creditor group,

has begun selling off Gukbo's non-core subsidiaries.

Gukbo Group has laid off 50% of its employees

and entered a phase of aggressive restructuring.

With more than ten companies bidding for Gukbo,

the bidding price is expected to exceed three trillion won.

Hey, hold on, hold on.

-Yeah? -We just sold Gukbo

for an unbelievable price.

What the fuck? What is it?

Come on, spit it out!

Sold for 3.4 billion dollars.

-3.4 fucking billion dollars? -Yeah.

Fuck me, motherfucker! Yes!

Mark, 3.4 fucking billion dollars!

You better lick them lips and get ready to suck my dick!

Boom!

3.4 fucking billion dollars!

All right.

Don't call me until tomorrow. Okay?

I'm gonna fly to Hong Kong

and fuck the brains out of Julia!

Yeah?

Oh.

Don't forget about In-beom's bonus, all right?

You owe him that much.

It was you who gave him up to the judge.

You are a bad motherfucker.

NOBLE SPIRIT

Weren't we going to switch our rice supplier?

Why did we get Hwang's rice again?

Come on.

I'm telling you, this place's rice is good.

I think it's the ratio, not the rice itself.

Be honest, this rice is better, isn't it?

Well...

-sometimes it is. -Yeah?

And other times, not so much.

Don't look at him, give it to me straight!

Look, boss!

Hey!

It's kinda silky...

and more natural, you could say?

Damn, he said it's silky!

That's so classy.

But what does that mean?

Like those old commercials, "Smooth as Silk."

Get what I mean?

Are you doing well?

It's nice making everything together.

The real problem is we drink too much.

All the time.

You look good.

Yeah.

I'm good.

You should come stay here.

I'm going to Hong Kong.

Landed a job?

Not exactly.

A friend there got proof that Solquin broke the Chinese Wall.

Gordon fired him,

so he took all the files to get revenge.

So now you're teaming up for revenge?

Director.

-I gave it some thought. -Yeah?

There's no such thing as "advanced financial engineering."

Cheating to make money is fraud.

In-beom.

Just live for yourself.

You've...

really changed.

Sure.

You had a little something to do with that.

Yeah?

You had something to do with my change too.

Is that so?

How are we never in sync until the end?

Maybe that's our sync.

I'm off, Director!

Jeez.

Stay healthy.

Hope you hit it big.

Thanks.

In-beom.

Life's not that complicated, right?

So how should I say this...

Smooth?

Yeah, live a smooth life and...

Fresh?

Yes, fresh!

Let's live like that.

See you.