A ranch larger than the entire Naju Plain.
And land where oil gushes out just by digging.
When I proposed buying such a golden-egg-laying property, Han immediately voiced his enthusiastic approval.
"Land like that must be purchased. Even just managing the oil output well could let us break even in a few years. But why are they selling such land?"
"It's the same reason big corporations often have management disputes or battles over shares."
"So it's a fight among the heirs over their stakes."
We had already gathered a lot of information through Austin, and David provided additional details.
The Waggoner family owned the largest ranch in Texas.
Twenty years ago, they had held twice as much land as they do now, but the estate gradually shrank over the generations.
Eventually, the process led to the sale of the entire ranch.
"Currently, two groups are co-managing the ranch. Since co-management proved difficult, one side suggested splitting the land in half. The other side opposed that and proposed selling the entire ranch, then dividing the money equally."
"Splitting the land in half would always cause disputes anyway. People would endlessly argue over which half is more valuable. Dividing it as cash avoids any quarrels."
Their internal conflict created a great opportunity for us.
The more land we could secure suitable for shale gas development, the smoother our future plans would be, and the stronger our position would be with the oil companies.
"We need to offer an amount that will satisfy both co-managers."
"To make an offer, we need at least a rough idea of the land's value."
"I checked the real estate prices through David. He said it's around 600–700 million dollars."
"Seven hundred million dollars—that's over a trillion won. A ranch worth over a trillion won? I can't believe it."
Which ranch in the world would be worth a trillion won?
It was only possible because the land was vast—and it included oil, which justified the price.
"Here's the detailed information."
"I'll check whether it's really worth a trillion won."
At first, Han had been completely supportive.
But when he heard the ranch's price exceeded a trillion won, his eyes lit up, and he began scrutinizing the data.
He spent over an hour analyzing the documents.
Meanwhile, I washed away the alcohol from the previous night and had a proper hangover meal with ramen.
Slurp!
The spicy, warm broth filled my stomach, and I finally felt alive.
Indeed, hangovers need broth! What kind of hangover cure is bacon and sausage?
"Chairman, the analysis is complete."
"Does it really appear to be worth a trillion won?"
"The current profitability is analyzed at just over 5%. But if we further develop the oil wells and utilize the land for shale gas, the profitability could rise to 15%."
"That's not extremely high."
Even in the Taewoo Securities fund, we could get higher returns.
But the Waggoner Ranch had a hidden value that couldn't be measured by profitability alone.
"If we use it to gain the lead in shale gas, it's not a loss-making amount."
"Then we can go ahead and purchase the Waggoner Ranch."
"The land can always be resold. And an amount like a trillion won is something you can comfortably use."
If we were buying the land with a loan, the interest would be an issue.
But buying it with the cash we already had posed no problem.
"Then let's acquire the Waggoner family ranch. I should contact Austin immediately."
"You can proceed through David. Or I can handle it myself."
"Considering Austin's pride, it's better if I move directly. The contract could be signed immediately, so Han should prepare the contract and be on standby."
They say strike while the iron is hot.
The very next day, I met with the Waggoner family's co-managers alongside Austin.
"Long time no see. It's rare to catch a glimpse of you here in Texas."
"While the elder manages the ranch directly, we hire professionals to operate it, so there isn't much reason for us to appear in person."
The relationship between Austin and the Waggoner family didn't look particularly cordial.
Given Austin's deep pride in Texas, it was natural that he found the Waggoner family a bit disagreeable.
"Well, I suppose I'm no different from you now. I've decided to transfer the usage rights of our ranch to Taewoo Group."
"I never imagined you would make such a decision. You've always treated this ranch as more precious than your own life. I see your perspective has changed considerably."
"Just know that something has become more important than life itself. And it seems Taewoo Group has taken an interest in your ranch as well, which is why I arranged today's meeting."
Austin stepped back.
I quickly moved forward and greeted the Waggoner family members.
"Pleasure to meet you. I'm Kim Minjae of Taewoo Group."
"It's an honor to meet you. We've heard a lot about you on Wall Street."
"I once saw you introduce the Apple Car at Apple's new product launch. I assumed you only worked in Wall Street and IT, but it seems you also have an interest in ranches."
I shook hands with the two co-managers in turn.
Though born into the ranch-owning family, they seemed more interested in Wall Street and the IT industry.
That actually worked to my advantage.
It meant I didn't have to explain myself in detail.
"I've heard that you're planning to sell the Waggoner Ranch."
"I don't want to sell, but the court ordered it, so I have no choice. I just don't understand why they want us to sell the land passed down by our ancestors."
"Then does it even make sense to keep operating it jointly like this? Why not just split the money cleanly and move forward on good terms?"
The co-managers were deeply resentful.
Though they shared the same bloodline as the Waggoner family,
when money was involved, family often fought worse than strangers.
"I understand the Waggoner family had the ranch's value assessed by a professional firm."
"You're saying you intend to purchase it at that price. But this isn't a cheap ranch—we should have it properly re-evaluated before the sale, don't you think?"
"Also, there are quite a few parties interested in the Waggoner Ranch. Shouldn't you see how they compete on price as well?"
Despite their apparent animosity, the value of the ranch united them, at least temporarily.
"We'll pay $700 million in full cash within this week. Surely Taewoo Group is the only company that can offer such terms, isn't that right?"
"Full cash, all within this week?"
"If you like, we can even provide it in cash on hand. And $700 million is slightly higher than the amount assessed by the evaluators. Is there anyone who could offer more than us?"
There was no need to provoke a bidding war—it would only make things troublesome.
Even if someone tried to outbid, it wouldn't exceed $700 million, and if they did, it would likely involve installment payments.
"You lead Taewoo Group, and you sure know how to make an offer. I've never had anyone propose $700 million in cash at once before."
"Why say something like that? Think before you speak."
Even if he tried to backtrack, the words had already been said.
We had confirmed that ours was the only offer willing to pay $700 million in cash all at once.
That meant we could drive the negotiations from a position of clear advantage.
"There aren't many places that can pay $700 million in a single installment. Of course, if you dragged out a long bidding process, it might be possible. But think about this—if you take the $700 million now, even just earning bank interest will give you more profit."
"You mean the opportunity cost."
"What will you do? From where I see it, accepting Taewoo Group's offer doesn't seem like a bad idea."
The side in urgent need of money bit the bait first.
They had been insisting on selling the ranch for cash all along and clearly needed a lump sum immediately.
"Mr. Austin, would you act as a witness?"
"Of course, I can. But honestly, a witness isn't really necessary. As soon as the contract is signed, Mr. Kim will make the deposit."
"If we finalize the main contract now and wrap up the detailed agreements, the payment can be made the next day. If you wish, I can even make the deposit the moment the contract is stamped."
The co-managers exchanged glances.
The one in urgent need of money had desperate eyes, while the other reluctantly nodded.
"Alright then. Let's proceed with the contract."
"Our staff will bring the contract over shortly. Please wait a moment."
"Are you saying we should stamp the contract right now?"
"There's no benefit in dragging this out. It only makes things complicated."
"Exactly! These things should be done quickly to ease the mind."
They really were in a financial crunch.
I immediately called Mr. Han, who was waiting in the car with the contracts.
When Mr. Han appeared with the documents, the co-manager who had experience working on Wall Street grew visibly flustered.
"Mr. Han, former head of SAVE Investment Company! It's an honor to meet you like this."
"The honor is mine that you recognize me," Han said with a charming smile, handing over the contracts.
The co-manager who was in urgent need of cash took the contract and was showing it to someone who appeared to be a lawyer.
"Allow me to formally introduce myself. I'm Beryl, running Cannon Investments on Wall Street. I've heard about SAVE Investment Company many times."
"I was with SAVE Investment Company in the past, but now I'm Han Jung-hoon, CEO of Taewoo Securities," Han replied.
Beryl, one of the co-managers, looked at Mr. Han with admiration.
It was clear that Han's reputation had carried over from his active and notable days on Wall Street at SAVE.
"If I had known Mr. Han was here waiting, I would have introduced myself earlier. My apologies for the delayed greeting."
"There's no need to rush formalities. Let's first review the contract, and we can arrange a separate time for personal discussions," Han said.
"Please wait a moment. I'll send the contract to our law firm for verification," Beryl replied.
The contract we had prepared was very straightforward.
We would own everything on the Waggoner Ranch in exchange for $700 million.
Of course, additional detailed agreements would need to be signed later, but there were no major concerns.
Within an hour, both co-managers had received advice and returned.
"The lawyers and accountants say there are no issues with the contract. I'd like to proceed as is."
"According to our law firm's review, everything is fine. And since this contract was personally brought by Mr. Han, one of Wall Street's legends, there's no way it could be problematic."
When did Mr. Han become a Wall Street legend?
Well, after all, legends are subjective and depend on who you ask.
"Then let's proceed with the contract. The legal teams can coordinate the detailed agreements," I said.
"Phew! I feel a huge weight lifted off my chest. If we had sold it sooner, we wouldn't have gone through all this hassle," one of the co-managers muttered.
"Once the contract is complete, I'd like to treat you to a meal. Please contact me whenever it's convenient," I added.
The two co-managers quickly signed the contracts.
I nodded at Mr. Han, and he sent a signal via text to Dimon at the fintech bank.
"Check the accounts now. $350 million should have been deposited into each of your accounts."
"Already? This is why you need to do contracts with big companies. It's so fast. I'll take my leave now," said the co-manager in urgent need of cash, leaving immediately.
However, the remaining co-manager, Beryl, stayed seated, alternating his gaze between us.
"I want to invest the $350 million. I don't know what kind of business you'll run after buying the Waggoner Ranch, but I want to participate as well."