Mr. Brandon Burke had other personnel to take an English version pamphlet about Pyeongtaek Port International Passenger Terminal, and take several pictures of the port himself.
Gun-Ho continued to talk to Mr. Brandon Burke.
“I understand that you have found several issues during the investigation of our factory; however, those issues can easily be corrected and we will correct them gradually. But it’s not easy to find a factory that is located 20 minutes from an international port like this. If we start a joint venture together in this location, both of Lymondell Dyeon and GH Mobile will achieve what they want. It will be a win-win situation for both companies.”
“You said you have the appraisal report on the land, right?”
“Yes, it was appraised by Korea Appraisal Board. I will give you a translated version of the appraisal report. In addition, I will give you the pictures and floor plan of the storage in Suzhou Industrial Park in China.”
On the final day of the Lymondell Dyeon’s investigation, Attorney Young-Jin Kim from Kim & Jeong Law Firm came to Gun-Ho’s factory in Jiksan Town. Attorney Kim asked Mr. Brandon Burke with a broad smile.
“Has your investigation completed? How was it? The factory’s location is excellent and President Goo is loaded with funds. They have quality workers with advanced technology. You wouldn’t be able to find a better partner than this. Why don’t you make a letter of intent before you leave today?”
Mr. Brandon Burke smiled.
“A letter of intent? It’s too early to do that.”
Gun-Ho added,
“A letter of intent is just a letter to show our intention to do business together. It’s not a contract. It will serve though as deterrence, so other companies can’t try to compete now to be a partner for this specific matter. You and I, we both have the authority to make a decision on the joint venture matter. We can do it if we want.”
“Well, it is still too early for it.”
“Let’s have lunch first and make a letter of intent before you leave for Seoul at 3 pm. I will ask the press to join us.”
“Let us have some time to discuss.”
Gun-Ho showed Mr. Brandon Burke’s party a small meeting room, so they can discuss comfortably in private.
After heated discussion among them, Mr. Brandon Burke’s party walked out of the meeting room. Attorney Young-Jin Kim approached them with a smile.
“Have you made a decision?”
“Well… We haven’t yet…”
“It shouldn’t take that long.”
“Egnopak also showed their interest in doing the joint venture with us, and we need to compare the pros and cons of two companies…”
Gun-Ho said,
“I understand that Egnopak is an attractive company which is located in Jinwi Town. They have more than 3,000 employees and it is a KOSDAQ registered firm. I believe they have more than 100 workers in their research center alone. However, they don’t have what we have. Also, they want the joint venture to be 51:49.”
“That’s true.”
“A joint venture must start equally between co-venturers, that’s what I believe. When they demanded 51:49, they were saying that they want to control the joint venture without being interrupted by Lymondell Dyeon. To be honest with you, Mr. Brandon Burke, I have more funds than the president of Egnopak.”
Mr. Brandon Burke was thinking while rubbing his chin.
Attorney Young-Jin Kim pushed him a little bit.
“Let’s sign a letter of intent. If we do it, Egnopak will give up.”
The interpreter added to it,
“I used to work for M Mobis and I retired from that company. I also once worked in New York as their branch manager. And we had a chance to work with the Egnopak’s president at that time, and I remember that the president had a very bad disposition. I was told that his family was on a serious power trip against the employees of Egnopak. There was also a rumor about his sexual harassment.”
“Sexual misconduct?”
Mr. Brandon Burke frowned.
At that moment, Attorney Young-Jin Kim asked Gun-Ho with a loud voice,
“President Goo, how much funds are you planning to invest in the joint venture?”
“Authorized capital of 20,000,000 dollars!”
Mr. Brandon Burke jumped up from his seat.
“Let’s do it!”
Gun-Ho asked for the general affairs manager.
“Ask journalists to come and join us when we sign a letter of intent. Call the newspaper in the area and the three major newspapers: Chosun, Joongang, and Donga Ilbo. Also, call the branch manager of the economic newspaper in Cheonan City. Tell them GH Mobile in Jiksan Town, Cheonan City will sign a letter of intent to start a joint venture with the multinational company— Lymondell Dyeon at 3 pm today.”
“Yes, sir. But I think we need to give them some token of gratitude if they come.”
“Give them transportation expenses. We will show them our respect that way.”
“Yes, sir. I will contact them right away.”
Gun-Ho drafted a letter of intent and let the interpreter translate it into English. The interpreter seemed to have drafted this kind of papers when he previously worked for a big company, it didn’t take him even 10 minutes to finish the translation. Gun-Ho handed it over to his secretary to type.
At 3 pm, a journalist from a local newspaper and a branch manager of a newspaper publisher arrived. Gun-Ho asked the general affairs manager to prepare a camera.
Gun-Ho showed the English version of the letter of intent to Mr. Brandon Burke. Mr. Burke grinned as he reviewed the draft of the letter.
“We can make changes if we want at any time.”
Gun-Ho and Mr. Brandon Burke signed on the letter of intent. In order to make it formal, Gun-Ho asked GH Mobile’s directors and managers to stand behind along with the other two personnel from Lymondell Dyeon. The journalist from a local newspaper took pictures, and the general affairs manager of GH Mobile took pictures too. The branch manager of the daily newspaper didn’t bring a camera; he just asked the general affairs manager to send the pictures to him and gave his phone number.
Gun-Ho sent out the picture to every single newspaper publisher in Korea via fax.
The following day, an economic newspaper and a daily newspaper talked about GH Mobile’s possible joint venture with Lymondell Dyeon. They said that GH Mobile located in Cheonan City would build a chemical factory in Asan City, Chungnam province with the multinational company—Lymondell Dyeon. Even though Gun-Ho didn’t even start building a factory in Asan City yet, the newspapers put a picture of GH Mobile’s factory in Jiksan Town and made it sound like it was the joint venture factory in Asan City.
The president of Egnopak read the newspaper and he became furious.
“What is GH Mobile? Who is the f*cking President Gun-Ho Goo of GH Mobile?”
The Egnopak’s president threw a cup of water against his office wall and screamed in outrage.
“That f*cking Lymondell Dyeon made us believe that they would do a joint venture with us and then they signed the letter of intent with another company. That son of bi*ch. I won’t let it go easily. The company’s name is GH Mobile. I will remember the name.”
Gun-Ho asked for the general affairs manager.
Please take Mr. Brandon Burke’s party to Seoul safely. Let them stay in Ritz Carlton Hotel in Gangnam, Seoul City and give them a tour in Seoul tomorrow. You can show them Gyeongbokgung Palace and Namsan Tower. Have lunch in a decent restaurant too. They are scheduled to fly to the U.S. in the evening tomorrow, so they should have plenty of time to have a tour. Ask the accounting manager for a company credit card. I will call her and ask her to prepare the credit card for you.”
“Yes, sir.”
