5: Chapter 5 Bankruptcy Auction: First Round of Competition

Three days later.

The Seoul Central District Court, the site of the bankruptcy auction.

Qian Xu arrived half an hour early.

He was wearing a dark gray suit and a white shirt, without a tie.

He held the auction documents prepared by Lawyer Park in his hand.

"Mr. Qian, over here."

Lawyer Park came up to greet him and handed him a document.

"There are three bidders today."

"One is a local Korean entertainment company, C9 Entertainment."

"One is a private equity fund, Seoul Capital."

"And another is a bid under the personal name of the former CEO, Kim Seong-ho."

Qian Xu raised an eyebrow.

"Kim Seong-ho?"

"Yes, he wants to buy it back at a low price."

Lawyer Park lowered his voice.

"But he doesn't have the money; he's likely using a nominee."

"Can we stop him?"

"No, bankruptcy auctions are public."

"As long as his bid is legal, the court won't refuse it."

Qian Xu nodded.

"Then we'll let the money do the talking."

The auction room was small.

About twenty square meters, with a long table in the middle.

The judge sat at the head of the table, with the bidders' representatives on both sides.

Qian Xu and Lawyer Park sat on the left.

Opposite them was the representative from C9 Entertainment, a man in his forties.

Next to him was a young analyst from Seoul Capital.

In the corner sat a man in his fifties.

Kim Seong-ho.

The former CEO.

He was wearing a cheap suit with a gloomy look in his eyes.

Seeing Qian Xu enter, he was taken aback.

"A Chinese person?"

Kim Seong-ho asked in Korean.

Qian Xu ignored him.

"Everyone, please be quiet."

The judge tapped the table.

"The bankruptcy auction for T-ARA's former agency now begins."

"The starting bid is 2 billion KRW."

"Each increment must be no less than 100 million KRW."

"Please place your bids."

The representative from C9 Entertainment spoke first.

"2.1 billion."

The analyst from Seoul Capital raised his hand.

"2.2 billion."

Kim Seong-ho gritted his teeth.

"2.3 billion."

The judge looked at Qian Xu.

"Sir, are you bidding?"

Qian Xu stood up.

"2.8 billion."

The room went silent.

The representative from C9 Entertainment frowned.

"2.8 billion? Are you crazy?"

"This company has 18 billion in debt; adding that makes it 20.8 billion."

"It's simply not worth it."

Qian Xu looked at him.

"Whether it's worth it or not is for me to decide."

"2.8 billion, plus assuming all liabilities."

The judge was stunned.

"Sir, are you sure?"

"I am sure."

"2.8 billion for the transfer fee, and 18 billion in debt to be paid within three days."

"A total of 20.8 billion KRW."

Qian Xu said calmly.

"I can make the payment right now."

Kim Seong-ho stood up.

"Wait!"

"You, a Chinese person, by what right do you buy a Korean company?"

"This is Korean cultural property; it cannot fall into the hands of a foreigner!"

Qian Xu looked at him.

"Representative Kim, when you were owing employees their wages, why didn't you say this was a Korean company?"

"When you were trying to transfer the trademark rights, why didn't you say this was Korean cultural property?"

"Now you're pretending to be patriotic?"

Kim Seong-ho's face turned livid.

"You—"

"Enough."

The judge tapped the table.

"The auction is public and legal."

"As long as Mr. Qian has the highest bid, he is qualified to acquire it."

"Mr. Kim, are you going to increase your bid?"

Kim Seong-ho clenched his fists.

He had no money.

2.3 billion was already his limit.

"I... I give up."

The judge looked at the other two parties.

"C9 Entertainment, Seoul Capital, will you increase your bids?"

The C9 representative shook his head.

"We don't have the budget to buy a debt-ridden company for 20.8 billion."

The analyst from Seoul Capital also shook his head.

"We can offer at most 2.5 billion."

The judge nodded.

"Very well."

"2.8 billion, going once."

"2.8 billion, going twice."

"2.8 billion, going three times."

"Sold!"

The judge struck the gavel.

"Congratulations to Mr. Qian, for acquiring all assets of T-ARA's former agency for 2.8 billion KRW."

"Please pay the 18 billion KRW debt within three days."

"Otherwise, the acquisition will be void."

Qian Xu stood up.

"I will make the payment now."

He took a bank card out of his suit pocket.

"Lawyer Park, transfer the funds."

Lawyer Park took the card and walked to the judge.

"Your Honor, we are paying the 2.8 billion transfer fee now."

The judge nodded.

"Very well."

Ten minutes later.

The transfer was complete.

The judge signed and stamped the documents.

"Mr. Qian, from now on, you are the legal owner of this company."

"Including all assets under the company's name."

"The office building, recording studios, trademark rights, and music copyrights."

"And the contracts of T-ARA."

Qian Xu took the documents.

"Thank you."

Kim Seong-ho stood up, his face livid.

"Chinese... you will regret this."

"T-ARA is already past their prime."

"You spent 20.8 billion to buy a pile of trash."

Qian Xu looked at him.

"Representative Kim, do you know how many fans T-ARA has in China?"

"30 million."

"Do you know how much they want to see T-ARA make a comeback?"

"You don't know."

"You were only thinking about how to transfer the trademark rights to your own name."

"And how to sell the company to cash out."

"You are simply not fit to be the CEO of an entertainment company."

Kim Seong-ho opened his mouth, but couldn't say a word.

Qian Xu turned around and walked out of the auction room.

Lawyer Park followed him.

"Mr. Qian, are you ready for the 18 billion debt in three days?"

"I am ready."

Qian Xu took out his phone.

He checked his bank balance.

There was 13.74 billion KRW left.

Plus the quota for these three days.

In three days, it will be just enough.

"Lawyer Park, what do we do next?"

"First, go to the court to get the trademark freeze order."

"Second, go to the company office to take over the assets."

"Third, notify the T-ARA members to sign the contracts."

Qian Xu nodded.

"Let's do the first one first."

"The trademark rights must absolutely not have any issues."

"Alright."

Lawyer Park dialed a number.

"Lawyer Kim, has the freeze order come down?"

"It has?"

"Good, I'll be there to pick it up right away."

He hung up the phone.

Lawyer Park smiled.

"Mr. Qian, the freeze order has been approved."

"The trademark rights are safe."

Qian Xu also smiled.

"Let's go."

"To get the freeze order."

Two hours later.

Qian Xu had a court document in his hand.

T-ARA Trademark Freeze Order.

Valid for six months.

During this period, no one may transfer, sell, or mortgage it.

Qian Xu looked at the document and breathed a sigh of relief.

The first step was complete.

He took out his phone and dialed Ham Eun-jung's number.

"Ms. Eun-jung."

"The auction was successful."

"I bought the company."

On the other end of the line, Ham Eun-jung was silent for a few seconds.

"Really?"

"Really."

"Then... what about the trademark rights?"

"I got those back too."

"The court freeze order has been approved."

"No one can touch it for six months."

Ham Eun-jung's voice trembled.

"That's great..."

"That's great..."

"Mr. Qian, thank you."

"Thank you so much."

Qian Xu smiled.

"Don't thank me."

"In three days, after I pay off the debt."

"We will officially sign the contracts."

"By then, T-ARA will be able to make a comeback."

Ham Eun-jung cried.

"Okay."

"I will wait for your news."

He hung up the phone.

Qian Xu stood at the entrance of the court.

Looking at the sky of Seoul.

The sun was shining brightly.

He smiled.

"30 million Chinese fans."

"Your idols are coming back."