January 16, 1998.
Seok-won sat by the window seat aboard a Gulfstream IV private jet, talking on the phone with Porter, the head of Eldorado Fund's Japan branch.
"We've finalized the contract to acquire all the bonds in the bulk sale for ¥114.82 billion.
Publicly, it will be announced as ¥124.82 billion, with an additional ¥1 billion added in
transaction costs."
Leaning back in the plush seat, Seok-won smiled in satisfaction.
"You did well. Once the contract is finalized, immediately reach out to Mitsubishi to begin
negotiations for the Rockefeller Center purchase. And propose a debt-for-equity swap to Fast Retailing as well."
"Understood. Also, we've just been contacted by Yasuda Fire & Marine—they're looking to sell a painting."
"That's great news."
It was exactly the call Seok-won had been waiting for. Smiling ear to ear, he kept the phone to his ear.
Back in the late '80s to early '90s, during Japan's bubble economy, companies had money to burn.
They had gone on spending sprees, buying up not only iconic real estate around the world—like the Rockefeller Center—but also famous artworks at exorbitant prices.
"The bubble in art prices during that time? Largely Japan's doing."
Among those extravagant purchases was Van Gogh's Sunflowers, owned by Yasuda Fire &
Marine Insurance.
There were only six versions of Van Gogh's sunflower paintings featuring sunflowers in a vase, and each differed in the number of blooms.
Of them, the version with fifteen sunflowers was owned by Yasuda Fire & Marine.
But after the seemingly invincible bubble burst, the value of properties—and by extension, assets like art—plummeted.
As Japan's economy slipped into a prolonged recession, many of the artworks aggressively acquired during the bubble era had become burdens—and were now flooding the market.
Seok-won, ever sharp, saw an opportunity and had instructed Porter to begin acquiring so-called "bubble paintings" like Sunflowers at bargain prices.
"Buying up world-class masterpieces with high collector value for dirt cheap? There's no way I'm passing that up."
Even if one had the money, these kinds of artworks were rarely up for sale unless the owners willingly let them go. It was a rare opportunity.
Just as Seok-won was silently relishing the moment, Porter's next words brought him back to the present.
"They're asking ¥4.2 billion. How should we proceed?"
"That's ¥200 million more than what I initially offered."
"Correct."
Seok-won gazed out the rounded porthole window as a large passenger aircraft slowly taxied toward the runway.
"Still, that's cheaper than what they paid ten years ago at the Christie's auction in London."
"Including fees, they paid about ¥5.8 billion at the time—so they're looking at a loss of ¥1.6
billion."
"The idea that a Van Gogh piece is being sold for less than the original purchase price is unheard of. If the bubble hadn't burst and these Japanese corporations and asset holders weren't offloading their collections all at once, this would never have happened."
"Exactly. There are hundreds of paintings and ceramics flooding the market now. No matter how famous the artist, when supply far outweighs demand, prices are bound to fall."
The issue was that many corporations and private collectors had used their paintings and artworks as collateral to secure loans from financial institutions.
Things had gotten so out of hand during the bubble era that financial products like "art-backed loans" were created specifically for lending against famous artworks.
When the bubble burst, the value of these art pieces—like real estate—plummeted, and they too became toxic assets.
"They might be considered a headache now, but if we buy and sit on them for a few years, their original value will return."
"I believe so too. But the problem is that Japanese companies and banks don't have the luxury of waiting that long."
A deep smile formed on Seok-won's lips.
"Which is exactly why we're able to scoop up these priceless masterpieces at bargain prices."
"That's true."
"Go ahead and acquire the painting for ¥4.2 billion as they requested."
It was a substantial sum—equivalent to $33.6 million USD.
However, with Eldorado Fund Japan's portfolio well exceeding several billion dollars, such an amount barely made a ripple.
Porter, fully aware of that, responded casually.
"Understood."
Seok-won picked up the tumbler glass from the table and gave it a light swirl.
The ice clinked gently against the glass as he took a sip of the chilled whiskey, then asked again.
"How's the purchase going for The Mirror by Picasso and The Madonna of Port Lligat by
Salvador Dalí?"
"We're currently negotiating the price with the owners. Both parties are strapped for cash, so we should be able to reach an agreement within the next couple of days."
Nodding slightly, Seok-won spoke firmly.
"What matters most is securing the paintings. As long as their demands aren't completely
unreasonable, just move forward with the contracts."
"Understood."
"And keep searching. If any other valuable pieces come onto the market, don't hesitate to snatch them up right away."
"Of course."
After a few more brief words, Seok-won ended the call and was about to set his phone down
when, almost on cue, it rang again.
He glanced at the number on the display, then immediately answered.
"We'll be seeing each other in a few hours anyway. What's so urgent that you had to call?"
He spoke with a light chuckle, and a familiar voice—Landon's—came through the receiver.
"You weren't answering, so I figured you must've already taken off."
"I was on the phone with Director Porter."
"Ah, I see."
"So, what's so urgent?"
"John Phillips has agreed to accept our investment proposal."
The moment he heard it, Seok-won straightened up in his seat, his expression lighting up.
"That's excellent news."
"When he heard you'd be coming to California, CEO Phillips said he'd prefer to meet in person and sign the contract. How would you like to proceed?"
"Well, I was heading there anyway, and since the investment would make us partners in the same boat, this is a good chance to build rapport. I don't mind."
"Then I'll consider that a yes and go ahead with scheduling the meeting."
"Please do."
Seok-won nodded readily.
"Oh, and negotiations with Qualcomm—those are completely settled, right?"
"Of course. We agreed to purchase all the founders' shares for $800 million, including a control premium."
"I was ready for a proxy battle, but they surrendered more easily than expected, considering how aggressive they were at first."
"We applied strong pressure by aggressively buying up shares. Holding out must have become impossible."
Seok-won agreed with Landon.
"True. With over 30% of the shares already acquired and most of the friendly votes secured, they would've had a hard time retaining control even if things escalated."
"Exactly. Plus, last year's $400 million loss and consecutive deficits led to mounting shareholder dissatisfaction. That must've pushed them over the edge."
"I'm sure it did."
At the time, Qualcomm wasn't just involved in communications technology and CDMA chip
production—it was also dabbling in equipment manufacturing and cellular base station
businesses.
With South Korea becoming the first country to commercialize CDMA mobile communication, Qualcomm's revenues were growing rapidly from license fees and chipset sales. But its other businesses were sluggish, leading to continued net losses overall.
"If I recall correctly, this is when they began downsizing those failing divisions and focusing
solely on licensing and chipset sales."
Despite the buzz from CDMA's commercialization, Qualcomm's stock had plummeted as disappointed investors offloaded shares due to poor performance.
"But I'm probably the only one who realizes this is the last chance to buy Qualcomm stock
cheaply—before it becomes the tech giant that dominates the communications chip industry."
This trip to the U.S. aboard the private jet was, in fact, to finalize the acquisition of Qualcomm— a company that would soon become a golden goose.
Though they had managed to commercialize CDMA with help from South Korea, that was only the first step. There was still a long and thorny road ahead before Qualcomm could rise as the undisputed leader in communication chips.
"We've already spent a considerable amount acquiring Qualcomm. I can't let it flounder due to poor strategic direction and fall short of its potential."
Seok-won knew exactly how Qualcomm had grown—what decisions and paths had turned it into a dominant player—and he planned to guide it down the same road.
Shaking off his brief thoughts, he spoke to Landon again.
"Let's save the rest of the discussion for when I arrive in San Diego and we can talk face-to-face."
"Understood. Have a safe flight."
As he placed his phone on the table, Seok-won murmured to himself with a small smile.
"Now that we've secured a stake in Star.com after Qualcomm… things are going very well."
Last September, Start.com, founded by John Phillips, became the first search advertising
company to implement an idea where advertisements matched to a user's search results would be shown on a portal site—and advertisers would pay a fee per click.
It was a venture that played a crucial role in proving that, even after the collapse of the dot-com bubble, portal sites could not only survive but also thrive, generating massive profits and showing the world that real money could be made through the internet.
"And a few years later, Yahoo ends up acquiring the company for a staggering $1.63 billion."
Originally, Google would launch a similar form of search advertising, causing Start.com's
valuation to plummet from its peak. But since Seok-won had now invested in Start.com, the
situation wouldn't unfold the same way.
"I'll make sure the patents can't be easily bypassed. Whoever wants in next time will have to pay a very steep price."
With a low chuckle, Seok-won brought the tumbler glass to his lips.
At that moment, Bella, the flight attendant on the private jet, approached.
"We'll be taking off shortly. Would you please fasten your seatbelt?"
Seok-won gave a small nod, then reached for the seatbelt and buckled it.
Seeing that, Bella offered a polite smile.
Most VIPs on private jets were notoriously picky and high-maintenance, but Seok-won always followed instructions promptly and never gave her any lecherous looks. He was, in short, the model employer.
He might have an almost obsessive work ethic—perhaps even a workaholic—but for a successful man, that level of dedication seemed only natural.
"I'll take your glass."
With that, Bella picked up the tumbler from the table and walked away.
Soon after, the private jet began taxiing slowly until it reached the end of the runway, awaiting clearance for takeoff.
As the throttle was pushed to maximum, the two rear-mounted engines gave a thunderous roar—
like a beast letting out a primal cry before charging forward.
The jet shot down the long, straight runway with tremendous speed.
Seok-won turned his head and looked out the porthole. The black asphalt blurred beneath them, flowing past like a river.
Moments later, a subtle lifting sensation followed, and the heavy jet surged skyward, slicing through the runway and ascending powerfully into the sky.