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CH81 | DI
🕑 Added 2025-04-13 03:40:07 +0000 UTC<Who would have thought lobsters had middle fingers too?>
On the 29th, just a week before the emergency shareholders’ meeting proposed by Shark Capital’s Dex Slater, Epicura forced the sale of Harbor Lobster.
Ignoring the earnest pleas of shareholders to wait just one more week, the sale was pushed through unilaterally.
Amidst criticism pouring in that CEO Whitmer’s autocratic tendencies had been laid bare…
“The public opinion is on our side,” muttered the person reading through the newspaper article with a bitter smile.
He was a PM at Shark Capital, deeply involved in the Epicura investment.
“Are you really going to keep pushing forward with this?”
The PM turned his head.
There stood a man known as the Great White Shark: Dex Slater.
“Of course.”
The response caused the PM to frown instinctively.
The situation had escalated to such a degree that only one option remained.
A board election.
However, the PM was against the idea of holding an election.
“The costs won’t be insignificant.”
Elections were expensive.
Candidate vetting, documentation required for submission to government authorities, legal consultation fees, marketing expenses, proxy voting costs, research fees—just the legal fees alone would easily exceed $10 million.
And what about the funds needed to secure shares?
Already, $200 million had been spent to acquire a 5% stake.
If things escalated into a proxy battle, there was no telling how much more might be burned.
“It will require significant capital investment.”
“In investing, the upfront cost is irrelevant.”
“True. What matters is the return, isn’t it?”
And it was precisely this point that made the PM opposed.
“Harbor Lobster’s real estate has already been sold off. Only the Toscana Garden remains… Doesn’t this cut the prey in half?”
Shark Capital’s initial strategy had been to target Epicura’s real estate assets.
But with this sale, the expected profit had been slashed by half.
And yet, to double down on their investment in such a situation? It simply didn’t add up.
As the PM was about to emphasize this, Slater shot him a cold smile.
“With articles like this flooding the news, how could we possibly back down?”
The PM couldn’t bring himself to respond.
The Great White Shark had already made a bold declaration of war.
And on top of that, they had called for an emergency shareholders’ meeting. With the CEO practically spitting in their faces with such a move, how could they just let it slide?
“If we tuck our tails between our legs now, they’ll call us toothless sharks, won’t they?”
That was something they absolutely couldn’t allow.
On Wall Street, reputation was everything.
This wasn’t just a matter of pride.
The Great White Shark was an activist fund known for its bold and audacious moves.
Its reputation had allowed it to pressure corporations effectively. But if word spread that the shark’s teeth had been broken, what would happen?
Other companies would also start resisting their demands.
This would inevitably hinder their long-term investment plans.
“Even so…?”
The PM’s expression darkened.
“Sounds like you have some complaints.”
“This… isn’t about gaining something. It’s just moving to avoid losing.”
A predator should always charge fiercely toward its prey.
But here they were, acting reluctantly just to protect their reputation.
The PM found this direction distasteful.
Those who focus only on defense are bound to lose the throne eventually.
The moment they become consumed with maintaining what they have, they’re already on a downhill path.
‘Could it be that even the Great White Shark is slowly fading into the annals of history?’
Suppressing such bitter thoughts, the PM opened his mouth.
“Then, how many board candidates do you plan to nominate?”
By law, the list of board candidates had to be submitted 90 days before the shareholders’ meeting to give shareholders ample time for review.
With the deadline next week, it was time to make a final decision.
And yet…
“Twelve.”
An unexpected number came out of Slater’s mouth.
Epicura’s board consisted of 12 seats. Which meant…
“Twelve seats… that’s all of them, isn’t it?”
“I’m aware.”
“But that’s…”
The PM mumbled, stunned.
Replacing all 12 seats? Such a thing was unheard of.
“There has never been a case where an entire board was replaced.”
“I know that too.”
“Then why…?”
The PM’s face stiffened.
Nominating candidates for all 12 seats was an excessively risky gamble.
“The market doesn’t take kindly to unprecedented challenges. Even if shareholders are furious enough to side with us, advocating for a complete replacement will give them pause. If we aim for nine seats instead, anyone would cast their vote for us without hesitation.”
“Do you think I don’t know that?”
“Then why…?”
If they targeted nine seats, victory was guaranteed.
On the other hand, going for all 12 seats meant the outcome was uncertain.
So why throw away a sure win to chase an uncertain gamble?
As the PM’s unspoken question lingered, Slater flashed a chilling smile.
“This is Hiroshima.”
Hiroshima.
As in the city where the atomic bomb was dropped.
“And Hiroshima only needs one shot.”
During World War II, the U.S. dropped an atomic bomb just once.
Once was enough.
Witnessing the overwhelming power and horrific aftermath of the bomb, no one dared to challenge them again.
It was then that a faint smile appeared on the PM’s lips.
“Now the numbers add up.”
Replacing the entire board of a Fortune 300 company.
It was nothing short of Hiroshima in the business world.
And Hiroshima only needed one shot.
By showcasing such immense power, corporations across the board would tremble in fear of the Great White Shark.
This one move would ensure smooth sailing for years to come.
“Dig up every single piece of dirt on the executives and board members. Everything they’ve done over the past five years—where they traveled for business, where they vacationed—find it all.”
Slater’s eyes glinted sharply.
By targeting all 12 seats, victory was no longer assured.
It was all or nothing.
If they won, it would be a Hiroshima moment. But if they lost, they would be left as a toothless shark.
And yet, Slater willingly threw himself into the fray.
Even while wearing the crown.
To seize something even greater.
Focused solely on taking, no matter the cost—even if it meant losing everything in the process.
That was the true nature of the Great White Shark, the side of him that the PM revered.
“Understood. I’ll investigate thoroughly.”
***
The Next Day
Shark Capital harshly criticized the recent sale.
“The sale of Harbor Lobster was carried out hastily, without adequate discussion or review, and in the process, the rights and interests of the shareholders were brutally disregarded. Furthermore, the voices of 57% of shareholders who questioned the process were completely ignored. This is a blatant violation of the basic principles of shareholder democracy and a grave act of undermining corporate transparency and accountability. CEO Whitmer’s autocratic behavior is…”
It was a statement laced with provocative language.
Economic news channels couldn’t contain their excitement.
“These are unusually harsh words for the Great White Shark. Normally, he speaks in measured tones, so to see him express such raw anger…”
“This is nothing short of a declaration of war! It signals a battle far larger than anything he’s waged before!”
The panels meticulously analyzed the Great White Shark’s choice of words, trying to decipher his intentions.
However, it wasn’t just the shark’s actions that had them so stirred.
“The biggest mystery right now is Epicura. What on earth are they thinking by doing something like this?”
“Up until yesterday, I thought it was a strategy to sell Harbor Lobster at the highest price. Perhaps a buyer had offered incredible terms, and Epicura rushed the sale out of fear the deal would fall through if the shareholders intervened. Ignoring the emergency shareholders’ meeting would have been part of that urgency. Later, they could’ve justified it by saying, ‘It was to secure this price,’ and the shareholders would’ve understood.”
The world judged by results.
If the dismissal of the emergency meeting had led to a high-value sale, even Epicura could have been forgiven.
But…
“$2.1 billion? After taxes and fees, it’s just $1.6 billion! And with the real estate value alone exceeding $1.5 billion… they effectively sold the brand itself for only $600 million!”
“Considering their recent underperformance, it’s not a terrible deal. After all, it’s nine times their EBITDA.”
“But still, the brand has power and recognition! Similar brands of this caliber are valued at $2 to $4 billion. And they sold it for $600 million?”
Epicura had sold their flagship brand for what was, by all accounts, an absurdly low price.
And they disregarded shareholder input for a deal of such magnitude.
Yet the controversy didn’t stop there.
“The most shocking part is that they decided not to return the sale proceeds to shareholders. This is sheer madness!”
Shareholders are the owners of a company.
If an asset is sold and cash is secured, it is only fair that the shareholders receive their share.
But Epicura announced no plans to distribute any of the proceeds.
“Other companies would go as far as issuing special dividends to share profits. But Epicura? No stock buybacks, no debt repayment, nothing! Won’t even the quiet shareholders rise up in outrage?”
“Exactly. This will awaken the institutional investors who have been sitting idle. Won’t they start demanding dividends?”
Epicura had roughly $1.5 billion in cash reserves.
The prevailing belief was that shareholders would rise up before the CEO had the chance to squander the money.
“Even institutional investors who’ve relied on proxy advisors will be forced to step in. Everyone who wants even a single penny of dividends will side with Shark Capital.”
“And the Great White Shark knows this, which is why he’s striking so hard. This is an unwinnable fight for Epicura.”
The battle was overwhelmingly in favor of the Great White Shark.
As this analysis gained traction, Shark Capital submitted their list of board candidates.
This was their signal to enter the fray.
But…
When the panelists saw the list, they were shocked.
“All 12 seats? This is unprecedented! Usually, no matter how furious they are, they leave a few seats untouched… This can only mean they won’t forgive anything!”
“In the past, the most candidates Shark Capital ever submitted was five. It’s clear that they see this fight as the biggest gamble of their lives!”
The renowned Great White Shark was putting everything on the line.
Naturally, all eyes turned to one question:
“What will Epicura do in response?”
“They’ll try to appease Shark Capital somehow.”
“But this doesn’t seem like the kind of situation where appeasement will work…”
“Even so, they’ll have to try. You never know—it might work.”
Epicura was in no position to stand tall.
The company had been stagnant for two years, had sold off its flagship brand at a rock-bottom price, and refused to share profits.
Surely, they would wave the white flag.
The only question was how they would do it.
“They might offer six seats as a shocking concession. Surrendering half of the board preemptively.”
“Half? Come on. Considering what they’ve done, they might give up nine seats. For stability, they’d keep three and hand the rest to the shark, raising the flag of surrender.”
“Your imagination is lacking. They might propose an entirely new slate of 12 board members, signaling a fresh start and an apology for the past.”
The panelists’ predictions all missed the mark.
“Epicura has submitted their 12 board candidates!”
“What did I tell you?”
“No, not a newly formed board. It’s the ‘current’ board.”
“What?”
“They’re saying they’ll keep the existing 12 board members exactly as they are!”
This was an unyielding stance, refusing to admit any wrongdoing.
Not even a single sacrificial lamb was offered.
“What on earth are they thinking…?”
“In a situation like this, shouldn’t they at least try to negotiate?”
Watching the broadcast, Ha Si-heon couldn’t help but chuckle.
He had already seen what happened in the case where “Epicura tried to appease the shark.”
‘Why bother, when they know it won’t work?’
In his past life, Epicura had not only submitted six board candidates but had also declared that Whitmer would voluntarily step down as CEO.
Perhaps the sight of 12 board candidates had scared them.
To protect even half the board, they had decided to sacrifice the CEO.
But it hadn’t worked.
Despite Whitmer’s resignation, the Great White Shark had pushed for all 12 seats and ultimately seized the board.
This time, however, things were unfolding in the exact opposite way.
Thanks to Ha Si-heon’s intervention, Epicura had not surrendered.
Far from attempting appeasement, they were matching Shark Capital’s aggression with equal defiance.
Without a hint of remorse, and with brazen boldness.
This only made the spectacle even more entertaining.
“Won’t neutral shareholders find this outrageous? The shark is bound to win!”
“But Whitmer isn’t stupid. He must have some kind of plan, don’t you think?”
Numerous economic channels dedicated special segments to the issue.
It drew even more attention than previous incidents.
“What happens next?”
“Well, there will likely be fierce debate over which side’s candidates are more qualified, all the way up to the election. That’s 80 days from now.”
The board election was no different from a political campaign.
Both sides would deploy every tactic imaginable to sway voter sentiment, and the outcome would only be decided on voting day.
The vote would take place at the shareholders’ meeting.
There were still 80 days to go until then.
Thus began 80 days of war.
