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CH71 | DI
🕑 Added 2025-04-09 02:26:32 +0000 UTC“That’s just……”
Chris couldn’t hide his bewilderment at the sudden nomination.
I repeated my earlier statement in a firm tone.
“It is appropriate to proceed with such sales after the shareholders’ meeting, not before.”
Chris took a moment to catch his breath and chew on my words. Then, raising his eyebrows, he spoke.
“No, that’s not right.”
He crossed his arms, confidently continuing with his argument.
“You must not understand yet, but after the shareholders’ meeting, the sale itself becomes completely impossible.”
His voice was full of certainty.
He continued speaking with an attitude as if teaching a naive junior.
“At this moment, the board can authorize the sale of assets. But once this agenda is presented at the shareholders’ meeting and the majority opposes it, it’s over. Once opposition is decided, even the board cannot overturn it. The sale will fall through entirely. That’s why we’re rushing to finalize the sale before it comes to a vote… Don’t you get that either?”
Chris returned to his characteristic triumphant demeanor.
But.
‘He really doesn’t know anything.’
I smirked as I looked him straight in the eyes.
“That only applies to an ordinary sale. This case is entirely different.”
If this were an ordinary sale, they could rush to finalize it before the shareholders’ meeting and shrug it off, saying, “It’s already done; what can you do?”
Even if there were disgruntled shareholders, boosting the stock price slightly through a share buyback would likely silence their complaints.
However, the sale of Harbor Lobster was an exception.
“Shareholders have long demanded that the real estate division be spun off to generate independent revenue. But the management, instead, plans to use that real estate as bait to sell off Harbor Lobster.”
“That’s because it attracts better buyers under favorable conditions. This is all part of securing Epicura’s growth foundation in the long run…”
“You say something interesting. Since when did shareholders ever care about long-term perspectives?”
I decisively interrupted Chris’s words.
“Future growth? That’s the management’s concern. Shareholders couldn’t care less.”
It is the management’s responsibility to consider a company’s long-term vision. Shareholders are only interested in stock prices and dividends.
“Shareholders are no different from children. They lack patience, are greedy, and are incredibly fickle. They always seek immediate rewards rather than long-term stability.”
“And shareholders have already made their desires clear. They want the real estate to be spun off and generate revenue. Yet………”
Chris’s expression began to change.
It seemed he finally understood my point.
“And yet, the management, like an irresponsible parent, plans to give that candy to someone else entirely.”
“If candy is to be handed out anyway, isn’t it natural to prioritize your own children? But Epicura handed the candy to a third party with no connection to them. This is essentially telling the shareholders to eat dirt.”
A report I read in my past life described this sale in those exact terms.
“Who would have thought lobsters could flip the bird?”
This wasn’t just about pushing the sale through against shareholder opposition.
It was about handing over the asset shareholders wanted to someone else.
“So, this isn’t like ordinary cases?”
The one interrupting this time was none other than Pierce.
I nodded as I faced Pierce.
“That’s correct. This kind of action inevitably deepens the emotional rift. It’s an act that evokes a sense of betrayal. Such anger cannot be soothed by a mere share buyback. And if a shareholders’ meeting is held during this period… the result is obvious.”
I looked Pierce in the eye again and asserted.
“All the shareholders will cast their votes in opposition.”
Angry shareholders would side with anyone who could teach Epicura a lesson.
This meant they would cast their votes for the faction opposing the management, the so-called “shark pack.”
“And if the sharks take over the board, the first thing they’ll demand is the CEO’s dismissal. In that case, even if the sale of Harbor Lobster succeeds, the CEO and all board members will lose their positions. This would essentially mean the loss of management control. That’s hardly the outcome our client desires.”
Our client is the CEO of Epicura.
There’s no way he would want to proceed with a sequence of events that leads to his own dismissal.
“If the plan is to antagonize shareholders, timing is everything. Pretend to accommodate all their demands before the vote, and once the election is over, quietly proceed with the sale.”
“…… Yes, why provoke voters before an election? Like any politician, make all kinds of promises beforehand, win the election, and then do whatever you want. But the fact that they’re not doing so is what’s strange.”
“But wouldn’t that make shareholders even angrier? At the next shareholders’ meeting, they’ll simply vote for dismissal again.”
He wasn’t asking because he didn’t know; it was a question thrown to test me.
“Of course, a CEO who breaks promises will face backlash. But there’s a year until the next shareholders’ meeting. Over time, anger will gradually subside.”
“Isn’t that overly optimistic?”
“When the dead weight is gone, performance will improve. If the results are emphasized throughout the year, the shareholders will eventually forget about it.”
“……”
Yes, it all boils down to raising the stock price.
A child may cry and throw a tantrum when their candy is taken away, but give them a new candy, and they’ll soon forget.
“The important thing is the timing of taking the candy. For this to work, it’s best to keep it as far from the election date as possible. Yet the CEO insists on doing it right before the election. It’s a decision that defies common sense.”
At this point, I glanced at Pierce.
It was time to get to the crux of the matter.
“A corporate leader cannot be unaware of the repercussions of forcing a sale at this time. Yet, he’s rushing the sale, seemingly at the expense of himself. That’s what’s strange.”
Pierce’s gaze grew even more serious at my words.
He looked at me intently with sharp eyes and asked,
“You must have your own perspective. What do you think is the reason the CEO is taking such actions?”
I could sense a hint of expectation in Pierce’s eyes.
He seemed to hope I’d come up with some remarkable insight.
But I shrugged.
“I don’t know. That’s why I’ve insisted from the beginning that meeting the CEO in person is the only way to find a clue.”
“I see…”
Pierce’s disappointment was apparent.
It was a bit absurd.
Should I be grateful that his expectations were so high?
But how could I possibly understand the CEO’s intentions without ever meeting him?
Pierce soon composed himself and shifted his gaze to Jeff.
Then, he began issuing proper instructions.
“We’ll postpone detailed discussions until after the business trip. For now, start by reviewing the validity of the report Medallion presented.”
Pierce listed a series of specific directives and concluded the meeting with this statement:
“Prepare for two people to travel. Sean and I will go together.”
“How about bringing Chris along as well?”
Jeff quickly offered his suggestion, but Pierce hesitated momentarily.
His expression seemed to ask, “Chris, who?”
Now that I thought about it…
The competition was supposed to be between Chris and me, yet at some point, his presence had completely vanished.
Pierce firmly shook his head.
“No, there’s plenty of work that needs to be handled at the office. It’s better if one person stays behind.”
“…Understood.”
Jeff reluctantly agreed, though his face showed a hint of bitterness.
On the other hand, Chris’s complexion turned pale.
This clarified the hierarchy.
Chris would remain in the office doing miscellaneous tasks.
I would meet the CEO in person.
The trip was scheduled for Wednesday, two days later.
There were many tasks to address before then.
The most urgent was unraveling the CEO’s mystery.
‘Why on earth is he so intent on antagonizing the shareholders right before the election…?’
Meeting him in person would provide some clues, but I had no intention of wasting this trip on mere reconnaissance.
I needed answers in advance to persuade the CEO during our meeting.
‘I have to make a strong impression.’
In the upcoming “bread war,” I had to perform spectacularly.
The problem was that, for now, I was just a first-year analyst—nothing more than a low-ranking soldier.
But to take on a pivotal role in this case, this lowly soldier needed to earn the CEO’s absolute trust.
Only then would the “king” use his authority to promote me from soldier to general, putting me at the forefront of the battle.
This was a critical matter.
I had to figure out the CEO’s true intentions.
‘Even if it means taking a risk, why is he so determined to sell the brand…?’
The reason for selling the brand was obvious.
Harbor Lobster was already a relic of the past.
Family restaurants were a declining industry.
The dining industry was witnessing the rise of new trends.
—Chipotle Burrito, Rapidly Emerging in the Dining Industry
—Shake Shack, Redefining Fast Food
—Quick-Service Restaurants Rushing into Fast Casual
The trend was none other than fast casual.
In short, it was the upscale version of fast food.
Fast casual dining refers to fast food that uses higher-quality ingredients compared to traditional chains like McDonald’s.
Since the financial crisis, this sector has been experiencing rapid growth—comparable to the explosive rise of AI in the tech industry.
Initially, the market was puzzled.
Why were consumers opting for pricier fast food during a period of subdued consumer spending due to the financial crisis?
The answer only became clear after some time.
It wasn’t that fast-food customers were seeking premium menus, but rather that family restaurant patrons were abandoning ship and migrating en masse to fast casual establishments.
This made perfect sense.
Fast casual offered lower prices, exotic menu options, and a trendy image bolstered by the use of healthier ingredients.
As a result, fast casual dining was booming, while family restaurants were on a steady decline.
Therefore, it was a rational decision to swiftly sell off the outdated family restaurant brands.
But…
‘Why the rush?’
If the reason was merely a trend shift, there was no urgent need to sell before May.
It would be far wiser to bide time for a few more months, reverse the promises after the shareholders’ meeting, and proceed.
This urgency pointed to a different cause.
If the CEO was willing to risk being ousted to make an immediate sale…
There could only be one explanation.
‘They must be sitting on a ticking time bomb.’
If they held onto it, everything could blow apart, leaving nothing salvageable.
In that case, choosing to sever the head cleanly might seem like the lesser evil.
Logically, this was the only explanation that made sense.
But… there was still something odd about it.
‘Was there such an issue?’
A ticking time bomb usually meant a massive scandal or fraud.
But no matter how hard I combed through my memories, nothing of that nature involving Harbor Lobster came to mind.
At least, based on what I knew, such a bomb never went off in my past life.
There was a possibility that the CEO mistook a minor issue for a bomb…
Or perhaps they successfully passed the bomb to someone else without triggering it.
In fact, in my past life, Epicura did eventually succeed in selling the brand.
So, did the bomb simply not explode because of that…?
‘No, that doesn’t make sense either.’
How could a ticking time bomb remain harmless just because it was handed over to a real estate buyer?
Logically, this defies explanation.
What exactly is this ticking time bomb?
I need to figure it out.
Only then can I elevate myself from a mere foot soldier to a general.
