Ghosts of Eternity

Lee Seo-han slowly lowered the microphone.

The faint static humming from the speakers on the podium abruptly died down. At the same time, the complex IL-2 multimodal data visualizations that had packed the massive screen went pitch black all at once.

A heavy silence filled the room. Soon, a ripple of measured applause broke out among the hundred or so biotech industry insiders crowding the auditorium.

Seo-han stepped down from the stage, one measured step at a time.

Just then, a man in a dark gray suit stepped smoothly into his path. He wore a perfectly groomed slick back and a well-rehearsed smile. He was smiling, but his eyes were not. They were the eyes of a man who had come to deliver an offer whose conclusion had already been decided.

The business card the man held out read: Park Jin-ho, Senior Investment Manager, Bio & Healthcare Division, Artemis Investment.

"Dr. Lee, today’s presentation was truly impressive. Especially the mechanism of action demonstrated by the IL-2 multimodal data—it could shift the paradigm of IL-2 development."

Seo-han stopped in his tracks. His cold gaze shifted very slowly from the man’s business card to his face.

"Thank you. I am Lee Seo-han of Aether Bio."

Slipping the card away effortlessly, Park Jin-ho cut straight to the chase.

"Regarding the 45-billion-won Series B Bridge round you are currently raising: we at Artemis are seriously considering taking on the entire round exclusively."

Seo-han’s impassive eyes turned toward Park.

"And the valuation?"

"We are looking at 140 billion won post-money. Given the current market conditions, you must know that this is an exceptionally bold offer, Dr. Lee."

Seo-han knew all too well that unconditional goodwill did not exist.

"Has this received internal clearance?"

"Yes, the report to the Investment Committee is finished, and internal approval has been granted. As for the specific terms, let's coordinate them formally at our headquarters. We would love to host you."

Seo-han slid the man’s business card into the inner pocket of his jacket.

"I will be there on Wednesday at two in the afternoon."

Artemis Investment’s headquarters soared into the sky in the heart of Teheran-ro. On its 22nd floor, Seo-han passed through a corridor that overlooked the entire Gangnam area through floor-to-ceiling glass windows, then opened a heavy glass door and stepped into the conference room.

Across the marble table in the center of the room sat a woman. Her sheer presence seemed to weigh down the very air in the room.

She wore a silk blouse of dark green, a color resembling the abyss of a deep forest. Her hair, neatly tied back in a low bun, fully exposed her sharp jawline and distinct features. Her face was clean, almost entirely devoid of makeup, but her straight, dark eyebrows radiated a fierce will.

Seo-han stood still for a moment, pausing his stride. The database in his mind spun rapidly, pulling up a fragment of a past memory.

She was Yoon Tae-hee, the actual decision-maker behind the nation’s largest private equity fund. Vice Chairman Jung Hyun-jin of S Group had once covertly introduced her to him at a secluded private art gallery in Seongbuk-dong.

Seo-han wiped all expression from his face and sat in the chair opposite her.

Yoon Tae-hee casually flipped open a thick folder resting before her, the corners of her lips turning up slightly.

"Good to see you, Dr. Lee. It's been a while since Seongbuk-dong, hasn't it?"

Instead of responding to the personal greeting, Seo-han turned on his tablet and brought up the screen. It was a silent indication that any emotional waste beyond business was unnecessary.

Yoon Tae-hee snapped the folder shut and lightly interlaced her fingers.

"The market's evaluation of the IL-2 program is highly favorable. The follow-up pipeline Aether Bio is preparing also seems to hold sufficient commercial value."

This story has been unlawfully obtained without the author's consent. Report any appearances on Amazon.

Her voice was flat and dry, yet carried a quiet, undeniable elegance.

"But as you know, we are currently in a biotech winter. In a market where the money supply has dried up, the logic of capital must be colder and more ruthless than ever."

A chilling light flashed in her eyes. Senior Manager Park Jin-ho, who had been anxiously reading the room beside her, cautiously slid a thick binder of the investment term sheet across the marble table.

"This is the term sheet. Please review the detailed clauses."

Seo-han lowered his gaze to the paper. A meticulously woven legal net came into view. Among the text, clauses printed in an especially bold typeface triggered his rational mind.

'Key-Man Clause.'

The content was blatant and specific.

[Dr. Lee Seo-han must maintain his position as CEO of Aether Bio for at least five years from the date of the investment deposit. Should he voluntarily sell his shares or resign, the Investor may immediately exercise its right to demand early redemption and invoke management protection clauses.]

[Furthermore, if a significant impairment of corporate value occurs due to his departure within the mandatory employment period, the Company and interested parties shall bear the obligation to pay a contractual penalty to the Investor, regardless of intent.]

The amount of the contractual penalty was exactly three times the principal of 45 billion won—135 billion won. Seo-han’s eyes drifted one line lower.

'2x Liquidation Preference.'

This clause dictated that if the company were sold to another enterprise or underwent liquidation, the investor would receive a preferential distribution of 90 billion won—twice the principal—before any other shareholders.

Seo-han lightly placed the fountain pen he was holding onto its cradle.

"This isn't an investment."

Seo-han lifted his head and stared straight at Yoon Tae-hee.

Yoon Tae-hee leaned her upper body slightly toward the table. The watch wrapped around her wrist made a faint clinking sound against the cold marble.

"It is merely risk management," she whispered softly. "If you leave the company, Dr. Lee, the 45 billion won we invested becomes no different from these scraps of paper. And as I said, it is simply a risk management clause on our part for investing a massive sum during a biotech winter."

Park Jin-ho, still reading the room from the side, subtly chimed in.

"In exchange, we at Artemis will clean up any interference from existing shareholders behind the scenes. We'll personally handle the market hyenas trying to lowball your value."

Without lowering her teacup, Yoon Tae-hee added quietly, "You only need to focus on your research, Dr. Lee. We will quietly clear away the rest of the noise."

Seo-han did not answer; he just looked at Yoon Tae-hee. There was no human warmth whatsoever in her deep eyes. There was only the chilling calculation of a predator intent on capturing returns, control, and even the other person’s life inside her portfolio.

Yoon Tae-hee kept her lips sealed, waiting for Seo-han’s reaction. Her cold gaze was fixed on the back of his hand.

Seo-han traced the number 140 billion written at the top of the document with his fingertip.

The astronomical contractual penalty imposed upon departure was not a concern for him. He had absolutely no intention of tearing down the structure he had designed himself. He also knew better than anyone that the core value of Aether Bio would rapidly evaporate without him.

However, Seo-han's gaze paused at the phrase '2x Liquidation Preference.'

"The logic of capital is beyond sophisticated—it's rapacious." Seo-han lightly flicked the paper. "The contractual penalty clause is just meaningless noise. The probability of me abandoning the data in my head and running away isn't even worth calculating. But a 2x liquidation preference is a different story."

Instead of answering, Yoon Tae-hee lifted her teacup to her lips. Her eyes studied Seo-han’s complexion over the rim of the cup.

"This isn't an investment. It's a capture mechanism. Isn't this a declaration that you intend to monopolize a massive portion of the profits at the time of exit?"

Yoon Tae-hee set her teacup down. The clinking sound shattered the silence.

"It’s proof that the future of Aether Bio is just that certain. If the data you are so confident in is real, Dr. Lee, I believe a 2x preference is a justified premium for the risk we are assuming."

She wore an arrogant smile, like an auctioneer appraising a priceless masterpiece.

Seo-han rested his chin on his hand and met her gaze head-on.

"Very well. I’ll take Artemis’s proposal under consideration for now."

Color rushed back into Senior Manager Park Jin-ho’s face. He hurriedly tried to proffer his fountain pen, but froze at Seo-han’s next words.

"However, that is only my personal position. Aether Bio does not belong to me alone."

Seo-han rose from his seat and buttoned his jacket. The silhouette of his sharp, dark navy suit fell rigidly into place.

"Before proceeding with this financing, I will convene a shareholder briefing. We still have runway left, so I will take my time discussing the appropriateness of these clauses with the existing investors before making a final decision."

Yoon Tae-hee’s eyebrows twitched imperceptibly. She instantly perceived that Seo-han was refusing to give up the initiative to shake up the board.

"Do you think the shareholders will oppose it?"

"Who knows. I am also curious to see how much these terms infringe upon the economic rights of the existing shareholders, and what judgment they will make."

Seo-han lightly gathered the stack of documents.

"I will contact you once the company's situation is sorted out."

Yoon Tae-hee silently watched Seo-han’s retreating back. A pleasant chill settled into her eyes.

She had thought him merely a controllable genius, but he was something else entirely—someone who refused to lose his own orbit even inside the net of capital.

As he walked, Seo-han lightly tugged at the cuffs of his jacket. The terms Yoon Tae-hee had presented—on the surface, they looked like reasonable mechanisms for risk hedging, but the design intent was glaringly transparent.

A 2x preference at the time of exit, and intricate clauses capable of interfering with management rights.

It was a sophisticated trap designed to chip away at the control of Aether Bio, bit by bit, and ultimately lock the existence of 'Lee Seo-han' into their massive investment machinery. It was the hunting style of an apex predator in the private equity market.

The catch was, the moment he saw that trap, Seo-han had already begun recalculating the topography of the hunting ground.