How was the TL?

  • It was bad

    Votes: 1 3.2%
  • It was okay..

    Votes: 12 38.7%
  • It was good.

    Votes: 13 41.9%
  • The idea was't great, execution was.

    Votes: 2 6.5%
  • The idea was great, execution wasn't.

    Votes: 3 9.7%

  • Total voters
POD: A promised Deal
  • November 1996
    Samsung HQ
    Seoul, Republic of korea

    It was cold outside the Samsung HQ that morning, but it didn’t snow. In Samsung office, I waiting for the Representatives from Hyundai, Hanjin, and Daewoo, in the dark office. I was alone, with the eerie silence in the background. Although I didn’t exercise today, as I came there on the subways, but a cold sweat could be felt on my face. I was worried whether I will fail the negotiation, or How I can tell my wife and kids that I wouldn’t be home for Christmas. Just as I reached my desk and pick up the phone to call my wife, I heard a roar outside. I looked out the window, and I saw three black sedans coming close to the HQ.

    Several Minutes later, three men, wearing black or gray business suits, walked to the tables. “good morning, mr. Hyunu Choi, Mr. Sanghyun Jung, and Mr. Min-Tae Seo. Please have a seat here.” Mr. Hyunu Choi, a chubby man wearing glasses was from Hyundai, Jung ,a tall man with a dog-like face, was from Daewoo and Seo, a muscular but thin, man, was from Hanjin. They took a seat. The room was silent for a moment. I wanted to say the plan, but I was sweating as if this deal fails, I could lose my job. I had my family to feed. I asked, “So, I invited you here because I want to discuss about formation of Consortium, which will be necessary for purchase of Fokker.” They were not amused. And some of them were indifferent at it “Why do you ask us for this? Could you buy the company on Your own?” Mr. Seo said.

    The room was silent for a moment. They were direct competition to us. And they couldn’t cooperate with us this easily. “How we could face the tough costs and Fierce competition?” He had a point. Bombardier had CRJ-200s and Dash 8s, British Aerospace had BAe-146, and Embraer was coming up with EMB-120s turboprops and planning for a regional jets of its own. And for cost, we can’t make up for deficits. I suddenly had a cold sweat. If the Samsung make such a purchase, we could run out of money like Hanbo group. I could envision myself being forced out of my job when Samsung going bankrupt, no way to feed the entire kids, and living out homeless in Seoul station. I needed to think of a way somehow. Something that can convince the representatives, while saving the entire Samsung Corporation. Meanwhile, Mr. Seo asked for a coffee as he was thirsty. I said yes. And got out the seat, and poured the instant coffee in the paper cup and made some hot coffee. When I served it to the whole guests, they really liked it. After we had coffee, we threw the cup away in trash bag. Suddenly, My brain just hatched an idea. What if we liquidate the Fokker after fully acquiring their technology, similar to how we use paper cup? And then found a new fully Korean company?

    I responded. “We are not looking for the main competitors, like Boeing or airbus. But on smaller 70 to 130-passenger, regional jet or turboprop aircraft, which can carry passengers for short destination. Also, we could use this technology to improve South Korean aviation industry.” I responded. “If we can’t support it?” the three said in unison. They had a point there. “We should liquidate the entire company after taking the technology from the Fokker, they have a pretty good knowhow of building aircraft, which will be useful when we found a fully Korean aerospace company.” I responded. Mr. Choi said, “This was surprisingly a good idea. Let’s go with your plan.” And all four agreed. I came up with the plan to buy the Fokker aerospace company and just acquire the technology, and then, liquidate it, to be replaced with the fully Korean consortium. And this helped to strike a deal with the companies.

    A few days later, I met Woo-Jung Kim, the owner of Daewoo, and Chung Ju-yung, the owner of Hyundai group, and Cho Yangho, the owner of Hanjin group, and Lee Kun-hee, the owner of Samsung. It was the first time that I met them in person. We cut the ribbon for Korean Fokker consortium, a Korean aerospace company and an airplane manufacturer. And many cheered. When the ceremony was over, a man with a round face and wearing glasses, walked to me. “Congratulation on striking a deal with these companies and forming a consortium. How did you do it?” I responded, “It took some ideas from unexpected places.” It was true. The ideas can come from unexpected places.
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    Chapter 1: the falling dominoes part 1 (1)
  • From Korea Herald, January 23, 1997

    Hanbo Iron and Steel declares Bankruptcy with debt of 5.85 billion dollar

    Hanbo Iron and Steel declared bankruptcy after defaulting on a loan, making one of Korea’s largest corporate bankruptcies.

    this debt was caused by Hanbo's attempt to construction of steel mill at Tangjin, initially estimated to cost 3 trillion won, now costed 5 trillion won. Bank representatives said that it was caused by hasty business expansions and rising debts, which brought the company to its knees.
    Chapter 1: the falling dominoes part 1 (2)
  • From p.49 of The Clipped Wings: Korean aviation in Asian Financial Crisis by Min Myong-ho(2006)

    The collapse of Hanbo Iron and Steel revealed the dark side of the mighty legend that was Hanbo Group. Once the company behind the South korea's symbol of wealth, Daechi-dong's Unma Apartment in Gangnam District. It was revealed that Chung Tae-Soo, the owner of Hanbo Group, had lobbied the government to get extra loans to keep the company afloat. As the consequences of this, Hanbo iron and Steel declared bankruptcy and Resulted in bankruptcy, which led to more companies collapsing, including Sammi group in March 19, and Jinro in May 13. Bankruptcy of many Chaebols, including KIA group and Sammi.

    This had hit the Aviation industry as well. Korea Aerospace Corporation, just having bought Fokker last year, had incurred debts of 423 billion South Korean won or about 583 billion won in present values. In response, Samsung Aerospace had to cancel various projects, including Fokker 130, and stick to production of Fokker 100. However, this seemed not enough to save the company as the debts kept growing despite this.

    All of this changed in June 1997. When South Korean Ministry of National Defense ordered 20 more F-16s from Samsung-fokker for KFP program. Although most of the Air force weapons programs were cancelled due to the Asian financial crisis, the air force kept the plan for FX program, instead, they decreased the number from 120 airplanes to 60. But the KFP almost over, so KAC demanded additional procurement of KF-16. However, the program was nearing its end, so the KAC demanded MND to order more KF-16. Short on money, Korean government had to make a choice:The Korean government decided to make a compromise: to decrease the number for FX program to 40—with an option to buy 20 more if economy improves, and order 20 more KF-16 from KAC with fund from Korean Ministry of Trade and Industry for supporting of Korean aviation industry. this satisfied both KAC and Korean air force, as Korean air force could have the FX program continued, and KAC was saved from bankruptcy.
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    The Falling Dominoes part 1(3)
  • SsangYong Motor declares bankruptcy!

    Korea herald, November 2, 1997

    Ssangyong motor were finally declared bankrupt after Daewoo declined to the company, citing the 1.7 billion dollar debt.

    Ssangyong Automotives were under deficit from 1993, which resulted in debts, which led to kim Woo Jung to decide against the purchase of the Ssangyong.

    The Kim woo jung said: The debts that Ssangyong motors has would bankrupt the company, it is too heavy to bear.

    (Continued in page 3)
    Chapter 2: the falling dominoes part 2 (1)
  • although KAC was saved from bankruptcy, the Financial Crisis was far from over. around 1997 June, The baht from Thai collapsed.


    the above graph showed the baht to US dollar exchange rates, which showed that Baht devalued suddenly in 1997.

    The economic growth of thailand was castle of sand, when it was actually dependent on trade deficit and over-reliance on foreign trade. it cwas exploited by George Soros, who purchased Thai baht in 1995. in may of 1997, It resulted in Baht collapse, and spectators sold the Baht to international markets. meanwhile, a rumors of Japanese interest rate hike was circulated. in response, Investors have moved out of weaker currencies, which also led to Devalue and eventually, collapse of the Filipino Pesos and malay Ringgit in July 24, 1997.

    this led to problems in south korea, as it meant that in South Korea, there were many investment banks that borrowed money on short term loans and invested in Southeast asian countries in long term. this top-heavy tower, which worked until 1996, began to collapse. hundreds of thousands of people, who deposited money on Cash management Account set up under said investment banks, rushed to withdraw these funds, not to mention due to 170 billion dollar foreign debt, which was 6 times the 30 billion dollar forex reserves, creditors refused to delay the maturity of South korean corporate bonds. in response, south korean government has considered having emergency bailouts in 1997.

    However, with the loans coming up, investors begin to pull out of South korea, selling out South korean wons in favor of US dollars. this drove South korean won to devalue, which meant that South korean government had to pay off its debts AND defend exchange rates of South Korean Won. which meant they have to spend more of the forex reserves, which began drying up.

    in response, Korea had considered having a currency swap with japan, but it couldn’t do it as Japan couldn’t send money as they have to spend it in bailing out their corporations due to collapse of Hong Kong dollar, not to mention they have grown distrustful of Korea due to the Kim Young-Sam’s actions, which included destruction of Republic of Korea Capital Hall, which was once known as Empire Of Japan Empire of Japan’s Government-General of Korea Building.

    As Moratorium was out of option as it would make international trade impossible, Korea had only option of asking IMF for emergency loans. and issuing Asset-backed security bonds, proposed by Kang Kyung-sik, then-Deputy Prime minister for economy, never got anywhere.

    in November 1997, Michel Camdessus, then-managing director of IMF, arrived in Republic of Korea. to tell the South korea the terms that South korea needed to follow in order to receive the emergency loan..

    by this time however, presidential election was coming up in december, which had serious contenders: Kim Dae Jung of National Congress for New Politics, who had been assisted by Shin Ki-Ha, who missed deadly flight of Korean Air flight 801, which crashed in Guam, Grand National Party’s Lee hoe-Chang, and New National Party’s Lee In-Je, with the negotiation and campaigning for 1997 presidential election was beginning.
    Anyways, marry christmas for all the STaF fans!
    Side Story: All hail king zogu
  • side story
    All hail king Zogu


    flag of kingdom of albania(1997-)​

    While Korea was dealing with financial crisis, in the other side of the eastern hemisphere, a country was handling with its own problems—a civil war due to a Pyramid scheme, which destroyed said nation’s economy. That country was Albania.

    Shortly after collapse of communist regime in 1991, the country of Albania was new to capitalism. On reaction to this, the companies like Sudja and Populli started to make payments to old investors using money from new investors. This was basically a Ponzi scheme. But this wasn’t criticized initially due to a banking law, which didn’t say that National bank can supervise market banks. After the scheme collapsed in January 1997, the economic crisis struck Albania, which resulted in protests against the Democratic Party, which was the ruling party of Albania since 1996.

    After, Prime Minister Alexander Meksi’s resignation, the Government declared state of emergency. Many looted the weapons from armories, and insurgents begin to rise, while half of Albania fell under rebels. President Berisha promised the election before june 1997.

    However, the elections were not enough for people, as they realized that the republic lost its trust. In this process, Leka Zogu, one of the leaders of the protest, proposed an referendum: the restoration of Monarchy, with house of Zogu as its royal family.

    Leka Zogu, King of Albania(1997-)​

    By this time, the people wanted change, so they accepted the proposal for an referendum, and it would be scheduled for June 27, 1997, alongside the parliamentary elections.


    the results of the referendum.​

    As the results, the proposal was accepted with 68% voting for it, and the house of Zogu was restored, with Leka becoming King Leka I.
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    Christmas special
  • December 24, 1996.

    It was snowing outside today. At my workplace, I had to write a business report on the plans for Fokker-samsung purchase. After signing the MOU in November, our company has been signing the contract, we have been making due diligence on Fokker AG. Fokker has saw total job loss of 5664.. with the contract winning, the company was revealed to have dropped in sales from 1991 to 1994 from 3.8 billion guilders to 2.3 billion guilders. Our attempt of making formal acquisition, meant that our company now have to sell aircraft at a cheaper price then the usual.

    But I am excited, as the company was for Technologies, which they incurred as they built Fokker 100s and F-16 fighter jets. This was what we needed for the company.

    While I was heading back home, my pager beeped. When I saw the number, it came from my home, probably my son. I ran across street to nearby phone box and called.


    “Daddy, If santa claus bring the gifts this night, what would it be?”

    “I wonder, what do you think?”

    “maybe war of genesis 2?”

    “I hope it will be. As long as you sleep early”

    As soon as I left the phone, I took a subway to yongsan, where the electronics store was in. it was lucky that it was near our apartment in Ichon-dong. There, there was a corner that sold video games. I asked for War of genesis 2, there was one copy that was left. I asked for price , bought it, and got home.

    Heading home, the time was almost 10 o’ clock, when my family was sleeping. I put the video game under the tree. I think my son will be excited for this..
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    Side story: Jewel of the orient.
  • Side story: Jewel of the orient.

    Filipino presidential mansion, Malacanang Palace

    The 1997 Asian Financial crisis, which began with drop in Baht, has its impacts in Filipino economy as well.

    Fidel Ramos Administration, elected to power in 1992, has commenced the Philippine 2000 plan, which called out for rapid modernization was failing in its wake as In June, The Philippino Peso dropped as well. This drop of Philippino politics meant that Fidel Ramos reached approval rating of 39%. Amidst this economic failure, meant Joseph Estrada, Vice President in Ramos Administration, had to decline to run in 1998.

    In response, LAMMP had to find a new candate for 1998 Philippino Presidential election, which he found in Bella Angara, house floor leader of Laban ng Demokratikong Pilipino. With Aquilino Pimentel Jr., a former democracy activist during Marcos regime, As his running mate.

    IN the Other side, Lakas-NUCD-UMDP chose former speaker of the house Jose De Venecia Jr., with Gloria Arroyo as his running mate, after Fidel Ramos endorsed Jose De Venecia.

    Gloria Arroyo, an economist by trade, promised the Filipinos to end its poverty and bail the country out of the IMF. Furthermore, she planned to expand Value added tax, to raise money to pay the Loans from IMF and to balance Filipino budget. Furthermore, she promised to implement holiday economics, lengthening holidays to encourage domestic tourism and spending.

    In response, Jose de Valencia pushed for Debt-For-Equity program, and Property rights reform, which meant to give chance for urban squatters for their land, and try to restart mining industry. And he also promised to reach for Sunshine policy on Southern Moro rebellion and communists, which Arroyo promised to take a hardline stance against. The election was tense, but it resulted in Jose De valencia winning.
    Glimpse into the future
  • Interlude: glimpse of the future


    a promotional photo of 4LEAF, a chatting browser and major community site in korea(source: hardcoregaming101)


    KAC's A-50 operating over libya


    blueprint for new airplane by KAC, based on Fokker f.29's design.

    Bombardier's last Airplane, CRJ-550 before liquidation
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    Chapter 3: first Korean Fokkers
  • From p.462 of 100 years of fokker by Park Sung-Min(2012)

    With the Asian Financial Crisis passing and Daewoo, out of profits from KAC, survived the crisis. With this, they began to develop new aircrafts, the first of which, Fokker 85, first took flight in June 10, 1999. This airplane was the first Airliner to be designed in the Republic of Korea. based on Fokker F.28 design, it was named such as its niche was between Fokker 50 and Fokker 100.

    Fokker 85, designed to compete with CRJ-900 and Embraer E190, learned from the failure of Fokker 100, its fuel efficiency. So instead of Rolls-Royce Tay MK650, it applied General Electric GE34. Furthermore, it was smaller, more fuel efficient, and also more reliable than Rolls-Royce Tay. Which meant when it began service under Asiana Airlines in 2001, which saw distrust with Boeing After Boeing 737 crash in 1994.


    Thai Airlines international Boeing 737-400, same model as one involved in Thai Airways international Flight 114

    Not to mention the disaster of Thai Airways International Flight 114, which exploded mid-air on March 3, 2001 from a fuel tank explosion, killing all 157 passengers and crew onboard including newly-inaugurated Thai Prime Minister Thaksin Shinawatra (with conspiracy theories claiming he was killed by the military), was revealed to be caused by the explosion of the fuel pump in the Boeing 737. This led to SE airlines losing interest in the Boeing 737 in favour of KAC' s Fokker 85 and Fokker 100.

    After this, they begin to produce new Aircraft, a twin-engined regional jet with T-Tail. Modeled after Fokker's Old Design of Fokker F.29.

    Despite the disaster of Flight 114 exposing new dangers in the Boeing 737 and leading to the grounding of all 737-400 planes until the issue was solved by 2002, another problem would be hitting the aviation industry...

    (Credits to @Whiteshore for collaboration)
    Chapter 4 part 1: that day in September New
  • Chapter 4 part 1
    That Day in September

    South Korean Anti-Americanism in 21st Century and return of Communism - Park Ga-Bun

    Since the Gulf War, Al Qaeda, founded by Osama Bin Laden, has targeted the USA. Which started with their declaration of war against the USA. After the Kingdom of Saudi Arabia signed the Oslo Accords, he overtly began to call for the removal of American troops and criticism of King Fahd. This led to him being disowned by his family and from the kingdom. He moved to Sudan in 1993 and attempted to Assassinate president Mubarak in 1995, which led to him being expelled from Sudan.

    He fled to Afghanistan and Al-Qaeda begin to radicalize. After issuing a fatwa to wage war against the USA in 1998 and Failed Attempt to bomb USS cole in 2000, they begin to be daring.

    On September 11, 2001, Michael Jackson arrived in time for an appointment in the South Tower. Little did he know that it would be his last day due to the Flight 175, which crashed to South Tower. In addition,

    Few moments later, Flight 11, hijacked by Mohammed Atta, crashed into North Tower. As these cities collapsed, michael Jackson was one of the killed. few minutes later,

    Flight 77, the third plane to be hijacked crashed into the Pentagon. And flight 93 was successfully retaken by Passengers and landed safely.. However the story flowed somewhat differently for KE085..

    When KE 085 was spotted by US ATC, its transponders read 7500. The code word for Hijacking. paranoid due to recent hijacking USA ordered KE085 shot down, killing all onboard.

    The news quickly reached Seoul, resulting in sorrow of many families, who blamed the Terrorists of Al-Qaeda.

    However, this was not to be, as the further investigation by the NTSB revealed that it was a US fighter jet that shot down the airplane.

    This incident, in which the US fighter shot down a South Korean Civilian airliner out of Negligence, angered South koreans, many of left wing SKers, who already held some Anti-American sentiment due to US sponsorship of military regime just 20 years prior to said incident, to rise up in protest. Many users in 4LEAF, were swept in fervor as well.


    4LEAF’s Yakety Yak speech, which became hotbed of Korean Far-left after KE085 Shootdown

    In Yakety-Yak Speech(wageurwageul Seupichi, 와글와글 스피치), a speech game in which users held 3 minute Speeches be written live and posted on the site and one with most support wins, had filled with Anti-American rants, in some cases, even words like "Proletarian revolution" or "Yankee Go Home!”, “Workers of the world Unite” were there. It was the start of 4LEAF’s leaning into far-left, which later began to show its presence offline very next year.

    sorry for belated update here. Please enjoy.
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    Chapter 4 part 2: The Candle is Lit New
  • Chapter 4 part 2
    The Candle is Lit

    The Rise of far-left In Korea was only big on online community sites of 4LEAF, Jinbonuri, and Democratic Labour Party’s Party BBS. However, it reached the big breaking point on June 13, 2002 after a US Tank accidentally ran over and killed South Korean middle school students named Shim Mi-seon and Shin Hyo-sun in a training accident in Yangju, Gyeonggi.

    The investigations went relatively smoothly at first, it seemed that the drivers didn't saw the students due to blind spots. Not to mention that radio disruption, they couldn't hear the messages which resulted in the accident. The problem was not due to what happened, what happened at the trial. As two soldiers involved In the accident, Mark Walker And Fernando Nino, were under US jurisdiction due to SOFA agreement, which resulted in them being found not guilty in the court-martial in November 2002.

    This was met with fury. The celebratory attitude over the World Cup finals Win by South Korea was gone. Replaced by fury over the trial decision. People experienced condolences for the two middle schoolers in DC inside, then a digital camera forum, and 4LEAF. When a post by Ang-ma(앙마) which said “It is said that souls of the dead becomes fireflies. Fill the Gwanghwamun Square with our souls. Let’s become the tens of thousands of Fireflies with Mi-Sun and Hyo-Sun in Gwanghwamoon.”(Park, 2016) Thus the gwanghwamun square was filled with candlelight at 6:00 PM, November 30, 2002.

    According to Ohmynews article that was written on reflection, It was “open to everyone who was willing to bring a candle there.”(Park, 2016) This horizontal nature of the candlelight vigil ended up becoming anti-American protest, which called out for Amendment to US-ROK Status of Forces agreement, which placed the USFK soldiers in US jurisdiction, or some even more radically, termination of the US-South Korea alliance and immediate withdrawal of US Troops.

    Although the moderate voices won out, the latter two slogans coming from 4LEAF users, which began to turn Far-Left. These signals appearing alarmed some right wing and moderate netizens. but it was dismissed as individuals being carried away. This however started to show first signs of far left beginning to appear..

    Works Cited​

    Park, Se-Gil. (2016, November 24). 2002, 2008... Geurigo 2016, igeosi chotburui yeoksada[2002, 2008 and 2016... This is history of Candle]. Ohmynews. Retrieved August 9, 2022, from
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