What is needed to win in a battle of public opinion?
To answer this question, one must first understand the essence of a public opinion battle.
In the end, it is a drama.
A grand drama unfolding on the stage of social dia and news, before an audience of the masses.
And as with all blockbuster hits, three essential elents are required to captivate a discerning audience.
First, compelling characters.
A protagonist to root for, a villain to despise, and supporting characters who add flavor to the story.
These engaging figures are necessary for the audience to fully imrse themselves in the narrative.
Second, a solid storyline.
An intriguing progression, sharp conflicts, and unexpected twists must be masterfully woven into the script.
Third, MSG.
Shocking revelations, heart-wrenching iconic scenes, and visually overwhelming dramatic effects.
These stimulating elents must be strategically placed to keep the story from becoming stale, making it feel fresh and electrifying.
I decided to prepare each of these three essential elents.
However, the most urgent of them was undoubtedly the characters.
"In terms of character, I’m quite decent myself…."
Through various incidents, I had already beco known as the "Orca that punishes evil."
It was a unique and sowhat admirable character.
But there was one problem.
"I have yet to take the role of the protagonist."
No matter how unique a character may be, without the power to drive the main story, they remain nothing more than a supporting role.
And at this point, I lacked the actual power to influence the Allergan case.
In my current position, I was nothing more than a "significant supporting character."
Thus, my first task was clear.
"I need to be cast as the main character first."
***
After Ackman’s 13D disclosure, Wall Street was thrown into turmoil.
"Maverick Investnts, through its subsidiary, entered into a joint investnt agreent with Valeant, establishing a special-purpose entity, the MV Fund, to secure shares in Allergan…"
A 13D disclosure had to detail the thod of acquisition, the source of funds, and the purpose of those holdings.
As a result, Ackman acknowledged that he had been working in an organized manner with Valeant for the past six months.
And that’s where the controversy began.
[This is an unprecedented activist strategy. If this partnership succeeds, we will see similar alliances sprouting up everywhere.]
Economic news outlets delved deep into the peculiar alliance between Ackman and Valeant, raising concerns about the impact of its success.
[The corporate raider era of the 1980s might make a coback. Back then, takeovers were funded by junk bonds, but now hedge funds can finance acquisitions through such partnerships.]
This news particularly rattled corporate CEOs.
[Valeant alone could never have secured a 9.5% stake. If a competitor had made such a move, a red flag would have been raised imdiately. But hedge funds are different.]
[Now, if a company is targeting a hostile takeover, it will beco common practice to reach out to hedge funds and propose alliances.]
If such partnerships beca the norm, every hedge fund investing in corporations could turn into a potential Trojan horse.
Companies would have to remain on high alert 24/7, making it suffocating to operate.
As a result, CEOs from various industries spoke up.
[Is this even legal?]
[Even if it isn't illegal, it raises serious ethical concerns. Major shareholders have responsibilities, but from the mont Ackman partnered with Valeant, his interests shifted away from Allergan to Valeant’s profits, didn’t they?]
As the controversy escalated, Ackman boldly stated his position.
[I have always prioritized shareholder value, and this decision aligns with that principle. I am confident that our collaboration with Valeant will maximize long-term value for Allergan’s shareholders.]
anwhile, so focused on another aspect of the case.
[What’s interesting is that this battle is unfolding around Allergan. Just a month ago, Ha Si-heon’s Pareto Innovation filed a 13D disclosure for this very company.]
[Ha Si-heon raised a record-breaking $12 billion in the early stages of his fund’s establishnt. While everyone was closely watching his moves, an explosion occurred at the very first company he targeted. Is this just a coincidence?]
Ha Si-heon had been the first to declare war on Allergan.
Naturally, the dia sward to hear his thoughts.
[Sean, did you foresee this situation?]
[Yes. I believed that Allergan needed to grow beyond its current scale to maintain its corporate identity. Unfortunately, this happened before Allergan even had the chance to properly review my advice.]
[What do you think Allergan’s next move should be?]
[I’m not sure. I’m just a shareholder with a 5% stake, so I have no authority to influence acquisition strategies.]
Ha Si-heon’s comnts on the matter were limited.
He was rely a shareholder, which ant he had no access to Allergan’s internal information.
Even though he had been the first to suggest an acquisition strategy, he had no way of knowing which companies Allergan had targeted or how far the process had progressed.
Such decisions fell under the exclusive authority of the board of directors.
Moreover, it was an unspoken rule that such decisions were not disclosed to shareholders until the plans were finalized.
Thus, if he wanted to be cast as the main character, he had to complete the following prerequisite.
"First, I need to get onto Allergan’s board."
It wouldn’t be easy, but Ha Si-heon had his own calculations.
"They’ll need a public opinion battle too."
Allergan desperately needed to win the public opinion battle.
But this ti, their opponent was formidable.
They were up against Ackman.
He was a titan of activist investing, renowned not just on Wall Street but also among the general public.
The greater the fa, the more intense the dia spotlight.
For this reason, most of the coverage so far had been centered around Ackman.
Allergan’s CEO, Beckett, had made several dia appearances to voice the company’s stance.
"But it wasn’t enough."
The public doesn’t listen to a character whose na they only learn by reading the subtitles.
In other words, Beckett lacked the presence to be the main character against Ackman.
But what about Ha Si-heon?
Despite being in a supporting role, he was receiving three tis more dia attention than Beckett.
"That makes it worth a shot."
Thus, on the following Monday, Ha Si-heon boarded a plane back to California.
"As you can see, the scenario I predicted has played out exactly as expected."
During his eting with Beckett, Ha Si-heon emphasized that the Trojan horse strategy he had warned about had now beco a reality.
Then, he got straight to the point.
"I want to be involved in this acquisition strategy. I can definitely help."
At Ha Si-heon’s direct statent of intent to intervene, Beckett let out a deep sigh before responding.
"You’re saying you want to join the board?"
"At least until this situation is resolved."
"That’s… not sothing I can decide alone. I’ll bring it up as an agenda item in the board eting."
Allergan’s board consisted of nine mbers, and adding a new director required one of the existing mbers to vacate their seat, followed by approval from the remaining directors.
The board’s response was starkly divided.
"We have to acknowledge that Ha Si-heon’s predictions were astoundingly accurate. From Valeant’s Trojan horse tactic to the various forms of collaboration—despite the unprecedented nature of this situation, he deciphered their strategy through sheer analysis. He would be a huge asset to us."
Ha Si-heon’s value was undeniable.
Yet, so board mbers remained skeptical.
"He’s too young. Isn’t he only 29?"
"No matter how knowledgeable or skilled, wisdom that cos from experience is lacking at that age."
The average age of the board mbers was 62.
To them, Ha Si-heon was rely a talented young man.
"Besides, this role involves eting and communicating with people."
Since it required dealing with major shareholders, regulatory authorities, and various stakeholders, social skills were a crucial factor.
However, the "social skills" being discussed here were not rely about having a good personality or the ability to lead a smooth conversation.
To get soone to reveal not just their official stance but also their deeper, hidden thoughts, a different kind of approach was required.
"In that sense, Ha Si-heon is a bit…"
To the board mbers, the ideal candidate for this position was, naturally, a white man.
Just as people find it easier to open up to those from the sa alma mater or region, this was a natural social reaction.
It wasn't about looking down on a particular race.
Rather, it was simply that a young Asian man in his twenties didn’t seem like the type they could comfortably confide in.
Of course, no one said this out loud.
Such a statent could easily be misconstrued as racial discrimination.
"This is a matter of life and death. We must be cautious."
***
[It seems unlikely that you will gain a seat on the board.]
The voice on the other end of the phone delivered a ssage of rejection, but I wasn’t flustered.
This was more or less the expected outco.
"It seems my lack of experience was the main issue."
"Yes."
"What if there was a way to compensate for that experience?"
"Excuse ? What do you an by that…?"
"I’ll get back to you next week."
After hanging up, I fell into brief contemplation.
‘There’s only one way to overco a lack of experience.'
And that was to bring in a ntor with extensive experience.
In other words, I needed a solid backing.
‘I could bring back old man Kissinger, but…'
I had already used him extensively during the Theranos case.
If I pulled him out again, it might give the impression that I was overly reliant on him as a problem solver.
More importantly, he had failed to foresee the Theranos fraud.
For that reason, casting him as a wise advisor in this case didn’t seem like the best choice.
Thus, I needed a new figure this ti.
Fortunately, I had already identified the perfect candidate.
‘A bit of a tricky person, but…'
It wasn’t impossible to persuade them.
So, I wasted no ti and made my move during my next interview.
"What do you think of Ackman’s strategy?"
"Honestly, I was a bit surprised. The dia describes it as new, but in reality, it's more of a rehash of past tactics."
"Past tactics…?"
"The corporate raider strategies of the 1980s. Carl Icahn cos to mind, in particular."
Ackman’s arch-nesis and his current adversary in the battle over Herbalife—Icahn.
If I could get him as my backer, the board would have no choice but to welco with open arms.
Once I secured a position of influence, I could finally take the protagonist role.
Moreover, casting Icahn as my ntor would add a significant amount of MSG to the narrative.
The only problem was…
‘Does Icahn even know I exist?'
It was true that I had gained so recognition.
But Icahn was a living legend on Wall Street.
I decided to operate under the assumption that he had no idea who I was.
So, what was the next move?
For soone of Icahn’s caliber, his secretaries would be closely monitoring dia coverage.
My first step was to make sure his na appeared in the press as frequently as possible.
"Ackman has often criticized Icahn’s strategies as outdated relics of a more aggressive era. He argued that modern tactics should focus on maximizing shareholder value. Yet, Ackman’s latest move is no different from Icahn’s."
After stirring up this conversation, the dia reacted as expected.
< Ha Si-heon calls out Ackman’s hypocrisy… "His strategy is essentially the sa as Icahn’s" >
That should be enough to grab Icahn’s attention.
At the very least, he would now be aware of my existence.
The next challenge was arranging a eting.
I had to et Icahn in person and propose an alliance.
‘I could contact him first, but…'
That would put at a disadvantage from the outset.
All negotiations should start from an equal footing.
The best way was to create an "accidental" encounter.
"Can you find out Icahn’s schedule for the next two weeks?"
"By when do you need it?"
"The sooner, the better."
Within less than ten minutes, my secretary, Natalie, handed his schedule.
‘Impressive.'
It was common for assistants to share such information, but even so…
"That was fast."
"It's thanks to my existing network."
‘She’s worth every penny.'
Natalie was a talent I had recruited from a renowned hedge fund, and her ability to leverage her past connections was invaluable.
"There aren’t many chances for an accidental eting. I’ve marked the ti slots where an opportunity seems feasible."
Icahn spent most of his ti at ho or the office.
So, running into him randomly on the street was too unrealistic.
How about the specific schedule?
< 11:30 AM – Daniel >
This was a restaurant with reserved seating, aning I would have to approach his table directly.
That would make it look like I was deliberately seeking him out, which wasn’t ideal.
< 9 PM – Links Club >
The Links Club was a prestigious golf club frequented by the upper class.
Like the tropolitan Club, entry required an invitation from a mber.
I wasn’t a mber, aning I couldn’t even set foot inside.
‘I should start preparing for things like this.'
I needed to get accustod to accessing high-society venues and casually interacting with key figures.
But that was a problem for later.
For now, I had to find an overlapping schedule with Icahn.
Then, my eyes caught sothing interesting on the schedule.
< 7 PM – Private Exhibition >
This was an invite-only exhibition, open only to selected guests before the public viewing.
"It's an event at the Gagosian Gallery, but all invitations have already been distributed. That said, if it’s you, Sean, I’m sure you can find a way in. Shall I secure an invitation for you?"
Natalie asked confidently, but I shook my head.
"No."
"Excuse ?"
"If I get an invitation, it ans I have to use my na."
"That’s… true?"
I didn’t want to leave a trace that I had intentionally reached out.
In situations like this, it was much more natural and effective to enter under soone else’s na.
"I’ll let you know tomorrow if we need to secure an invitation. I might have another way in."
With that, I pulled out my iPhone and started typing a ssage.
Among my contacts, there was one person who would likely receive an invitation to such an event—a high-society art collector.
< I’ve been so busy lately that I haven’t been in touch. How about a coffee soti? >
Before long, a reply arrived.
< Sounds great. When would you be free? >
It was from Rachel.
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