go under, he would do everything in his power to ensure that it wasn't William Kane.
The problem of what to do about Abel Rosnovski's investment programme was finally taken out of William's hands.
Early in 1951, the bank had been invited to represent one of America's new airline companies, Interstate Airways, when the Federal Aviation Agency granted them a frunchise for flights between the East and West coasts. The airline approached Lester's bank when they needed to raise the thirty million dollars to provide them with the financial backing required by governmental regulations.
William considered the airline and the whole project to be well worth supporting, and he spent virtually his entire time setting up a public offering to raise the necessary thirty million.
The bank, acting as the sponsor for the project, put all their resources behind the new venture. 'Me project became William's biggest since he had returned to Lester's, and he realised that his personal reputation was at stake when he went to the market for the thirty million dollars. In July, when the details of the offering were announced the stock was snapped up in a matter of days. William received lavish praise from all quarters for the way he had handled the project and carried it through to such a successful conclusion. He could not have been happier about the outcome himself, until he read in Thaddeus Cohen's next report that ten per cent of the airline's stock had been obtained by one of Abel Rosnovski's dummy corporations.
William knew then that the time had come to acquaint ' He Ted Leach and Tony Simmons with his worst fears. asked Tony to come to New York where he called both of the vice - chairmen to his office and related to them the saga of Abel Rostiovski and Henry Osborne.
'Why didn't you let us know about all this beforeF was Tony Simmons' first reaction.
'I dealt with a hundred companies like the Richmond Group when I was at Kane and Cabot, Tony, and I couldn't know at the time that he was that serious about revenge. I was only finally convinced of his obsession when Rosnovski purchased ten per cent of Interstate Airways!
'I suppose it's possible you may be over - reacting,' said Ted Leach. 'Of one thing I am certain: it would be unwise to inform the rest of the board of this inforination. The last thing we want a few days after launching a new company is a panic on our hands!
'That's for sure,' said Tony Simmons. 'Why don't you see this fellow Rosnovski and have it out with him?'
'I expect that's exactly what he'd like me to do.' replied William. 'It would leave him in no doubt that the bank feels it's under siege.'
'Don't you think his attitude might change if you told him how hard you tried to talk the bank into backing the Richmond Group, but they wouldn't support you and ...'
'I've no reason to believe he doesnit know that already,' said William. 'He seems to know everything else.'
'Well what do you feel the bank should do about Rosnovski?' asked Ted Leach. 'We certainly can't stop him from purchasing our stock if he can find a willing seller. If we went in for buying our own stock, far from stopping him, we would play right into his hands by raising the value of his holding and jeopardising our own financial position. I think you can be certain he would enjoy watching us sweat that one out. We are about the perfect size to be taken on by Harry Truman, and there's nothing the Democrats would enjoy more than a banking scandal with an election in the offing.'
'I realise there's little I can do about it,' said William, 'but I had to let you know what Rosnovski was up to in case he springs another surprise on us.'
'I suppose there's still an outside chance,' said Tony Simmons, 'that the whole thing is innocent, and he simply respects your talent as an investor!
'How can you say that, Tony, when you know my stepfather is involved? Do you think Rosnovski employed Henry Osborne to further my career in banking? You obviously don't understand Rosnovski as I do. I've watched him operating now for over twenty years. He's not used to losing; he simply goes on throwing the dice until he wins. I couldn't know him much better if he was one of my own family. He. will...'
'Now don't become paranoid, William, I expect 'Don't become paranoid yofi say,