Article Seven unless my earlier demands are met by noon on Monday!
'How did you get the final two per cent?' starnmered William. The phone clicked. He quickly studied the list of shareholders trying to work out who had betrayed him William was still trembling when it rang again, 'The board meeting is just about to begin, sir.'
As ten o'clock struck William entered the board room. Looking round the table, he suddenly realised how few of the younger directors he knew well. Last time he'd had a fight in this same room, he hadn't known any of the directors and he'd won. He smiled to himself, reasonably confident he could still beat Abel Rosnovski, and rose to address the board.
'Gentlemen, this meeting, has been called because the bank, has received a demand from Mr. Abel Rosnovski of the Baron Group; a convicted criminal who has had the effrontery to issue a direct threat to me, namely that he will use his eight per cent holding in my bank to embarrass us and if this tactic fails he will attempt a reverse takeover bid, unless I resign from the presidency and chairmanship of this board without explanation.
You all know that I have only nine years left to serve this bank until my retirement and, if I were to leave before then, my resignation would be totally misinterpreted in the financial world.'
William looked down at his notes, deciding to lead with his ace.
'I am willing, gentlemen, to pledge my entire sharehold - ing and a further ten million dollars from my private trust to be placed at the disposal of the bank in order that you can counter any move Mi.
Rosnovski makes while still insuring Lester's against any financial loss.
I hope, gentlemen, in those circumstances, I can expect your full support in my battle against Abel Rosnovski. I am sure you are not men to give in to vulgar blackmail.'
The room went silent. William felt certain he had won, but then Jake Thomas asked if the board might question him about his relationship with Abel Rosnovski. The request took William by surprise, but he agreed without hesitation. Jake Thomas didn't frighten him.
'This vendetta between you and Abel Rosnovski,' said Jake Thomas, 'has been going on for over thirty years. Do you believe if we followed your plan that would be the end of the matter?'
'What else can the man do? What else can he do?' stuttered William, looking around the room for support.
'We can't be sure until he does it, but with an eight per cent holding in the bank he has powers every bit as great as yours,' said the new company secretary - not William's choice, he talked too much. 'And all we know is that neither of you seems able to give up this personal feud.
Although you have offered ten million to protect our financial position, if Rosnovski were continually to hold up policy decisions, call proxy meetings, arrange takeover bids with no interest in the goodwill of the bank, it would undoubtedly cause panic. The bank and its subsidiary companies, to whom we have a duty as directors, would at best, be highly embarrassed and at worst, might eventually collapse!
'No, no,' said William. 'With my personal backing we could meet him head on.'
'The decision we have to make today,' continued the company secretary, 'is whether there are any circumstances in which this. board wants to meet Mr. Rosnovski head on. Perhaps we are bound to be the losers in the long run.'
'Not if I cover the cost from my private trust,' said Wil. liam.
'That you could do,' said Jake Thomas, 'but it's not just money we're discussing; much bigger problems arise for the bank. Now that Rosnovski can invoke Article Seven, he can play with us when and as he pleases. The bank could be spending its entire time doing nothing but trying to anticipate Abel Rosnovski's every move.'
Jake Thomas waited for the effect of what he had said to sink in. William remained silent. Then Thomas looked at William and continued: 'Now I must ask you a very serious personal question, Mr. Chairman, which worries every one of us around this table, and I hope you'll be nothing less than frank with us when answering it, however unpleasant that may be for you.'
William looked up, wondering what the question could be. What had they been discussing behind his back? Who the hell did Jake Thomas think he was? William felt he was losing the initiative.
'I will answer anything