Fast and Loose

33

Charley Fox was in his office after lunch when Stella buzzed him.

“Yes?”

“Norm Keller from Goldman Sachs for you.”

Keller was Charley’s last boss at Goldman. Charley picked up the phone. “Hi, Norm,” he said.

“How you doing, Charley?”

“I can’t complain.”

“I saw the announcement in the Journal. Sounds like you’ve landed on your feet.”

“If you say so,” Charley said.

“I admit, I was envious of you when you left us for St. Clair. I figured you’d double or triple your income over there. Then St. Clair got blown up, and I wondered what had happened to you.”

“Well, now you know.”

“Is that Macher character still running St. Clair?” Keller asked.

“As far as I know, but a guy like Macher could evaporate at any moment.”

“Interesting,” Norm said. “I just got a hand-delivered letter from him, offering me a seat on the board at St. Clair. The money’s good, and the use of the yacht is thrown in.”

“Interesting.”

“What’s your take on this, Charley? Should I accept?”

“Just between you and me, Norm, I’d shred the letter and say nothing to anybody about it.”

“Why?”

“I can’t go into the details at the moment, but it’s my opinion that Macher’s position at St. Clair is precarious, to say the least, and dealing with him is an even more precarious state.”

“One other guy here got the same letter,” Keller said, “and he told me that a guy at Chase Private Bank got one, too.”

“Sounds like Macher is looking for a whole new board, doesn’t it?” Charley said. “Makes you wonder why, doesn’t it?”

“Does he have the authority to fire and replace the St. Clair board at the drop of a hat?”

“If he does, it won’t be for long, Norm. My advice to you and the others is to decline. Wait and see what happens.”

“I expect that’s good advice, Charley, and I thank you for it.” He hung up.

Charley got Stone Barrington and Mike Freeman on a conference call.

“What’s up, Charley?” Stone asked.

Charley related the content of the call from Keller. “What do you guys think is going on over there?”

“My guess,” Stone said, “is that the St. Clair board has heard about the two wills, maybe from the DA, and I heard this morning that Tommy Berenson’s license to practice law has been suspended by the Bar Association, pending a hearing. Remember, the bogus will gave Macher the authority to fire and replace the board, and that must be what he’s trying to do.”

“My guess,” Mike Freeman said, “is that by this time tomorrow, Macher will be on the street, and the board will remain as constituted.”

“Well,” said Charley, “if that happens there might be some opportunities where the St. Clair assets are concerned. From what I gleaned from their computer files, the company has more than half a billion dollars in assets, all of it in just the kind of companies we’re interested in acquiring, and St. Clair has no debt. Christian was always a very conservative businessman, and it’s been a long time since he borrowed any money.”

“Very, very interesting,” Mike said. “Let’s see what tomorrow brings.”

“Call again,” Stone said, “if you hear anything new.” They all hung up.

Charley worked through the afternoon, and he was contemplating a drink when another call came in.

“Yes?”

“A Mr. Something-or-other Barnes on line one. I didn’t get the first name.”

Charley pressed the button. “This is Charles Fox.”

“Mr. Fox,” an elderly voice said, “this is Elihu Barnes. Does my name mean anything to you?”

“Yes, sir, it does. I believe you’re a banker and chairman of the board of St. Clair Enterprises. We met when Mr. St. Clair hired me.”

“You are correct, Mr. Fox, and I’m glad we don’t have to waste any time establishing my bona fides.”

“Certainly not.”

“Mr. Fox, there is about to be a major upheaval at St. Clair, and I and the other two members of our board, Mr. Maximus Quinn and Mr. George Fineman, would like to meet with you, if we may.”

“Of course, Mr. Barnes. I’m at your disposal.”

“Our usual meeting place at St. Clair is not available to us at this moment. I wonder if we might meet at your offices?”

“Certainly.” Charley gave him the address and explained the entry requirements for the building. “When would you like to meet?”

“Would six o’clock this evening be convenient for you?”

“Yes, sir, it would.”

“Then we will look forward to seeing you at that time, in your offices.” The two men hung up.

Charley reestablished his conference call.

“What’s up, Charley?” Stone asked.

“Gentlemen, the board of directors of St. Clair Enterprises is going to be meeting at six o’clock — in my office.”

Nobody said anything for a moment. Finally Stone spoke up. “Do you have any idea why?”

“Nothing that would make any sense,” Charley said. “I was struck, though, at how solicitous Mr. Barnes sounded on the phone. His more usual style might be thought of as imperious.”

“Charley,” Mike said, “it sounds like these gentlemen want something from you. What might that be?”

“Perhaps investment advice?” Charley hazarded. “Christian St. Clair introduced me to them at the time he hired me, and he spoke to them of his hopes for me at St. Clair.”

“Sounds like you impressed them,” Mike said.

“Well,” Stone said, “let’s talk about what Charley might want from the board.”

“How about their company?” Charley said. “I’d like for Triangle to own that.”

“I doubt if that’s up for grabs, but let’s take a look at their assets. Do you have a list?”

“I do.”

“Then why don’t you run over that list before your meeting and see what plums you’d like to pick from their tree, and what each of them is worth to us.”

“I can think, right off the bat, of two of their assets I’d like to own.”

“And what are those?” Mike asked.

“Their building,” Charley said, “and their yacht.”

“I’ve been aboard the yacht,” Stone said, “and it is gorgeous — made me salivate just to be on her. And she’s brand-new, built in a small yard in Maine that Christian bought just to build the vessel. He told me the yard is already turning a profit, working on antique and traditional yachts.”

“And what about the building?” Mike asked.

Charley spoke up. “It’s a very large town house, maybe seventy-five feet wide, in the East Sixties. Beautifully renovated and decorated. It has an apartment upstairs, which was Christian’s, another, smaller one for his secretary, maybe a dozen bedrooms, most of which have been converted to offices, and a garage on the lower level that will hold a dozen cars. It has a living room ideal for large cocktail parties, a dining room that will seat at least twenty, a beautifully designed garden out back, and a gorgeous library, which Christian used as his office.”

“Both of those assets sound very desirable,” Mike said.

“Listen, I’d like for both of you guys to be in the building while I’m talking to the board. I might need you on short notice.”

“I’ll come over,” Stone said, “and have a drink with Mike while you have your meeting.”

“We’ll be available,” Mike said.

“Be prepared to improvise,” Charley replied, and ended the call.