'What's that?' said William.
'If you submit your resignation as chairman of the bank,' replied Jake Thomas.
'Thaes blackmail,' said William, nearly shouting.
'Maybe, but if you do not resign by noon next Monday, he intends to make his announcement to all shareholders. He has already booked space in forty newspapers and magazines!
'The man's gone mad,' said William. He took his handkerchief from his breast pocket and mopped his brow.
'That's not all he said,' Jake Thomas added. 'He has also demanded that no Kane replace you on the board during the next ten years and that your resignation should not give ill health or, indeed, any reason for your sudden departure.'
He held out a lengthy document bearing 'The Baron Group's! letterhead.
'Mad,' repeated William, when he had scanned the letter rapidly.
'Nevertheless, I've called a board meeting for tomorrow,' said Jake Thomas.
'At ten o'clock. I think we should discuss his demands in detail then, William!
The three directors left William alone, in his office and no one visited him during the day. He sat at his desk trying to contact some of the other directors, but he only managed to have a word with one or two of them and couldn't feel certain of their support. He realised the meeting was going to be a close run thing but as long as no one else had eight per cent he was safe, and he began to prepare his strategy to retain control of his own board room. He checked the list of stockholders: as far as he could tell, not one of them intended to release his stock. He laughed to himself. Abel Rosnovski had failed with his coup. He went home early that night, only,telling Kate to cancel Richard's proposed visit, and then retired to his study to consider his tactics for defeating Abel Rosnovski for the last time, He didn't go to bed until three am., but by thenhe had decided what had to be done. Jake Thomas must be removed from the board so that Richard could take his place.
William arrived early for the board meeting the next morning and sat waiting in his office looking over his notes, confident of victory. He felt his plan had taken everything into account. At five to ten his secretary buzzed. 'A Mr. Rosnovski is on the phone for you,' she said.
'WhatF said William, 'Mr' * Rosnovski.'
'Mr. Rosnovski.' William repeated the name in disbelief. 'Put him through,' he said, his voice quavering.
'Yes, sir.'
'Mr. Kane?'
The slight accent that William could never forget. Tes, what do you want this time?'
'Under the by - laws of the bank I have to inform you that I now own eight per cent of Lester's shares and intend to invoke 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.