"Mr. Bemish! I dared much more than that. And I saved you from a certain death twice when Giles was ready to pay for your head! If the zealots kill you, it will cause wide spread abhorrence. If you suddenly decline the sovereign's appointment, it will cause a lot of false rumors and your silence is not guaranteed."
"He doesn't look like a man who will keep silent," Kissur said.
Bemish came to the table where a phone was, picked up the receiver and dialed a number.
"Is it Ravadan? When is the next Earth passenger flight? Is it in twenty hours? No I don't want a stopover. Yes, I would like to buy two tickets, please. Terence Bemish… hmm… Inis Bemish. Yes, damn it, your Weian name — Inis. No, just one way, I don't need round trip tickets.
During the conversation, Shavash was whispering something at Kissur's ear. Bemish finished the phone call, pulled a table drawer out and took out Kissur's small laser that he knew Kissur tended to keep there. He stuck the gun under his belt and left.
Kissur rose to follow him but Shavash grabbed him by his hand.
"Don't do it — let everybody see that he left this house alive and unhurt."
X X X
At the night's wane Bemish appeared at the finance vice-minister's mansion. The small official sat in the office sleepily checking some numbers.
"Why didn't you take off?" Shavash asked.
"Why didn't you kill me?" Bemish snapped back.
He sat in an armchair on bird legs and said.
"I agree on one condition."
The official raised his eyebrows.
Bemish silently handed him a paper sheet. Shavash looked the text over — it was an act abolishing ishevik bills of credit."
"Do you understand," Shavash said, "that without ishevik bills we would spend three times more in subsidies?"
"Why don't you abolish subsidies together with ishevik bills."
Shavash grinned.
"Do you know how much money you, Terence Bemish, could make on it?"
"I would make nothing. I would make this money for one, two, three years. Then, the Galactic Bank, where like in any other large company where only idiots are employed, will finally realize that ishevik bills are pseudo money printed personally by Mr. Shavash, all this shit will turn to hyperinflation, your insurance rating will keel over and I will lose five times more on my stocks than I'll steal on ishevik bills.
Shavash raised his eyebrows just a bit.
People like you, Mr. Bemish, used to come to a bad end in the old times. They handed the sovereign reports about the importance of integrity and…"
"And they had their heads cut off," Bemish grinned.
"Yes, sometimes they had their heads cut off. And sometimes the sovereign would turn his ear towards their reports and they started to cut the other people's heads off."
THE SEVENTH CHAPTER
Where all investors' difficulties are solved in the best way
The full transfer didn't take much time — less than five days. Everything worked out in the end. Bemish became the Assalah president and CEO. Richard Giles, who believe it or not had resigned from IC, became the first vice-president. Shavash kept his appointment at the Board of Directors.
Trevis, naturally, started financing the whole project again. The financing layout developed by Bemish was not changed. 51 % of the company, meaning the whole state stock block, was sold by the Assalah company director Terence Bemish to the ADO director Terence Bemish and the observers commented acidly that the shares were sold at not such a high price. The same day, Ronald Trevis sent out a note that his bank assured — it would be possible to raise the money necessary for the investment through ADO bonds. In a month, ADO issued junk bonds for two million dinars that made up the first-round financing and big-league investors fought for the bonds like starving hyenas.
The second-round financing was made of convertible bonds. These bonds had 8 % coupons and could be converted in stocks within one year at the present stock face value. This operation promised to be incredibly profitable — if everything worked out, the Assalah stock price could increase hundred fold. Even technically, the stocks were available only to a very small investors' circle — to those who were allowed to invest money in the derivatives of, accordingly to the Galaxy business world virtuous choice of words, "the third reliability category markets." Bemish, Trevis and Shavash narrowed this circle down even more, having sold the bonds mostly to the people they needed.
Additionally, there were warrants — the stock warrants acquired at three dinars per warrant. In two years, they enabled the buyer to acquire Assalah stocks at their present cost. In the worst case, the buyer would lose three dinars, in the best he would acquire a share at a price hundreds times less than the current one. The project, submitted to the sovereign, pointed out that warrants were needed to encourage the biggest investors, necessary to attract their attention to a remote and dangerous market. Mudslingers claimed that 50 % of the warrants ware shared among Shavash, Trevis and Bemish. The mudslingers were wrong. These three shared 75 % of the warrants.
The relationship between Bemish and the state proved to be mutually profitable. For instance, it was great to have a spaceport, of course, but how would you pass the loads and passengers further? The highway from Assalah to the capital was built in sovereign Irshahchan times, and though in sovereign Irshahchan times it was a miraculous highway enabling government informers to reach Assalah in two days and the troops, sent to pacify the rebels, in four days, it didn't really satisfy contemporary requirements. From the north — from Liss, the region promising to become one of the Galaxy's largest mining areas — a modern highway stretched. But it was cut off forty kilometers away from the spaceport by Orkh River, one of the largest rivers in the Empire. These forty kilometers also needed to be connected somehow.
Bemish spent this month delivering popular presentations at all the Federation financial centers. Two air flights a day and three space flights a week were normal for the new director and his team. The success thundered. Really, junk bonds and developing markets seemed to be created for each other. A fringe market company acquired by a small Federation company that had passed Galaxy exchange listing; and this company later financed the production issuing junk bonds — it was beautiful. It was bold.
Neither Kissur nor Shavash attended the presentations. Kissur could frighten a Swiss mutual fond representative or a London insurer to death with his escapades. Shavash's position — a finance vice-minister of some dinky empire, or even the first vice-minister — wouldn't mean much for an uninformed man.
Shavash asked the Empire first minister, Yanik, however, to attend and the investors rightfully concluded that Bemish had good relations with the Empire authorities. Shavash also asked an Empire ex-first minister, Nan, or more precisely, David N. Streighton, to attend.
Having resigned after his adversaries ran a smear campaign — that a man from the stars shouldn't be in charge of the Empire — Nan resided on Earth and he didn't try to hide that his Weian appointment made him not just a millionaire, but a billionaire. His knowledge of Weian current events was unsurpassed and his active buying of Assalah securities boosted their trading to a great degree. It is should be pointed out that Nan obtained 20 % of the warrants out of remaining 25 %.
The only dark spot blemishing Bemish's triumph was headman Adini's fate. There was no doubt that he had been the culprit in the trick with the paintings and that he had acted on Shavash's orders.
When Bemish, Khanadar and Kissur flew to the villa the next day, the young headman was bustling around there as if nothing had happened. Bemish was especially surprised that Shavash hadn't even tried to warn his spy, though he knew perfectly well that Adini wouldn't get out of it unscathed.
Kissur, who had never been noted for exquisite manners, threw Adini to the floor and kicked him a couple times and, then, having snatched his throat with one hand and lifted him to the knees with the other, demanded all of the truth from him, "So that I knew whom to hang on the same
log with you."
Adini blurted everything out and, accordingly to his tale, Shavash and Giles should have hung on the same log with him.
Having gotten attached to the young headman, Bemish started to ask him how he, Bemish, had maltreated him and Adini covered with blood, sweat and tears confessed that, having been young and silly, he had taken part in palace pilfering a year ago — just a little bit, two Iniss rugs, not particularly old, were the only things that he had peddled. A powerful gang, probably connected to Shavash, ratted on the competitor or they decided to write the stolen stuff off using Adini. Thus, he found himself in Shavash's personal jail and he was freed only after he had admitted of being guilty in three hundred million dinars worth of palace thefts.
Bemish ordered Adini to beat it but Kissur snatched the young guy and said that the cad should be hanged and that to let him go would mean to lose face. Bemish said that hanging Adini would be like an official, castigated by his superior, venting his anger at his wife.
Kissur agreed with this argument but he claimed that he would keep Adini and have some words with him about his pilfering — it's kind of doubtful that Adini had stolen only two rugs. Bemish agreed and he shouldn't have — the next morning they found Adini hung on the gate of Shavash's luxurious mansion.
Everybody thought that the Assalah company director himself had gave this order and they respected Bemish mightily for adhering to local customs; Kissur proved to Bemish that it was crystal clear — the guy was rotten all the way through, complete as a water putrefied nut. Hanged Adini visited Bemish's dreams for a week or two and then stopped. The painting with the dragon and the princess Terence, of course, returned to the palace the same day with apologies.
Five carts and priests dressed in heavy brocade pallias came for the painting.
X X X
In a month, Bemish arrived at Assalah accompanied by a large retinue of investors. Shavash organized a brilliant reception for them in a temple complex located about twenty kilometers away from the spaceport — the Black Valley.
About two and half thousand years ago, one would have found there a wonderful Temple of Isii-ratouph, who was depicted then not as a squirrel but rather as a webbed snake and was considered to be not a woman but a man. Nothing was left from the old temple besides the huge columns — and right around here, about a kilometer away, the sacred gardens began with chapels strewn here and there.
The reception was wonderful. Blooming rhododendrons stood as if dressed in multihued fur coats, brocade leg and jasmine fragrances rode over the aroma from the delicacies and tame squirrel-ratouphs with gilded tails jumped amidst the invited guests. Assuming a certain ignorance of Weian history, the dishes served to the guests could be taken for the exact copy of the delicacies present here ten years ago at the province governor's appointment celebration.
The guests were served with a wondrous lamb, just lanced and grilled for a god (the gods were fed smells and the guests would be fed meat) and Shavash stood and made a short speech. Shavash said that he was happy to inform the guests that the territory belonging to the company had obtained immunity by a sovereign's bill — it was now exempt from the local officials' jurisdiction and the company had revenue and judicial rights within its territory.
"However," Shavash immediately reassured, "the company won't really have to pay taxes since the sovereign's bill gives it extensive tax deferral for the next two years.
Once the dumbfounded guests had digested the pleasant news, that somewhat compromised the state sovereignty in the company's favor, Shavash continued that poor communications was one of the main Assalah drawbacks, considered at the examination of the project — the direct highway to the capital had been built in sovereign Irshahchan times and the road to the rich Liss region was cut off forty kilometers away from Assalah by the second largest Empire river. Shavash was happy to inform the guests that the state had already allocated funds for the road and the bridge construction.
Why, would you think though, should the government bustle about? If Assalah needs it, let Assalah build it, Assalah has loads of dough, why would you spend budget money in a starving country?
Large investors are an intelligent crowd and they all took a note of Shavash's part at the presentation and the very polite attitude displayed by the first minister Yanik towards him. Five people or so asked Bemish if he was going to limit himself to Assalah or to create a Weian stocks investment fund.
After Shavash's speech, Trevis, having met Shavash in person for the first time, approached him trying to clarify the tax referral situation. Shavash, however, avoided a direct answer.
"Don't worry, either way this company will not pay taxes," he said imperturbably.
Here, a cute girl appeared in front of Trevis, the girl held a silver tray, of ram grilled with plants and roots, in her hands. The girl bowed and sang that an ancient custom commanded to meet a guest with a black sacrificial ram.
Trevis took a piece with pleasure.
"A great custom," he noted, trying tender meat out, "so coming back to tax exempts…"
"The custom is great," Shavash replied, "but it's not exactly like this."
Trevis raised his eyebrows.
"The ancient custom says to meet a guest with a grilled black dog," the official explained.
Trevis almost dropped the plate and, then, he burst in laughter.
"Why doesn't he want to become a first minister?" Trevis asked Bemish, when Shavash stepped aside.
"The Emperor will never allow it."
"He is an amazing man."
"Yes. Once he expressed his regret about the Earthmen not having conquered the Empire and enslaved him. He said that by today he would have been the Earth Emperor's senior trusted personage…"
Trevis grinned.
"I would like to have slaves," he said suddenly, "especially people like Shavash. Do you have slaves, Bemish?"
Bemish frowned slightly. Adini was his first slave.
"Yes. These three, cleaning up the tables — but I haven't bought them, I have obtained them as gifts from different people."
"We are investing money in a funky business," Ronald Trevis muttered.
Bemish nodded heedlessly.
"By the way," Trevis said, "when we were driving by your villa, I noticed a tall peasant standing in the crowd, he was missing his left ear. I am sure that I saw him next to the hotel in the capital and he was not dressed as a peasant then, he sat deep inside a Hurricane."
"You are as watchful as usual, Ronald," Bemish said. "He is not a peasant, he is one of the best known Weian criminals."
"Oh, my God! Does he want to fleece some foreign sheep?"
"To the contrary, doing a favor to some influential people, he is protecting these sheep from some lice."
"What are you whispering about?"
Bemish turned around. Kissur stood in front of him, dressed in Earthern clothing and not even a bit drunk. During the whole evening, Kissur hadn't caused any disturbance yet — he hadn't broken a single investor's jaw and hadn't washed anybody in a pool. The reason was very simple — Kissur was with his wife, Idari.
"Let me introduce you," Bemish said, "Ronald Trevis, the head of LSV bank. Kissur, an ex-owner of the same villa."
"Also an ex-minister of the Empire," Kissur finished with a grin. And he added right away, talking to Bemish. "I didn't know that the sovereign bestowed you with immunity."
"You see, Kissur, after you gave me the villa, the local official herded the peasants to fix the road for free, to curry my favor. I don't want the local officials to curry my favor this way. And I promise you to fleece the peasants three times less and to hang five times less criminals."
"That's exactly wrong," Kissur stated. "In order to be respected, you have to hang twice more, otherwise why do you need this immunity? What do you think, Trevis?"
It was ten in the evening, when the temple abbot noiselessly approached Bemish, standing on a lawn and encircled by the guests, and whispered in his ear that Sha
vash wanted to talk to him in private. Bemish finished the cocktail and left the guests unnoticed.
He found Shavash on the temple tower second floor — the small official stood with a wine glass in his hand and he seemed to clink the glass with a goddess dancing in the alcove. Having heard the Bemish's steps, he turned around. Bemish brandished his hand welcomingly and sat in an oak-backed armchair standing to the right of the window.
"Trevis says that you will raise twice more money than you need. People really stand in lines to buy a piece of Weia if Bemish himself handles their finances. What are you going to do with the extra money?"
"I could create a couple of funds," Bemish said.
Shavash, half turned to the window, gestured with the glass. Outside of the window in the sunset light, the dense gardens' greenery and the even squares of rice patties gleaned. Ivory imps danced above the window and smiled mockingly at the official. Bemish noticed that Shavash was drunk — not as much as he was at Weian feasts when everybody walked on their hands and knees by a night's end, but much more that it was customary on Earthmen's business meetings.
"This planet," Shavash said, "is a planet of mad opportunities. It has the least developed natural resources in the Galaxy. It has human resources. It doesn't have money."
Shavash turned around abruptly.
"You will bring this money in, Terence. How much can you raise for your funds?"
Bemish contemplated.
"I could raise five hundred million in the first year. Then it depends on the fund's profitability."
"You will sell what I say and buy what I say. First year your profit will be seven hundred million. Your real profit will be one billion. But you will give three hundred million to me. Do you understand it?"
Bemish paused.
"They jail you for such things."
Shavash leaned over the Earthman.
"You are mistaken, Terence. They jail you for such things on Earth. On Weia, they cut your head off."
"Why are you risking your head for money?" The pale vice-minister's face with mad golden eyes and raised eyebrows' tips moved right to the Earthman.
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