Chapter 41
Meanwhile, Arthur Riordan was on a slow-moving District and Circle Line train on his way back to the Temple. He couldn’t help wondering whether he should have accepted Plantation’s brief. It certainly wouldn’t help him get more work from his contacts in the Risk Exchange who were always a factional bunch, even against their colleagues in the Companies Market. If they heard he was defending Plantation, they might send their cases elsewhere. Such was the aversion to Plantation and the name of Ashby.
Those practising at the insurance bar had concluded that Plantation was ‘technically’ insolvent which was clearly a bad sign. Riordan also had his fee to consider, aside from the broader question of whether his career would suffer. Not only that, he knew the judge was going to give Ashby, Meredith and him an absolute pasting for the bits and pieces of evidence missing here and there, thanks to Whittingham and Thomas refusing to co-operate after Ashby had sacked them – yet another bad sign that Thomas’s bill hadn’t been paid.
Despite that, there was nothing for it but to soldier on, at least for the time being. As soon as he got back to his chambers, he went straight to the clerk’s room and asked if Meredith had agreed the brief fee for the hearing and how much had been negotiated.
The ‘Chief Clerk’ (another quaint anachronistic term denoting the business development manager) was an old hand at the game. He was also an avid reader of the Financial Times to check the daily movements in his share portfolio. Like Riordan and the legions of barristers doing insurance work, he’d seen articles about Plantation’s liquidity. This had caused him to get in quick-smart : a handsome brief fee had been agreed with Meredith for the entire week-long hearing. The latter had also quietly assured him that Ashby had transferred funds to Meredith & Macready’s client account, so there were no anxieties for everyone on that score. Riordan would definitely be paid.
“They may look on the shaky side, sir,” (all ‘clerks’ addressed the barristers as ‘Sir’ and ‘Madam’ no matter how junior and however deprecating this might have been, especially when the clerks brought in most of the business) “but if the Captain Stratos case goes in our favour, Plantation will be a very good client to have – for years into the future – that is, if they can get through this bad patch they’re experiencing. They are, after all, one of the largest group insurers in the market. My brother-in-law used to work for them and was given some shares. Over the years, the company has grown – but that was while their founder, Mr Ashby senior was alive. His son is having to take up the baton at a difficult time and I don’t envy him but even if they go under, it wouldn’t be such a disaster for us – there would be plenty of interesting work from the liquidator. I think Ed Meredith has done you a good favour.”
Suddenly, the world did not seem as depressing for Riordan as what it did on the train and he decided to do everything he could to remain in the good books of Meredith and Ashby, especially as one of them could be liaising with the swarms of insolvency accountants representing the creditors. And for the next seven hours, he got his papers in order, as far as he could, ready for the hearing.
Back at Plantation’s office, as soon as Ashby saw off Wells and Meredith, he met the two journalists who had been waiting patiently for him.
“We’re from Insurance World newspaper, Mr Ashby. We’ve heard that Plantation is uh, how can I put this......’in difficulties’ and that you’re about to appoint a liquidator.”
“Who told you that ?”
“Unfortunately, we can't reveal our sources however between us, I can tell you that it was someone who has very good information about your company.”
“Would you mind if we got a picture of you ?” said the other reporter who was already aiming his camera to take a snap.
“No pictures please”, said Ashby, “I would prefer to give you a statement on behalf of the company rather than to make any informal comment or attribution. They're so unreliable, aren't they ? Would that do instead ?”
“Certainly – it’s so much better if we can quote the company rather than ‘unnamed sources’. Go right ahead.” The reporter was poised with pencil and note-pad, reafy to write the statement in shorthand.
For a few moments, he gathered his thoughts and then looking upwards, said : “Plantation Re has received a number of highly questionable claims for large sums of money, all of which relate to contracts underwritten by Stirling Insurance which merged with Plantation some time ago. Each of the claims will be decided fairly shortly by a court or tribunal and we are unable to comment on any of them at the present time. However, from our perspective, we see no reason why any of them will adversely affect the company’s financial position. Plantation Re expects to resume its normal business as soon as possible.’ End of Quote. Alright ?”
“We can quote you that the Company is not close to bankruptcy and that no liquidator has been appointed at all ?”
“Certainly, you can quote that, go right ahead. And now if you will excuse me,” and he led them to the door.
While Ashby pondered on who had made the unattributed comments to the press, at a different venue, in the West End of London, Nigel Black and Joaquin Batistin were sitting at a secluded table in the restaurant of the Connaught Hotel, Mayfair, having a late breakfast.
On the opposite side of the table sat Max Weber of ADV. The subject of discussion was Plantation’s relations with the Germans which were growing ever closer.
All three of them knew that the Captain Stratos case was due to start in the High Court soon and would no doubt seal the company’s fate.
Weber toyed with a silver salt cellar on the table, twirling it to and fro.
“Do you think the judge will sympathize with Plantation’s position ?” he asked as he tipped salt on the table, drew a circle in it and smiled at his guests.
“Possibly, possibly,” said Black, “but between us, I really cannot see that happening. Sadly, I think the outcome will go against us and we all know what that means.”
“Yes, a once great company – started by Herr James Ashby – his life’s work – swept away with the stroke of a pen.” (Weber was careful not to say ‘your pen’ when mentioning this to Black. After all, why should it matter to him ? As Churchill had said ‘When you’re going to kill a man, it costs nothing to be polite.’) “And if the company is unable to pay the shipowners, do you have a contingency plan ?”
“Naturally, we’ve already consulted a firm who have looked over the books with us and will be ready to move in if the Stratos case goes as expected.”
“Would that be – Mr Waring ?”
“For the moment, I would rather not say, I'm sure you understand…”
“Und so, would it be premature to discuss putting an offer to the creditors ?”
“I would suggest that we....do forgive me....that you wait just a few more days – from what I’ve heard, the judge may lose patience and stop the hearing if Plantation has no defence.”
“I understand that Herr Robert Ashby is the largest shareholder. I assume he will not be a creditor ?”
“I cannot see that happening.”
“It is most unfortunate that he will lose his shareholding.”
“Yes, I agree. However, that is the way of business and we must accept our losses as well as our gains, mustn’t we ?”
“May I call you on, say, Friday afternoon ? Would that be an appropriate time for some indication to have been given ?”
“Yes, do give me a call then – I say, this cognac hits the spot – it’s very good, isn’t it ?”
“Schnapps, old boy, it's always the best thing for starting the day.”
Plantation A Legal Thriller Page 41