One morning in September, he told Kate he’d changed his mind. She didn’t question him; it was enough for her that William finally wanted to be reunited with his son.
‘I’ll call him immediately and invite them both to New York,’ she said, and was pleasantly surprised that the words them both didn’t cause her husband to fly into a temper.
‘Fine,’ said William quietly. ‘Please tell Richard that I want to see him again before I die.’
‘Don’t be silly, darling. The doctor said if you slow down you’ll live for another twenty years.’
‘I only want to complete my term as chairman and see Richard take my place. That will be quite enough. Why don’t you fly to the coast again and tell Richard how much I want to see - ‘ he hesitated before adding, ‘both of them.’
‘What do you mean, again?’ Kate asked nervously.
William smiled. ‘I know you’ve been to San Francisco several times over the years, my darling. Whenever I’ve gone away on a business trip for more than a week, you’ve always used the excuse that you were visiting your mother. When she died last year, your excuses became increasingly improbable. You’re still as lovely as the day we first met, but I do believe that at fifty-four you’re unlikely to have taken a lover. So it wasn’t all that hard to work out you had been visiting Richard.’
‘Why didn’t you mention that you knew before?’
‘In my heart I was glad,’ said William. ‘I hated the thought of both of us losing contact with our only son. How is he?’
‘Both of them are well and you have a granddaughter now as well as a grandson.’
‘A granddaughter,’ William repeated.
‘Yes, she’s called Annabel,’ said Kate.
And my grandson?’ said William.
When Kate told him his name, he had to smile. It was only half a lie.
‘Good,’ said William. Well, let’s hope Richard isn’t as pigheaded as I am, and will agree to see me. Tell him I love him.’ He had once heard another man say that when he’d been told he was going to lose his son.
Kate was happier than she had been in years. She called Richard later that evening to say she would be flying out to stay with them very soon, and that this time she would be the bearer of good news.
When Kate flew back to New York three weeks later, she told William that Richard and Florentyna had agreed to visit them in the New Year. She was full of stories of how successful they were, how William’s grandson was the image of his grandfather, how beautiful their new granddaughter, Annabel, was, and how Richard was looking forward to coming back to New York to see his father, and to introduce him to his wife. William liked everything he heard about Florentyna. He had begun to fear that if Richard did not return home soon, he never would, and then the chairmanship of the bank would fall into Jake Thomas’s lap. William did not care to think about that. As William listened to her he found he was happy, and more at peace with himself than he had been for years.
William returned to work the following Thursday, having made a good recovery from his second heart attack, now feeling he had something to live for.
On his arrival at the bank he was greeted by the doorman who told him Jake Thomas was waiting to see him. William thanked the senior employee of the bank - the only person who had served Lester’s for more years than he had.
‘Nothing’s so important that it can’t wait, Harry,’ he replied.
‘No, sir.’
William walked slowly along the corridor to the chairman’s office. When he opened his door, he found Jake Thomas sitting in his chair.
‘Have I been away that long?’ said William, laughing. Am I no longer chairman of the board?’
‘Of course you are,’ said Thomas, rising from the chairman’s seat. ‘Welcome back, William.’
William had found it impossible to get used to the way the younger generation used first names so casually. He and Thomas had known each other only a few years, and the man couldn’t be a day over forty.
‘So what’s the problem?’ William asked.
Abel Rosnovski,’ said Thomas, without expression.
William felt sick in the pit of his stomach.
‘What does he want this time?’ he asked wearily. Won’t he even allow me to finish my days in peace?’
‘He intends to invoke Article Seven of the bank’s bylaws, and hold a proxy meeting with the sole purpose of removing you as chairman of the board.’
‘He can’t. He doesn’t have the necessary eight per cent, and the bank’s bylaws clearly state that the chairman must be informed immediately if any outside person comes into possession of eight per cent of the bank’s stock.’
‘He says he’ll have the other two per cent by close of business today.’
‘That’s impossible,’ said William. ‘I’ve kept a careful check on all the stock. No one would consider selling to Rosnovski. No one.’
‘What about Peter Parfitt?’
William smiled triumphantly. ‘I purchased his stock a year ago through a third party.’
Jake Thomas looked shocked, and neither of them spoke for some time.
William realized for the first time just how much Thomas wanted to be the next chairman of Lester’s.
‘Well,’ said Thomas once he’d recovered, ‘the fact is that Rosnovski claims he’ll have eight per cent by close of business tonight, which would entitle him to elect three directors to the board and hold up any major policy decisions for at least three months - the very provisions you put into the articles of incorporation to protect your long-term position. He also intends to hold a press conference next Monday morning to outline his plans for the future of the bank. For good measure he’s threatening to make a reverse takeover bid for the company if he meets with any opposition. He’s made it clear there’s only one thing that will make him change his mind.’
‘What’s that?’ asked William.
‘That you submit your resignation as chairman.’
‘That’s blackmail!’ said William, nearly shouting.
‘Possibly. But if you haven’t resigned by noon next Monday, he intends to write to all shareholders demanding your resignation. And he’s already reserved space in forty newspapers and magazines.’
‘Has he gone mad?’ said William, taking a handkerchief from his breast pocket and mopping his brow.
‘That’s not all,’ Thomas continued. ‘He’s also demanding that no Kane replaces you on the board for the next ten years, and that your resignation should not give ill health or indeed any reason for your departure.’
Thomas handed William a lengthy document bearing the Baron Group’s letterhead.
‘Mad,’ repeated William, once he had skimmed its contents.
‘Nevertheless, I’ve called a board meeting for ten o’clock tomorrow morning,’ said Thomas. ‘We can’t avoid discussing his demands any longer.’ Without another word, he left the room, closing the door quietly behind him.
No one else interrupted William during the day. He sat alone at his desk trying to contact some of the non-executive directors, but he only managed to have a word with one or two of them, and quickly realized he could no longer be certain of their support, and that tomorrow’s meeting was going to be a close-run thing. He checked the list of shareholders, and was still confident that none of them would release their stock. He laughed to himself. Rosnovski would fall at the first hurdle.
William went home early that afternoon and retired to his study to consider his tactics for defeating Abel Rosnovski for the last time. He didn’t go to bed until 3 a.m., by which time he knew exactly what he intended to do.
56
WILLIAM ARRIVED well prepared for the board meeting, and sat in his office going over his notes. He was confident that his plan had considered every possible eventuality. At five to ten his secretary buzzed him. ‘A Mr Rosnovski is on the phone for you, Mr Chairman.’
‘What?’
‘Mr Rosnovski.’
‘Mr Rosnovski?’ William
repeated the name in disbelief. ‘Put him through,’ he said, his voice quivering slightly.
‘Yes, sir.’
‘Mr Kane?’ The slight accent that William could never forget.
‘Yes. What are you trying to achieve this time?’ he asked wearily.
‘Under the bylaws of the bank I have to inform you that I am in possession of eight per cent of Lester’s shares, and I intend to invoke Article Seven of the bank’s bylaws unless my demands are met by noon on Monday.’
‘Who did you get the other two per cent from?’ stammered William.
The phone clicked. William looked back over the list of shareholders, trying to work out who had betrayed him. He was still trembling when the phone rang again.
‘The board members are waiting for you, sir.’
William entered the boardroom at three minutes past ten. As he looked around the table, he realized how few of the younger directors he knew well. But the last time he’d had to fight to be chairman, he’d known hardly any of them, and he’d still won. He smiled to himself, reasonably confident he could call Rosnovski’s bluff. When he rose to address the board, his speech was well prepared.
‘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. Should this tactic fail he will attempt a reverse takeover bid, unless I resign as chairman of the board without explanation. I have only nine years left to serve as chairman and, if I were to leave before then, my resignation would be totally misinterpreted on Wall Street.’
He glanced down at his notes.
‘I am willing, gentlemen, to place my entire shareholding in the bank, and a further ten million dollars from my private trust, at the board’s disposal in order to counter any move Mr Rosnovski makes, thus insuring Lester’s against any financial loss. I hope, gentlemen, that I can rely on your full support. I feel confident you won’t give way to Rosnovski’s crude attempt at blackmail.’
The room was silent. William felt sure he had won the day until Jake Thomas asked if the board might question him about his relationship with Rosnovski. The request took William by surprise, but he agreed without hesitation. Jake Thomas didn’t frighten him.
‘This vendetta between you and Mr Rosnovski,’ said Thomas, ‘has been going on for over thirty years. Do you believe that if we accepted your proposal, that would be the end of the matter?’
‘What else can the man do? What else can he do?’ stammered William, looking around the boardroom table for support.
‘We can’t predict what his next move will be,’ said Thomas.
‘And with an eight per cent holding in the bank, he can hold us all to ransom,’ added Hamilton, the new company secretary - not William’s choice, he talked too much. ‘All we know is that neither of you seems willing to end this feud. Although you’ve offered ten million dollars of your own money to protect the bank’s financial position, if Rosnovski were continually to hold up policy decisions, call proxy meetings and arrange takeover bids, while having absolutely no regard for the long-term interests of the bank, it could cause panic among our investors, and be taken advantage of by our rivals. The bank and its subsidiary companies, to which we have a fiduciary 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, sounding as well prepared as William, ‘is whether there are any circumstances in which this board wants to meet Mr Rosnovski head on, if it were to result in all of us being losers in the long run.’
‘Not if I cover the cost from my private trust,’ said William.
‘It’s not just a question of money,’ said Thomas. ‘Now that Rosnovski can invoke Article Seven, the bank could find itself spending its entire time trying to anticipate his next move.’
Thomas waited for the effect of what he had said to sink in before he continued: ‘Now, I must ask you a very serious personal question, Mr Chairman, which concerns every one of us around this table. I hope you’ll be nothing less than frank when you answer it, however unpleasant that may be.’
William looked up, wondering what the question could be. What had they been discussing behind his back? ‘I will answer any question the board requires,’ said William. ‘I have nothing to hide and no one to fear.’ He looked pointedly at Thomas.
‘Thank you,’ said Thomas, not flinching. ‘Mr Chairman, were you in any way involved with sending a file to the Justice Department in Washington that caused Mr Rosnovski to be arrested and charged with fraud, when at the same time you knew he was a major stockholder of the bank?’
‘Did he tell you that?’ demanded William.
‘Yes. He claims you were the sole reason for his arrest.’
William considered his reply for a few moments. He’d never lied to the board in over twenty-three years, and he didn’t intend to start now.
‘Yes, I did,’ he said, breaking the silence. ‘When the information came into my hands, I considered it was nothing less than my duty to pass it on to the Justice Department.’
‘How did the information come into your hands?’
William did not reply.
‘I think we all know the answer to that question, Mr Chairman,’ said Thomas. ‘Moreover, you decided on this action without briefing the board, putting all of us in jeopardy. Our reputations, our careers, everything this bank stands for - all because of a personal vendetta.’
‘But Rosnovski was trying to ruin me!’ said William, aware he was shouting.
‘So in order to ruin him, you risked the bank’s long-term stability and reputation.’
‘It’s my bank,’ said William.
‘It is not your bank,’ said Thomas firmly. ‘You own eight per cent of the stock, as does Mr Rosnovski. You may be chairman at this moment, but the bank is not yours to use at your personal whim without consulting the other directors.’
‘Then I will have to ask the board for a vote of confidence,’ said William. ‘I’ll ask you to support me against Abel Rosnovski.’
‘That is not what a vote of confidence would be about,’ said the company secretary. ‘It would be about whether you are the right person to continue running this bank in the present circumstances. Can’t you see that, Mr Chairman?’
‘So be it,’ said William. ‘The board must decide whether it wishes to end my career in disgrace, after nearly a quarter of a century’s service, or to yield to the threats of a convicted criminal.’
Jake Thomas nodded to the company secretary, and voting slips were passed to every board member. It was beginning to look to William as if everything had been planned long before the meeting took place. He glanced around the crowded table at the twenty-nine men. Many of them he had chosen himself. Some of them surely wouldn’t allow Rosnovski to remove him from his own boardroom. Not now. Not this way.
He watched the members of the board as they passed their voting slips back to the secretary. Once they had all been handed in, Hamilton began opening them slowly, meticulously noting down each ‘aye’ and ‘nay’ in two columns on a piece of paper in front of him. William could see that one list was considerably longer than the other, but he could not decipher which was which.
Finally the secretary announced that all the votes had been counted. He then solemnly said that William Kane had lost the vote of confidence by seventeen votes to twelve.
William couldn’t believe what he had heard. Abel Rosnovski had defeated him in his own boardroom. He managed to stand up with the use of his cane, but no one spoke as he left the boardroom. He went to his office and collected his coat, pausing only to glance at the portrait of Charles Lester for the last time, before walking slowly down the long corridor and towards the front entrance.
>
Harry opened the door for him and said, ‘Nice to have you back again, Mr Chairman. See you tomorrow, sir.’
William realized he would never see Harry again. He turned and shook hands with the man who had directed him to the boardroom twenty-three years before.
Harry looked surprised. ‘Good night, sir,’ he said, and watched as William climbed into the back of his car and was driven home.
As William stepped out of the car on East Sixty-Eighth Street, he collapsed onto the pavement in front of his home. The chauffeur and Kate had to help him up the steps and into the house. Kate could see that he was crying as she put her arms around him.
‘What is it, William? What’s happened?’
‘I’ve been thrown out of the bank,’ he wept. ‘My own board no longer has confidence in me. When it mattered, they supported Rosnovski.’
Kate managed to get him up to bed, and sat with him through the night. He did not say another word. Nor did he sleep.
The announcement in The Wall Street Journal the following Monday morning was succinct: William Lowell Kane, the President and Chairman of Lester’s Bank, resigned following last Friday’s board meeting.’ No explanation was given for his sudden departure, and there was no suggestion that his son would take his place on the board. William sat in his bed aware that rumours would be sweeping through Wall Street that morning, and that the worst would be assumed. He no longer cared for this world.
After Abel Rosnovski had read the same announcement he picked up the phone, dialled Lester’s Bank and asked to be put through to the new chairman. A few moments later Jake Thomas came on the line.
‘Good morning, Mr Rosnovski.’
‘Good morning, Mr Thomas. I’m just phoning to confirm that I shall release all my Interstate Airways shares to the bank this morning at the market price, and my eight per cent holding in Lester’s to you personally for two million dollars.’
Kane and Abel Page 52