‘I shall read clause forty-three of the testament,’ he announced, finally coming to his purpose. ‘I bequeath to Alexander Konstantinovitch Karpenko my entire shareholding of fifty per cent in the Elena Pizza Company, of which we are joint partners.’
Alex was momentarily stunned by the generosity of his old friend, before he managed, ‘I can’t believe that his sister will take that lying down.’
‘I don’t think Mrs Evelyn Lowell-Halliday will be causing you or anyone else any trouble. On the contrary.’
‘What are you not telling me, Mr Harbottle?’ said Alex, staring across the table.
The lawyer hesitated for a moment, before removing his glasses and placing them on the desk. ‘The reasons for his suicide are more complex than the public realize, Mr Karpenko. Lawrence did not commit suicide because of the press revelations.’
‘Then why?’
‘Lawrence had many worthy qualities, including generosity of heart and pocket, as well as a genuine desire to serve, which made him an ideal candidate for public office. I have no doubt he would have been a very fine congressman.’
‘But?’
‘But,’ repeated Harbottle, ‘a different set of skills and expertise are required to run a modern financial institution, and although Lawrence was chairman of the Lowell Bank and Trust Company, he held that position in name only, and allowed others to handle the day-to-day business of the bank. Others who were not of the same moral fibre.’
‘How bad is it?’ asked Alex, leaning forward.
‘I’m not acquainted with the finer details of the bank’s present financial position, but I can tell you that Douglas Ackroyd, the chief executive, will be announcing his resignation later this afternoon. I’m only relieved that this firm will not be representing that particular gentleman in any forthcoming legal actions that might arise.’
‘Is there anything I can do to help?’ asked Alex.
‘I am not in a position to advise you on that matter, Mr Karpenko. But Lawrence did ask me to give you this letter.’ He opened the drawer of his desk, took out a slim white envelope and handed it to Alex.
Alex tore it open and extracted a single sheet of paper, written in Lawrence’s clear, unmistakable hand.
My dear Alex,
By now you will know that I have made a complete fool of myself, and more importantly, ruined the good name of my family, earned over a hundred years, and squandered in a generation.
I apologize for burdening you with my problems, but within days of my death, the Lowell Bank and Trust Company will be subject to an investigation by the IRS. Someone will be left with the unenviable task of having to wind up the bank’s assets, while at the same time doing everything in their power to ensure that its loyal shareholders and customers suffer the minimum loss.
To that end, I have left all the family assets, including my homes in Boston, Southampton and the south of France, along with the Lowell art collection, to be disposed of as the new chairman of the company considers fit.
However, that begs the question of who that chairman should be. I can think of no one I would trust more to carry out that onerous responsibility than you, and if you felt able to do so, I would also leave you my fifty per cent shareholding in the bank. However, I would understand if you felt unable to take on such a task, especially as it wouldn’t be the first time you’d come to my rescue.
For all you have done in the past, my grateful thanks.
As ever,
Alex looked across the table at the lawyer and said, ‘Has anyone else seen this letter, Mr Harbottle?’
‘I haven’t even read it myself, sir.’
Once Alex had left Mr Harbottle’s office, he went straight back to his hotel, and told the receptionist that he would be checking out in the morning. But first he needed to make some phone calls before he even thought about visiting the bank. The first was to Anna, to tell her he wouldn’t be returning to New York for some time. He then briefed her on the details of Lawrence’s will, before asking, ‘Do you think you and Mr Rosenthal could come up to Boston as soon as possible and value the Lowell Collection?’
‘I’ll see if he’s free, and then call you back. Are you camping in the Mayflower for the next few days?’
‘No, Mr Harbottle has advised me to move into Beacon Hill as quickly as possible to make sure Evelyn doesn’t take up residence and claim the property as next of kin.’
‘How generous of Lawrence to leave you his fifty per cent of Elena’s, especially as he didn’t know if you’d agree to become chairman.’
‘And he’s made my task of attempting to keep the bank afloat a little easier by also leaving me his fifty per cent shareholding if I agreed to be chairman. That means no one can overrule me other than Evelyn, who owns the other fifty per cent.’
‘Evelyn? Won’t that make your job even more difficult?’
‘Certainly if I’d been advising Lawrence’s father, I would have told him that the law courts are full of warring siblings who each own fifty per cent of their father’s estate. But Harbottle’s convinced that as long as the shares are worthless, she’s unlikely to cause any trouble. I’m missing you,’ he said, suddenly changing the subject. ‘When do you think you’ll be able to join me?’
‘It’s you who was meant to be coming back to New York, in case you’ve forgotten. I’ll fly up on Friday morning so we can spend the weekend together. I’ll need to catalogue the collection before Mr Rosenthal joins us.’
‘You have a way of making a man feel wanted,’ said Alex, laughing.
His second call was to a local real estate agent with instructions to value Lawrence’s properties in Boston, Southampton and the south of France.
The third call was to Paolo to warn him he’d be running the company for a little longer than he’d originally anticipated.
‘Two eggs, sunny side up, bacon and hash browns,’ said Alex as the waitress poured him a steaming coffee. He was glad that his mother was a couple of hundred miles away in Brooklyn, and couldn’t see him.
He took a sip of coffee before turning to the financial supplement of the Globe. On the front page was a photograph of Douglas Ackroyd, above a self-serving statement he’d released the previous day.
I feel the time has come for me to retire as chief executive of the Lowell Bank and Trust Company, which I have served for the past twenty years. Following the tragic death of our distinguished chairman, Lawrence Lowell, I believe the bank should look to new leadership as we move towards the twenty-first century. I will happily remain on the board and serve the new chairman in any capacity he sees fit.
I bet you will, thought Alex. But why did Ackroyd even want to remain on the board? Perhaps because he needed to make sure that it was Lawrence who would shoulder the blame when the bank went under, allowing him to come out of the debacle with his reputation untarnished. Alex was beginning to feel he knew the man, even though he’d never met him.
As soon as he’d had time to study the books, Alex intended to issue his own press statement, so that no one would be in any doubt where the blame really lay. He folded his newspaper, and stared admiringly at the magnificent Georgian building that dominated the far side of State Street, wondering if the bank could still be sold as a going concern. After all, it had been trading for over a hundred years, with an impeccable reputation. But questions like that couldn’t be answered until he’d studied the books, and that might take days.