He put his hands in his pockets, and his smile had vanished.
“Do you think that I’m accountable to you just because I have sex with you every once in a while?”
Alex stared at him in disbelief.
“I’ve never asked you to explain anything about yourself to me. But you ask me to believe you. The press has been writing and reporting otherwise about you for weeks. Why should I believe you when you don’t trust me?”
“It’s exactly like I’m telling you.”
“Just like in the Bible, right?” Alex laughed and suddenly felt a chill. “True to the words, ‘Blessed are those who haven’t seen and yet have come to believe’!”
Sergio gave her a serious look. His handsomely sculpted face looked like it was chiseled from stone.
“I love you,” he said unexpectedly.
“No, you don’t.” Alex shook her head. “Maybe you desire me, but that’s all.”
She thought about the natural and loving comfort with which Trevor and Madeleine treated each other. Sergio was completely incapable of such affection. She suddenly didn’t want to see him anymore. She was tired and wanted to sleep.
“The past few days have been rough,” she said and turned away. “I’m tired. You should leave now.”
Sergio’s anger, which he had struggled to hold back, flared up. He approached her with three large steps and grabbed her arm harshly.
“Let me go,” Alex said. “I want to go to bed.”
“I do too.” Sergio pulled her toward him and pressed his lower body against hers. “With you.”
“But I don’t want to do this with you.” She pushed her arms against his chest, but he wouldn’t let go of her. He raged with lust. She kicked and punched him in a fit of panic, but any pain that she caused intensified his wild desire. It was a crazy, angry, downright fierce fight, and Alex lost. She endured his brutal passion, her faced turned away. As he climaxed with a muffled panting, she knew that she hated him. Furious, she watched him get up, calmly zip his pants and then straighten up his tie.
“You asshole,” she whispered. “You just raped me!”
Sergio leaned over her and turned her face so that she was forced to look up at him.
“You should remember one thing very precisely, cara mia.” He smiled, but the chill in his eyes was arctic. “I always get what I want.”
Then he walked to the door and disappeared. Alex began to sob. Why hadn’t she listened to all of the warnings, even when she’d sensed deep inside that the terrible rumors were true? She was no longer in control of the situation, and realized she actually never had been. She learned the hard way: Sergio Vitali was not a person to be gotten rid of that easily.
December 21, 1999
Shortly before Christmas, Alex closed one of the most spectacular deals of the year. Maxxam was a blue-chip company with a good international reputation, a conglomerate that was massively expanding in the computer technology sector. Alex had learned that Maxxam was interested in IT-Systems, a hardware giant from Texas, and she had managed to outdo all the competition with her clever and skillful negotiations.
The fact that she hadn’t mentioned a single word to Zack filled her with a special sense of satisfaction. She was more than curious how he would react to her announcement at the next board meeting—the main topic of which was the presentation of the company’s financial results at its annual press conference in January. LMI would represent Maxxam in this deal. Although it hadn’t been possible for Mark and her to find out how the complex constructs of offshore companies were related to LMI, they were both firmly convinced that Zack brazenly abused the information that Alex passed on to him. This is why they had prepared and worked on the Maxxam deal in secret. By the time Zack heard about it today, it would be too late to build a position in Maxxam or IT-Systems shares. Alex had carefully prepared for this presentation. Even though she was on the brink of collapse after the intensity of a 120-hour week, she looked forward to the triumph that was certainly awaiting her. Before Vincent Levy officially opened the meeting, she rose from her seat between John Kwai (the director of emerging markets and international business) and Ron Schellenbaum (the chairman of the board) and asked for everyone’s attention.
“Gentlemen,” she said, after the chatter died down, “I would like to make an announcement that should delight all of you. It’s an early Christmas present, so to speak.”
Everyone looked at her expectantly.
“I’m happy to announce that Maxxam Enterprises has given us the mandate to arrange a leveraged buyout for its acquisition of IT-Systems.”
The large conference room was as silent as a tomb. Everyone was stunned as they stared at Alex. They had all heard about Maxxam’s interest in IT-Systems, but only through rumors up to now. Suddenly, everyone started talking at once, and Alex barely managed to hold back a satisfied smile.
“I worked out an LBO price of forty dollars per share,” she continued and immediately regained the undivided attention of everyone in the room. “We’ll issue high-yield bonds to raise five hundred million dollars. LMI serves as the underwriter for this debt.”
Levy asked CFO Michael Friedman if LMI was actually capable of financing such a gigantic deal. Alex thought that this question was hypocritical considering that the Private Equity Technology Partners trust alone managed assets worth five hundred million dollars.
“How is this supposed to work?” Zack asked, visibly irritated. “How could you work on such a deal without informing anyone about it in advance?”
“This is my job,” she said, “and the Chinese wall prohibits me from sharing information about such an LBO in-house. Maxxam’s management is enthusiastic, and I built a detailed financial plan with our colleagues from the corporate finance department.”
Zack fell silent, but anger flashed in his eyes.
“Maxxam doesn’t have sufficient funds of its own at the moment to acquire IT-Systems, which is why they need to finance the deal,” Alex said in a loud voice. “IT-Systems is an excellent and profitable company and the market leader in the area of computer hardware. Unfortunately, it has been run into the ground by poor management. However, in addition to Maxxam, other industry giants such as HP and Microsoft were also interested in IT-Systems. I had no choice but to go with the higher-risk option. The interest rate that I demanded was one percentage point below that of the competition, which ultimately tipped the scales at Maxxam in our favor and resulted in the LBO winning the mandate. Gentlemen, the total volume of this deal is 1.2 billion dollars. In addition to the fees for our advisory work, we will generate about one hundred million dollars in financing fees from the bonds that we issue.”
“Are you saying that we could earn as much money with this deal as with all of last year’s deals combined?” Friedman’s jaw dropped.
“That’s correct.” Alex smiled triumphantly. “If I have understood Mr. Levy correctly, he wants LMI to be a major player in M&A. With this deal, that will definitely be the case.”
She opened her briefcase and pulled out a stack of photocopies, which she then distributed to everyone.
“This is irresponsible!” Zack jumped up. His cheeks flushed in anger.
“I think it’s brilliant,” Levy said, looking up from his document, “simply magnificent. How far along are the negotiations at this point, Alex?”
“The IT-Systems board of directors will meet tomorrow and approve the proposed LBO, in all likelihood. I just spoke at length with Bernie Ritt, the president of IT-Systems. Maxxam agreed on very favorable terms for the IT-Systems shareholders. They’ll exchange the shares at a ratio of one to one and pay out a bonus stock dividend of one share per ten shares. All employees will be taken over, except for the management, who will receive generous severance packages. If everything goes well, then we should have the okay before Christmas. It’s the biggest deal in years. LMI has the fish on the hook.”