Armstrong made no attempt to interrupt him, and noticed that when Dinkins was offered a crème brûlée he waved it away. Armstrong suggested to the waiter that he should leave it on one side, in case the mayor changed his mind. By the time Dinkins had finished going over his speech, Armstrong had devoured his dessert. He was delighted to see a plate of petits fours placed between them a few moments after the coffee had been poured.
During the speeches that followed, Townsend became distracted. He tried not to dwell on his current problems, but when the applause had died down after the President of the Bankers’ Association had given his vote of thanks, he realized he could barely recall anything that had been said.
‘The speeches were excellent, didn’t you think?’ said David Grenville, from the other side of the table. ‘I doubt if a more distinguished line-up will address an audience in New York this year.’
‘You’re probably right,’ said Townsend. His only thought now was how long he would have to hang around before E.B. would allow him to go home. When he glanced to his right, he saw that her eyes were fixed firmly on the top table.
‘Keith,’ said a voice from behind him, and he turned to receive the bearhug for which the mayor of New York was famous. Townsend accepted that there had to be some disadvantages in being the proprietor of the Star.
‘Good evening, Mr. Mayor,’ he said. ‘How good to see you again. May I congratulate you on your excellent speech.’
‘Thank, you, Keith, but that wasn’t why I came to have a word with you.’ He jabbed a finger at Townsend’s chest. ‘Why do I have the feeling that your editor has got it in for me? I know he’s Irish, but I want you to ask him how I can be expected to give the NYPD another pay increase, when the city’s already run out of money for this year. Does he want me to raise taxes again, or just let the city go bankrupt?’
Townsend would have recommended that the mayor employ E.B. to sort out the problem of the police department, but when David Dinkins finally stopped talking, he agreed to have a word with his editor in the morning. Though he did point out that it had always been his policy not to interfere in the editorial input of any of his papers.
E.B. raised an eyebrow, which indicated just how meticulously she must have been through his files.
‘I’m grateful, Keith,’ said the mayor. ‘I was sure that once I’d explained what I’m up against, you’d appreciate my position — although you can hardly be expected to know what it’s like not to be able to pay your bills at the end of the month.’
The mayor looked over Townsend’s shoulder, and announced at the top of his voice, ‘Now there’s a man who never gives me any trouble.’
Townsend and E.B. turned round to see who he was referring to. The mayor was pointing in the direction of Richard Armstrong.
‘I assume you two are old friends,’ he said, holding his arms out to them both. One of them might have answered the question if Dinkins hadn’t walked off to continue his milk round. Elizabeth retreated discreetly, but not so far that she couldn’t hear every word that passed between them.
‘So, how are you, Dick?’ asked Townsend, who had not the slightest interest in Armstrong’s well-being.
‘Never better,’ Armstrong replied, turning to blow a mouthful of cigar smoke in Elizabeth’s direction.
‘It must be quite a relief for you to have finally settled with the unions.’
‘They were left with no choice in the end,’ said Armstrong. ‘Either they agreed to my terms, or I would have closed the paper down.’
Russell walked quietly over and hovered behind them.
‘At a price,’ said Townsend.
‘A price I can well afford,’ said Armstrong. ‘Especially now that the paper has begun showing a profit every week. I only hope you’ll eventually find that possible at Multi Media.’ He drew deeply on his cigar.
‘That’s never been a problem for Multi Media since day one,’ said Townsend. ‘With the sort of cash flow that company generates, my biggest worry is to make sure we have enough staff to bank the money.’
‘I have to admit that coughing up three billion for that cowboy outfit showed you’ve got balls. I only offered Henry Sinclair one and a half billion, and then not until my accountants had gone over his books with a magnifying glass.’
In different circumstances Townsend might have reminded him that at the Lord Mayor’s Dinner at the Guildhall the previous year, Armstrong had told him that he had offered Sinclair two and a half billion, despite the fact that they wouldn’t let him even see the accounts — but not while E.B. was only a couple of paces away.
Armstrong sucked deeply on his cigar before delivering his next well-rehearsed line. ‘Do you still have enough time to keep an eye on my interests at the Star?’
‘More than enough, thank you,’ Townsend replied. ‘And although it may not have the circulation figures of the Tribune, I’m sure you’d be happy to exchange them for the Star’s profits.’
‘By this time next year,’ said Armstrong, ‘I can assure you that the Tribune will be ahead of the Star on both counts.’
It was Russell’s turn to raise an eyebrow.
‘Well, let’s compare notes at next year’s dinner,’ said Townsend. ‘By then it should be clear for anyone to see.’
‘As long as I control 100 percent of the Tribune and 46 percent of the Star, I’m bound to win either way,’ said Armstrong.
Elizabeth frowned.
‘In fact, if Multi Media is worth three billion dollars,’ Armstrong continued, ‘my shares in the Star must be worth at least a hundred million of anyone’s money.’
‘If that’s the case,’ said Townsend, a little too quickly, ‘mine must be worth well over a hundred million.’
‘So perhaps the time has come for one of us to buy the other out,’ said Armstrong.
Both men fell silent. Russell and Elizabeth glanced at each other.
‘What did you have in mind?’ Townsend eventually asked.
Russell turned his attention back to his client, not quite sure how he would react. This was a question for which they hadn’t rehearsed a reply.
‘I’d be willing to sacrifice my 46 percent of the Star for... let’s say one hundred million.’
Elizabeth wondered how Townsend would have responded to such an offer if she hadn’t been there.
‘Not interested,’ he said. ‘But I tell you what I’ll do. If you think your shares are worth a hundred million, I’ll let mine go for exactly the same amount. I couldn’t make you a fairer offer.’
Three people tried not to blink as they waited for Armstrong’s reaction. Armstrong inhaled once again before leaning across the table and stubbing out the remains of his cigar in Elizabeth’s crème brûlée. ‘No,’ he finally said as he lit up another cigar. He puffed away for a few seconds before adding, ‘I’m quite happy to wait for you to put your stock on the open market, because then I’ll be able to pick it up for a third of the price. That way I’d control both tabloids in this city, and there are no prizes for guessing which one I’d close down first.’ He laughed, and turning to his lawyer for the first time said, ‘Come on, Russell, it’s time we were on our way.’
Townsend stood there, barely able to control himself.
‘Let me know if you have a change of heart,’ said Armstrong loudly as he headed in the direction of the exit. The moment he felt sure he was out of earshot, he turned to his lawyer and said, ‘That man’s so strapped for cash he was trying to sell me his shares.’