Now he had everyone’s attention.
‘That coup will make Armstrong Communications the most powerful newspaper presence on the east coast of America.’ Armstrong paused for effect. ‘It will also ensure an even larger contribution to our bottom line than we presently enjoy from Britain.’
One or two of the faces round the table brightened up, but the chairman’s was not among them. ‘Are we to understand that this deal with Townsend has been concluded?’ he asked quietly.
‘It is in its final stages, Chairman,’ replied Armstrong. ‘But I wouldn’t dream of committing the company to an undertaking of such importance without first seeking the board’s approval.’
‘And what exactly does “final stages” mean?’ inquired Sir Paul.
‘Townsend and I have had an informal meeting on neutral ground, with both our professional advisers present. We were able to come to an agreement on the sort of figure that would be acceptable to both parties, so now it’s simply up to the lawyers to draw up the contracts for signature.’
‘So we don’t yet have anything in writing?’
‘Not yet,’ said Armstrong. ‘But I am confident that I will be able to deliver all the necessary documentation in time for the board’s approval at next month’s meeting.’
‘I see,’ said Sir Paul drily, as he opened a file in front of him. ‘Nevertheless, I wonder if we might now return to the first item on the agenda, and in particular to the current state of the pension fund.’ He checked his notes and added, ‘Which has recently had withdrawals totaling over four hundred and...’
‘And I can assure you that the money has been well invested,’ said Armstrong, once again not allowing the chairman to finish his sentence.
‘In what, may I ask?’ inquired Sir Paul.
‘I don’t have the precise details to hand at the moment,’ said Armstrong. ‘But I have requested that our accountants in New York produce a detailed and comprehensive report, so that members of the board are in a position to make a full appraisal of the situation before the next board meeting.’
‘How interesting,’ said Sir Paul. ‘When I spoke to our accounts department in New York only last night, they had no idea what I was talking about.’
‘That’s because a small inner team has been chosen for this particular exercise, and they’ve been instructed not to release any details, owing to the sensitivity of one or two of the deals I am currently involved in. I cannot therefore...’
‘Damn it,’ said Sir Paul, his voice rising with every word. ‘I am the chairman of this company, and I have the right to be informed of any major development that may affect its future.’
‘Not if that might jeopardize my chances of closing a major deal.’
‘I am not a rubber stamp,’ said Sir Paul, turning to face Armstrong for the first time.
‘I didn’t suggest you were, Chairman, but there are times when decisions have to be made when you are tucked up in bed fast asleep.’
‘I would be quite happy to be woken,’ said Sir Paul, still looking directly at Armstrong, ‘as I was last night by a Monsieur Jacques Lacroix from Geneva, who rang to tell me that unless an outstanding loan to his bank of $50 million is repaid by close of business tonight, they will find it necessary to place the matter in the hands of their lawyers.’
Several of the directors bowed their heads.
‘That money will be in place by tonight,’ said Armstrong, without flinching. ‘Of that I can assure you.’
‘And where do you propose to get it from this time?’ asked Sir Paul. ‘Because I have issued clear instructions that nothing more can be withdrawn from the pension fund as long as I remain chairman. Our lawyers have advised me that if that check for $50 million had been cashed, every member of this board would have been liable to criminal prosecution.’
‘That was a simple clerical error made by a junior clerk in the accounts department,’ said Armstrong, ‘who foolishly deposited the check with the wrong bank. He was sacked the same day.’
‘But Monsieur Lacroix informed me that you had delivered the check personally, and he has a signed receipt to prove it.’
‘Do you really believe that I spend my time in New York going around depositing checks?’ Armstrong said, staring back at Sir Paul.
‘Frankly, I have no idea what you get up to when you’re in New York — though I am bound to say that the explanation Peter Wakeham gave to last month’s meeting of how money withdrawn from the pension fund ended up in accounts at the Bank of New Amsterdam and the Manhattan Bank was just not credible.’
‘What are you suggesting?’ shouted Armstrong.
‘Mr. Armstrong, we are both aware that the Manhattan is the bank which represents the print unions in New York, and that BNA were given instructions by you to purchase over $70 million of our shares during the past month — this despite the fact that Mark Tenby, our chief accountant, pointed out when he issued you with a pension fund checkbook that to purchase shares in one of our own companies was a criminal offense.’
‘He said no such thing,’ shouted Armstrong.
‘Is that just another example of “a simple clerical error,”’ said Sir Paul, ‘which can no doubt be solved by sacking the chief accountant?’
‘This is absolutely preposterous,’ said Armstrong. ‘BNA could have been purchasing those shares for any one of their customers.’
‘Unfortunately not,’ said Sir Paul, referring to another file. ‘The chief dealer, who was willing to return my call, confirmed that you had given clear instructions,’ he glanced at his notes, ‘to “prop up” — in your words — the share price, because you couldn’t afford to let the stock fall any further. When the implications of such an action were pointed out to you, you apparently told him’ — once again Sir Paul checked his notes — “I don’t give a damn what it costs.”’
‘It’s his word against mine,’ said Armstrong. ‘If he repeats it, I’ll take out a writ for slander against him.’ He paused. ‘In both countries.’
‘That might not be a wise course of action,’ said Sir Paul, ‘because every call which goes through to that department at BNA is recorded and logged, and I have requested that a transcript of the conversation should be sent to me.’
‘Are you accusing me of lying?’ shouted Armstrong.
‘If I were to do so,’ asked the chairman, ‘would you then issue a writ for slander against me?’
For a moment Armstrong was stunned.
‘I can see that you have no intention of answering any of my questions candidly,’ continued Sir Paul. ‘I am therefore left with no choice but to resign as chairman of the board.’
‘No, no,’ cried a few muted voices round the table.
Armstrong realized for the first time that he had overplayed his hand. If Sir Paul were to resign now, within days the whole world would become aware of the precarious state of the company’s finances. ‘I do hope you will find it possible to remain as chairman until the AGM in April,’ he said quietly, ‘so that we can at least expedite an orderly handover.’
‘I fear it has already gone too far for that,’ said Sir Paul.
As he rose from his place, Armstrong looked up and said, ‘Do you expect me to beg?’
‘No, sir, I do not. You are about as capable of that as you are of telling the truth.’
Armstrong immediately rose from his place, and the two men stared at each other for some time before Sir Paul turned and left the room, leaving his papers on the desk behind him.
Armstrong slipped across into the chairman’s place, but didn’t speak for some time as his eyes slowly scanned the table. ‘If there is anyone else who would care to join him,’ he said finally, ‘now’s your chance.’
There was a little shuffling of papers, some scraping of chairs and the odd staring down at hands, but nobody attempted to leave.