5

“What do you think of the news, boss?” Billy tapped a toe.

Committee was in five minutes. Jason didn’t have time for guessing games. “What news?” He undocked his laptop and stood.

“About Vince. You didn’t hear?”

Jason halted. “Spit it out, Billy.”

“They put him on loan committee.”

“You’ve got to be kidding me.”

Billy just shook his head. He looked like he was afraid of getting skewered for being a messenger with bad news.

“Well, no worries. I’m sure he’ll make the right calls for the bank.” Jason stepped past Billy into the commotion of the open area outside his office, where his staff bustled about their morning routines. Jason’s mind went to the technicalities of the deal he was about to pitch to committee. Nine million in fresh loan outstandings. With the company’s line of credit and the other term loan, the bank would be on the hook for twenty-three million if they approved this one, making Northfield Industries one of the biggest exposures in the bank and just seven mil shy of BTB’s legal lending limit. Jason’s nerves sharpened. He visualized the financial covenants. Billy had stress-tested the company’s projections a dozen ways to make sure the covenants protected the bank.

But Vince Kalinsky on loan committee? This was no good. Vince would love to torpedo the home office’s biggest customer relationship. Jason was sure of it. They’d been at each other every day since Jason had lured Patricia Wise away from Vince’s branch system to lead one of Jason’s home-office lending teams.

He parted the doors to the suite. The chairman’s prehistoric assistant sat at her desk across the room, her eyes obscured behind opaque glasses that reflected the light from her computer monitor. She didn’t acknowledge him.

Jason approached the boardroom. Both doors were pinned open.

Across the room, Vince shuffled his piles of papers. Jason’s jaw tightened at the thought of Vince maneuvering for voting rights. If anything, Jason should be voting on Vince’s deals.

He stepped into the boardroom.

The walls were lined with analysts and lenders from outlying branches who knew better than to take the few remaining seats at the table.

Cornwall wasn’t there yet. Jason looked at Cornwall’s vacant seat, and his chest tightened.

Vince didn’t look up.

* * *

Vince shifted in his chair, his starched shirt ballooning to the right as his belly piled over like a sack of Jell-O. “They’re paying too much—Mr. Dunn.” He made Jason’s last name sound like an epithet. “Why should we put out nine million to buy a revenue stream that walks out the door with their producers every night? It’s too rich. This management team’s lost its mind.”

Jason held his voice level. “They’ve got employment contracts with every key producer. The management team knows what they’re doing. They’re the best customers we’ve got.”

Across the table from Jason, Scotty Inverness’s eyebrows perked up. He plucked the reading glasses from the tip of his nose and lowered them onto the stack of papers before him. The chief credit officer’s diminutive size and the wide cut of his ears earned him the nickname of the Leprechaun, but no one called him that in this room.

The CCO’s glare told Jason he’d overstepped by calling Northfield the best customer in the bank. “The comps seem to bear out the acquisition price,” Scotty said, and he brought the reading glasses back to the point of his nose.

Billy spoke up from Jason’s right. “The comps are on page fifteen, Vince. We’ve got three public company valuations, and we found two private company purchases in the past twelve months. This price isn’t way out of range.”

“It’s not out of range at all.” Jason threw a glance at Billy and leaned forward, facing the CCO. It was Scotty’s vote he needed. As long as Cornwall showed up, Vince could vote against the loan all day long, and it wouldn’t matter a bit. But if the chief credit officer didn’t vote for it, Jason’s deal was dead. “The purchase price could be twice this much. But that’s not the point.”

“Well, tell us what the point is, Mr. Dunn.” Vince again.

“I’m about to.” Back to Scotty. “The point is, these guys know what they’re doing. We’ve watched them execute this roll-up strategy for five years. The CFO’s heartless when it comes to cost-cutting, and the CEO knows how to pick a target and negotiate a good deal. Every company they’ve bought has generated enough cash to repay the debt we’ve advanced them to buy it. And this one will too.”

The boardroom door opened. Jason knew who was entering without glancing up.

“Sorry I’m late.” Cornwall’s voice. He hustled around to the other side of the table, his tie caught in the stack of loan reports in his hands. He appeared to be tugging himself along by the neck.

“Morning,” Vince said to their boss.

Jason thought Scotty would vote for the deal, but the chief credit officer was tough to read. Vince would vote against him, but who cared now that Cornwall was here? The three other committee members in the room had been silent for twenty minutes, waiting to see which way the tide would flow before they voiced their opinions. With the president’s support, Jason would get committee approval—if Scotty went along.

Scotty waited for Cornwall to take his seat. “We’re still on Northfield, Mark.”

Cornwall plopped the stack of papers onto the table and slipped the end of his tie free from the reports. His gray hair was thinning on top, and his eyes were losing some of their sharpness, but the energy in his movements and the power in his voice hadn’t changed much over the years. “How many deals we got this morning, Scotty?”

Scotty took his time. He always took his time. It drove Jason nuts, but Scotty’s answers were usually right. “Eight.”

“At this rate we’ll be here all day. Anything come up that isn’t covered in Jason’s report?”

Jason answered before anyone else could. “No, Mark. Nothing.”

Scotty kept his eyes on his reports. Vince was still and silent as a bowl cooling in a refrigerator.

“We okay to vote then, Scotty?”

Without revealing his own vote, Scotty polled the other committee members, who guessed the proper vote by Cornwall’s mood. Scotty came to Vince. “You a no?”

“I’m a no.”

Cornwall’s head turned an inch to the right as he looked at Vince. “Anything Jason can do to get you there, Vince?”

“It’s just too rich for me. The purchase price is too high, and they’re not even done bringing their last acquisition in yet. They’re bingeing, and we’re taking all the risk.”

“Jason,” Cornwall said, “how long have you known Northfield’s CFO?”

“Eight years.” Here they came. The same questions Cornwall had asked him yesterday afternoon in private. It was beautiful how Mark did this.

“He always been straight with you?”

“Always.”

“You been out to kick the tires at this company they’re acquiring?”

“Week before last. It’s for real.”

“How solid are the numbers?”

“Audited by EY. The numbers are good, Mark.”

Cornwall turned to Scotty. “I’m a yes. You okay with this?”

The chief credit officer’s gray eyes held on Jason.

“I agree with Vince’s concerns,” Scotty said, “but Northfield’s always performed.” He lifted the loan report and flipped it facedown on the table. “I’m okay. Let’s move on.”

Jason stared across the table at Vince, but Vince didn’t register any emotion at being outvoted. He merely went to the next report in his stack.

Jason folded down the screen of his laptop and stood. His teams had no other deals for committee’s review today. “Thanks, everybody.”

Billy gathered up his files and followed him out.

Across the tops of the cubicles, Jason saw three of his lenders lined up at the entrance to his office. He stopped Billy outside the door to the chairman’s suite. “Give Randy a call and let him know we’re approved. Are the docs ready for Ed to sign?”

“Just about. Glad it got approved. That legal bill would’ve been tough to swallow.”