The Corrections

It happened that in June, as the first dominoes of the overseas currency crises were toppling, Gary had pulled most of his playing-around money out of Euro and Far Eastern growth funds. This money was available now for investment in Axon; and since the IPO was still three months away, and since the big sales push for it had not begun, and since the red herring contained such dubieties as give non-insiders pause, Gary should have had no trouble getting a commitment for five thousand shares. But trouble was pretty much all he’d had.

His own (discount) broker, who had barely heard of Axon, belatedly did his homework and called Gary back with the news that his firm’s allocation was a token 2,500 shares. Normally a brokerage wouldn’t commit more than five percent of its allocation to a single customer this early in the game, but since Gary had been the first to call, his man was willing to set aside 500 shares. Gary pushed for more, but the sad fact was that he was not a big-time customer. He typically invested in multiples of a hundred, and to save on commissions he executed smaller trades himself online.

Now, Caroline was a big investor. With Gary’s guidance she often bought in multiples of a thousand. Her broker worked for the largest house in Philadelphia, and there was no doubt that 4,500 shares of Axon’s new issue could be found for a truly valued customer; this was how the game was played. Unfortunately, since the Sunday afternoon when she’d hurt her back, Gary and Caroline had been as close to not speaking as a couple could be and still function as parents. Gary was keen to get his full five thousand shares of Axon, but he refused to sacrifice his principles and crawl back to his wife and beg her to invest for him.

So instead he’d phoned his large-cap contact at Hevy & Hodapp, a man named Pudge Portleigh, and asked to be put down for five thousand shares of the offering on his own account. Over the years, in his duciary role at CenTrust, Gary had bought a lot of stock from Portleigh, including some certifiable turkeys. Gary hinted now to Portleigh that CenTrust might give him an even larger portion of its business in the future. But Portleigh, with weird hedginess, had agreed only to pass along Gary’s request to Daffy Anderson, who was Hevy & Hodapp’s deal manager for the IPO.

There had then ensued two maddening weeks during which Pudge Portleigh failed to call Gary back and confirm an allocation. Online buzz about Axon was building from a whisper to a roar. Two related major papers by Earl Eberle’s team—“Reverse-Tomographic Stimulation of Synaptogenesis in Selected Neural Pathways” and “Transitory Positive Reinforcement in Dopamine-Deprived Limbic Circuits: Recent Clinical Progress”—appeared in Nature and the New England Journal of Medicine within days of each other. The two papers received heavy coverage in the financial press, including a front-page notice in the Wall Street Journal. Analyst after analyst began to flash strong Buys for Axon, and still Portleigh did not return Gary’s messages, and Gary could feel the advantages of his insiderly head start disappearing hour by hour …

1. HAVE A COCKTAIL!

“… Of ferrocitrates and ferroacetates specially formulated to cross the blood-brain barrier and accumulate interstitially!”

Said the unseen pitchman whose voice had joined Earl Eberle’s on the video sound track.

“We also stir in a mild, non-habit-forming sedative and a generous squirt of Hazelnut Moccacino syrup, courtesy of the country’s most popular chain of coffee bars!”

A female extra from the earlier lecture scene, a girl with whose neurological functions there was clearly nothing in the slightest wrong, drank with great relish and sexily pulsing throat muscles a tall, frosty glass of Corecktall electrolytes.

“What was Dad’s patent?” Denise whispered to Gary. “Ferroacetate gel something-something?”

Gary nodded grimly. “Electropolymerization.”

From his correspondence files at home, which contained, among other things, every letter he’d ever received from either of his parents, Gary had dug out an old copy of Alfred’s patent. He wasn’t sure he’d ever really looked at it, so impressed was he now by the old man’s clear account of “electrical anisotropy” in “certain ferro-organic gels” and his proposal that these gels be used to “minutely image” living human tissues and create “direct electrical contact” with “fine morphologic structures.” Comparing the wording of the patent with the description of Corecktall at Axon’s newly renovated Web site, Gary was struck by the depth of similarity. Evidently Alfred’s five-thousand-dollar process was at the center of a process for which Axon now hoped to raise upward of $200 million: as if a man didn’t have enough in his life to lie awake at night and fume about!