The Exchange: After The Firm

Jack Ruch finally yielded to the grumbling. It was irritating enough that the management committee had to meet daily for the crisis update, but to meet at 7 A.M. was too much. Jack pushed it back to 9:30 on Thursday, and called the executive session to order for the fourth day in a row. By then most of the members were secretly wondering if it was really necessary to meet every day, but it was a crisis like no other. No one had yet found the spine to question Jack. All nine were present.

He began with, “There’s a new development. Our dear Noura made contact late last night with Abby, and informed her that a good-faith deposit is now part of the deal. Ten million by noon tomorrow, Friday.”

The news settled heavily around the room. All eyes were on the table.

Jack cleared his throat and continued, “I spoke with Mitch an hour ago. He’s leaving Istanbul and going to Rome, where Luca has been hospitalized.”

Ollie LaForge asked, “And we still don’t know who we’re talking to, right? We’re supposed to fork over ten million up front and hope for the best?”

“You got a better idea?” Jack shot back.

“Has Mitch had any luck since yesterday?” asked Mavis Chisenhall.

“If you’re asking me whether Mitch has obtained any commitments for money, then the answer is no. But he’s trying. That’s all I can say.”

Month in and month out, the firm kept about $15 million in extra cash on hand for emergencies and other contingencies. There was a larger reserve for the sacred year-end bonuses, but that money could not be touched.

Sheldon Morlock, one of the more influential partners on the committee, said, “There must be a way to negotiate with these people. What they’re asking is outrageous and beyond our capacity. And, you can’t convince me they’ll walk away if they don’t get every dime. Say we somehow scrape together only half the money. Are they going to say no?”

Jack said, “That’s just it, Sheldon, no one knows. We can’t predict. This is not a typical business transaction with rational people on both sides. They could kill her at any moment.”

Piper Redgrave, the third woman on the committee, said, “Jack, are you saying we should hit the line of credit and borrow the money?”

“Yes, that’s exactly what I’m saying. We should borrow twenty-five million because that’s the extent of our policy. We give them ten tomorrow and say a prayer.”

Bart Ambrose said, “I talked to Citibank, as instructed. They’re ready, but they’ll require personal guarantees from each of us.”

There were groans, sighs, silent expletives, head-shaking in frustration. A two-thirds majority vote was required to borrow money.

Jack said, “That’s nothing new. Any objections?”

“Are we voting?” Morlock asked.

“Yes. Anyone opposed to borrowing twenty-five million from Citi on our line of credit?”

All nine shot quick, fierce looks around the table. Morlock raised his hand, then lowered it. Slowly, Ollie LaForge raised his.

“Anybody else?” Jack asked with contempt. “Okay, the vote is seven in favor, two opposed. Right?”

There was no further discussion. They filed out of the conference room in silence and hurried to their own offices.

And that was the easy vote. Every dime would be reimbursed under the firm’s insurance policy.

Or so they thought.

After the meeting, Jack called the insurance company for the update. Instead, he was put on hold and waited far too long. When the CEO said good morning, Jack was surprised. What he heard next was deflating. The claim was being denied on the grounds that Giovanna had been kidnapped and was being held by terrorists, as opposed to a criminal gang. The policy unequivocally excluded coverage for acts of terrorism.

“I can’t believe this,” Jack roared into the phone.

“It’s right there in black and white, Jack,” replied the CEO calmly.

Black and white. Since when were insurance policies clear about anything?

“Kidnapping is kidnapping,” Jack said, trying to control his anger. “The damned policy covers kidnapping.”

“Our sources tell us it’s the work of a terrorist organization, Jack. So we are denying. I’m sorry.”

“I don’t believe this.”

“Our counsel is emailing a denial memo as we speak.”

“I guess I’ll see you in court.”

“That’s up to you.”

Chapter 33

Luca rallied somewhat after a few hours in the hospital. Some different meds stabilized his blood pressure. A drip rehydrated him. A stronger sedative sent him into a long, much-needed nap. The best medicine was the constant attention of a thirty-year-old nurse with a stunning figure and a short white skirt. Bella watched it all from a corner, shaking her head. Some men were hopeless.