to the streets of Manhattan this time of day. He mentioned flying into the city yesterday and how he'd felt such a bond with New Orleans the moment he saw it. He talked of a recent trip to Las Vegas and said she was prettier than any of those showgirls, and he praised the orchestra in the Blue Room at the Roosevelt the previous night.
Amalise strolled along beside him, speechless. He commanded all attention until at last they were seated around the table in the restaurant and the menu appeared, at which time he changed the subject to food.
Once Doug attempted to bring up a point under discussion in the term sheet.
Bingham's hand shot up, like a stop sign. "No business here, my boy. Not at lunch."
Chapter Six
That afternoon Amalise spoke to counsel in the various jurisdictions where Murdoch's two companies were organized and did business, arranging for organizational documents and certificates to be sent to her right away. Counsel in Grand Cayman confirmed that the Lone Ranger subsidiary guaranteeing the loans was organized under Cayman Island law. The sole shareholder was the borrower, Murdoch's Delaware Company, Lone Ranger, Inc.
"Thanks." Amalise checked that off her list. "We'll prepare forms of board resolutions and send them to you to revise under Cayman law."
Later in Raymond's office—a duplicate of hers—she and Raymond reviewed the term sheet, the deal point memo that Preston had prepared as the axis around which ongoing detailed negotiations and documents would revolve. Amalise sat in the chair in front of his desk with the term sheet propped on her lap. She made notes in the margins while they talked.
One item caught her attention, and she looked up. "Why is Murdoch providing a personal letter of credit? It's only for one million—not enough to cover the company's debt."
Raymond checked off something on his copy. "It's extra security for the banks in the syndicate. Gives them comfort. Under the terms, they'll draw any overdue interest on their loans from the credit should the company default and fail to pay." Head bent, he looked at Amalise under his brows. "It's not an insignificant amount—one million would cover your salary for forty years without investing it."
"Not yours?"
He smiled.
"I knew I was underpaid."
"Who's the issuing bank?"
"Cayman Trust."
He looked up. "I thought Banc Franck held the accounts." Flipping through the term sheet, he stopped on a page and read. "Well, Cayman Trust it is. Banc Franck just holds the borrower's primary account." He shrugged. "Doesn't matter. The letter of credit's a point of trust. It's good as cash."
"I've got the corporate due diligence started. Doug also wants us to see what background we can find on Murdoch. Where do we start?"
Raymond set the term sheet down on his desk and leaned back, folding his hands over his stomach. He looked at Amalise. "These big money men keep out of the public eye. But go ahead and get started in the case reporters, and Barron's, Wall Street Journal . See what you can find."
In the firm library Amalise checked regulatory opinions under both names, Lone Ranger and Bingham Murdoch. Murdoch had mentioned transactions in Atlanta, Florida, and California. His U.S. company was organized in Delaware, and he lived in New York. So she perused the Federal Reporter , and also the State Reporter for case law and other public proceedings. She searched back issues of Barron's, The Wall Street Journal , and Forbes . She also searched Who's Who ten years back, all with no luck, as Raymond had surmised.
At last she asked the librarian, Mrs. Plauche, if it would be possible to run a Dun & Bradstreet credit report.
Mrs. Plauche, bending over the card catalog, stuck her finger behind a card and gave her a look. "We don't do that here," she said.
"It's for a transaction." Amalise persisted. "For Doug Bastion."
"You could try accounting," Mrs. Plauche said in a vague tone, her eyes clouded. "They might have that information. But you'd
Amalise strolled along beside him, speechless. He commanded all attention until at last they were seated around the table in the restaurant and the menu appeared, at which time he changed the subject to food.
Once Doug attempted to bring up a point under discussion in the term sheet.
Bingham's hand shot up, like a stop sign. "No business here, my boy. Not at lunch."
Chapter Six
That afternoon Amalise spoke to counsel in the various jurisdictions where Murdoch's two companies were organized and did business, arranging for organizational documents and certificates to be sent to her right away. Counsel in Grand Cayman confirmed that the Lone Ranger subsidiary guaranteeing the loans was organized under Cayman Island law. The sole shareholder was the borrower, Murdoch's Delaware Company, Lone Ranger, Inc.
"Thanks." Amalise checked that off her list. "We'll prepare forms of board resolutions and send them to you to revise under Cayman law."
Later in Raymond's office—a duplicate of hers—she and Raymond reviewed the term sheet, the deal point memo that Preston had prepared as the axis around which ongoing detailed negotiations and documents would revolve. Amalise sat in the chair in front of his desk with the term sheet propped on her lap. She made notes in the margins while they talked.
One item caught her attention, and she looked up. "Why is Murdoch providing a personal letter of credit? It's only for one million—not enough to cover the company's debt."
Raymond checked off something on his copy. "It's extra security for the banks in the syndicate. Gives them comfort. Under the terms, they'll draw any overdue interest on their loans from the credit should the company default and fail to pay." Head bent, he looked at Amalise under his brows. "It's not an insignificant amount—one million would cover your salary for forty years without investing it."
"Not yours?"
He smiled.
"I knew I was underpaid."
"Who's the issuing bank?"
"Cayman Trust."
He looked up. "I thought Banc Franck held the accounts." Flipping through the term sheet, he stopped on a page and read. "Well, Cayman Trust it is. Banc Franck just holds the borrower's primary account." He shrugged. "Doesn't matter. The letter of credit's a point of trust. It's good as cash."
"I've got the corporate due diligence started. Doug also wants us to see what background we can find on Murdoch. Where do we start?"
Raymond set the term sheet down on his desk and leaned back, folding his hands over his stomach. He looked at Amalise. "These big money men keep out of the public eye. But go ahead and get started in the case reporters, and Barron's, Wall Street Journal . See what you can find."
In the firm library Amalise checked regulatory opinions under both names, Lone Ranger and Bingham Murdoch. Murdoch had mentioned transactions in Atlanta, Florida, and California. His U.S. company was organized in Delaware, and he lived in New York. So she perused the Federal Reporter , and also the State Reporter for case law and other public proceedings. She searched back issues of Barron's, The Wall Street Journal , and Forbes . She also searched Who's Who ten years back, all with no luck, as Raymond had surmised.
At last she asked the librarian, Mrs. Plauche, if it would be possible to run a Dun & Bradstreet credit report.
Mrs. Plauche, bending over the card catalog, stuck her finger behind a card and gave her a look. "We don't do that here," she said.
"It's for a transaction." Amalise persisted. "For Doug Bastion."
"You could try accounting," Mrs. Plauche said in a vague tone, her eyes clouded. "They might have that information. But you'd
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