Stanford Court toward Joel’s house in the RichmondDistrict. When we reach Van Ness, he says, “I can’t believe it.Yesterday, I was getting ready to close a huge deal and to celebrate myelection as a partner. Today, two people are dead, the deal is off andmy career is in limbo.”
“You’ll be all right,” I say.
“They need you to service Bob’s clients.”
“I guess. I still can’t figure it out. He waits another day and hegets three million bucks.”
“There’s got to be more to it.”
“The cops sure think so.”
“They’re just doing their jobs.”
“Spoken like the son of a cop. The head guy, Johnson, thinks there’smore to it than suicide.”
“I know Johnson. He’s a good man.”
We drive in silence across Fillmore Street through a neighborhood thatonce was known as the Western Addition, but with gentrification wasrechristened Lower Pacific Heights. We pass the dim sum restaurants onClement Street. Joel says, “I know Bob was going through anotherdivorce and this deal was all fucked up.
But I don’t see him killing himself. And I don’t see him taking Dianawith him.”
“Johnson asked me if Bob and Diana were sleeping together. You knowanything?”
“Not really. I’ve heard the same stuff everybody’s heard.”
“Just between us,” I say.
“You think they were getting it on?”
“It wouldn’t surprise me.”
“Well, while we’re speculating, let’s suppose they were sleepingtogether. And she decided to break up with him. And Vince told Bobthe deal’s off. And Bob was really pissed off about the divorce. Maybeyou’ve got a scenario where he decided to end it.”
“Maybe,” he says, “but I just can’t see it. Bob’s been through itbefore. He’s been divorced three times. He’s seen deals go down inflames.”
“You think somebody killed him?”
He shrugs.
“Russo really wanted out of the deal. For that matter, so did thebuyer.”
“Why?”
“Continental Capital Corporation is the fourth-largest public companyin the world. Their young mergers-and-acquisitions stud, Jack Frazier,convinced them to buy Vince’s business. Frazier’s one of those youngMBAs who figured this deal was the next step up the ladder. Heconvinced the suits at CCC to pay nine hundred million for a companythat’s worth a lot less. By the time Golden Boy Frazier figured out hewas buying a proverbial pig in a poke, it was too late.
The boys at headquarters in Stamford won’t be happy.”
“Why didn’t they pull out?”
“They wanted to, but they couldn’t.”
“Why not?”
“Do you know what a breakup fee is?”
I shake my head.
“It’s a payment a buyer has to make to a seller if the buyer backs outof a deal for no reason. It’s supposed to keep the buyer serious andcover the seller’s legal fees and costs if the deal craters.”
“Why didn’t CCC pay the fee and walk?”
“Because the fee is fifty million dollars. It’s a lot of money fornothing, even for a big outfit like CCC. If they paid it, Frazierwould be working on one ofCCC’s oil rigs off the coast of Siberia bythe end of the week. There was no breakup fee if Vince killed thedeal. Frazier’s been trying to get Vince to pull the plug for the lasttwo weeks.”
“What about the guy from the mayor’s office, Clan Morris? What was hedoing there?”
“You’ll never believe this. When it looked like Vince’s business wasgoing down in flames, the mayor appointed one of those blue-ribbon taskforces. He didn’t want three thousand jobs moving to CCC’s westernheadquarters in Dallas. Bad politics. It’s one thing for the Ninersto lose a game to the Cowboys every once in a while. It’s anotherthing for three thousand jobs to go to the land of Ross Perot. So themayor got CCC to agree to keep Russo International’s headquarters hereby providing a hundred million in financing. Pretty slick. If thedeal closes, the mayor can take credit for saving a bunch of jobs.”
“So the city wanted the deal to close, even if nobody else
“You’ll be all right,” I say.
“They need you to service Bob’s clients.”
“I guess. I still can’t figure it out. He waits another day and hegets three million bucks.”
“There’s got to be more to it.”
“The cops sure think so.”
“They’re just doing their jobs.”
“Spoken like the son of a cop. The head guy, Johnson, thinks there’smore to it than suicide.”
“I know Johnson. He’s a good man.”
We drive in silence across Fillmore Street through a neighborhood thatonce was known as the Western Addition, but with gentrification wasrechristened Lower Pacific Heights. We pass the dim sum restaurants onClement Street. Joel says, “I know Bob was going through anotherdivorce and this deal was all fucked up.
But I don’t see him killing himself. And I don’t see him taking Dianawith him.”
“Johnson asked me if Bob and Diana were sleeping together. You knowanything?”
“Not really. I’ve heard the same stuff everybody’s heard.”
“Just between us,” I say.
“You think they were getting it on?”
“It wouldn’t surprise me.”
“Well, while we’re speculating, let’s suppose they were sleepingtogether. And she decided to break up with him. And Vince told Bobthe deal’s off. And Bob was really pissed off about the divorce. Maybeyou’ve got a scenario where he decided to end it.”
“Maybe,” he says, “but I just can’t see it. Bob’s been through itbefore. He’s been divorced three times. He’s seen deals go down inflames.”
“You think somebody killed him?”
He shrugs.
“Russo really wanted out of the deal. For that matter, so did thebuyer.”
“Why?”
“Continental Capital Corporation is the fourth-largest public companyin the world. Their young mergers-and-acquisitions stud, Jack Frazier,convinced them to buy Vince’s business. Frazier’s one of those youngMBAs who figured this deal was the next step up the ladder. Heconvinced the suits at CCC to pay nine hundred million for a companythat’s worth a lot less. By the time Golden Boy Frazier figured out hewas buying a proverbial pig in a poke, it was too late.
The boys at headquarters in Stamford won’t be happy.”
“Why didn’t they pull out?”
“They wanted to, but they couldn’t.”
“Why not?”
“Do you know what a breakup fee is?”
I shake my head.
“It’s a payment a buyer has to make to a seller if the buyer backs outof a deal for no reason. It’s supposed to keep the buyer serious andcover the seller’s legal fees and costs if the deal craters.”
“Why didn’t CCC pay the fee and walk?”
“Because the fee is fifty million dollars. It’s a lot of money fornothing, even for a big outfit like CCC. If they paid it, Frazierwould be working on one ofCCC’s oil rigs off the coast of Siberia bythe end of the week. There was no breakup fee if Vince killed thedeal. Frazier’s been trying to get Vince to pull the plug for the lasttwo weeks.”
“What about the guy from the mayor’s office, Clan Morris? What was hedoing there?”
“You’ll never believe this. When it looked like Vince’s business wasgoing down in flames, the mayor appointed one of those blue-ribbon taskforces. He didn’t want three thousand jobs moving to CCC’s westernheadquarters in Dallas. Bad politics. It’s one thing for the Ninersto lose a game to the Cowboys every once in a while. It’s anotherthing for three thousand jobs to go to the land of Ross Perot. So themayor got CCC to agree to keep Russo International’s headquarters hereby providing a hundred million in financing. Pretty slick. If thedeal closes, the mayor can take credit for saving a bunch of jobs.”
“So the city wanted the deal to close, even if nobody else
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