But there was more.
Six months earlier, Reed Meridian had quietly begun buying Halberg International debt.
Nobody had known why.
Arthur had considered it routine.
A distressed-debt acquisition.
Nothing more.
Then Paul said:
"He was in the Iron Lantern."
Arthur sat upright.
"Why?"
"I don't know."
"Was he alone?"
"Yes."
"What happened?"
Paul looked toward Vanessa.
She was standing nearby, still holding her purse.
"He was insulted."
Arthur closed his eyes.
"By whom?"
Paul hesitated.
"Vanessa."
Arthur stood.
"What did she do?"
Paul swallowed.
"She threw a drink on him."
Silence.
Then Arthur asked the question that mattered.
"Did he say anything?"
"Not much."
"What did he say?"
Paul looked at the business card in his hand.
"He said we'd understand his name eventually."
Arthur's stomach tightened.
"Where is he now?"
"On his way to his office."
Arthur stared through the window of his own penthouse.
Chicago's lights glittered below.
He knew something Vanessa did not.
Three months earlier, Reed Meridian had requested access to Halberg International's full debt portfolio.
Arthur had refused.
Two weeks later, Reed Meridian purchased seventeen percent of Halberg's outstanding bonds.
Then twenty-two.
Then twenty-nine.
Arthur had begun calling his bankers.
Nobody had answers.
Tonight, Malcolm Reed had walked into one of his hotels.
Alone.
And Vanessa had thrown whiskey at him.
Arthur slowly sat down.
"Paul."
"Yes, sir?"
"Do not let Vanessa leave the hotel."
"What?"
"Just do it."
"Sir—"
"And Paul?"
"Yes?"
"Find every document connected to Reed Meridian."
Paul hesitated.
"Why?"
Arthur looked at the city.
"Because I think Malcolm Reed just told us something."
"What?"
Arthur's voice dropped.
"He may already own us."
Malcolm reached Reed Meridian's headquarters at 9:02 p.m.
The building occupied twenty-eight floors of black glass overlooking the river.
It was not the tallest building in Chicago.
Malcolm had deliberately chosen it that way.
He disliked buildings that demanded attention.
His executive assistant, Simone Carter, was waiting when he stepped off the elevator.
She looked at his shirt.
Then at him.
"Bad night?"
"Interesting night."
She handed him a tablet.
"The board is waiting."
"Good."
"Legal is also waiting."
"Better."
She followed him into the executive conference room.
Eight people sat around the table.
Chief Financial Officer David Chen.
General Counsel Priya Shah.
Chief Investment Officer Marcus Bell.
Two independent directors.
Three senior advisers.
Malcolm placed his folder on the table.
"Before we begin, I want to address the Halberg situation."
Priya nodded.
"We have been monitoring it."
"How close are we?"
David answered.
"Forty-six percent of the senior secured debt. Thirty-one percent of the unsecured notes. Several subsidiaries are already technically dependent on our credit facilities."
Marcus added:
"If we exercise the conversion clauses in the event of covenant failure, we can acquire controlling interest."
Malcolm sat.
"How soon?"
"Less than thirty days."
Malcolm leaned back.
"Proceed."
David looked at him.
"All of it?"
"All of it."
Priya studied him.
"Does tonight change anything?"
Malcolm was silent for a moment.
Then he said:
"No."
He paused.
"It clarifies something."
"What?"
Malcolm looked toward the window.
"Halberg International doesn't have a financial problem."
His voice became quieter.
"It has a leadership problem."
The Numbers Behind the Smile
The next morning, Vanessa woke to forty-three missed calls.
She assumed they were from friends.
They were not.
Her father had called eleven times.
The chairman of Halberg International had called six.
The general counsel had called four.
Her brother had called twice.
Even Paul Mercer had called.
Vanessa sat in bed staring at the phone.
For the first time in her adult life, she was afraid.
She called her father.
He answered immediately.
"Where are you?"
"Home."
"Stay there."
"What is happening?"
"You embarrassed Malcolm Reed."
"I know."
"You don't know."
Vanessa's voice tightened.
"Who is he?"
Arthur was silent.
"Who is he?"
"Reed Meridian owns almost half of our secured debt."
Vanessa's expression changed.
"What?"
"And he has options to convert more."
She stood.
"You're saying he owns the company?"
"Not yet."
"Then why are you acting like this?"
"Because if he wanted to destroy us, he could."
Vanessa sat back down.
"Why would he?"
Arthur did not answer.
"Father?"
"I don't know."
Then came the sound that Vanessa feared most.
A knock at her apartment door.
Three firm knocks.
She looked through the security camera.
Two attorneys.
A forensic accountant.
And a representative from Halberg's board.
The board had begun an emergency investigation.
At Reed Meridian, Malcolm sat with Priya and David.
A digital screen displayed the entire Halberg organization.
Hotels.
Resorts.
Restaurants.
Real estate.
Debt.
Vendors.
Executives.
Subsidiaries.
Malcolm pointed toward one line.
"What's that?"
David enlarged the entry.
"Executive procurement."
"Explain."
"Halberg Hospitality has paid an average of twenty-two percent above market rate for food and beverage contracts."
"To whom?"
"Several vendors."
"Common ownership?"
David nodded.
"That's what we're investigating."
Malcolm's eyes narrowed.
"Follow the money."
Priya looked at him.
"We found another issue."
She opened a file.
"Capital improvements at four hotels were approved for projects that appear to have been completed."
"Appear?"
"The projects don't exist."
Malcolm looked at the photographs.
Empty rooms.
Unused storage areas.
Invoices.
Signed completion forms.
Thirty-eight million dollars.
"Where did the money go?"
"That's what we're trying to determine."
Malcolm stood.
"Don't warn them."
Priya nodded.
"Already understood."
"Preserve everything."
"Yes."
"And don't touch Vanessa personally."
David looked at him.
"Why?"
"Because she is not the whole problem."
Malcolm walked toward the window.
"She's just the loudest symptom."