Twisted Love and Money (24 page)

“Michael, I
have to take the allegations at their face value. I have no track
record in this.”

“Granted.”

“The
allegations are as stated by Peter. There is no formal AF
paper.”
“That is a point,” James interjected.

“Continue
John,” Michael instructed.

“There are two
propositions. First AF allegations are correct. Second AF
allegations are rubbish.”

“If they are
correct?” Peter asked.

“If the
allegations can be substantiated, then we have to face up to the
loss of the AF account. We would also have to accept that our past
profits and margins have been based on fraudulent passing off and
systematic deceit over some years. If this practice has been the
case with AF it begs the question in relation to our other
customers. You will remember they had a similar scandal in the meat
trade some years ago. Is it possible that false declarations have
been made? If AF allegations are true then a major internal inquiry
is called for and possibly the fraud squad needs to be brought
in.”

“It’s all
lies,” Dermot roared.

“You will get
your turn Dermot let us hear John out.” Michael argued, unruffled,
“carry on John.”

“As I say I
cannot comment on the accuracy of the AF allegations but if they
are true we are in deep financial shit.”

“And if the
allegations are untrue John?” Dermot asked coldly, tempered steel
in his voice.

“Then Dermot,
AF has gone to a great deal of trouble. They will not cooperate
with our people. We can only disprove their case by an internal
inquiry and then taking AF to court. If we go to court on a false
basis we will be ruined. Even if we win there will be bad
publicity. The Debenture holders and the banks might withdraw
support.”

“They might do
that in any case. We already have their man Kenny to deal with,”
Dorothy suggested. “My meetings with the banks have not indicated
any enthusiasm from them for increasing their exposure to help
us.”

“Dermot, your
defence?” Michael said suddenly.

Dermot looked
coldly at Michael. “Michael I believe you are allowing yourself to
be panicked.”

“Address the
issues on the table Dermot.” Michael threw back.

“Do I still
have your trust Michael?” Dermot asked. “You astounded me the last
time we met when you threatened me with the sack.”

There was a
silence in which the tension tightened in the stomachs of all
present. Dermot had brought it into the open. Who trusted whom?
Michael looked balefully at Dermot.

“It is not a
question of trust Dermot. It is a question of questions. Unanswered
questions. I need a detailed refutation of these allegations, point
by point.”

“You will have
them Michael. AF has had time to build a dossier. I need time to
refute it. It is all lies and half lies. I know what happens at my
end of the business. There is no way all this has been going
on.”

“You may be
wrong Dermot. You may have trusted someone too much.”

“I trust no
one,” Dermot said flatly. Somehow they all believed him.

But Michael was
in no mood for Dermot to be sensitive.

They could
sense Michael’s pain. The company had been winning all the way.
They were on their way to glory. Now AF had plunged a knife in.
Whatever happened things would never be the same.

“I discussed a
rescue arrangement with AF,” Peter resumed his presentation. “They
are pro O’Byrne’s. They are pained at the way things have gone;
believe me as pained as we are. But they have their business to
run. They realize their move knocks the bottom line off our
business in profit terms. They want to keep us as a supplier and
provide the necessary funds to keep the business afloat.”

“Big of them,”
Dermot commented dryly and Michael threw him an angry look, but
Peter continued unabashed.

“
However their conditions are that they want to move in, clean
out all top management. Other than in Marketing, where they are
very impressed with what we have done. They don’t need two finance
people, they have their own and they want to reorganize the
procurement and Supply end, a major clean out at all levels. If
they do this they reckon they can save the business and resume
dealings with O’Byrne’s.”

“The business
is not lost yet, why do they need to save us?” John said
spiritedly.

“I am strongly
of the opinion, Michael said sadly, “that I should sell out to AF.
They will take over the balance of the company for fifty million.
Peter is urging me to get that up to sixty million and we’ll see.
If it is fifty, of that I get thirty-five in up front cash. If we
go on we may not survive and then I am broke.”

“Take them on,”
Dermot shouted, “Take the British bastards on. They are
multinational colonists. We threw the Brits out of Ireland, or most
of it. We can see AF off. They are bluffing. Don’t fall for it
Michael.”

“Listen to who
is talking about the Brits. That was all right when you were a
callow youth Dermot. Not now, not from a grown man,” Michael
retorted. “AF is a major multinational. You don’t expect me to
believe that they would fabricate all this.”

“Yes!”

“I’m sorry
Dermot. I need counter-evidence. You need to get it fast.”

“Give me
details, details Peter,” Dermot demanded. “ I cannot fight with
vague allegations. They must substantiate or shut up.”

“AF will in
court,” Peter replied, undisturbed.

“Then court it
is.”

“Court is too
late.” Michael shouted, his red colour rising to crimson.

“Steady on
Dad,” Dorothy pleaded.

“Steady,” he
screamed, “steady, we are going down the plughole and you say
steady.”

“Please
Dad.”

“Please Dad,”
Peter grimaced.

“How long can
we last if AF don’t pay their bills and give no more business? We
have commitments and we can’t...” Michael paused as words failed
him.

Dorothy said
nothing. She could sense his blackness.

“If we stick
together we can fight this,” John said appealing to them all.

“You are just a
blow in,” Peter stormed. “What do you know? Do you know what it has
taken to build this business?”

“We must not be
cowards, we must stand up and be counted,” John began.

“Cowards.
Cowards is it?” Michael stood up and slapped the table. “Winning
does involve knowing when you cannot win. I am not fighting this; I
am going to go with the flow. But I’ll tell you all one thing.”

“What?” John
asked trying to sound polite.

“You John, and
Dermot, You two had better not think you would be allowed to wait
until AF comes in. My last act will be to fire the both of
you.”

With that
Michael stormed out of the boardroom. Peter smiled triumphantly at
the group and rose and followed his father. Dorothy, seeing Peter
go to her father, rose also. With an apologetic smile she left. No
way Peter was going to cut her out from her father. James rose as
if to go and then sat down again.

The non-family
board members were left sitting in silence.

“
It looks like Michael has made his mind up to sell,” James
said doubtfully.

“He has gone
soft,” Dermot spat. “He has been sailing in fair winds for too
long. He is unused to things going other than well.”

“He is scared
he is going to lose his future and his sons future,” James said
sadly.

“
John tell us, what is the general climate like for management
buyouts?” Dermot asked.

“I have to be
honest. They are not flavour of the month at present,” John said
regretfully.

“Forget it,”
James said.

They sat in
silence. Dermot rose and fixed another drink. “This is like a
wake,” John remarked as he accepted another Gin and Tonic.

“How much would
we need for a management buyout John?” Dermot asked suddenly.

John could see
the interest in his eyes.

“
And who would lend us the money?” James threw in.

“Just a
minute,” John said briskly but with a grin, “you have given me an
idea.”

“Tell,” James
encouraged.

“O’Donoghue's
have a stock market quote. They also have a very conservative
balance sheet in Howlett Holdings. If Colm O’Donoghue was willing,
Howlett Holdings could borrow. In addition if they paid in shares.
I don’t suppose Michael would accept part in shares?”

“Don’t think
so,” James said. “If he sells cheap he will want cash in his
hand.”
“True,” John agreed, deflated.

“Let’s not drop
it,” Dermot suggested. “James you would have to be in on this. We
would need you up front. You are well known and respected in the
market place. Continuity your end would be vital.”

“I’m in,” James
said simply. “I have put my life into this company. If Michael is
quitting that is his business.”

“John,” Dermot
suggested, “Let you put it all down in the right words on paper.
Then we will talk to O’Donoghue again. Let us see if we have the
makings of a deal before we get excited.”

“Sure, I’ll do
the sums.”

Chapter
twenty-eight

The O’Byrne’s
had regrouped in their father’s office.

“Well done
Dad,” Peter said enthusiastically, “you really balled them
out.”

“You should not
have left the meeting Dad,” Dorothy advised. “You left them
together as a group.”

“Then why
didn’t you stay?” Peter snorted.

“Because the
family has to stick together,” Dorothy said firmly.

“Agreed,”
Michael said. “What can they do? They are a spent force. As soon as
I sign with AF they are on the dole. Except James of course.”

“You are a bit
hard on John,” Dorothy defended, “he has come to grips with the
business very well.”

“Too little,
too late,” Peter echoed his fathers comments. “It’s him or you
Dorothy, do you think you should go and he should stay?”

“We will all go
in time,” Michael said to calm them, before a storm erupted between
the two, and sank resignedly into his chair.

“This show has
to stay on the road.” Dorothy said firmly. “We are a substantial
business, even without the AF account. We have people to manage,
things to do. We must be careful or we will demoralize the whole
company.”
“Right,” Peter agreed, “we have to maintain a presentable package
for AF.”

“I am going to
give John O’Malley on three months notice, Dorothy,” Michael said
in final tones.

“But…” Dorothy
began to protest but Michael held up his hand.

“We are off the
expansion trail. He has no further role. He’s gone.”

“I need him for
another month,” Dorothy insisted.

“O.K. One
months work and two months in lieu and then he’s gone.”

Peter grinned
and Dorothy held her council, her head bowed.

“Dermot
O’Rourke,” Michael began and paused.

“Yes?” Peter
asked eagerly

“Dermot, for
fair to be fair,” Michael continued, “has long and faithful
service. I cannot believe he knowingly caused a cock up. All of his
team is suspect. I am going to leave him in place to root out the
crooks in his structure. When he has done that I will fire him
anyway. Loyalty has to be matched by competence.”

“Good thinking
Dad,” Peter said approvingly.

“O.K. kids, it
is late now. You two go home. I am going to talk to John and
Dermot. Better to get it done.”

Michael had
asked his secretary to wait on until after the board meeting. In
case he needed her. It was now well past her normal going home
time. He called her and gave her instructions.

When she stuck
her head around the boardroom door she was surprised to find the
remaining group drinking.

“Mr. O’Malley,
Mr. O’Byrne would like to see you. Then you Mr. O’Rourke, in
fifteen minutes.”

The three,
James, John and Dermot looked at each other. The formality of the
secretary did not auger well. John felt a sinking feeling in his
gut. Shakily he got to his feet.

When he
returned ten minutes later he was ashen. “I think I’ll switch to
scotch,” he remarked. To the unspoken question he said, “Three
months notice. I’m getting to be an old hand at getting the chop,”
he added bitterly.

Jaw set, Dermot
went into ‘the Presence,’ as they called Michael when he was angry.
To his surprise Michael was conciliatory.

“Harsh words
spoken Dermot, but we have been together longer than most. When I
sell it will be the parting of the ways.”

“You don’t have
to sell Michael.”

“Dermot I have
a key task for you. Root out the traitors down the line in your
structure. Give me a cleaned up procurement and supply before I let
AF in.”

Dermot looked
at Michael. Anger and disappointment struggled in his face.
“Michael can I ask you to do something?”

“What?”

“Contact that
Crawford and ask him to come to Dublin, tell him to bring that
Quality Consultant Simmons. It is a negotiation Michael. You should
not accept the first offer.”

“Push him up to
fifty-five or sixty million, what do you think?”

“Go for it
Michael. And give me two weeks please. No pen on paper of any sort
for two weeks.”

“Will you clean
out your structure in procurement and supply?”

“In two weeks I
will have my investigations complete and if you are right I will
give you a list of heads to roll and my head will be at the top of
the list.”

“A promise
Dermot?”
“I promise Michael.”

“All right, go
to it Dermot.”

“Thanks.”
Dermot stood up and offered his hand. It was an awkward formal
gesture, an attempt to re-establish the relationship.

Michael looked
down at his papers and waved Dermot away. “On your bike Dermot. You
have a lot to do.” He spoke dismissively and picked up the phone.
With a sigh Dermot withdrew.