Twisted Love and Money (37 page)

“But the
investment?” Peter prompted. “Will you do it on grants from the
government?”

“Oh there are
grants all right,” Jimmy explained. “Not from the government, but
from the European Union, like all grants these days.”

“Why not get
them, the grants I mean and get started?” Peter asked politely.

“Because Peter,
I need about half a million Euro up front for my share. The EU is
generous but they are not mad entirely. They require the farmer to
make a significant investment. I could get a big demonstration
grant if I had an innovative approach to pig rearing, which I have.
I love the little darlings and give then the best of treatment. But
I need capital and like many the farmers; capital is something the
banks have. Unfortunately I am already in hock to the bank. They
won’t give me a brass farthing, bad luck to them.”

Peter walked on
a bit thinking and listening as his prospective Father in law,
Jimmy waxed lyrical about one of his breeding sows.

Peter
stopped.

Jimmy stopped
talking, wondering why?

Peter Aloysius
and Peader came a few paces nearer and stopped.

“You know,”
Peter said. “I have a small trust fund. It invests for me now and
then. I think we might be able to help you.”

“Aragh, don’t
be foolish boy, I need about a half million and a young
whippersnapper like yourself wouldn’t have a smell of that sort of
money.”

“I could you
know,” Peter offered.

Looking Jimmy
in the eye he added, “but it would need an agreement I was
comfortable with.”

Jimmy looked at
Peter.

“Am I catching
your drift? Are you suggesting you might wheedle out of marrying
Jenny?” he asked, his voice rising.

The two boys
moved closer and the dogs, sensing the change of atmosphere, began
to growl.

Peter gathered
his courage and thought of Janet. The thought of beautiful Janet
made him reckless.

“There is only
way that I my trust would invest in your scheme,” Peter said, as
businesslike as he could sound in the circumstances. “They would
insist that I was a detached third party investor. My trust fund
would not allow me to put money anywhere near relations, especially
if they were in-laws.”

Jimmy looked at
Peter, his eyes like burning coals, it seemed to Peter. But Peter
held his gaze.

“It might be
better to think of a settlement, which might not be a marriage
settlement that might end in tears. I’m not good enough for Jenny,”
he stated.

“True enough,
but she had her heart set on you young Peter. I’d hate to
disappoint her.”

“You’d be very
proud if you were the biggest pig farmer in Kildare,” Peter
countered, sensing the farmer was wavering.

“I’d have to
send her to her aunt in England,” Jimmy said.

“I’ll sign an
agreement,” Peter offered. “I will undertake to put up all the
non-grant money for a fifty percent share in your new pig
enterprise.”

“Twenty
percent,” Jimmy countered, seduced by the need to negotiate.

They haggled.
The boys soon joined in. Peter settled for twenty-five percent and
agreed to sign for an investment of half a million.

“You can’t
change your mind now,” Jimmy insisted, “it would be a good
investment.”

“I have to
marry someone else for business reasons. Joining properties, my dad
has it arranged. It is a long-standing arrangement. I am promised
elsewhere but I’ll always love Jenny and the baby.”

“I can
understand. The commitment of the landed gentry, you have to
maintain the estate. Jenny will be disappointed. And you’ll pay
maintenance for the baby?”

“Of
course.”

“Sound man, put
it there.”

Jimmy spat on
his hand.

Peter did the
same and they shook on the deal.

“We’ll have to
smuggle you out, the wife will be mad for a while,” Jimmy said he
sent the boys to get the van.

“They’ll drop
you in Kildare town,” Jimmy offered. “You can get the train to
Dublin. I’m afraid your fine car was stolen as part of the
arrangement to get you here. I’m sure it is insured.”

“It is,” Peter
said agreeably.

“You know we
can lift you anytime?” Jimmy checked.

“Don’t worry,
I’ll honour the deal. You get the paperwork ready and show me where
to sign.”

On the train
back to Dublin Peter whistled to himself. He had signed a paper at
Jimmy’s insistence. It was a hand written biro effort that might
not stand up in court. But the handshake made it a deal for Jimmy
the farmer.

Peter knew he
would have to keep the deal and make the investment. That or look
over his shoulder for the rest of his life. Who knows the
investment might pay off in the long term? He could borrow against
the trust fund, no problem. But even if he got nothing back, the
main thing was, he was now free to marry his Janet. And he was in
partnership with a man who intended to be the biggest pig farmer in
Kildare.

Bright side up,
he reasoned, he had to get back to O’Byrne’s for the crucial
meetings with Crawford.

Chapter
forty

Kenny sat in
the reading room of the premises of his Saint Stephens Green Club.
He had just finished Breakfast in the dining room and had sought a
moment to read the Irish Times and relax.

Kenny’s
youngest son Kevin was studying law and was using the facilities of
the premises and Kenny hoped his timing would enable him to take
Kevin home to an early lunch.

The morning had
gone well. He had arrived at six to meet John O’Malley. John looked
a little tired but took Kenny through his presentation on the
figures.

“Very good,”
Kenny had remarked. “Without the AF business, O’Byrne’s as a growth
company hits a brick wall.”

“Aptly
put.”

“We have a busy
schedule John,” Kenny explained. “I want you to put together and
frame a proposal, which would set a value on O’Byrne’s and Howlett
holdings, such that Colm O’Byrne will remain with just over fifty
percent of the new company, without any loss of personal asset
value. You have to accommodate the O’Byrne Debenture holders, the
share option scheme and the trust fund.”

“I understand”
John said agreeably. “It looks like it is really go.”

“You better
believe it. John, are you still up for it?”

“Yes Andrew, of
course. I’m really excited by the whole thing.”

“Aren’t we all?
John you will have to finish this so I can talk to the banks.”

“When?”

“Lunchtime
latest, I have teed them up for a special confidential meeting. I
don’t anticipate any difficulty, the banks will be delighted to see
the debenture holders convert to shares and Howlett Holdings is so
conservatively financed that the merged entity will be a well able
to fund future expansion.”

“Excellent, any
word from Janet about Crawford’s attitude?”

“Janet texted
me that she and Crawford would be here as planned. So it really
does look like a goer.”

When reception
rang to the conference room where John and Kenny were working Kenny
smiled.

“This is it
John, Crawford is here. I have never met him face to face. I
believe he is formidable. So stay on the ball.”

John felt
nervous as he took Crawford through the presentation. Crawford had
Janet, in tow and she made the introductions. During the
discussions it dawned on John that Crawford must have had some
previous conversations by phone with Kenny earlier in the morning.
In addition he had been well briefed by Janet. John realized that
Crawford was mainly interested in putting him through his paces so
as to be reassured that he, John, was suitable for the proposed
Managing Director role.

The meeting
lasted an hour.

“How are things
on the ground?” Crawford asked.

“I have asked
Colm O’Donoghue to meet with Dermot O’Rourke and get an approach
worked up as to how things will work on the ground,” Kenny
explained.

“And?” Crawford
encouraged.

“I expect Colm
will want to get some of his key people on the Board, all reporting
to John with Dermot as deputy MD and Colm and myself will act as
joint Chairman.”

“Good, Good,
and the share options Mr. Kenny. Have you a scenario for
that?”
“Before I respond to that,” Kenny suggested, “Colm and Dermot will
be here shortly, would you like to meet them?”

Crawford looked
at Janet.

“No not
necessary” Janet said. “The less linkage the better. Technically
Mr. Crawford is meeting you Mr. Kenny, as you are the banks
investigator into O’Byrne’s. We are not discussing a conspiracy to
take over O’Byrne’s. Mr. Crawford can meet other parties if all
goes to plan.”

“Excellent,”
Kenny agreed.

“Moving on to
the share options,” he continued. “We move as follows. You Janet
come on the board of O’Byrne’s as a new quality director. Mr.
Crawford… Leo,” Kenny smiled as he used the Christian name, “will
come on as the AF director anxious to help a supplier. Michael
O’Byrne will resign on Monday, in fact if all goes well he will
announce at his weekend party that he is retiring early and going
abroad.”

“We will need
some Public Relations support,” Crawford suggested.

“I have a very
good recommendation, a local Irish Company,” John responded.
“Elaine Publicity, they are handling the launch of ‘Jeremy and
David’s fashion house’ in Grafton street with great success.”

“Your call as
future Managing Director’ Crawford said.

John realized
that he was accepted and they were deferring to his suggestion, as
he was Managing Director.

“John becomes
Managing Director on Monday,” Kenny explained.

“I will
nominate the Financial Director,” Crawford interjected, “later
after the merger.”

“Colm
O’Donoghue and I will be joint Chairman of Howlett’s when we
complete the merger,” Kenny added.

“That will
work?” Crawford asked.

“Yes, no
problem, Colm is over eighty, he only works part time and I have
met him over the years on various committees,” Kenny said
confidently.

“The debenture
holders will convert to shares. Michael will have a guaranteed
price, as this will dilute the equity. We will issue the share
options to the O’Byrne directors before the merger to lock in our
gains,” Kenny elaborated.

“Which will
be?” Crawford asked.

“As agreed five
million each,” John replied for Kenny.

“Yes,” Kenny
agreed. “John will frame the deal and agree it with my firm and the
banks.”

“Good.”
Crawford sounded satisfied.

“John will
concentrate on transition management and dealing with external
stakeholders during the next few years and we will put Dermot
O’Rourke in as Deputy Managing Director to run things on the
ground. He will also take Colm O’Donoghue’s young grandson under
his wing and mentor his future development with Colm’s able
assistance.”

“The important
thing to establish,” Crawford said. “Is that Michael O’Byrne must
not have an inkling that we are operating in concert.”

“Absolutely,
critical to the success of the bids,” Kenny agreed.

“But we will
stick at fifty five million and the consortium can then get heads
of agreement on the deal, going to sixty million, so it appears a
good price.”

“And afterwards
our legal and tax people will sit with John here to sort the finer
detail, with a view to Michael and Dorothy O’Byrne departing on
Monday.”
“With good PR,” Crawford emphasized.

“With good
public relations media management,” John agreed.

“Let us put
some pressure on O’Byrne,” Crawford suggested further. “I suggest
we must do the business before the party in his house on Saturday
night.”

“Good
thinking,” Kenny agreed. “I’ll get that arranged. John it just
means you has to be wrapped up soonest.”

“I am nearly
there. I also have the O’Byrne pre-meeting to brief Dorothy
O’Byrne.”

“At that
meeting,” Crawford coached, “you should just stay factual. Describe
the consequences of the loss of the AF business. Do not encourage
them to fight.”

“Don’t worry,”
John said. “Michael has already fired me and intends to fire
Dermot. His approach has forfeited any claim he had on our
loyalties. Dermot is particularly bitter at his treatment.”

“Good,”
Crawford said, “but John don’t let attitudes fester, sow up those
wounds and lead the team when you take over.”
“John is onto that. He and I have agreed to keep James O’Driscoll
on in Marketing. James is needed for the future, that is until
Peter gets fully up and running, but as he has long personal ties
with Michael, we want to avoid any conflict.”

“Is this a
problem?” Crawford asked,

“No,” John
replied, “I spoke to James, he is with us because he thinks Michael
is afraid to fight to save the firm.”

“So he’ll stick
with us?”

“He will go
with the Howlett merger and is happy that Peter stays to keep the
O’Byrne name on the board. It’s complex for him, but he is with
us.”

“We just don’t
ask too much of him as he might become conflicted,” Crawford
suggested.

“And he likes
the idea of a five million retirement fund from the options,” John
added with a smile.

“Janet and I
will leave you to it gentlemen,” Crawford stood and shook
hands.

“We have to
meet the AF legal team and prepare them,” he added.

“Good luck,”
Kenny offered.

“We will also
set the scene with them to make it clear that I am not prepared to
let AF bid over fifty million. I will go to fifty-five in, as it
were the heat of the moment, in negotiation maybe even a bit higher
but not near your top bid.”