Tycoon (58 page)

Mary Carson appeared only as the meeting opened. She sat beside Jack at the head table. “I apologize for doubting your word,” she said softly. “I apologize for not calling you.”

“Cap did a rotten thing,” Jack said in a firm, controlled voice. “But it was rotten of people who have been my friends for many years to distrust me the way they did.”

Jack opened the meeting. He presided and delivered a ten-minute speech, reporting to the stockholders on the condition of the company but referring them to the printed annual report for most of the information.

“The next order of business,” said Jack, “is the election of a board of directors. Nominations are now open.”

Billy Bob Cotton rose and nominated a slate of directors—people who would support Jack as CEO. A Dallas lawyer nominated a different slate. Jack was on the ballot for both slates and would remain a director of the company no matter
which slate won. But the majority of the nominees for the Dallas slate would cast their votes for Mary as new CEO.

“If there are no other nominations,” Jack said, “we will designate the slate nominated by Mr. Cotton as Slate A and the slate nominated by Attorney Lovell as Slate B. Voting is by paper ballot, and you may vote for either slate simply by writing
A
or
B
on your ballot.”

While the tellers were collecting the ballots, Billy Bob Cotton came to the table. He spoke to Jack, but Mary could hear what he said. “Ray has gone home,” he said. “He gave me his proxy with instructions to vote for you.”

The tellers were ready. Jack stood at the lectern and rapped the gavel.

The chief teller read the results: “Present or voting by proxy, 777,255 shares. Votes for Slate A—379,412. Votes for Slate B—397,843.”

The room was silent. No one applauded. Everyone—even those who had won—were stunned.

Mary put her hand on Jack's arm. “I want you to keep your office exactly where it is. Your salary will remain the same. Your access to company planes, cars, and so on will stay the same.”

“Well, I'm afraid it isn't going to be quite that simple, Mary. I'm going to say a few words to the stockholders, and then there's a man here I want you to meet.”

Jack rose and stepped to the microphone.

“Ladies and gentlemen, before this meeting of stockholders adjourns, I would like to make an announcement. You have been kind enough to elect me a director of Lear Communications, Incorporated. I thank you, but I decline to accept. What is more, I resign all offices I hold in the corporation.

“Julius Caesar once said he would rather be first in a small Spanish village than second in Rome. So would I. Either I run this company or I want nothing to do with it.

“Those who have engineered this . . . coup—I think that is what it must be called—have a surprise coming. I have asked Mr. Junius Grotius to come forward. That is he, there.

“Mr. Grotius is president of Wyncherly-DeVere, Limited, the British and Dutch communications conglomerate. For some time Mr. Grotius has had outstanding with me and others an
offer to buy our shares in Lear Communications. Very recently I signed an option, allowing Wyncherly-DeVere to buy my shares in the event I should lose control of the company. Members of my family and friends and associates have signed similar options. What is more, Mr. Grotius has obtained options from two banks that hold substantial blocks of stock. Today Wyncherly-DeVere will exercise those options and others. After today, Wyncherly-DeVere will be the biggest stockholder in Lear Communications.

“As I said, if I can't run the company I want nothing to do with it. It will pass now—rather quickly, I imagine—into the control of a communications conglomerate with the capital and know-how to make it a bigger player in the field than it has ever been before—bigger than I dreamed of making it. And the stockholders of this company will benefit hugely.”

Jack stepped back from the microphone. He pointed and nodded at Junius Grotius. The crowd applauded tentatively.

Jack bent down over Mary Carson. “Let's see you screw
them,
my dear,” he said quietly.

Diane and Joni pushed their way forward through the crowd of stockholders. They embraced Jack as he came down from the platform and moved to shake hands with Junius Grotius. Suddenly the crowd burst into loud and sustained applause. Jack and the two women he loved moved slowly through a crush of people who wanted to shake their hands, even to kiss them as they worked their way toward the door.