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"Oh, well." Caparelli turned his chair to face her, cocked back comfortably, and folded his arms. "Tell me why these new Peep movements seem particularly significant."

"For several reasons," Given said promptly. "First, we're seeing ships of the wall being pulled in this time, not just battleships from their rear areas. They're still coming from secondary systems, yes, but this time around some of them are systems where one would expect them to worry seriously about the possibility that we might pounce with raids of our own, not just ones where they'd left a couple of battleships on station to depress any local temptation towards civil unrest or disloyalty to the New Order.

"In addition, my latest reports indicate that they've actually pulled at least one squadron of superdreadnoughts out of Barnett." Both of Caparelli's eyebrows rose at that, and she nodded. "Given how hard McQueen's worked at reinforcing Barnett, that represents a major change of policy.

"There are also some indications that units of StateSec's private navy are being diverted to regular fleet duty. There could be several reasons for that, including a desire to have a few politically reliable ships positioned to watch the flagships of admirals whose accomplishments might be beginning to make them look like threats to the Committee. But it's also possible that it represents a rationalization and concentration of their total strength, whether it's officially SS or People's Navy, as a preliminary to a major operation somewhere. I, for one, think that's something they ought to have done years ago. Of course, I also thought it was stupid to let their security service build a navy of its very own in the first place, so I may not be the best judge in this instance. But whatever their thinking, we've got confirmation from three separate sources—including one ONI has been nursing for years inside their naval communications structure—that StateSec capital ships are being assigned to Tourville and Giscard. Neither of whom," she added dryly, "appears to have been properly appreciative of the reinforcement.

"Finally, I got a report yesterday from another of our sources in Proctor Three."

Caparelli cocked his head and pursed his lips. Proctor Three was one of the three main naval shipyards in the Haven System—which, by definition, made them the three largest yards in the entire PRH.

"According to our source," Givens went on, "the Peeps have made a major, and successful, effort to clear their repair and refit slips. Our source—" even here, and even with Caparelli, she was careful to give no clues to that source's identity, including even his (or her) gender "—isn't highly placed enough to be privy to the reasons for that effort. But our source's personal observation confirms that they seem to've gotten an awful lot of capital units off the binnacle list and back to the fleet over the past few months. That sort of surge must've required a major commitment of time, manpower, and resources, which suggests that they must have skimped somewhere else to get it done. And if they've sent that many ships back to active duty and they're still pulling even more ships in from less critical systems, then my feeling is that they have to be concentrating a powerful force somewhere for a purpose. And," she added dryly, "I didn't much care for what they did the last time they managed to assemble a striking force like that."

"Um." Caparelli unfolded one arm to rub his chin, then nodded. "I can't fault you there," he said. "But how reliable is your data?"

From some people, that might have sounded challenging, or like a dismissal of her argument. From Caparelli, it was only a question, and she shrugged.

"All of our data is weeks, even months, old," she admitted. "It has to be, over such distances, and the fact that agent reports have to be transmitted clandestinely slows things even more. And there's always the possibility of disinformation. We've done that to the Peeps a time or two, you know, and however heavy-handed and brutal State Security may be, the people running it have a lot of experience dealing with internal security threats. Like spies.

"Having said all that, I think it's basically reliable. There are going to be some errors, and it's seldom possible to conclusively confirm or deny the reliability of any given report. Taken as a whole, though, I think the picture that's emerged is pretty solid."

"All right." Caparelli nodded. "In that case, what do you think they—or McQueen, at least—is planning to do with them?"

"That, of course, is the million-dollar question." Givens sighed. "And the only answer I can give you is that I don't know. Before they hit Basilisk and Zanzibar, I'd have felt a lot more confident predicting that they were thinking in terms of something along the frontier, but now—?"

She shrugged, and Caparelli snorted.

"Let's not double-think ourselves into indecision, Pat. Yes, they hit us with a deep, rear-area operation and got away with it... once. Actually, when you look at it, they took fairly heavy losses, especially at Hancock, and the physical damage to our infrastructure wasn't really all that bad except at Basilisk. The morale and diplomatic consequences were a whole different kettle of fish, of course, and I'm certainly not trying to minimize them. They were bad enough to throw us back on the defensive, after all. But we have to remember the way things probably look from their side of the hill, not just the way they look to us. They have to be nervous over what we did to them at Hancock, and they also have to know we've redeployed to make similar deep raids extremely risky in the future."

"I can't argue with that, Sir. Not logically, anyway. But I think we have to allow for the possibility that they might try a similar operation again, despite the risks."

"Agreed. Agreed." Caparelli nodded briskly, then turned his chair back to his console and waved out over the tank's huge holo display. "On the other hand, though, they've got all that area out there to pick from, and the further they get from our core systems, the greater their operational freedom and the lower their risks.

"If they wanted the lowest-risk operations, they'd stick to the frontier systems like Lowell or Cascabel," he went on. "That would continue to push the pace, but in a way that let them concentrate against relatively weak picket forces if they pick their spots with even a little care. It wouldn't hurt us much, but it would let them blood their new units and build experience and confidence without facing the likelihood of major losses. And it would let them continue to inflict a nagging little stream of losses on us.

"If they're feeling a little more adventurous but still want to avoid major risks, they could go for something closer in to Trevor's Star, like Thetis or Nightingale or Solon. That would nibble away at Trevor's Star's periphery—almost a mirror image of the way White Haven nibbled at them to pull them out of position when he took Trevor's Star in the first place—but without exposing the rear of any forces they commit. And they have to know how sensitive we are about the system, so they could reasonably anticipate that an open threat to it would rivet our attention even more firmly to defending ourselves there rather than attacking them at some spot of our choosing.

"Or they could get really frisky and strike somewhere between Trevor's Star and here. The most logical target would be Yeltsin, but they'd have to feel extremely nervous about committing to an attack there, given what's happened to every force which has attacked the Graysons in the past. I doubt McQueen's particularly superstitious, but she has to've come to the conclusion that something about that system is just plain bad luck for the People's Navy." He showed his teeth in a thin, ferocious grin then went on.

"Failing that, they might swing way down on the flank and go for Grendelsbane or Solway. Losing the satellite yard at Grendelsbane, in particular, would hurt worse than anything they've done to us except Basilisk. Hell, in terms of actual impact on our war-making ability, losing the yard there would hurt worse than Basilisk. More importantly, taking out either of those systems would also represent another major defeat for us that they could trumpet to their public—and ours—as 'proof' we're losing the war. Not to mention the fact that it would also let them begin cutting in between us and Erewhon, and Erewhon is damned near as important to the Alliance as Grayson.