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Hamilton's stare didn't waver. 'You're right,' he said. 'I should have killed you. That was an error. I was too soft. It was unfortunate Debbie had to die, but it was the only solution.'

I had an urge to hit Hamilton as hard as I could, but I resisted it. I looked over to where Rob was sitting, bolt upright in his chair, watching us.

'I suppose he's in on it, too?' I said with contempt. Hamilton must have told him to tell the police that I had killed Debbie.

'Oh, Rob's just a little scared insider trader,' said Hamilton. 'He made his five hundred pounds on Gypsum shares, and now he's afraid he is going to lose his job, just like you. So I asked him to tell the police a little story. Mind you, he seemed quite happy to do it. I don't think he likes you very much.'

Rob reddened and shifted in his chair.

'And I suppose you planted Debbie's earring in my flat?'

Hamilton just shrugged.

I calmed down. 'Well, anyway. It's all over now.'

A thin smile played across his lips. 'No, it isn't.'

He sounded confident. 'What do you mean?' I said.

'You are going to tear up those tickets.'

No way was I going to do that. 'Why?' I said.

Hamilton smiled again, and picked up the phone on the desk behind him. He dialled fourteen digits. America.

'Dick? It's Hamilton.' A pause for a response from Waigel. 'Listen, Dick. We may have some trouble here. I can't explain it all right now. But if I don't call back in five minutes, get hold of your friend and put our plan involving Cathy into action. Then get out of your office and disappear. Got that?'

Another pause as Waigel replied quickly. Hamilton looked up at the clock on the wall. 'OK, it's one thirty-three here now. If I am not back to you by one thirty-eight, do it.'

He put the phone down. He turned to me. 'I have been concerned about Cathy ever since she told me she was thinking about telling her bosses about Cash and Piper. So, just as a precaution, I have had Waigel organise someone to keep tabs on her so that if we need to dispose of her in a hurry, we can.'

I suddenly felt cold. Cathy! She would be somewhere in New York right now, but she wouldn't be alone. Someone was following her, watching her, waiting for the signal from Waigel to kill her. I couldn't allow that to happen, not after Debbie.

But was Hamilton bluffing? I didn't put it past him in a tight spot to come up with something like that. And if he was bluffing, I knew he would be convincing.

Hamilton followed my train of thought. 'I'm telling the truth, you know,' he said. 'Anyway, you can't take the risk, can you? I may be lying, but you wouldn't risk Cathy's life on that outside chance.'

He was right. We had been in enough situations where we had assessed risk together. It would be foolish to call his bluff, and he knew I wouldn't do it.

Hamilton's stare never left my face, reading everything he saw. He smiled. 'So, you're fond of her, are you? She's more to you than just another saleswoman?' He chuckled to himself. 'Well, well. You'll definitely have to tear up those tickets now, won't you?'

I was furious. He was right, I didn't have a choice. But I hated it. I hated to be outwitted by him when I was so close to nailing him. There he was in front of me, smiling slightly, calculating all the angles and getting it just right. As usual.

I looked at the clock. One thirty-five. Three minutes before he had to ring Waigel.

Hamilton said. 'Now, after you have torn up those tickets, write some replacements purchasing Phoenix Prosperity's stake in the SPV for twenty million dollars, for same-day settlement. I want you to tell administration to process the trade immediately, and call you back when the funds transfer is confirmed. I'll watch.'

I thought Hamilton's last instruction through. It would allow him to make sure Phoenix Prosperity didn't lose their $20 million after all.

Hamilton continued. 'I will call Dick Waigel every five minutes. If you try any funny stuff, or if he doesn't hear from me, Cathy is dead.'

I sighed. There was nothing for it but to do what Hamilton wanted. I sat down at my desk and pulled out some blank tickets. Just then the line flashed. Hamilton held out his hand to stop me, but he was too late. 'Yes?' I said.

'Paul, it's Robert Denny.'

'Oh, hallo,' I said.

'I know you can't talk now,' he said, 'but everything's ready for you to come round with Hamilton and Rob. The police are here, waiting.'

'Not Powell?' I said.

'Inspector Powell is here, but I've got his boss as well, Chief Inspector Deane. There are also two men from the Serious Fraud Office. And the FBI are standing by to snatch Waigel in New York.'

Hamilton couldn't hear what Denny was saying, but he was watching me closely. I looked up at the clock. One thirty-seven. Hamilton's eyes followed mine. 'One minute to go,' he said.

'Are they right outside his office?' I asked Denny.

'Hold on,' he said. I heard muffled voices on the other end of the line. They took for ever. I watched the second hand race round the face of the clock, heading fast for the number twelve. I knew our clocks were accurate to the second, I hoped Waigel's would be equally precise. 'Yes, they are right there.'

'I won't call Dick Waigel back unless you hang up now,' said Hamilton. I glanced at him. He meant it.

My mind raced. This was the best chance I would get to stop Hamilton. If I let it slip, there could never be any guarantee that Cathy would be safe. And I couldn't let him just walk away.

I took a decision.

'Listen closely,' I said to Denny, speaking rapidly. 'Tell the FBI to snatch Waigel right now. And send some police round here. Do it quick. We only have seconds. I'll explain in a minute.'

'Right,' said Denny, and rang off.

My heart was thumping at the risk I had taken. I put the phone down and stood up straight, looking directly at Hamilton. His eyes were wide open with surprise. He hadn't expected this. 'I wasn't bluffing,' he said. 'Cathy is dead.'

He bent down slowly, picked up his briefcase, and backed towards the door, his eyes never leaving my face.

I caught the movement of something rushing towards the desk beside Hamilton. Rob vaulted over it, sending a computer crashing to the ground, and hurled himself on to him.

They both hit the ground hard. Rob let out a cry and grabbed his shoulder. As Hamilton pulled himself to his feet, I leapt on top of him. He struggled, but Rob joined me, and in a few moments we had him pinned to the floor, Rob on his legs, and me on his shoulders.

'Tie his hands,' shouted Rob.

I looked for something to bind him, and grabbed at the electric lead sticking out of the computer that lay cracked on the floor. I yanked it out and tried to wrap it round Hamilton's hands.

It was difficult. Even with two of us, Hamilton was wriggling and thrashing, and we couldn't keep his wrists in one place long enough to tie them.

'Keep still!' I shouted.

Hamilton took no notice, and somehow managed to kick Rob hard in the ribs.

I took the flex and wrapped it round his neck, pulling his head back.

'Keep still, I said!'

He bucked and nearly threw me off his shoulders. I pulled back on the flex hard. Anger rushed through me. Here was the bastard who had betrayed me, deceived me, who had cheated, lied and killed. He would have murdered Cathy as well if he had had the chance. In fact, he might already have succeeded.

I gritted my teeth and pulled harder. The blood rushed in my ears. The body underneath me stopped moving. I half heard Rob shouting my name.

Then I felt strong hands grab the flex and pull it away from me. Other hands picked me up off Hamilton. I looked down at him. His head flopped to the ground, and he took huge wheezing gulps of air. Spittle dripped down from his open mouth. His face was bright red.

I slumped back into a chair, the anger draining out of me. A small voice of common sense told me I was glad I hadn't killed him. A policeman was kneeling over him, and another had his arms firmly on my shoulders. Two more were watching, one talking urgently into his radio. My mind cleared. Cathy! I leapt to my desk and rang Denny. He put me on a speakerphone with Chief Inspector Deane.