Dr. Fairchild pointed at the Japanese battle flag. He smiled broadly. “My father kept several souvenirs from the war, including me. He decided to stay in Singapore rather than return to Blighty, and started a small firm, which has since become Dalfan Technologies.”
“Impressive,” Jack said.
“I attended university here, where I met my wife, the mother of my two precious children. She was half Chinese and half Indian. She and I spent the first years of our marriage in London, where I earned my doctorate in electrical engineering, before returning here to start our family.”
Jack had read his wife’s online obituary on the plane ride over. “I’m sorry for your loss. Dr. Fairchild was an accomplished woman.”
“Thank you. I miss her still.”
Paul’s research into Dalfan hadn’t included the personal stuff. He was touched by Fairchild’s grief, an emotion he understood too well.
Yong set his coffee down. “As you can see, we are a proud Singaporean family, but typical of our people. We work hard, obey the laws, take risks, create wealth, pay our taxes. Singapore is successful because it has allowed families and companies like ours to prosper.”
“Sounds a little like the American Dream,” Jack said.
“Or what used to be the American Dream,” Yong said. “Your national debt, government corruption, and massive trade deficits put all of that at risk. The ‘end of history’ has a different meaning for the United States these days.”
Jack understood the reference. He had read Francis Fukuyama’s seminal 1989 article years before at Georgetown. Fukuyama’s thesis was that all of human history was progressing toward a final, culminating idea of liberal democracy that marked the “end” of historical development, and the United States was the epitome of that idea. Fukuyama’s argument seemed unassailable in the 1990s after America won the Cold War. Fascism and communism had been defeated by Western liberal democratic ideals. But America’s challenges and Europe’s crises in the twenty-first century suggested that liberal democracy itself might have seen its best days, at least in the declining West.
“Don’t count us out yet,” Jack said. “My country has a habit of coming back from behind to win.”
“I’m a huge fan of your father,” Dr. Fairchild said. “If anyone can revive the United States, it’s him.”
“I’m a fan, too, sir. But the country is too big for one man to fix all by himself. My father always does what he thinks is best for all Americans. Hopefully, there are enough of us who will do the same and follow his example, no matter what it takes.”
Dr. Fairchild nodded approvingly. “I have great hopes for your country and mine. The West has its problems, but the world as we know it — at least the best parts of it — is Western to the core, even here in Asia.” The Dalfan CEO shot a sideways glance at his son. “Don’t you agree, Yong?”
“No question, Father. But China is undoubtedly on the rise, and America’s influence in Asia is in decline.”
“Do you agree with that statement, Mr. Ryan?” Lian asked.
“The upcoming summit will help shape peace in the region for years to come, I’m sure.”
“A very political answer,” Lian said.
Dr. Fairchild smiled playfully, leaning forward, feigning conspiracy. “Care to share any specifics about the agenda?”
Jack smiled and shrugged. “I don’t have any. I’m just making an educated guess. My father doesn’t talk about financial investments with me and I don’t talk politics with him.”
“I understand.” Dr. Fairchild nodded thoughtfully. He muttered absentmindedly, “Fathers and sons.”
Lian spoke. “We are honored that you and Mr. Brown have come here, and we hope you know how much we want this deal to go through with Marin Aerospace Systems.”
“As a third-party auditor, all I can promise is that we will be as fair and evenhanded in our analysis as we can possibly be.”
“We would expect nothing less,” Yong said. The muscles in his jaw flexed. “My department will make every effort to assist you in your work. But trust me when I say that you will find all of our accounts in order and the financial strength of our company uncontestable.”
“I wasn’t suggesting otherwise,” Jack said, surprised by the sudden hostility. “I apologize if I’ve offended you.”
“Of course you haven’t,” Dr. Fairchild said. “My son runs a tight ship. He’s not used to someone running a gloved finger along the windowsill, looking for dust.”
“Good, because that’s what we’ve been hired to do. Paul will handle the quantitative analysis, and I’ll be checking in with your division heads and asking a lot of questions to help me get a better sense of your operations.”
“Whatever access you need will be provided to you. My son will be your primary contact person for the audit, and my daughter will see to your security needs.”
Jack shrugged. “Security? I thought Singapore was one of the safest cities on the planet.”
Dr. Fairchild tented his fingers in front of his smiling face. “Yes, I suppose it is, isn’t it? Still, precautions are in order.”
“I will also be your tour guide. I imagine you will want to see the sights and get a feel for the city,” Lian said. “You can’t separate our company from our country. The two go together, hand in hand.”
Jack smiled. “We look forward to it.”
Yong shifted in his chair. “Tell me, Mr. Ryan—”
“Please call me Jack. As much as we’ll see each other, there’s no point in being formal.”
“Okay. So tell me, Jack, can you tell us your opinion of Mr. Rhodes and Marin Aerospace Systems?”
“In what regard?”
“Are you of the opinion they still want to go through with the merger?”
“I’m confused. Why would you ask that? If they weren’t interested, we wouldn’t be here, would we?”
“Humor me, please.”
“We’re a neutral third-party examiner. I don’t think my opinion is worth much.”
“But as a neutral third party, you are in the best position to form an unbiased opinion about the two parties in question.”
Jack glanced at Paul. You wanna help me out here?
Paul shrugged. You’re on your own.
Jack dove in. “As far as I can tell, Marin Aerospace is very eager to proceed with the merger. And while our job is to provide a thorough and unbiased analysis of your firm’s net worth and operations, my impression is that Mr. Rhodes is hoping that we will be able to sign off as quickly as possible.”
“That’s good to hear,” Dr. Fairchild said. “When Mr. Rhodes canceled the audit, I was concerned Marin Aerospace was reconsidering their offer.”
“Not at all,” Jack said. He didn’t feel comfortable revealing that Rhodes and his team had simply screwed up.
“Your visit is pro forma. That’s the term of art, I believe,” Yong said.
“As per the contract of intent,” Paul countered. “Signed by both parties.”
“Do you have any questions for us, Mr. Brown?” Dr. Fairchild asked.
“Call me Paul, please. Just one for now. From what I’ve read, your company has been extremely successful. Why do you want a merger with Marin Aerospace? Most companies prefer to remain independent.”
“Beyond the obvious advantages that additional capital will provide, the fact remains that the world marketplace is terribly competitive. We won’t survive for much longer without a strong infusion of liquidity and the global resources that a company like Marin Aerospace can provide.”