Wilson shook his head but remained silent.
“He struck a final deal to merge Fielder amp; Company with KaneWeller last week. KaneWeller wants to close by the end of this week. There are papers you’ll need to sign.”
“Why do I need to sign? It should be my mother’s decision.”
“There was a change in your father’s will, specifying that you become Chairman of the Board of Fielder amp; Company and assume full control of his shares, in the event of his death or incapacitation.”
Wilson closed his eyes, suddenly feeling more burdened. “When did all of this happen?” he asked, beginning to pace.
“A few weeks ago. You and your sister each own fifty percent of his eighty-two percent ownership of Fielder amp; Company; however, Rachel’s shares are non-voting shares. Your father wanted to respect your sister’s disinterest in the company. The remaining eighteen percent is owned by a handful of investors, mostly Fielder amp; Company executives. He also gave you control of the rest of his investments. Your mother was removed from all rights to ownership. Of course, the will provides for a generous monthly stipend for as long as she lives.”
“Does my mother know about all of this?”
“Yes,” Daniel said as he set his briefcase on the breakfast table and retrieved an envelope. He handed it to Wilson. “Your father’s instructions were very precise. He wanted you to read this if anything happened to him.”
Without responding, Wilson looked at the large tan envelope in his hands. Feeling exposed, he muttered, “Give me a few minutes,” and walked toward the den off the foyer. Opening the metal clasp on the unsealed envelope and pulling out the hand-written letter, he stepped inside the den, closed the double doors behind him and sat down in his father’s favorite overstuffed chair near the fireplace.
Dear Wilson,
If you’re reading this without me, it means you’re in serious danger. There are people who may try to kill you, especially if they think you know about the full extent of my activities at Fielder amp; Company. Trust me when I tell you that you’re safer not knowing the details. You must convince the people who will be watching that you’re not involved and have no desire to be involved. Complete the merger with KaneWeller and then liquidate all my other business assets as quickly as possible. Daniel Redd will help you. If you need additional help, go to Carter Emerson. Trust no one else.
The only explanation I dare give you is that several years ago I embarked upon a path that I believed would make the world a better place. Remember our conversations about humanizing capitalism? Now I’m not so sure that what I did was right. Only time will tell. Sadly, my mistakes have now become your burden and enemy. I know this seems cryptic and enigmatic, but giving you more information will only make you a bigger threat to the people responsible for my demise. That’s why you must distance yourself from my business interests as soon as possible. I removed your mother and sister from participation in the business to protect them, but that makes you even more vulnerable.
Eventually, you’ll put the pieces of the puzzle together. When you do, I hope you’ll understand why I did it and why I didn’t tell you everything beforehand. You’ve been placed in control of the estate because I trust you’ll know what to do with its resources, especially if things become more difficult and dangerous than I have anticipated. Trust your intuition and judgment. You’re better than I ever dreamed of being. Forgive me, if you can.
All my love,
Dad
Wilson read and reread the letter, his disbelief and anguish growing more acute with each pass. At one point he found himself speaking his father’s words out loud in an effort to understand. Preparing to leave the den and confront Daniel, he rubbed his face to gather his wits. Only then did he notice the tears.
“Did you know what was in this envelope?” Wilson questioned as he strode into family room.
Daniel was listening to voice messages on his BlackBerry. “Yes. Your father’s instructions were for me to review the contents of the envelope before giving it to you.”
“Would you like to tell me what it means,” Wilson said, his head still churning with his own interpretations, replaying conversations from years earlier. His father had told him that Fielder amp; Company was considering a radical approach to humanizing capitalism, but that he would need a decade or so to see if it actually worked. But that’s as far as his father went, even when Wilson had probed for more details.
After a few moments of watching Wilson stare past him toward the chalet’s arched windows, Daniel responded. “Are you aware that your father’s estate is worth over seventy billion dollars-after taxes?”
“What?” Wilson blurted out. The number astonished him. He knew his father was very wealthy, but he had no idea his financial worth had reached such levels.
His mind raced back to his youth. By the time Wilson graduated from Milton Academy at seventeen, he’d already traveled around the world a dozen times. Then he spent four years at Princeton and two years at Harvard, graduating from both universities with highest honors. All of it should have made him hopelessly full of himself. But surprisingly, his abiding empathy for those who were less advantaged gave him an unusual charm and a curious sort of wise innocence, just like his father. But how, he worried, had my father accumulated this much wealth?
“It’s easier to hide wealth than you might think,” Daniel said. “Your great-grandfather started by hiding millions during the Great Depression. He was convinced that J. P. Morgan and a group of international bankers had orchestrated the stock market crash of ’29 and then severely constricted the money supply in order to buy up depressed assets at a fraction of their value. The result was a massive transfer of wealth to Europe and the megarich, along with the humbling of America. All agendas served the world’s money interests. Your father decided to continue his grandfather’s wealth concealment practices. The family’s seventy billion dollars is distributed across a wide range of stock positions, investment partnerships, and offshore accounts-a result of brilliant money handling for many years. KaneWeller has offered five billion dollars for Fielder amp; Company. They called me yesterday as soon as they heard the news about your father, wanting to make sure the deal was still on. As I mentioned, they want to close by the end of the week.”
Still feeling off-kilter, Wilson gawked at Daniel and then at the white tape on the floor. He motioned for Daniel to follow him to the den. He felt more comfortable there. They both sat down next to the fireplace, Wilson in his father’s chair and Daniel on an adjacent sofa.
“What’s motivating KaneWeller?”
“Fielder and Company is better at preparing clients for Initial Public Offerings than anyone in the industry. Even in bad markets, the firm stays fully booked with spin-outs, roll-ups, PIPEs …”
Wilson cut him off.
“What I don’t understand is what makes Fielder amp; Company’s approach to IPOs, spin-outs, roll-ups or PIPEs worth five billion dollars.”
Daniel looked around the den hesitantly, as if seeking Charles’ approval to proceed.
“What few people appreciate or understand about Fielder amp; Company is its ability to structure public offerings so that CEOs maximize their own personal wealth,” Daniel said, pausing. “Everything on Wall Street is plagiarized, almost immediately-so Fielder amp; Company is relentless at keeping secrets and devising new strategies for restructuring businesses without raising red flags with shareholders or the SEC.”
“And how do you manage that?”
“Don’t misunderstand me, Wilson. Maximizing shareholder wealth has always been a priority at Fielder amp; Company. We simply accomplish it while maximizing the wealth of the chief executive and select senior executives. It’s my job to make sure that everything Fielder amp; Company does is legally defensible, ethically acceptable, and fiduciarily accountable to shareholders. Fortunately or unfortunately, depending on your point of view, what they say about the rich is true. As long as they stay out of court, their moneymaking activities remain incomprehensible, beyond scrutiny and criticism. Keeping Fielder amp; Company’s clients out of the courtroom, especially their CEOs and CFOs, is what my firm does to earn its fees.”