William knew then that the time had come to acquaint ' He Ted Leach and Tony Simmons with his worst fears. asked Tony to come to New York where he called both of the vice - chairmen to his office and related to them the saga of Abel Rostiovski and Henry Osborne.

'Why didn't you let us know about all this beforeF was Tony Simmons' first reaction.

'I dealt with a hundred companies like the Richmond Group when I was at Kane and Cabot, Tony, and I couldn't know at the time that he was that serious about revenge. I was only finally convinced of his obsession when Rosnovski purchased ten per cent of Interstate Airways!

'I suppose it's possible you may be over - reacting,' said Ted Leach. 'Of one thing I am certain: it would be unwise to inform the rest of the board of this inforination. The last thing we want a few days after launching a new company is a panic on our hands!

'That's for sure,' said Tony Simmons. 'Why don't you see this fellow Rosnovski and have it out with him?'

'I expect that's exactly what he'd like me to do.' replied William. 'It would leave him in no doubt that the bank feels it's under siege.'

'Don't you think his attitude might change if you told him how hard you tried to talk the bank into backing the Richmond Group, but they wouldn't support you and ...'

'I've no reason to believe he doesnit know that already,' said William. 'He seems to know everything else.'

'Well what do you feel the bank should do about Rosnovski?' asked Ted Leach. 'We certainly can't stop him from purchasing our stock if he can find a willing seller. If we went in for buying our own stock, far from stopping him, we would play right into his hands by raising the value of his holding and jeopardising our own financial position. I think you can be certain he would enjoy watching us sweat that one out. We are about the perfect size to be taken on by Harry Truman, and there's nothing the Democrats would enjoy more than a banking scandal with an election in the offing.'

'I realise there's little I can do about it,' said William, 'but I had to let you know what Rosnovski was up to in case he springs another surprise on us.'

'I suppose there's still an outside chance,' said Tony Simmons, 'that the whole thing is innocent, and he simply respects your talent as an investor!

'How can you say that, Tony, when you know my stepfather is involved? Do you think Rosnovski employed Henry Osborne to further my career in banking? You obviously don't understand Rosnovski as I do. I've watched him operating now for over twenty years. He's not used to losing; he simply goes on throwing the dice until he wins. I couldn't know him much better if he was one of my own family. He. will...'

'Now don't become paranoid, William, I expect 'Don't become paranoid yofi say, Tony. Remember the power our Articles of Incorporation give to anyone who gets his hands on eight per cent of the bank's stock. An article I had originally inserted to protect myself from being removed. The man already has six per cent and if that's not a bad enough prospect for the future, remember that Rosnovsld could wipe out Interstate Airways overnight just by placing his entire stock on the market at once.'

Tut he would gain nothing from that,' said Ted Leach. 'On the contrary, he would stand to lose a great deal of money.'

'Believe me, you don't understand how Abel Rosnovski's mind works,' said William. 'He has the courage of a lion, and the loss would mean nothing to him. I'm fast becoming convinced his only interest is in getting even with me. Yes, of course he'd lose money on those shares if he dumped them, but he always has his hotels to fall back on. There are twenty - one of them now, you know, and he must realise that if Interstate stock collapses overnight, we will also be knocked backwards. As bankers, our credibility &pends on the fickle confidence of the public, confidence Abel Rosnovski can now shatter as and when it suits him.'

'Calm down William,' said Tony Simmons. 'It hasn't come to that yet. Now we know what Rosnovski is up to, we can keep a closer watch on his activities and counter them as and when we need to. The first thing we must be sure of is that no one else sells their shares in Lester's before first offering them to you. The ' bank is always going to support any action you take. My own feeling is still that you should speak to Rosnovski personally and have it out in the open with him. At least that way we will know how serious his intentions are, and we can prepare ourselves accordingly!

'Is that also your opinion, Ted?'asked William.

'Yes, it is. I agree with Tony. I think you should contact the man directly. It can only be in the bank's interests to discover how innocent or otherwise his intentions really are.'