Hot Potato

33. Acquisition

Dunc resumed thumbing away on his iPhone as soon as we entered the elevator, asking me for details for the company registration. Then sitting in ColeCorp's reception area, after he had spoken with Mrs Nguyen, he continued a while longer before he held out the phone for me to see the screen. "As I had thought, GG wasn't available. Your new company is Gallini Holdings."

"Wow! So fast."

"Yes, now. A few years ago, the government finally saw the wisdom of speeding commerce rather than stuffing the lawyers' pockets." He chuckled. "Facetious, but with a lot of truth."

"So, what's our approach?"

"The message I sent to Mrs Nguyen said you had needed to speak with your accountant."

"Good idea." I patted Dunc's knee and chuckled. "I loved his wisdom. Also, this explains the time well."

"As well as the look of shock and surprise on your face when Mr Collwell ordered me to sell it. Though I now see it wasn't, they might also have interpreted it as your interest in purchasing."

"Assuming I'm accustomed to buying companies. Hah! Poor me with a bank balance barely into five digits – not a seven, eight or nine-digit one."

"With your assets, you're far from poor, Gigi. But that's beside the point. Your presence in front of them – your confidence, your eloquence, your ready logic – all would have caused them to see you as well-established and capable. Many first-timers cringe and fluster in front of that board."

"But you were there to protect and defend me. Your right arm free to parry and snick with your sword." I giggled, then tilted my head in question. "My assets, what do you mean by that?"

"For a start, there's your condo – you should have well over half a million equity in it."

"What? How?"

"You bought five years ago. Those places have doubled in value since then, so the current value less your mortgage liability makes you a demi-millionaire."

"Hmmm! I like that. What about the six hundred and whatever thousand liability of Hot Potato? I wasn't aware it was so much. Won't that make it difficult to turn around?"

"Almost four hundred thousand of that is hypothetical."

"What's that?"

"Payable only if the business closes without giving notice to the staff and to the property owners – honouring the severance agreements."

I nodded. "So not as bad as George had made it sound."

"He was looking at it from the point of view of closing the company, and they would be payable if that were done."

"So, you duped him."

"Not really. From long experience, I know how he assesses value, and I made it easy for him to assume the company is on its deathbed. And once dead, those liabilities must be paid."

"What about the other liabilities?"

"Mostly normal operational expenses, revolving with the cash flow."

"Mostly?"

"The drawdown of the line of credit is the exception. I'll clear that as soon as you take possession, so it doesn't continue to accrue interest."

"You appear to have a bottomless purse."

"No, far from it. I'll have to sell some shares to cover this, likely Apple – they've gained forty per cent or so the last two months, and they're due for an adjustment."

I chuckled. "And you had called me astute."

"You are. You would very quickly learn how to kick ass in the market."

"Umm. I'd prefer to kick ass in the restaurant industry."

"You'll be well set for –"

"Mr McSweeny, he'll see you now."

We rose and followed the young woman along the hall and into the boardroom, and I was relieved by how much more relaxed I felt this time.

Mr Colewell looked up from some papers as we crossed the room toward him. "I had hoped this would be the outcome, McSweeny. Makes it much easier."

Before Dunc could answer, I said, "And it will relieve the staff, sir. Not a good idea to leave them hanging in limbo and guessing their future."

"Indeed. What do you propose?"

"Nine hundred and fifty thousand, sir. Save you the hassle and the brokerage commission."

"Nine seventy-five, and we'll call it done."

"Fine. Shall we shake on it? My accountant has to shuffle assets before we can close. A day or two."

Mr Colewell winced at the effort as he slowly pulled himself up out of his chair. Then pressing one hand on the table to steady himself, he extended his other toward me as I approached. "I like your style, Ms Bellini. Confident and to the point."

As we shook, I said, "It's Gallini, sir. Should I have Mister McSweeny draw up an agreement to sign?"

"Yes, yes. I was about to instruct him to." He turned to Dunc. "Do that, McSweeny. You have signing authority at this level, so no need to see me again with this. Who's next, George?"

Knowing we had been dismissed, I spoke before George could answer, "Thank you, sir. I'll invite you to the grand opening."

"When will that be?"

"Not for two weeks or so."

"You had previously said a week."

"Now that I own it, I want to guarantee its success."

"I like your spunk."

"You'll love my cuisine, then."

George cleared his throat with obvious impatience.

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Points to consider in this chapter:

Do Dunc's explanations of liabilities and George's dislike of them make sense?

Once on familiar ground and with familiar people, Gigi shines. Have I shown this well here?

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