The Entrepreneur

“Good morning, everyone,” the woman in the middle of the panel announced as she took her own inventory of those in attendance by comparing the faces she saw to the names on a sheet of paper she held in her hand.

“Libby, are you ready?” she asked the woman seated below her, just a few feet away.

“Yes, Your Honor,” came the reply.

The woman laughed at the response.  “Libby, thanks for the compliment, but this isn’t a courtroom, and I’m not a judge.”

“Oh.”  Libby put her hand over her mouth wishing she could withdraw her previous comment.  “I guess it’s not.”  After another pause she meekly added, “It certainly feels like one.”

This last comment drew an uneasy snicker from several of the participants, but the collective apprehensiveness of those in attendance remained.

“But I am ready, anytime you are,” the stenographer concluded.

“Thank you, Libby.  For the record,” the leader of the panel used a more puffy voice as she read from her notes.  “This is a preliminary hearing, conducted by an investigative team appointed by the U.S. Securities and Exchange Commission, on this fifth day of November, in the year two thousand and three.”

The woman continued with some introductory remarks to which everyone intently listened.  Finished with her preface, she leaned forward and softly asked, “How are you doing, Libby?”

“Just fine, ma’am,” came the reply.

“Good,” she continued.  “Now, before I give everyone their chance to speak their piece, and let me assure you, everyone will be given ample opportunity to do so, I’d like to start with our witness.”  She focused her gaze at the man seated by himself in the middle.  After addressing him by name, she asked, “Will you please tell us what you’ve recently discovered regarding the proposed acquisition involving the two companies represented by those seated on each side of you?”

The man nodded, indicating he understood it was his turn to speak.  Before beginning, however, he looked to the three seated to his right.  Two of the three smirked while the other remained expressionless. Then he twisted his head and glanced at the five to his left.  The taller woman and one of the men were looking toward their laps while the other three returned his gaze.  Turning his head again he focused at the picture situated on the table before him.  He reached toward it with his right hand and touched the bottom edge with a few of his fingertips.  Taking a deep breath and exhaling, he retracted his arm and returned his attention back to the panel.  He took a brief moment to look into the eyes of each before beginning.

“As you stated, one of these companies is trying to acquire the other.  Let me assure you I’m no expert in mergers and acquisitions, although I know the financial provisions and other stipulations vary significantly from one deal to the next.  What I’ve learned in this case, though, is each side is not being honest with the other.  Each company fully intends to cheat the other, for their own financial gain of course.”

A few murmurings escaped from the larger group to his left.  As he looked to his right, one of the men silently mouthed an expletive.

“That’s quite an accusation,” the woman from the bench commented.  “Particularly given the documents the side being acquired has submitted to the other as part of their full disclosure, and given the paperwork detailing the terms and conditions of this deal the other members of this panel and I have reviewed.”

“I understand, ma’am,” the man concurred.  With a shrug of his shoulders he added, “But it’s true.”

“Then let’s proceed,” the woman in charge declared.

Upon hearing her words, everyone realized the seriousness of the situation, and it prompted a few of the attendees to consider how things progressed to this point.