folded his arms defensively and thrust his chin up. 'Why? What's the problem?'
'No problem,' Nelson said. 'I was just wondering how long they'd been shareholders.'
'It's in the accounts.'
'The accounts only show shareholders with more than five per cent of the company. They could have had a small stake for years.'
Anderson nodded, conceding the point. 'About three years,' he said. 'They came straight in with their seventeen per cent holding.'
'How did they hear about the company?'
Anderson looked across at Freeman as if pleading for support. There was nothing Freeman could say. It had been Anderson who'd brought them in as investors. At the time Freeman had been chained to a boiler in a cellar in Sarajevo. 'I can't remember,' Anderson said. 'I'll go back through the file. I still don't see what the problem is.'
'To be honest, Maury, CRW doesn't strike me as a speculative investment. Venture capital is like seed corn, it's not fertiliser. You don't use venture capital to shore up a loss-making company.'
'They thought our problems were temporary, that we're due for a turnaround,' Anderson said.
Nelson scribbled a note on his leather-bound writing pad. He nodded without looking up. 'Where would they get that impression from?' he asked.
Anderson was lost for words. He looked at Freeman, then at Katherine, then back to Freeman. Freeman shrugged. 'I don't get this,' Anderson said. 'The banks won't lend any more to us, diis guy's waiting like a vulture for the first signs of weakness, but when I come up with people who are willing to invest in us, he sits there asking why. Look, Lonnie, have you ever heard the expression “don't look a gift horse in the mouth”? Like, maybe we should just thank them and take their money?'
Nelson studied Anderson for a few seconds. He seemed totally relaxed, except for the slow tapping of his pen, whereas Anderson had wound himself into a state of considerable I � � . . THE BIRTHDAY GIRL 69 agitation. 'First of all, it's Lennie, not Lonnie. Second of all, if ,: we're throwing proverbs around, what about “beware of Greeks bearing gifts”? There's a very good reason why the banks won't increase your credit lines just now. There's no good reason why a group of venture capitalists would want to put more money into | ; the firm. That's all I'm saying.'
'; Anderson's cheeks had reddened and he was clenching and unclenching his hands like a weightlifter preparing to go for his personal best. 'So, what do you suggest, Lennie?' he said. K Nelson smiled and shook his head. 'I'd just like to know more about them, that's all. You're CRW's financial director. It goes without saying that I trust your judgment.'
I ', 'Well, that's something,'Anderson said, though he didn't look any happier.
'We're still going to have to vote on whether or not to issue the new shares,' Freeman said.
'And it'll have to go before a full shareholders' meeting,' Nelson said. 'The annual meeting is next month, right?'
Freeman nodded. 'That'll be soon enough, right, Maury?'
Anderson said nothing, but he nodded. At least he'd stopped clenching his fists. Freeman called for a vote, and it was unanimous. The board's decisions usually were. Jo minuted the decision and Freeman turned to Nelson. 'There was something you wanted to say to the board, Lennie?' he said.
Nelson pushed his chair back and stood up, surveying the room for a moment or two before speaking. 'I wanted to say a few words about the business, and where I see it going, so that we can all give some serious thought to the future of CRW.' He looked at the portrait of the firm's founder. 'The defence industry has changed a lot since Mr Williamson began manufacturing armoured vehicles in his barns near Annapolis. He was astute enough to see in the early years the importance of electronics, and to redirect the company to its current activities missile guidance systems and video circuits. But I think it fair to say that if he were alive today, he'd realise
'No problem,' Nelson said. 'I was just wondering how long they'd been shareholders.'
'It's in the accounts.'
'The accounts only show shareholders with more than five per cent of the company. They could have had a small stake for years.'
Anderson nodded, conceding the point. 'About three years,' he said. 'They came straight in with their seventeen per cent holding.'
'How did they hear about the company?'
Anderson looked across at Freeman as if pleading for support. There was nothing Freeman could say. It had been Anderson who'd brought them in as investors. At the time Freeman had been chained to a boiler in a cellar in Sarajevo. 'I can't remember,' Anderson said. 'I'll go back through the file. I still don't see what the problem is.'
'To be honest, Maury, CRW doesn't strike me as a speculative investment. Venture capital is like seed corn, it's not fertiliser. You don't use venture capital to shore up a loss-making company.'
'They thought our problems were temporary, that we're due for a turnaround,' Anderson said.
Nelson scribbled a note on his leather-bound writing pad. He nodded without looking up. 'Where would they get that impression from?' he asked.
Anderson was lost for words. He looked at Freeman, then at Katherine, then back to Freeman. Freeman shrugged. 'I don't get this,' Anderson said. 'The banks won't lend any more to us, diis guy's waiting like a vulture for the first signs of weakness, but when I come up with people who are willing to invest in us, he sits there asking why. Look, Lonnie, have you ever heard the expression “don't look a gift horse in the mouth”? Like, maybe we should just thank them and take their money?'
Nelson studied Anderson for a few seconds. He seemed totally relaxed, except for the slow tapping of his pen, whereas Anderson had wound himself into a state of considerable I � � . . THE BIRTHDAY GIRL 69 agitation. 'First of all, it's Lennie, not Lonnie. Second of all, if ,: we're throwing proverbs around, what about “beware of Greeks bearing gifts”? There's a very good reason why the banks won't increase your credit lines just now. There's no good reason why a group of venture capitalists would want to put more money into | ; the firm. That's all I'm saying.'
'; Anderson's cheeks had reddened and he was clenching and unclenching his hands like a weightlifter preparing to go for his personal best. 'So, what do you suggest, Lennie?' he said. K Nelson smiled and shook his head. 'I'd just like to know more about them, that's all. You're CRW's financial director. It goes without saying that I trust your judgment.'
I ', 'Well, that's something,'Anderson said, though he didn't look any happier.
'We're still going to have to vote on whether or not to issue the new shares,' Freeman said.
'And it'll have to go before a full shareholders' meeting,' Nelson said. 'The annual meeting is next month, right?'
Freeman nodded. 'That'll be soon enough, right, Maury?'
Anderson said nothing, but he nodded. At least he'd stopped clenching his fists. Freeman called for a vote, and it was unanimous. The board's decisions usually were. Jo minuted the decision and Freeman turned to Nelson. 'There was something you wanted to say to the board, Lennie?' he said.
Nelson pushed his chair back and stood up, surveying the room for a moment or two before speaking. 'I wanted to say a few words about the business, and where I see it going, so that we can all give some serious thought to the future of CRW.' He looked at the portrait of the firm's founder. 'The defence industry has changed a lot since Mr Williamson began manufacturing armoured vehicles in his barns near Annapolis. He was astute enough to see in the early years the importance of electronics, and to redirect the company to its current activities missile guidance systems and video circuits. But I think it fair to say that if he were alive today, he'd realise
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