Ray was the name Evelyn had given him, and no one would dare to defy Evelyn. She was David’s personal assistant, a woman in her late forties, single or divorced — no one knew and no one was courageous enough to ask. The evil gossips of the office said that she was married to her work and chose to live her own life through David’s. Her permanently serious expression, her conservative clothing and graying hair, always gathered into a knot at the back of her head, reminded David of his childhood Bible teacher. Her red glasses, the only trace of color on her makeup-free face, were the only hint that a woman was hidden somewhere behind the restrained visage. The appreciation, verging on admiration, that David felt toward her demonstrated that appearances could be misleading and that behind the outwardly dreary appearance, a strong, brilliant, and determined person was ebbing and flowing, someone who would stop at nothing to complete her missions.
During one of their conversations in the coffee corner, Evelyn had offhandedly mentioned she held two degrees from Columbia University. There wasn’t even a hint of vanity in her voice. She had simply reacted to a remark by Ronnie about Liah’s demanding studies at the same university.
The only logical explanation Ronnie could think of to explain such a brilliant woman ending up as an office manager was that David paid her an insanely high salary. He felt very fortunate to have Evelyn taking him under her wing and helping him fit in. She had christened him with the name “Ray” about a month after he’d started working for the company. “Why Ray?” he’d asked, puzzled, and she had gravely replied that something in his rough demeanor reminded her of Ray Donovan from the cable TV show.
“Did you know Liev Schreiber, who plays Ray, is also Jewish?” she had whispered with mock seriousness. Ever since that day, she always addressed him as Ray when they were by themselves, and they turned it into their private joke.
Ronnie had never attempted to take advantage of his relationship with Evelyn to gain any favors or cut corners, and she appreciated it. In another of their kitchenette conversations, she provided him, without being asked, an explanation for the special treatment she gave him. “You Israelis are very straightforward. You’re the only ones I can joke around with about personal issues. If I tried that kind of humor with one of the American partners, it would probably end up either with me losing my job or him desperately wooing me. I really don’t know which of the two scares me the most. Besides, you really do look like Ray Donovan.” She sent him a theatrical wink and chuckled. It was the first time he’d seen her laughing, and the first time he’d noticed just how attractive she really was.
Ronnie assumed Evelyn had personally handled the decoration and furnishing of his office. Now he thought she might also have been involved with the secret of his promotion, long before he had any knowledge of it. What else could explain how she’d managed to select and purchase new, matching furniture for his office in a single day? He also suspected David’s gesture, sending him home to spend the day with Liah, had actually been Evelyn’s idea.
Ronnie connected his computer to the docking station, and the screen in front of him woke to life. He sent a brief email to Evelyn, thanking her for her help. While sending it, he noticed she’d already changed the business title in his electronic signature from “Senior Associate” to “Partner.” Nothing could stop Evelyn, the thought passed through his mind. He knew that as the information technology manager for the fund, one of the many titles and responsibilities she held, she had access to all the employees’ passwords, but he’d never imagined she would use it unless an emergency situation was involved. He emitted a sigh Liah used to call “Ronnie’s Polish sigh of frustration” and plunged into the piles of information Henry had left on his desk.
Time flew by quickly. Now and then, one of the fund employees entered his office to wish him good luck in his new position. He gave them each a polite thank you smile and immediately got back to work, avoiding unnecessary conversations. When he finally raised his eyes from the last document, it was already eight o’clock in the evening. A yellow notepad was in front of him, scribbled with dozens of points he’d decided to look into in greater detail. In spite of the late hour, he decided to call Christian Lumner, TDO’s CEO. Lumner picked up the call after a single ring.
“Hi Christian, it’s Ronnie Saar. Got a minute for me?”
“I’m in the middle of a meeting, but hold on a moment, please,” answered Lumner, and before Ronnie could reply, he heard him say to the people in the room, “I need to take this call.”
The sound of chairs being pushed back and the footsteps of those leaving the room made Ronnie feel embarrassed. He had had no intention of disrupting the CEO’s meeting. It was the first time he had felt the power inherent in his new position.
“Yes, I’m with you.” Christian was back on the phone.
“You didn’t need to stop the meeting. We could have spoken later, or even tomorrow.”
“Everyone is already out,” Christian replied coolly, “how can I help you?”
“I’ve read the material Henry gave me, and I have a lot of questions. I plan to meet with Henry tomorrow, and later on I’d like to meet with you, too. I wanted to know when you’d be available.”
“Anytime you’d like, tomorrow or the next day. In three days, I’m supposed to travel to meet some investors, unless you advise me differently, of course.”
“Why would I advise you differently?” Ronnie wondered.
No reply came from the other end of the line.
“How about I take an early morning flight on Thursday and meet you at ten in your office. I’d be delighted if you would clear most of your morning schedule for me. OK?”
“OK,” Christian answered dryly, “send me the flight details, and I’ll have a driver pick you up at the airport.”
“No need. I’ll rent a car and get there by myself,” Ronnie hurried to respond.
“Whatever you like…will there be anything else?”
“No.”
“Then I’ll see you Thursday,” Lumner ended abruptly and hung up.
Ronnie remained seated in his chair, looking at the silent phone. Christian’s demeanor was resentful, and Ronnie couldn’t help but wonder why. Nothing in the material he’d just finished reading had predicted, directly or indirectly, what had just taken place during the conversation. What else was stirring below the surface? Ronnie pondered. He reached for the four ring binders and began to read them anew.
Chapter 6
Boston, October 16, 2013, 7:30 AM
The early flight to Logan Airport in Boston was without incident. Ronnie travelled light and didn’t have any suitcases to pick up. He headed straight to the Hertz car rental shuttle. After a short and silent journey, the shuttle stopped in the rental lot. He glanced at the large "Gold Plus members" electronic panel and saw his name and next to it the number 566. Two minutes later he sat in the Prius he’d booked, typed the address of TDO’s Waltham offices into the GPS, and took off toward the Ted Williams Tunnel. A single tear of rain sought its way down his windshield, paving the way for millions of its siblings, bursting with a crazed drumming on the roof of his car. He still had more than two hours before the meeting and was hoping he’d have enough time for breakfast at the Embassy Suites hotel, located, according to Henry, not far from TDO’s offices.
The memory of yesterday’s appointment with Henry filled him with discomfort. Henry had come to the door to greet him and congratulated him on the quick promotion. Ronnie couldn’t help but be impressed by his black, burning eyes, which utterly contrasted with his pleasant features. Even though Ronnie hated it when people made generalizations about Israelis, his interactions with Henry couldn't help but bring to mind the advice he'd received some years ago from his marketing manager, who had lived in Beijing for ten years: "The moment you think you know what the Chinese person facing you is about to do, is the moment you lose the battle against him."
“How’s your new office?” Henry asked him politely as his secretary entered the room,
holding two cups of coffee. She set them on the table, which was covered by a silk map decorated with Chinese paintings.
“Double shot, no sugar and light on the foamed milk,” she said to Ronnie and flashed a professional smile at him before exiting the room.
Ronnie, who made it a habit to religiously keep his private life to himself, felt his privacy had been breached for the third time in only two days.
“Shall we begin?” Henry asked, not really waiting for Ronnie’s answer.
Ronnie opened his computer. The file with all the questions he’d prepared was already flashing on the screen. “Allow me to be frank with you,” he opened, “I went over all the material in the binders and read all the relevant information collected in the fund’s database. I can’t shake the feeling everything seems too good to be true. From my experience as a CEO, I know every company has its ups and downs, and here, for the first time in my life, I come across a company which functions exceptionally well throughout the years, systematically meets all its goals, and demonstrates an extremely high growth potential. In my experience, the life of a company is composed of a collection of potential crises lurking around every corner. And yet here, all the board reports are optimistic, none of them speak of any problems, and all of the CEO’s requests are always unanimously approved. It’s a utopian world, and I don’t really believe in utopias.”
“What are you really trying to ask?” Henry straightened in his chair, fully alert.
“Either I was lucky enough to receive a perfect company or — and I find this second option to be more reasonable — the CEO is not being completely transparent in his reports or even worse, he ‘artificially improves’ the actual business results. You have a lot more experience than I do. As someone who’s worked with the company from day one, I’d appreciate your opinion on the subject.”
Henry gave him a cold smile, brushed an imaginary grain of dust from the sleeve of his striped jacket, and said with marked sarcasm, “You have some difficult questions as well?”
Ronnie realized he’d stepped on a hornet’s nest. “That all depends on the answer to my first question,” he said grimly, letting Henry realize he was not about to drop the subject.
“Christian and I have been working together closely ever since the company was established. I hope he didn’t conceal anything from me. On the other hand, I have to note that personally, I don’t find things to be as rosy as you describe them, even though I agree with your general conclusion that TDO is a remarkable company both in its performance and in its potential. As you’ve probably realized after reading the financials, the company, which is about to finish — and based on all indications, very successfully — the clinical trials, is about to run out of cash, and Christian is working around the clock trying to raise additional funding. As stated, the company is about to finish the trial phase soon, but has not begun the sales stage yet. Without the boost of additional cash, the company will go bust. To my regret, and to Christian’s, I had to inform him that as we’ve already invested twenty-five million dollars in TDO and as the rules of the fund forbid us from investing more than ten percent of the total capital we manage in a single company, we will not be able to continue to invest in this next funding round.” He went silent for a moment, his fury-filled eyes boring into Ronnie’s. “And if you’re trying to ask me whether I’m aware of any other issues in the company, the answer is ‘no.’ Otherwise, as you well know, I would have detailed them in the reports I’ve submitted to you and all the other partners.”
“Christian sounded anxious when I spoke with him on the phone.” Ronnie met Henry’s eyes.
“He has no reason to be stressed. He just needs to do what he’s been told, and everything will turn out fine,” Henry fired back. “Naturally, he’s disappointed that we’ve stopped the cash flow, and he has to make an effort to find alternative sources of funding. I introduced him to eight different funds I’ve known for many years and explained to him in great detail what he must do. This is also the subject I planned to discuss at length with you today. I must admit I’m surprised Christian sounded upset. I’ll have a word with him.”
“Please don’t. If you do that, he’ll think I’m running to cry on your shoulder every time I’m bothered by his tone of voice, and I’ll lose his respect and trust in my abilities even before we start working together.”
“Right. Then I won’t speak with him. Will there be anything else?” Henry suddenly sounded eager to finish their meeting, even though it was scheduled to continue till noon. Ronnie chose to ignore it.
“Let’s get back to the subject of development. I have to admit I’ve never encountered a company that managed to develop a product and keep its original timetable without any unexpected delays. This would hold true for any company, let alone one that develops cutting-edge medicine. Based on the reports presented to the board of directors, it appears that TDO is the only pharmaceutical company ever that encountered no issues whatsoever during the development process. I wonder if that’s truly the situation or perhaps the CEO interfered here as well and retroactively changed the company goals so they would match the actual results. In any event, the results are so impressive that the company shouldn’t have any problem raising more funds.”
Henry hesitated for a moment and then said, “Agreed. So let’s move on.”
The tension evaporated and the conversation continued in a friendly manner. Henry updated him with the list of investors he had introduced to Lumner and the joint history each had with the fund, answered all of Ronnie’s questions with equanimity, and did not stop complimenting him on the excellent job he’d managed to do after a single day of research. And yet, Ronnie couldn’t shake the feeling something dark and sinister was lurking beneath the surface of this efficiency and mutual kindness.
Perhaps I’m being overly suspicious, he thought, just as his navigation system alerted him he was approaching the highway exit, I felt exactly the same way when I proposed to Liah. Maybe I’m just being paranoid, thinking all the wonderful things happening to me are merely a deception.
The road sign marking the exit to Waltham appeared on his right, along with the navigation system’s persistent instruction to use it. Once he’d passed the sharp curve up the road and driven across the bridge leading to the high tech park in which TDO was located, he noticed the hotel sign. He turned right at the traffic light and glided down the road, happy to discover an empty parking spot right next to the hotel entrance.
As soon as he entered, he spotted the restaurant door to his right. Ronnie shook the raindrops off his coat, stepped into the crowded room, and sat in the furthermost left corner, at a table overlooking a backyard filled with greenery. He decided to enjoy his meal and not to allow his trepidation about the appointment ruin his breakfast.
Chapter 7
Boston, October 16, 2013, 10:00 AM
How long has he been standing there? Ronnie wondered when he found Lumner standing next to the office door, waiting for him. He hurried to get inside and shook Christian’s hand with both of his, noticing the CEO’s barely concealed repulsion to the friendly gesture.
“Thanks for waiting, there really wasn’t any need to do that.”
“I just happened to pass by and saw you coming. Follow me, please. The conference room is available for our exclusive use for the entire day.” Ronnie sensed impatience underlying Christian’s words. He followed him into the large conference room and sat at the center of the table. Christian continued to the front of the room without saying a word and connected his laptop to the projector. He appeared to Ronnie the perfect image of a successful Fortune 500 CEO sent by central casting. His erect, muscular body was at least six feet tall, he was wearing gray tailored pants with fine beige stripes and a white starched shirt whose closed collar was decorated with the company tie. His tanned face was framed by a perfectly manicured hairstyle, made more distinguished by swirls of early gray.
“I prefer to conduct an open conversation at this stage,” said R
onnie. He moved closer to Christian, who recoiled a bit before regaining his composure.
Christian closed the laptop and said, “You’re the boss. Whatever you want. What would you like to hear?”
“Look, I’ve spent far more years as CEO of a company similar to the one you’re running than as a venture capitalist.” Ronnie smiled, trying to break the ice. “I admire CEOs and understand firsthand the complexities you deal with on a daily basis. That’s why I have no intention of establishing an adversarial relationship. I’m here to help, and I’d be delighted to establish a relationship based on mutual trust. OK?”
Lumner nodded, but his body language continued to indicate distress. Even though he didn’t really need more caffeine, Ronnie poured himself another cup of coffee. Christian sealed up in his disturbing silence and waited. Ronnie leaned back, clasped his hands behind his neck and asked, “What’s bothering you, Christian? If it’s that Henry had to leave the TDO board, I can assure you I’ll do the best I can to step into his large shoes. As disappointing as it may be, I can’t be Henry, I can only be myself. I can only hope it’ll be good enough for you.”
A bitter smile surfaced on Lumner’s face, “That’s hardly the reason for the stressful situation I’m in. I apologize if I gave you the impression I’m displeased by your emergence in the company. I’m all for building mutual trust. Unfortunately, I’ve been burned by trusting people in the past. All I ask is that you give me some time to place my confidence in you. Ask whatever you’d like, and I promise to answer in detail and with complete transparency.”
“OK. Why don’t you start with the status of the fund-raising?” opened Ronnie.
“I hope it goes well. As I mentioned, I’m flying to the West Coast this evening to conduct meetings with two funds that received all the company’s business and legal documents two months ago. If there’s enough time, I’ll also visit the offices of a Canadian fund in Palo Alto that’s trying to jump on the bandwagon at the last minute. I know from our clients that at least one fund, Accord Ventures Partners, is advancing with their due diligence. They’ve already conducted intensive calls asking detailed questions about our product. According to the leading partner at Accord, there are several open questions remaining that they would like to discuss with me face-to-face, before they decide if and how much they would like to invest in the company.”
Green Kills Page 4
