development?â
âIâd estimate thirty-two million pounds,â said Franks. âIâm only interested in a class development. Thatâs always been the keynote.â
âAt a rough conversion, forty-eight million dollars, although thereâll obviously be currency fluctuations,â said Nicky. âThat doesnât seem to be a problem, to me.â
âSure?â
âItâs my business to be sure,â said the lawyer. He smiled. âI asked around, to test the feeling. Chase Manhattan and Manufacturers Hanover are interested and said the talking could start at twelve percent. Citibank wants to come into any discussion and thought eleven might be the price if the borrowing were over twenty million dollars.â
Franksâ irritation at the lawyer already having made approaches was only momentary; there would have had to be some discussion in advance of their meeting for Nicky to be able to say whether or not he could broker the deal. He said, âPretty much in line with English banks.â
âTheyâll do better, now weâve got specific figures,â insisted Nicky.
âHow much better?â demanded Franks.
âTen,â predicted Nicky. âMaybe not for the whole amount but for the majority.â
Franks guessed his English financiers would demand a split commitment, too; pegging the development costs but putting a half or maybe a whole point higher on the money necessary until everything was operational. âWhy donât we set up some meetings, to see what theyâll do?â
Nicky pushed away his plate, hesitating. Then he said, âIâve also gone to sources other than banks.â
âPrivate investors prepared for a forty-eight-million-dollar deal?â asked Franks.
âIâve known people prepared to invest for a lesser immediate return. And sums greater than forty-eight million dollars,â assured Nicky. âPeople prepared to wait to see their investment mature and stay good. Hotels are bricks and mortar; permanent. Some people are attracted to permanence more than the uncertainty of the stock market.â
âNo harm in exploring that, too,â conceded Franks. What about his unbroken principle? he asked himself at once. It still wasnât a commitment, he thought, in reassurance. And it would all make useful bargaining material when he went to the British banks.
âTook a chance on your saying that,â said Nicky. âThere are some guys in town Iâve acted for on previous occasions. Give them my personal guarantee. Two from Chicago and one from Houston. The Chicago guys are going back tonight; theyâre locked into a meeting there tomorrow. So Iâve set up a conference this afternoon, back at the office.â
âThought you werenât hustling,â said Franks, unsettled at the speed with which things were moving.
âThey couldnât change their plans,â repeated Nicky. âIt seemed ridiculous to lose the opportunity; weâd arranged to go back after lunch anyway.â
Franks tried to avoid the thought but he couldnât; Nicky was very much in the subservient role. He said, âOkay. But just because of the circumstances. From now on letâs take things a bit slower; I want to talk things through and make my own decisions how to proceed, not have them made for me.â
âYouâre always going to be the one who calls the shots,â reminded Nicky, unoffended by the rebuke.
âYouâve acted for them before?â
âAll of them,â assured Nicky. âLike I said, I can personally guarantee them. One, Roberto Pascara, is a friend of my fatherâs, from the early days when he set up the trucking business.â
Heâd go to the meeting, decided Franks. But from now on heâd insist that Nicky do everything at his pace. He was the one in control, after all; and he was determined to stay that way.
Even before