Though immensely wealthy, Doris's situation often resembled Leo's—she had to guard against covetous eyes from all directions.
To Leo, Doris was an excellent investor.
"Welcome, Lady Doris."
With those words, Leo accepted her request, and her smile blossomed like a flower.
"Leo, may I have a word in private?"
It was Owen beside her who spoke up.
The two stepped into a corner of the banquet hall, where Owen impatiently began:
"Leo, I asked my father. He agrees with Phoenix's proposal—an exchange is possible.
But he raised one question: if we trade 10% of the American Real Estate Group, worth six billion, for 10% of the Valentino Retail Group, worth just six hundred million, the loss is enormous. It's impossible to explain to Altria's shareholders.
So, he asked me to ask you: could Altria acquire 40% of the Valentino Retail Group instead?"
Owen glanced nervously at Leo, knowing his father's demand was excessive.
What he saw was Leo's disdainful gaze.
"Dream on. Give you forty percent, and once Valentino Retail goes public, Altria would be the largest shareholder. Why even call it Valentino Retail then? Might as well rename it Willard Retail Group."
Leo would never make clothes for others to wear. With that, he turned to leave—only for Owen to grab his arm.
"Don't go, Leo. There's another way. What if we trade just 2% of American Real Estate Group for 10% of Valentino Retail Group? Would that work?"
Owen pleaded.
"You're not stupid, Owen. Why speak foolishly? I've already said—I will never allow a single company or family to invest in both my enterprises."
Leo's tone was sharp.
"We can sign a proxy agreement. The remaining 8% we'll entrust entirely to your management. And we can add a binding clause: if we ever sell that 8%, it can only be to you. Would that be acceptable?"
At this, Leo paused, interest flickering in his eyes. He turned back and asked:
"A retail company—why does Altria value it so highly?"
"Because we must. We've studied you, Leo. Once you enter an industry, you aim for dominance.
And retail, once it grows powerful, will choke the lifeline of tobacco companies. That's something we cannot allow.
So before the game begins, we must join. Protecting Altria's interests—that is our core demand."
Owen's words made Leo nod slightly. He patted Owen's shoulder, then returned to the banquet.
Owen exhaled a long breath of relief as Leo moved off to greet the Earl of Westminster. Even though the deal went through at a loss, at least his mission was complete. Despite being ten years older than Leo, he always felt greater pressure facing him than even his own father.
"Leo, let me introduce you—this is Baron Nal Johnson, Chairman of British American Tobacco."
The Earl of Westminster approached, accompanied by a refined English gentleman who was chatting with Doris. Leo instantly understood—this man, too, was from the tobacco circle.
As expected, Owen's introduction confirmed it.
"Thank you for coming, Baron Johnson."
Leo smiled, shaking his hand.
"No—it is I who must thank you. By leaving a window open for British American Tobacco, you've spared us much hardship. Otherwise, compared to Altria who has already taken a step forward, our days would be far more difficult."
Nal's gaze followed Owen's retreating figure, while Owen returned only an awkward smile.
British American Tobacco's case was different from the others.
Though the American Tobacco conglomerate seemed dismantled, true power still lay with a handful of families. They had formed the American Tobacco Association, whose board members were almost identical to the old American Tobacco board.
Originally, the small American Tobacco Company had been among them. But in the 1920s–30s, under careful maneuvering, it merged with Britain's second-largest tobacco firm to form British American Tobacco.
The very name made clear where control now lay. Outsiders, naturally, were excluded. To the Association's council, Willard investing in retail was tolerable—it was still "one of us."
But BAT was different. If they failed to join, Nal Johnson knew the Willards would inevitably use their influence with Leo to suppress British American Tobacco.
Leo ignored the provocation. Instead, he glanced at Doris, then turned back.
"Sir Johnson, you seem well acquainted with Lady Doris."
"Haha, indeed. Doris is also a shareholder of British American Tobacco—she owns fifteen percent."
Johnson revealed.
"Oh? Then, Sir Johnson, how many shares of Valentino Retail do you wish to acquire?"
Leo asked directly.
"How much is Willard taking?"
An old aristocrat, Johnson considered etiquette in negotiations. He didn't open like a lion, but first asked what his rival had.
"Ten percent."
Leo replied.
"Then I'll take ten as well. I've already checked—the current valuation of Valentino Retail is six hundred million. Ten percent equals sixty million. I've brought the funds, ready to trade at once."
Johnson said.
"Hahaha, no hurry, Sir Johnson. We can sign the contract this afternoon."
Leo answered smoothly.
At that moment, George Bush and Jay Mortimer approached, accompanied by two men. One was very familiar—Rick Taft, Leo's former special forces comrade and now regional manager of American Real Estate Group in Ohio.
Brothers-in-arms don't shake hands. Leo embraced Rick warmly, their chests colliding.
"Rick! What brings you here?"
"Boss, I was dragged here by these two, to vouch for someone."
Rick gestured at Bush and Mortimer.
Leo's eyes swept over the four. He asked Rick:
"So—you're Skull and Bones too?"
Rick nodded.
"Yeah. I graduated from Yale, and the Taft family is one of the founding families of Skull and Bones."
Leo nodded slowly, turning his gaze to the only stranger among them—a textbook Englishman.
Though only in his thirties, his scalp gleamed bald under the lights.
Sensing Leo's scrutiny, the man stepped forward.
"Honored Mr. Valentino, my name is Henry Russell."
Before Leo could respond, George Bush—the future President—added the weighty introduction:
"Mr. Valentino, Russell is a descendant of William Huntington Russell, Skull and Bones' founder. To this day, the order's main funding still comes from the William Huntington Russell Trust."
No further credentials followed. Leo frowned. A mere sponsor of Skull and Bones didn't guarantee the strength to buy in.
Rick, reading his old commander's thoughts, pulled him aside.
"Boss, the Russell family doesn't run big enterprises openly, but they control many mid-tier firms behind the scenes. More importantly, they're major donors to the Republican Party."
Leo's frown deepened. That didn't add up. Mid-sized firms couldn't possibly provide such massive political donations.
And if the Bushes, Harrimans, and Tafts all endorsed him, the family's power had to be formidable.
Yet Leo, now firmly in the upper echelons, had never once heard their name. That was strange.
Seeing Leo's persistence, Rick sighed and confessed:
"Boss, it's normal you haven't heard. The Russell family's business collapsed after the Pacific War began. They can't run it anymore. Their trade was… opium."
The word unlocked Leo's memory—his Chinatown visit with Grace Kelly a year ago, when he saw the opium dens and later dreamed vividly of them.
The Russell family had once been super-dealers. In late Qing China, they cultivated ties with the government and southern warlords, siphoning endless supplies of premium opium.
Qing opium was prized worldwide. Contrary to common belief, it wasn't just the British who profited—the world's most diligent farmers lived in the East. Centuries of meticulous cultivation techniques, once applied to poppy fields, transformed everything.
Soon, addicts everywhere boasted of smoking "authentic Qing opium."
As the sole designated distributor, the Russell family had monopolized global supply, amassing in decades a fortune that would take others centuries to spend.
By the afternoon, in a hotel conference room, Leo and his lawyers convened with the new investors to finalize a preliminary agreement for Valentino Retail Group.
Leo ceded 30% of shares:
Doris Duke – 5%, exchanged for 10% of Southern Railway plus $10 million cash.
Henry Russell – 5%, purchased outright with $30 million.
Sir Nal Johnson (British American Tobacco) – 10%, for $60 million cash.
Altria Group – 10%, swapped for 2% of American Real Estate Group, with proxy and resale agreements granting Leo ultimate control.
Thus, the shareholding structure stood:
American Real Estate Group
Lawrence Rockefeller – 10%
Altria Group – 13%
Secondary Market – 20%
Carson Mellon (Mellon Real Estate) – 10%
Phoenix – 3%
Morgan Family – 3%
General Motors – 5%
Brookfield Real Estate – 1%
Leo Valentino – 35%
Valentino Retail Group
Doris Duke – 5%
Henry Russell – 5%
Altria Group – 10%
British American Tobacco – 10%
Leo Valentino – 70%
Beyond gaining another $100 million in liquidity, Leo harvested a hidden gem: he now controlled Southern Railway.
He had already held 42%. Doris contributed another 8%, and with 1% newly purchased through Evangelical intermediaries, his total reached 51%—securing control.
The Stinson family, led by CEO Merck Stinson, had once been the largest shareholder with 38%. But now, with Leo commanding the majority, he demanded they relinquish control.
Leo's interest in Southern Railway was not to avenge Evan, Norfolk's CEO. The key was Southern's 15% stake in Central America Railway Company.
Leo already owned 8% through the Church. Together, he now held 23%—making him the largest individual shareholder, with the right to launch a hostile takeover.
For American corporations in Central America, the railroads were everything.
Take bananas: without railroads, countless green bananas would rot before reaching port.
Leo saw this truth. So did the undisputed titan—United Fruit Company.
In his final hour before boarding ship, Leo received a call from the White House.
Since his rift with Truman remained, it was Louis who phoned.
"The Gatekeeper himself calls me?"
Leo joked, using the nickname "Gatekeeper" for the White House Chief of Staff. Their friendship ran deep.
Louis's tone was grave.
"No jokes, Leo. This is urgent. The President is under enormous pressure."
"Haha. Tell me, what kind of pressure does our proud President face? Let me have a laugh."
Leo scoffed.
"You joined Truman's campaign. You know United Fruit was his third-largest donor after you. They're pressing him hard—demanding he stop your acquisition of Central America Railway shares."
Louis revealed.
"Heh. The 8% I bought from the Vatican wasn't U.S. government property. Truman has no authority."
"True. Harry told them the same. He said the only way forward is for United Fruit's men to meet you directly. Whatever deal you strike, he won't interfere."
Louis said.
"At least he knows his limits. But tell me, why should I grant Harry this favor?"
"Leo, you're not a man of petty pride. In the public eye, you and Harry are closely bound. When you return from Central America, he'll be waiting at the Lynchburg Hotel."
Louis insisted.
Leo wasn't one for petty pride. But now that Truman was President, Leo could not yield an inch. If he did, Truman would next demand Leo come to the White House and serve him—unlike now, where Truman had to come to Leo.
As he hung up, Aldo entered hurriedly.
"Sir—United Fruit's Executive Director and their Central America Chief, John Foster Dulles and Allen Dulles, wish to see you!"