Having made up his mind, Simon asked, "Then, Mr. Maekawa, what kind of price are you prepared to offer?"
Maekawa replied, "Based on the information we've gathered, Cersei Capital's current net asset value should be around two and a half billion dollars. We can offer three billion."
Simon cut him off before he could continue. "Mr. Maekawa, that offer lacks sincerity. You must have a rough idea of Cersei's long exposure. I'm very confident the Nikkei 225 can break forty thousand. Holding my positions, I'd gain at least another billion in the coming months. And if you also want me to stay out of shorting Tokyo after the reversal, three billion is simply impossible."
"Mr. Westeros, I'm certain you're not a greedy man. What you describe is only an idealized scenario."
"If my North American operation two years ago hadn't already become fact, everyone would probably call that idealized too. Mr. Maekawa, I remain confident in my judgment."
Maekawa fell silent a moment, then raised a hand slightly. "Then what figure would you consider appropriate?"
Simon didn't hesitate. "Five billion dollars."
Maekawa blurted, "Too high."
Simon caught the obvious posturing in Maekawa's tone and realized his counter might actually have been low.
Thinking it through: Japan's stock market alone was already valued over seven trillion dollars, not to mention real estate and the broader economy. For five billion to remove a variable that could trigger collapse, the cost was entirely worthwhile.
Moreover, the Japanese wouldn't be handing over cash for nothing, they'd acquire Cersei's entire portfolio.
Cersei's roughly $2.5 billion net assets included $500 million cash; the rest about $2 billion was in positions at 80% exposure.
Held to the absolute peak, per Simon's memory, the portfolio plus cash would exceed $3.5 billion. Add the forfeited opportunity to short on the way down, five billion wasn't high at all.
In memory, once the turn came, the Nikkei plunged ten thousand points in four months over 25%. A matching short position would have yielded tens of billions.
Of course, that was purely hypothetical now.
Japan was a closed market.
After the crash in memory, the government imposed harsh restrictions to block speculative shorts. And index futures were zero-sum; in a collapsing market, finding counterparties willing to go long wasn't easy.
All told, cashing out cleanly now was the best option.
With a former Bank of Japan president personally negotiating, the buyers behind the scenes were surely Japan's major banks and zaibatsu.
Fueled by Japan's boom, the world's ten largest banks were all Japanese, assets from hundreds of billions to over a trillion each. The zaibatsu were even richer.
A little pooling among them, and five billion was trivial.
Still, though Simon realized his ask was low, he wouldn't renege.
Less than half a year, from $1.57 billion principal to five billion far exceeded expectations and saved enormous time.
Cashing out early freed him to focus on U.S. bonds, oil futures, and countless other priorities.
"Mr. Maekawa, five billion is very reasonable. After you acquire Cersei's portfolio, you won't liquidate immediately. If we reach agreement quickly and you provide assurances, Cersei can begin adding to longs tomorrow, signaling I remain bullish on Japan and offsetting Friday's damage as much as possible."
Maekawa showed only brief hesitation before nodding. He moved to Japan's additional terms. "Simon, we can accept that price. However, beyond the earlier conditions, we'd like you to continue nominally heading Cersei's operations. Nominally only, we would remotely guide trading."
Simon grasped the subtext instantly.
The Japanese wanted Cersei to sustain investor confidence in Japan.
Simon bearish would be catastrophic, Friday's plunge had proved it. Simon bullish kept shorts at bay.
Cersei was the clearest manifestation of Simon's personal view.
Everyone knew Japan's bubble was severe. Japan's main goal now was buying time for a soft landing.
Thus Simon guessed that unless irretrievable, the Japanese wouldn't cash out the portfolio. Delaying disaster, even losing tens of billions was worth it. In a true crash, hundreds of billions in rescue might fail.
Sorting the stakes, Simon again felt his ask low.
Yet, as Maekawa had said, Simon wasn't greedy.
A higher demand might be accepted, grudgingly--but relations wouldn't remain this amicable.
Hostile takeovers of the era rarely paid over 100% premium via greenmail. Cersei's $2.5 billion net demanding over five billion would turn business into extortion.
Five billion, 100% premium was likely Japan's psychological comfort zone.
Despite ingrained resistance to Japan from lifelong conditioning, Simon had no desire to antagonize deliberately.
Having experience two lifetimes in, he was merely a fortunate soul in another's body, protecting only himself and those closest to him.
Seeing Maekawa await reply, Simon nodded and added, "Mr. Maekawa, I can agree to your continued use of Cersei. But I won't make public statements on Japan's economy, positive or negative. Also, Cersei remains mine; you get only the five sub-funds. Afterward, I'd like the shells returned. If not, they can't remain under Cersei, within the five-year term we agreed."
"No problem," Maekawa agreed readily, extending his hand. Deal sealed, he eagerly returned to Simon's suggestion. "Mr. Westeros, we can pay a five-hundred-million-dollar deposit today and hope you'll honor your promise, adding to Cersei longs tomorrow at open."
Simon released the handshake. "Of course. In fact, to avoid further speculation, I plan to leave Australia this afternoon."
"That's best," Maekawa said, then asked, "But our agreement?"
They'd sketched only an outline; details remained.
Simon replied, "My girlfriend Janet and Tony can negotiate for me."
Maekawa reminded, "Mr. Westeros, we hope maximum confidentiality, fewer people knowing, the better."
"I understand, but I can't stay in Australia indefinitely. Cersei has been run by Janet and Tony recently anyway. For continued operations, they'll need involvement. And we can't hide this from investors, I can only promise to control leaks. If needed, we can all sign NDAs."
"Then," Maekawa rose, bowing slightly and extending his hand again. "Here's to pleasant cooperation."
Simon stood, shook it, smiling. "I hope so too."
Deal done, Maekawa's party left hurriedly.
Simon briefed Janet and Anthony on the terms. Both saw the massive win for Cersei and raised no objection. Anthony immediately called Raymond Johnston in Western Australia, asking the old man back to manage.
Raymond could best handle the other investors.
A clean cash-out, everyone would agree. Secrecy was the issue.
Simon wasn't overly worried. Cersei's investors handpicked, tightly tied to the Johnstons included only nine external parties like the Murdochs, Fairfaxes, Packers. Thresholds had been high.
Australia's eighties economy leaned heavily on Japan; most investors had Japanese ties. Having profited and with NDAs they had little incentive to expose Japan's play.
Proper framing could even keep the buyer's identity secret.
Details weren't Simon's concern.
Raymond flew back from Perth by two p.m.
Simon met briefly with the old man, then headed to Melbourne's western airport. Janet would stay longer.
At the airport, watching a tug tow a Boeing 767 to the runway, Simon told Janet, seeing her off, "Perfect timing, we can buy a 767 first. I'm tired of renting. I'll order one when I'm back; you can design the interior when you visit. It'll make trips to Australia easier."
Janet clung to his arm, murmured agreement, then added, "Auntie already closed the remaining buildings on that Manhattan block for you."
Simon nodded. "I know."
Though handled through Veronica's shell company, funds came from Westeros, he was aware.
North America's slumping real estate had smoothed acquiring the full block between East 59th and 60th on Madison for Westeros Tower.
Six buildings total, including land: $173 million, higher than initial estimates.
Replicating the Avengers Tower look while making it Manhattan's tallest would be costly. A private estimate pegged the structure alone over $500 million. With Simon's demands for materials, details, security, no upper limit.
Plus, a hundred-plus-floor tower needed tenants; vacancy would be disastrous.
Westeros Tower was a personal dream; even ignoring occupancy, Simon refused shortcuts, top standards only. That pushed costs toward ten figures.
Billion might be trivial in decades, but now it was astronomical.
Japan's windfall could cover it, but Simon had more urgent priorities, he shelved the plan. Buying a 767 was compromise.
Those three wishes he'd whimsically shared with Janet one night, he wanted them fully realized. Rushing risked lacking capital to protect them.
Still not rich enough.
Seeing Simon fall quiet after his acknowledgment, Janet gave a soft laugh, nuzzled his shoulder. "Disappointed this time?"
Simon puzzled. "Hm?"
"Auntie's been in Singapore the past few days."
Simon played dumb. "What about your aunt?"
"Hmph," Janet huffed, eyeing him. "Someone got drunk last night and sniffed around my neck like a puppy."
Simon didn't bite. "I wasn't drunk and you fell asleep first."
"I woke up in the night."
"I sleep neatly; I don't do strange things in dreams."
"How do you know what you're like asleep?"
"You snore when you sleep."
"I do NOT!!!"
"How do you know?"
"Little jerk, you almost let you change the subject," Janet accused, tightening her grip on his arm, voice softening. "That's not right, Simon."
Simon had always known Janet was extraordinarily sharp and after so long together, no one understood him better. From Katherine onward, that trait in him was hard to hide.
He paused, then gave a barely audible hum.
Silence settled. Janet rested her head on his shoulder. "Actually… you could find younger girls. They'd suit you better. Not too young, though or you'll get in trouble." [TL/N: Epstein?]
Simon smiled. "What about you?"
"I'm your girlfriend, of course and someday your wife," Janet said matter-of-factly. "Men stray, but they come home. Dad did it often; he and Mom are still happy after all these years."
Simon feigned interest. "Tell me more, maybe I can blackmail your old man."
"You'd get beaten first," Janet swatted him. "Mom told me she loved watching Dad make up lies after nights away. He's settled now he's older. Little jerk… we'll grow old together like them, right?"
Simon nodded without hesitation. Sensing faint melancholy in her tone, he pulled her closer.
Reporters arranged for Cersei lingered nearby, catching the warm shot of them silhouetted in the westering sun.
The 767 taxied into position; everything ready. Neil Bennett signaled from afar.
As Simon turned to leave, Janet tugged him back, worried. "Little jerk, do I really snore?"
Simon leaned down, kissed her lips. "Of course not. I'm just teasing you."
"Really?"
"Really."
Janet still fretted, warning, "Don't lie, I'll nap when I get home and have Mom check."
A casual joke—potentially serious fallout.
Simon stopped teasing, hugged her once more, and walked toward the jet.