After Simon and Janette married, the Old Man tended to show his true colours in front of Simon, much like with his own sons, often speaking without much courtesy.
Hearing the Old Man bluntly call his idea foolish, Simon didn't argue and said patiently: "Even if the U.S. economy keeps worsening, the reserves Westeros Company has built up these past few years should be enough to cope".
Anthony Johnston said: "Most of Westeros Company's current portfolio is growing very strongly. Selling off these high-potential assets to cover losses from the MCA and Bell Atlantic deals would be a terrible waste".
Simon replied: "That's only a worst-case contingency; it may never happen. And even then, we wouldn't necessarily have to sell those assets, both Daenerys Entertainment and Bell Atlantic could ease the cash strain by selling partial stakes".
Norman Johnston cut in: "In that case, we might as well use stock swaps now. Bell Atlantic might not work, but with Hollywood's bullish view on Daenerys Entertainment, a swap would be an easier sell than an all-cash bid".
"I'd love to use a stock swap", Simon said, then shook his head. "But Daenerys Entertainment isn't public. Valuation becomes a nightmare in a swap".
Forbes valued Daenerys Entertainment at $8–10 billion when it tallied Simon's personal wealth in early August.
Simon believed that, once listed, Daenerys Entertainment's market cap could easily break $10 billion, $15 billion or even $20 billion weren't out of the question.
Yet in its current private state, Daenerys would struggle to top a $10 billion valuation in a swap for MCA, and the fat premium required for MCA shareholders would make the deal painful.
Raymond Johnston suddenly veered off-topic: "Cersei Capital, Simon, do you see any decent chances in the next few years?"
Simon knew the Old Man meant the hedge-fund side.
If Cersei could land another big score like before, the debt mountain from the two takeovers would feel far lighter.
Thinking that over, Simon said: "Europe's turmoil should offer openings, but Cersei's future focus will be private equity, asset management, and M&A advisory. We'll cap the hedge fund around $3 billion and steer clear of macro bets against entire countries, so governments won't hit back at other Westeros holdings".
From the '87 crash through the ongoing oil-futures play, Simon had amassed a fortune fast, but also drawn endless flak.
Now that Westeros had finished its first-round layout in global entertainment, fashion, and tech, it had to give something up to keep those sectors growing.
Take the '92 sterling crisis in memory: if Cersei shorted the pound as ruthlessly as Soros, it could easily get a huge score. But while Whitehall might not touch the fund, it could strangle every other Westeros business in Britain.
Everyone in the study was shrewd; hearing this, Raymond not only showed no disappointment but nodded approvingly, tone softening as he returned to the topic. "In that case, if you insist on launching both bids in cash, you'd better bring in partners. That eases not just the cash crunch but political pushback".
"I've considered it, Ray. Yet with two targets, bringing capital into MCA would still leave valuation headaches when we merge it with Daenerys. Bell Atlantic would be perfect for a partner, but there's no need. Partners are for money, tech, or channel synergy, none of which I lack. Westeros can raise enough cash, and Bell Atlantic already has deep tech and channels. All I face is future debt service, a risk Westeros can shoulder".
Sensing Simon's resolve, Raymond gave a small shake of the head. "Ten billion in debt, Simon. Your wealth is already unrivalled, there's no need to gamble."
Simon smiled. "Actually, Ray, for me this is only the beginning".
Raymond blinked, patted Simon's shoulder, and let the matter drop. "Then you boys talk a bit more".
As the Old Man rose to leave, he remembered something. "One more thing, Simon, you and Janette should have a child soon. If you're too busy or want time alone, leave the baby in Melbourne; Janette's mother and I will help".
Simon nodded. "We want one too, but Janette's shown no sign these past months".
Anthony Johnston asked bluntly: "Have you two been checked, physically?"
Simon nodded. "Twice. Everything's fine."
Though she hated hospitals, Janette had privately gone with Simon for tests when nothing happened.
Norman Johnston added: "Maybe try IVF".
Simon shook his head. "We'll wait. It's hard to say IVF is truly safe".
Among the men, the topic felt awkward and soon ran dry.
Raymond sighed, stood up from the sofa, waved the others back down. "Keep talking; I'm off to rest". Passing Simon, the Old Man still patted his shoulder. "Play around if you must, but don't get involved with other women, Janette would be heartbroken, and it'd be a nightmare for you".
Simon flushed, utterly at a loss for words. Luckily the Old Man left the study without waiting for an answer.
Anthony Johnston and Norman Johnston studied Simon's expression, both of them smiling. Anthony said, "Don't take it personally, Simon. Dad gave us brothers the same warning. In a family like ours, if anything like that really happened, it would be a nightmare".
Simon could only twitch the corner of his mouth and nod.
The three chatted a while longer about the Seventh Network and telecom investments, and it was almost eleven before they broke up for the night.
Early the next morning Simon headed back to North America.
Time slipped by; it was already late October.
The last week of October, one of the hottest topics was the global rich list Forbes released after its North America Top-400.
Unsurprisingly, Simon topped the global list with a personal net worth of $21 billion. Second place, Japanese real-estate tycoon Tsutsumi Yoshiaki, tumbled to $16 billion, five billion behind Simon.
Worth noting, the Johnston Family also made the top fifty, valued at $3 billion and ranked thirty-sixth.
Because the Johnstons kept a low profile and their shareholdings were scattered, the number was low by at least half a billion. If they hadn't suddenly flashed $800 million in cash to buy Australia's Seventh Network, the estimate would probably have been even lower.
In North America, even as the Forbes list appeared and Daenerys Entertainment's coming bid for MCA grew surer, the new week saw East- and West Coast papers simultaneously spotlighting Congressman David Meros's bill to curb foreign takeovers of U.S. companies, stressing the need to keep overseas giants from overreaching into American culture.
Sony's purchase of Columbia Pictures last year still rankled, so though everyone knew the bill had little chance of passing, media outlets still ran with it.
Matsushita, already public in its pursuit of MCA, inevitably became the storm's eye.
Amid the mixed signals, MCA's stock seesawed through the five trading days from 22 to 26 October.
By the 26th the price settled at 65.75 dollars.
That same Friday the MCA board formally accepted Matsushita's revised 6.6-billion offer and scheduled an emergency shareholder vote for the following week.
Which obviously meant Daenerys Entertainment had to swoop in before that ballot.
U.S. East Coast.
Simon was at his Greenwich, Connecticut estate.
Saturday, 29 October, 1990.
A black Mercedes stopped before the mansion. Bell Atlantic chairman and CEO Raymond Smith still wondered why Westeros had invited him so suddenly.
But when the young couple appeared to greet him, Smith smiled and stepped forward. Setting everything else aside, the youth who in a few short years had built a colossal empire was worth meeting.
While shaking hands, Simon studied the man who had climbed from the lowest rung to the top of Bell Atlantic.
Smith looked no more than fifty, tall in a dark suit, younger than his years, a square capable face, only the old-fashioned tortoise-shell spectacles broke the image.
It was Saturday, yet none of them had much leisure; the meeting was set for one hour, after which Smith would fly straight to Europe.
In the study Janette herself served Smith coffee, set a glass of juice in front of Simon, and left.
Smith sipped his coffee, noticed Simon's juice, and asked with a smile, "Simon, no coffee?"
Simon shook his head. "I used to drink a lot of it. I quit recently".
Smith didn't press; he set the cup down and smoothly shifted topics. "About that exclusive contract with America Online, I looked at the web-technology package Ygritte developed. The potential is huge. If Bell Atlantic weren't stretched thin these years, I wouldn't have signed".
Simon seized the opening. "Fixed-line's hit a wall, and Washington won't deregulate soon. What's next for Bell Atlantic?"
Smith studied him a moment, then grinned. "Simon, I think you already know".
Simon hesitated, then nodded. "Mobile".
He had long since gathered enough data on Bell Atlantic; Simon knew exactly where it was headed.
Thanks to the break-up decree, regional carriers couldn't touch long-distance or cable, and telecom-equipment manufacturing was restricted. The internet wasn't yet big enough to feed Bell Atlantic's appetite.
The only field left was mobile.
In fact, Smith's coming European trip was to inspect the emerging GSM digital standard. In the original timeline, his early bet on wireless would turn Verizon into America's largest carrier, surpassing AT&T.
Hearing Simon say "mobile", Smith thought he understood the invitation. "Simon, I happen to know you invested in a European gear-maker, Nokia, right? They've strong GSM know-how and are working on a new digital handset. So you want us to partner in wireless?"
Smith had guessed wrong, but Simon simply smiled. "If the chance arises, I'd certainly like Bell Atlantic and Nokia to work together".