After Simon and Janet got married, the old man began showing his true colors more openly in front of Simon, treating him exactly like his own sons. He no longer bothered with polite formalities most of the time.
When the old man bluntly called his idea stupid, Simon did not argue. He answered patiently, "Even if the U.S. economy keeps deteriorating, Westeros Company's accumulations over the past few years should be enough to weather it."
Anthony Johnston said, "Most of Westeros Company's current asset portfolio is performing extremely well. Selling off these high-growth premium assets just to cover the losses from acquiring MCA and Bell Atlantic would hardly be worth it."
Simon replied, "This is only a worst-case contingency plan. It may never happen. Besides, even if it does, we wouldn't necessarily have to sell those assets. Daenerys Entertainment and Bell Atlantic could both ease the cash pressure by selling portions of their equity."
Norman Johnston chimed in, "In that case, it would be smarter to pursue a stock-swap acquisition right now. Bell Atlantic might not suit it, but given Hollywood's strong confidence in Daenerys Entertainment, a stock-swap deal would stand a far better chance of succeeding than an all-cash offer."
"I actually hope we can use a stock-swap structure too," Simon said, then shook his head. "The problem is that Daenerys Entertainment isn't listed, so valuation becomes a massive headache in any stock-swap acquisition."
Forbes magazine's early-August valuation of Simon's personal assets had placed Daenerys Entertainment between eight and ten billion dollars.
Simon believed that once public, the company's market capitalization would easily break the ten-billion-dollar mark and fifteen or even twenty billion was entirely possible.
But in its current unlisted state, Daenerys Entertainment's valuation would struggle to exceed ten billion for a stock-swap acquisition of MCA. On top of that, the high premium required for MCA shares would make the deal extremely unfavorable for Daenerys Entertainment.
Raymond Johnston suddenly asked a question that seemed slightly off-topic. "What about Cersei Capital, Simon? Do you see any good opportunities there in the next few years?"
Simon understood the old man was referring to the hedge-fund operations.
If Cersei Capital could still generate large sums of capital through similar maneuvers in the coming years, the enormous debt risk from the two acquisitions would shrink considerably.
With that in mind, he answered, "Europe's instability should create some openings. However, Cersei Capital's future focus will shift to private equity, asset management, and M&A advisory. We'll cap the hedge-fund side at around three billion dollars and steer clear of macro hedges targeting national economies. That should prevent any target government from retaliating against Westeros in our other sectors."
From the 1987 crash to the ongoing crude-oil futures trades, Simon had built a fortune quickly, but he had also drawn endless criticism.
Now that Westeros Company had established solid footholds across global entertainment, fashion, technology, and more, some sacrifices were necessary if those industries were to grow smoothly.
Take the 1992 pound crisis in his memories, if Cersei Capital had shorted the pound as aggressively as Soros, it could have made a killing. Yet while the British government might not have been able to touch Cersei Capital directly, it could easily have made life impossible for Westeros's other businesses in the UK.
Everyone in the study was sharp. Raymond Johnston listened to Simon's explanation, nodded with clear approval rather than disappointment, and softened his tone as he returned to the original topic. "In that case, if you're determined to launch both acquisitions simultaneously on an all-cash basis, you'd be wise to bring in partners. It would reduce not only the cash pressure but also a lot of other resistance."
"I've considered that, Ray. But for the two companies, if we bring partner capital into MCA, we'd still face asset-valuation disputes during the integration with Daenerys Entertainment. Bell Atlantic would actually be a good fit, yet there's no need. Partners are brought in either to solve funding gaps or to provide technical or channel complementarity, but I require neither. Westeros can raise all the capital we need, and Bell Atlantic already possesses extremely strong technology and distribution resources. The only risk I face is future loan repayment, and that's something Westeros can comfortably bear."
Raymond Johnston sensed the steel in Simon's voice, shook his head slightly, and sighed. "Tens of billions in debt, Simon. Your current net worth already surpasses everyone else's. There's really no need to take on that kind of risk."
Simon smiled. "Actually, Ray, everything right now is still just the beginning for me."
Raymond Johnston paused, then reached over and patted Simon's shoulder. Dropping the subject, he said, "All right, you brothers chat a while longer."
The old man stood to leave, then remembered something and added, "One more thing, Simon. you and Janet should have a child soon. Even if you're both too busy or want to enjoy your time together first, you can leave the baby here in Melbourne. Janet's mother and I will help raise it."
Simon nodded and explained, "Janet and I actually want a child too. It's just that there's been no sign of one in the past half year or so."
Anthony Johnston asked directly, without the slightest awkwardness, "Have you had it checked? Physically, I mean?"
Simon nodded. "Twice. Everything's fine."
Because her belly had remained quiet, Janet who usually hated hospitals had still gone with Simon for private examinations.
Norman Johnston added with concern, "Maybe you should consider IVF."
Simon shook his head. "Janet and I want to wait a little longer. It's hard to say whether IVF technology is truly safe."
Among grown men, the topic was not one they could discuss at length.
Raymond Johnston sighed, rose from the sofa, and stopped Simon and his two sons from standing. "You keep talking. I'm going to rest." As he passed Simon, the old man patted his shoulder again. "You can play around outside, but don't get involved with other women. Janet will be heartbroken and it'll cause you no end of trouble."
Simon's expression turned awkward; he had no idea how to respond. Fortunately, the old man did not wait for an answer and simply walked out of the study.
Anthony Johnston and Norman Johnston studied Simon's face, both breaking into smiles. Anthony said, "Don't take it to heart, Simon. Dad's given us brothers the same lecture. In a family like ours, something like that really would be a huge mess."
Simon could only force a smile and nod.
The three continued discussing the Seventh Television Network and telecom investments until nearly eleven o'clock, then each went off to rest.
Early the next morning, Simon set off back to North America.
Time had slipped by unnoticed, and it was now late October.
During the final week of October, one of the most talked-about topics was undoubtedly the global rich list released by Forbes magazine, following its North American 400 list.
There was no suspense: Simon topped the global rankings with a personal net worth of 21 billion dollars. Second place went to Japanese real-estate tycoon Yoshiaki Tsutsumi, whose net worth had fallen to 16 billion dollars fully 5 billion less than Simon.
Notably, the Johnston family also entered the top fifty this time with a family asset valuation of 3 billion dollars, ranking thirty-sixth.
However, because the Johnston family had always kept a low profile and its members' equity was widely dispersed, the figure actually understated their wealth by at least 500 million. Had the family not suddenly displayed its strength by purchasing Australia's Seventh Television Network for 800 million in cash, the valuation would likely have been even lower.
On the North American side, despite the Forbes global rich list and mounting confirmed reports that Daenerys Entertainment would join the bidding for MCA, the new week saw major media outlets on both coasts simultaneously begin covering a bill submitted by Congressman David Melrose. The proposal aimed to restrict foreign investors from acquiring U.S. companies, with particular emphasis on curbing overseas giants' excessive involvement in America's cultural industries.
The controversy surrounding Sony's acquisition of Columbia Pictures the previous year was still fresh, so even though many knew the bill had little chance of passing, the media still ran with the story on a massive scale.
Panasonic, which had already publicly launched its bid for MCA, inevitably became the focal point of the media storm.
Buffeted by this mix of favorable and unfavorable news, MCA's stock price fluctuated throughout the five trading days from October 22 to October 26.
At the close on October 26, MCA shares settled at $65.75.
At the same time, on that Friday, MCA's board officially approved Panasonic's revised $6.6 billion acquisition offer after several adjustments and scheduled an extraordinary shareholders' meeting for the following week to vote on it.
This clearly meant Daenerys Entertainment would have to strike before the shareholders' vote.
East Coast, United States.
Simon was at his estate in Greenwich, Connecticut.
It was Saturday, October 29.
A black Mercedes sedan pulled up in front of the villa. Bell Atlantic chairman and CEO Raymond Smith stepped out still puzzled about why Westeros had suddenly invited him the day before.
Yet the moment he saw the young couple waiting at the entrance to greet him, Raymond Smith smiled and walked forward to say hello. Setting everything else aside, the young man who had built a vast business empire in just a few short years was definitely worth meeting.
As they shook hands and exchanged pleasantries, Simon was also quietly sizing up the middle-aged man who had risen from entry-level employee to chairman and CEO of Bell Atlantic.
Raymond Smith looked no older than fifty, tall and trim in a black suit. His square face radiated shrewd capability, and he appeared far younger than his actual age. The only slightly jarring detail was the old-fashioned, large-framed tortoiseshell glasses on his nose.
Since it was Saturday and none of them had time to waste, they had scheduled only a one-hour meeting. Raymond Smith would have to fly to Europe immediately afterward.
They moved into the study. Janet personally served Raymond Smith a cup of coffee and placed a glass of juice in front of Simon before quietly leaving.
Raymond Smith took a sip of coffee, noticed the juice, and smiled. "Simon, you don't drink coffee?"
Simon shook his head. "I used to. I've given it up recently."
Raymond Smith did not press. He set down his cup and smoothly changed the subject. "Speaking of which, I looked into that exclusive contract with America Online from last time. The World Wide Web technology solution developed by Ygritte Company really does have tremendous potential. If Bell Atlantic hadn't been so tied up these past few years, I probably wouldn't have signed the agreement."
Simon took the opening. "The landline business has long since hit a bottleneck, and the federal government won't be loosening telecom regulations anytime soon. So what's Bell Atlantic's next step?"
Raymond Smith studied him for a moment, then suddenly chuckled. "Simon, perhaps you already know?"
Simon hesitated briefly, then nodded. "Mobile communications."
Westeros Company had gathered plenty of information on Bell Atlantic recently, so Simon naturally understood the company's future direction.
The 1984 AT&T breakup had barred regional telecom firms from long-distance telephony and cable television, restricted equipment manufacturing, and left the internet sector still too small to satisfy Bell Atlantic's ambitions.
That left mobile communications as the only major area left for expansion.
In fact, Raymond Smith's upcoming trip to Europe was precisely to evaluate the maturing next-generation GSM digital communications technology. In the original timeline, it was his early focus on mobile that had once made Verizon America's largest mobile carrier by subscribers, surpassing AT&T.
Hearing Simon casually mention "mobile communications," Raymond Smith felt he now understood the purpose of the invitation. Smiling, he said, "Simon, I happen to know you've invested in a mobile-equipment manufacturer in Europe, Nokia, right? And the company has solid expertise in next-generation GSM technology. It's even developing next-gen digital phones. So today's invitation is about hoping Bell Atlantic and Nokia can cooperate in mobile communications, correct?"
Simon had not expected Raymond Smith to guess the purpose so directly though he had gotten the details slightly wrong but he smiled and nodded anyway. "If the opportunity arises, I'd certainly hope Bell Atlantic could partner with Nokia."