Nogami glanced up sharply. "I don't know what this is about, but the meeting could be held on neutral ground. I assure you there would be nothing to fear."

"Tell him he can forget it."

"You're free to telex back your own conditions." He shrugged, then tried to smile. "I'm merely the messenger here. I have no idea what this is about and I don't think I really want to know."

"I'll try my best to keep you out of it, but that may not be entirely possible."

"Michael, I've handled my part of our bargain. I've set up the dialogue." Nogami's voice was barely audible above the din of traders.

"What about yours?"

"I'm still working on it."

"There isn't much time." His brow wrinkled. "Some kind of preliminary offering has to be scheduled tomorrow, the day after at the latest."

"Well, why not get rolling? Doing that should help smoke out an answer for you. For everybody."

"What do you mean?"

"If the bonds are really--but first let's see what Tokyo's got to say.

Is there a deal or not?"

"Perhaps his reply will give you some idea." He removed a shiny sheet of paper from a manila envelope and passed it over. "It's why I rang you so early. It was telexed here, using our secure lines, during the night. See what you make of it. I must admit I find it a trifle cryptic."

As Vance took the sheet, it reminded him fleetingly of the 'paper' Alex Novosty had given him that morning atop the Acropolis. The heading was exactly the same. Yep, he thought, we've hit paydirt. Across the top was one line of type, bold and assertive.

_THE DAEDALUS CORPORATION

Advisory received 2315 hours. CEO has reviewed and requests direct contact with all parties immediately. The money must be received by Shokin Gaigoku no later than close of business tomorrow, Tokyo time.

Authorize reply through secure facilities at Westminster Union. No other communication channel acceptable.

_

"Looks like he went for it." Vance handed back the sheet.

"If you want to reply, you can use our telex here, just as he asks."

"Ken, how good is his word? If he agrees to lay off, will he stick to it? Or should I be expecting a double cross?"

"You know his style of operation pretty well. What do you think? For my own part, I've always been able to trust him. He has a reputation for doing what he says."

"Maybe that's all about to change. He's always played for big stakes, but this time it's a whole new level. It's global, and I've got a feeling he's not going to let niceties stand in the way. It could be his last big score."

"And the Eurodollar debentures he wants me to underwrite?" Nogami studied him. "You already know what they're for, don't you?"

"I think I might have a rough idea."

"I suspected as much," he sighed. "All right then, how do you want to handle this?"

"To begin with, no direct contact. Everything goes through third parties. You can send the reply. I'm not going to start out using his rules. Bad precedent. And I want him to know that if anything happens to either of us, he gets nailed. The protocol goes to the newspapers."

"The protocol?" Nogami's brow furrowed again.

"He'll know what I mean. We just need to use the word."

"As you wish. And the message?"

"That if he'll keep his end of the bargain and lay off, then he can access the money. But part of the deal is, I plan to keep a line on it, at least for the time being."

"What do you mean?"

"To start out, it's going to be handled in the tried-and- true hot- money way. The hundred million will be used to purchase British gilts, which will then be held here at the bank and used as collateral for a loan."

"The standard laundry cycle," Nogami smiled. "Almost makes me nostalgic for the old days."

"It's only going to be standard up to a point. After that the setup gets a twist. The loan will then be used to acquire a special hundred- million first issue of those Mino Industries corporate debentures you're supposed to float, to be bought entirely by me."

"And thus he gets his funds, all freshly laundered and clean and untraceable," Nogami nodded approvingly. "Style, Michael, style. You always--"

"Yes and no. You see, I never really let go. Instead of ten- year zero- coupons, those debentures are going to be a little unique--they'll be redeemable at any time by the holder, on twenty-four hours' notice."

"And you'll be the holder?" Nogami suddenly seemed considerably less pleased.

"Only indirectly. I'll assign power-of-attorney to a third party. If any unfortunate 'accidents' happen to me or to another individual I'll specify, the bonds will be redeemed immediately. And if he defaults, doesn't pony up the full hundred million on the spot, he can kiss the rest of his big scheme good-bye, because a default by Mino Industries would make the front page of the Financial Times. He won't be able to give away the rest of that bogus paper. He's instant history in this town."

"Michael." Nogami's frown deepened. "I've never heard of--"

"He gets his money, all right, but I retain a firm grip on his _cojones_."

"Those are pretty rugged terms. I doubt he'll agree."

"It's the only way we play. He gets his money, cleaned, but I come away with a hundred-million-dollar insurance policy. I hope we can do business, because otherwise he'll never see those funds, period.

Guaranteed."

"Then if you'll word the language the way you want it, I'll transmit it." He paused. "But I can tell you right now he will not be happy.

This is very irregular. Also, I'm not sure I want to start issuing those Mino Industries debentures, no matter what their maturities. Once on that road, how will I ever turn back? You're putting me on the spot here."

"You'll be taken care of. Look, Ken, we can't stop the man from selling phony Mino Industries paper to European suckers. Nobody can. If you back away, he'll just make an end run around you and arrange it some other way. We both know that."

"So what am I supposed to do?"

"Set up what I want, to get me some leverage. I'll take it from there.

It's not just the hundred million he'll have hanging over his head.

There's also the protocol I mentioned. I want him to know I'm in a position to go public with it if he doesn't lay off. That, together with the threat of exposing his plan to defraud Eurodollar tax dodgers, should be enough to keep him in line."

"Whatever you say." He looked dubious. "But I'm convinced nothing is going to go forward without a meeting. There'll be no getting around it."

"Let's just send that telex and find out."