Exposed: Chapter 6
When James arrived at his mother's new apartment, he was impressed. It was a sharp contrast with the Pierce Manson on Long Island. Whereas the mansion was formal and cold Julia Spangler's new home was modern and cheerful. Even at midnight the rooms seem full of light and life.
Julia greeted her son with a kiss and a hug. She offered James something to eat and asked how school was going, whether he'd decided on a college, etc. Finally, James kind of snapped and said, "Mom! What's going on!"
Julia paused, then smiled and said, "Tomorrow you and I are taking control of Pierce International. "
"How? Why?"
"The how is your father made some very stupid decisions that could trigger an investigation by the Securities and Exchange Commission. I and a group of friends on the Board and several company officers are going to keep your father out of prison in exchange for him giving up control of Pierce International."
"The why is your father is a mean tyrannical asshole, and we are tired of his shit. So, we are taking away his power. Tomorrow at 10 a.m. my lawyer, your lawyer, and lawyers from the company will be here to walk us through what is going to happen."
"I have a lawyer?!"
"Yes dear. It would be a conflict of interest if my lawyers also represented you. So they have hired an outside firm to look out for your interests. If you don't like them you will be free to hire your own counsel."
"This all seems like a lot very fast. You know I hate him' and want very much out from under his' control, but does this make sense?"
"I hope we are both out from und his control tomorrow. However, now you need to get some sleep. You need to be rested and alert when we meet with the lawyers."
The next morning Julia was making breakfast when James walked into the kitchen. James said, "Mom, I have never seen you cook before."
"Now James, that is not true. However, I will admit I didn't cook much living at the mansion. Your father felt it wasn't proper for a woman of my social standing' to cook, clean, garden, or do anything domestic.' So, when I moved into this apartment I decided to wait awhile before hiring staff. So I have, as my Irish ancestors would have said, `learned to wipe my own ass.' When this business is over I will start looking for staff. Actually, I am looking to poach Betty from your father."
James laughed and said, "I am glad you are declaring your independence, but I would like you to shop referring James Sr. as my father' rather than your husband.' It makes it seem that I am the reason you and he got married. Which I know isn't true, because I was born two years after you two were married."
"Okay, I'll just have to come up with some other way to refer to him until I can start calling him `my ex'."
"So you and JMP Sr. are really getting a divorce."
"JMP Sr., his initials; that will work. And no, we are getting a legal separation."
"What about the prenup, I thought he would get everything and you would receive a very modest allowance."
"First, I don't think that most people would call $10,000 a month modest, but yes that was true until JMP Sr. fucked up literally and figuratively. My P.I. found his mistress. Of course that alone would not break the prenup, so that is why we staying married but legally separated."
"Why would JMP Sr. agree to that."
Because my investigator also discovered that he was using his mistress' I.D., without her knowledge, to do some insider stock trading. Then he was using her name to create an off shore shell company for evading taxes."
"So why didn't you just send him to jail?"
"While that would have almost been fun, the problem is that it would have destroyed jobs, retirement plans, investor portfolios, and maybe even resulted in a few innocent people incurring tens of thousands in legal fees. Also, let's face it, while neither of us would have gone to jail, we would certainly have shared in his financial downfall."
"So tell me about this apartment. I am pretty sure JMP Sr. didn't buy this for you."
"No, I managed to keep him in the dark. You remember Rex Sheffield, he was you au pair the summer after your Freshman year at Mill Brook Academy."
James choked on his orange juice, and finally was able to get out, "Yes, I remember Rex."
"Well, I was on a shopping trip to London and ran into him and his partner. Did you know Rex is married and his husband is an investment adviser."
James didn't say anything, and Julia just pass on by.
"Well anyway, I started an account with him and began transferring funds to him every month."
"You must have been sending him a lot of money to be able to afford this place."
Julia laughed, and said, "My investments were just over five million dollars when I cashed out. That was barely enough to pay a fifth of what I had to pay for this place."
"So where is the rest of the money coming from?" James said skeptically.
"Well, for a start as interim Chairperson of the Board of Pierce international I will earn 25 million a year, plus what I get in the settlement we are discussing when the lawyers get here."
"Why are you just the interim Chair of the Board?"
"Because, you will be name the Chair of Pierce International's Board of Directors on your 25th birthday."
"What if I don't want to run Pierce International? What if I just want to explore the world, have fun, do volunteer work, find a cause to support, who knows."
"That is why you aren't being named Chair until you turn 25. That gives you seven years and three month to sow your wild oats, go to college, and realize that you are the man for the job."
Just then the doorbell rang and when James opened it, an entire law firm walked in. To start there were lawyers representing the company, Julia, and the top management of Pierce International. After a few minutes Sydney Pierce and her lawyer arrived; followed soon by the lawyers representing SMJ, although he was not with them. The last attorney was a young guy that looked somewhere between 25 and 30 years old. He said, "Hello, my name is Shane O'Claire. I am an attorney at Sullivan, O'Claire, and Bash. I am here to represent Mr. James Pierce, Jr."
There was almost a chuckle from some of the other lawyers. James raised his hand and said. "That's me."
O'Claire ask if there were a private place he could meet with his client before the meeting. James waved and said "Follow me, Skippy."
James' bedroom was on the third floor of the apartment, which also included a rec room, an office, and access to the rooftop terrace. The minute they were on the terrace and the door closed, O'Claire came unglued, "Listen asshole, if you ever disrespect me like that again in front of my peers, I am done with you. I don't care if you are the biggest potential client I may ever see in my entire career. After today, you will be free to hire your own lawyer. However, just so you know I am a damn fine attorney: Harvard Law Review, 5th in my class, clerked for Supreme Court Justice Stephen Breyer.... Fuck, I can't believe you called my Skippy!"
James smiled, and O'Claire yelled, "What you think this is funny? I'm out of here," and started to leave.
James grabbed his arm and said, "I like you and want you to represent me."
"Why in the hell would you want that after I just... fuck my mom is going to chew my ass."
"That's why I want you."
"Because my mother is going to spend the rest of the day yelling at me for losing a possibly big, no huge, account. Hell, they only sent me because they thought I could relate better to someone your age."
"I kinda guessed the O'Claire in the name of your firm was a relative. What is happening today is a family thing as much, no more, than it is a business thing. I want someone who understands what I am feeling."
Look, James," Shane said, "I know a bit about your relationship with your father, so I do get where you're coming from. However, I don't hate my mother."
"I'm glad, it's not the hate I need you to understand, it's the feeling of disrespect that sometimes comes from being always measured up against them."
"Now that I get. My mother is a great attorney. She's argued before the Supreme Court and won. She's a named partner in a New York law firm. I will never be as good as she is."
"Well I am never as big of asshole as my father, but I can be a pretty big one. So, if I can't call you Skippy, what can I call you."
"How about Shane."
"Shane it is, so Shane will to be my attorney."
"Yes, I will be your attorney."
"So what do I need to know?" James asked.
Shane said, "Let's start with you telling me what you've been told about what is going on."
"My mother is getting a divorce, she and those people in the dining room are making a play for the company, and when I turn 25 my life is over. Did I miss anything?"
"One or two things. Like, as soon at this meeting is over, you and I are going to see a judge and have you emancipated."
"Free at last, free at last..."
"Not that kind of emancipation. We're going to have you declared an adult...but, that was a joke, you already knew what emancipation of a minor means."
"Since you told me you credentials, let me tell you mine, number one in my class a Mill Brook Academy, not as impressive as Harvard, but impressive enough for Harvard and two other Ivy Leagues to grant me early admission. Also, National Merit Scholar."
"Well Mr. Pierce, I am duly impressed."
"Oh, one other thing, I don't like to be called Pierce. I go by Spangler."
"Well, for today you are Mr Pierce. We have to make sure your emancipation can't be challenged, and that means using your legal name."
"Got it. But why am I being emancipated now, I turn 18 in three months."
"Because you have to be able to sign some documents tomorrow without the permission of either of your parents."
"What kind of document?" James asked.
"Let's go back into the other room. This meeting should answer those questions."
When James and Shane walked into the dining room, someone said, "Did you get it sorted out, Skippy."
James exploded. "At this moment I am pretending I don't know who said that, but if I hear it again there is a law firm that will lose a very big client. I was wrong to disrespect Mr. O'Claire and I have apologized. I have hired, Mr. O'Claire as my personal attorney and I will take any disrespect of him personally."
The room suddenly grew very quiet; however, James noticed his mother and Aunt Sydney were both smiling.
Chester Dirksen, head of Pierce International's in-house legal department said, "Now that is settled. Let me roughly outline the proposed redistribution of stocks currently held personally by James Morgan Pierce 2nd. and the Pierce Family Trust. It is also stipulated that all parties to this agreement will neither trade nor sell any of the stocks from this redistribution without the approval of sixty percent of the voting shares included in this redistribution for the term of three years."
Dirksen looked around to see if any one was objecting to the agreement thus far, then he proceeded.
"James Morgan Pierce, 2nd. will retain ten percent of the shares and be paid $500 million dollars in compensation for his resignation a Chairman of the Board of Pierce International. In addition he will be named at as Chairman Emeritus and receive $10 annually and a seat on the Board of Directors after two years."
"The Pierce International officers named as a party to this agreement will collectively receive ten percent of the shares, to be distributed among themselves as they see fit."
"Sydney Morgan Pierce will receive twenty percent of the shares and a pension of five million dollars a year."
Julia Spangler Pierce will receive twenty percent of the company, an annual compensation of 25 million dollars as interim Chairperson of the Board of Pierce International. "
"Finally, James Morgan Pierce, 3rd. A.K.A James Spangler, will receive forty percent of the shares from this redistribution. In addition, upon his emancipation or 18th birthday James Morgan Pierce, 3rd will receive control of the Trust Fund left to him by his grandfather James Morgan Pierce 1st, which includes additional shares of Pierce International. Bring his stake in the company to 45 percent."
James was absolutely stunned. Never in his wilded dreams did he expect anything remotely like this. He leaned over to Shane and asked, "Is this for real?"
"Yes, from what I understand, Your Aunt Sydney insisted on this distribution and your mother supported her. With the two of them holding that as their bottom line, everyone else had to fall on line, or face serious legal and financial risk to themselves and the company."
Dirksen asked, "is there any objection to this plan?" Julia and Sydney both gave James a stern look as if to say, "for once in you life, don't be a jackass." James winked to let them know the message was received, and both smiled. James also noticed that his mother and aunt were holding hands. Suddenly, their alliance against husband and brother began to make sense.
Soon the apartment began to clear out, and only James, Shane, Julia, and Sydney were left. James looked at the two women and asked, "Mom, Aunt Sydney, do you have something to tell me?"
"Not today dear. Maybe when you come home for Thanksgiving we call have a nice family meal."
Shane said, "I hate to be a nudge, but James and I have to get to the courthouse to see a judge. Then I need to go over the documents he will be signing before tomorrow's meetings."
The meeting with the judge was very brief and the result determine before they walked into his chambers. The judge signed the order and said, "Congratulations, you are an adult. Of course I can't offer you a drink to celebrate. Ironic, we are handing you control of a major company that employs thousand of people, and produces some of the most essential goods for this country, but we won't trust you with a glass of Scotch." Then the judge pulled out a bottle from his desk and said, "So I guess I will have to just stand in for you."
When they left the judge' chambers, James turned to Shane and asked, "Can judges drink on the job."
Shane smiled and said, "That bottle he is guzzling cost YOU $200."
"Really, you bribed a judge?!"
"Not a bribe a tip for fast service. Just like when you tip the maitre d' to get moved up in the line at a restaurant, I tipped the judge to give us a bit of his lunch period for a quick signature."
"Isn't that illegal?"
"In law, there is ethical, legal, practical, then illegal. I stopped one notch short of illegal."
"What's the difference?"
"A $200 bottle of scotch is a gift. A $500 dollar bottle of Scotch is a bribe."
Shane and James next stop was the law firm of Sullivan, O'Claire, and Bash. As they walked down the hall toward Shane's office, James saw an office that said Lillian O'Claire, Senior Partner. James stepped into the office and said, "Ms. O'Claire, you don't know me, but I am James Spangler Pierce."
Lillian O'Claire smiled and said, "Mr. Pierce, or would you prefer Mr. Spangler?"
"I would prefer James, but if necessary Mr. Spangler will do."
"I may not have met you, but over the last week I have certainly heard your name mentioned quite often. It is good to finally meet you James," and she stood up and offered him her hand.
"I am happy to meet you as well. May I ask a favor of you."
"Certainly."
"I have a feeling that I will be needing an attorney on a regular basis. I would like that to be Shane O'Claire; I think you know him."
"Yes, I think I do," she said as she looked at the somewhat embarrassed, yet proud lawyer in the doorway. "I will have some paper work sent over for you sign to make this arrangement official."
"Thank you," and James headed down the hall.
Shane said, "Sorry about that, mom."
"Never apologize for landing what could become one of this firms biggest accounts. You keep that boy happy. Now, I've got to trot down to Bash's office and do a little crowing." Then she gave Shane a kiss on the cheek.
When Shane caught up with James he said, "Totally inappropriate, but so nice, thanks."
"Hey, I'm still trying to make up for that Skippy thing. Plus, I just get the feeling that you are the kind of lawyer I need. Someone with the guts to tell me when I am being a brat, or worse an asshole."
James and Shane spent an hour going over the documents. The only sticking point was the expectation that James become Chairman of the Board when he turned 25."
Shane said, "I'm a lawyer, not a business exec, but it seems to me, what you really need to do is find someone around 30 to 35 in the company that you can trust, someone who knows the company, and makes smart decisions. Put them on a path to top management, and stay close to them. That way when you turn 25, they will be there to do the day to day work of running the company and you only have to spend time keeping an eye on the bigger picture and on them."
"If I trust them, why do I have to keep an eye on them."
"Judas, Brutus, Benedict Arnold..."
"I see. Sometimes even your friends can turn against you."
"Ronald Reagan once said, `Trust, but verify.' That's why smart business people do audits and background checks."
The day had been mentally and emotionally exhausting and, after supper, James headed to his room. During the day Brock had texted to ask if he was okay, but James was too busy to reply, and said he'd call later. It was finally late, and James dialed Brock's number. Though he didn't know what to say, or even what he could say.
Brock answered with a "Hey buddy, what's up," that was a mix of cheer and concern.
"It's been a crazy day, and I really don't think I should talk about it, at least until tomorrow is over."
"That's cool. I was just worried with the way you suddenly left, and please tell me you are coming back."
"Absolutely, and I can honestly say this is the first time I can ever say I am happy to do so."
"Shit, things are that bad in New York?"
"No, someone at Mill Brook has piqued my interest." James could almost hear Brock smiling through the phone.
"So what can you tell me?"
"I have a really sweet room, no entire floor, at mom's new apartment, and it will be even better when I can rescue all my stuff from my father's place. Get this there is a rooftop terrace that overlooks Central Park!"
"Damn bro, you are living large."
"Also, I think my mom and my aunt have a thing going on."
"What! As in a lesbian thing?"
"I think so. They were holding hands today, and they kept looking at each other during the meetings today."
"That's cool. At least you won't have to worry about being kicked out onto the street for being gay," Brock said.
"Come on, neither do you. I've met your parents, Florence and Nelson think the sun rises from your ass."
"That's true. I just dread the conversation when I say I'm gay; sorry, no grandchildren for you."
"Just tell them that medical science is making breakthroughs every year. Nowadays bald men can grow hair, and old men can get boners; why can't gay men have babies? Or, you could just do it the old fashioned way and adopt."
"I guess that's true. But right now, I just wish I were there with you."
"I do too. I need a good cuddle buddy," James said a bit needy. "Oh and just so you know, if you don't cuddle we're through."
"I haven't had much practice, but I'm ready to learn."
"Good boy. I like you more everyday. Of course I only stopped hating you a couple of days ago," James said.
"Anything else you can tell me."
"I am an adult now. I was emancipated this afternoon."
"Really, why?"
"Apparently I have to sign some legal papers tomorrow as an adult, not a kid, and it can't wait three months until I turn 18."
"Are you donating a kidney or something?"
"No, but I'm not sure that wouldn't be easier."
"Hey, just say the word and I'll be in my car and headed to New York."
James laughed, "No, no. I am just being melodramatic. Most kids would be more than happy to trade places with me. I guess I have just gotten used to playing the martyr. Are you sure you want to get involved with such a self-centered jerk?"
"You have no idea how much I want to get involved with you."
"You don't fool me; that's you cock talking."
"Well..."
"Don't worry," James said mischievously, " mine's saying the same thing. Now, I need to try to get some sleep. Tomorrow, I feel, is going to be another roller coaster."
I hope you enjoy "Exposed."
If you have enjoyed reading "Exposed," I hope you contribute to keeping Nifty.Org a place where I and other authors can share our stories. https://donate.nifty.org/
Also, if you would like to find other stories I've written, or am writing, check out https://www.nifty.org/nifty/authors.html#williammarshal