Reborn in Tokyo: From Heiress to Global Tycoon

(Three chapters today!)

Late September, New York.

World Trade Center No. 7, 47th floor.

John Gutfred had a newly revised press release in front of him.

The manuscript was only two pages long.

Compared to the dozens of pages of legal documents on his desk, these two sheets of paper seemed rather insignificant, but Gutfred had been staring at them for almost ten minutes.

"I think it's okay to send it."

The vice president in charge of public relations sat opposite and pointed to one of the sections.

"The reporters already know that Saionji's professional team officially moved in today. If we continue to remain silent, people will start speculating this afternoon whether the negotiations between the two sides have not gone smoothly."

Williams sat on the other side.

"The market definitely needs some new information right now. Yesterday, two clients called to ask how Saionji plans to get involved in this incident."

That's why this statement is needed.

Gutfred put the manuscript back on the table, picked up his coffee, which had gone a little cold, took a sip, and then nodded at Williams.

"You should go and see what it looks like downstairs today. The administration department just came to ask my secretary if we could vacate the meeting room next door. Saionji brought too many people, and the space we prepared is no longer enough."

"I heard they added another batch of documents this morning, and several departments are busy finding the necessary files for them," Williams added.

"Then let them find them. Finance, legal, risk management, even the investment manager are here. We can't just let them sit in the meeting room drinking coffee, can we?"

Gutfred said, finding it somewhat amusing himself.

"For the past few weeks, I've been hoping someone would give Solomon a second glance. Now, dozens of Japanese have arrived, and we're almost running out of space to entertain them."

Williams also felt a bit emotional.

Who would have thought that just a few days ago they were worried about the financing arrangements for the following week, but now they are happy because a group of investors have taken up too many meeting rooms.

"But John, they're only here for due diligence," he reminded her. "Ms. Saionji hasn't agreed to invest yet."

"I know, of course she hasn't agreed yet."

Gutfred put down his coffee cup, the rare relaxation on his face gradually fading, but his tone remained quite pleasant.

"But do you think someone would just randomly bring dozens of lawyers, accountants, and investment managers from Tokyo to New York to kill time with us?"

"The fact that she's willing to put in this effort means she's seriously considering this deal."

He picked up the press release again.

"What we need to do now is to take advantage of the market's continued focus on Saionji's actions and let those clients who are still observing know that the cooperation between the two parties is indeed moving forward."

"At least give them a reason to keep waiting, which is better than letting them guess every day which institution will stop doing business with us next."

Williams looked down at the manuscript in his hand and thought for a while.

"I think that instead of repeatedly telling the market that someone is ready to invest, it would be better to let them see that Saionji has already started doing things."

"The fact that we have officially started due diligence is enough to explain the situation, and it also saves us from being accused of deliberately exaggerating the progress of the cooperation."

You're right, but it's not enough.

Gutfred picked up the pen on the table and turned his gaze back to the second page of the press release.

He underlined a passage on the second page.

The original content was roughly as follows:

"The long-standing partnership between Saionji and Solomon remains strong. The two parties are engaged in in-depth discussions on further expanding capital cooperation and long-term business arrangements, and are jointly committed to maintaining the normal operation of Solomon's existing businesses."

From a legal perspective, this statement is very cautious.

It made no commitment to a specific amount of investment, nor did it imply that a final agreement had been reached between the two parties.

Even if Saionji ultimately didn't invest, there's nothing particularly wrong with this passage.

But Gutfred always felt that something was missing.

"Add a sentence at the end."

He forwarded the manuscript to the person in charge of public relations.

"Solomon's current management team will continue to advance the company's recovery plan and work closely with Saionji to ensure the continuity of existing business arrangements between the two parties."

The VP of Public Relations picked up a pen and wrote it down as instructed.

The legal advisor sitting next to him looked up.

"John, this statement is fine in our own statement, but if we're going to release it as a joint statement, we should first confirm whether Saionji agrees."

That's why I need to show it to her.

Gutfred answered quite frankly.

"She has agreed to maintain our three-year cooperation agreement and has also agreed to formally discuss capital cooperation. You should have all heard what she said to reporters a few days ago."

The legal counsel did not continue to refute, but only reminded her: "However, she did not make any commitments regarding the management's arrangements at the time."

"Of course, she won't make any commitments about the board's personnel arrangements right now."

Gutfred put down his pen.

"That's not what I'm asking for. Someone has to be responsible for the recovery plan. Are we supposed to let traders decide how to run the company tomorrow until the new capital arrangements are in place?"

He looked at Williams.

"Do you think there's anything wrong with that statement?"

Williams read it once.

That statement alone is indeed normal.

Maintaining business continuity during a crisis is something everyone hopes to see.

The problem is that what Gutfred needs to prove to the board most right now is that he is still qualified to continue leading Solomon.

If Saionji agrees to include this statement in the joint statement, the meaning will be somewhat different.

At least these people can keep their jobs.

"I think we should give it a try."

Williams concluded.

"But she might not accept it."

Gutfred put the manuscript into a folder.

"Then let's talk."

What he has no shortage of now is a reason to continue talking with Saionji.

Moreover, the other party has already begun due diligence.

The two sides seem to be getting closer and closer to actually reaching a deal.

……

After the meeting ended, the legal counsel remained seated in the same place.

Gutfred had already picked up the afternoon schedule, flipped through a couple of pages, and, finding that the other party still showed no sign of leaving, put his things down.

"Is there anything else?"

There's something that requires your personal decision.

The legal advisor glanced at the closed office door, then took a document from his briefcase and placed it on his lap.

"Saionji sent another request for supplementary information this morning. There's nothing special about the finances and operations, but their requirements for regulatory information are more detailed than the scope agreed upon last time."

Gutfred had been about to pick up his pen again, but upon hearing the last few words, he slowed down.

"What else do they want?"

"In addition to formal correspondence and meeting minutes, they also requested relevant internal preparation materials, including working drafts prepared before each meeting and records of important revisions."

The legal advisor then handed over the documents.

"The Washington talks in June were also included."

Gutfred's outstretched hand froze in mid-air.

He looked up at the other person, took the list, and flipped directly to the marked page.

After carefully reading the requirements, he flipped the page back halfway to confirm the text before and after, and then laid the list flat on the table.

"Who proposed it?"

"The religious affairs team at Saionji Temple. The data coordination department received it this morning and copied it to us. They asked us to confirm which materials could be provided this afternoon and when the rest could be submitted."

"Did they specifically request the working papers from the June meeting?"

Not yet.

The legal advisor lowered his voice.

"They've put forward uniform requirements, which have been included in several important regulatory meetings. However, if we provide the materials item by item according to the list, we definitely won't be able to bypass the materials from June."

Gutfred took off his glasses and placed them next to the documents.

"What about the official minutes and materials submitted externally?"

"It's all ready. As originally planned, it can be submitted this afternoon."

Where are the earlier versions now?

"There's a complete set in the legal files, and the office should also have a copy. I've already asked the data coordination department to temporarily refrain from processing that part of the documents until you confirm the scope."

After the legal advisor finished speaking, he carefully observed Gutfred's reaction.

He already knew about the existence of those documents and was aware of what some of them contained.

The legal discussions surrounding whether to report the violations to the Ministry of Finance also took place during that period.

Now that things have escalated to this point, both of them know what conclusions they will draw when they look at the drafts and the final materials submitted to the Ministry of Finance together.

Whether or not Solomon will be saved once the other party obtains this document is another matter, but they will definitely not be able to escape responsibility.

"John, there's something I need to remind you of."

The legal advisor sat forward slightly.

"Saionji Temple didn't just send a few people to look through the account books as a formality."

"They have hired lawyers who specialize in financial institution transactions, and this time you personally agreed to open up crisis due diligence."

"If we provide the final version but find that the previous working drafts are completely missing from the data list, the other party will likely ask for an explanation."

As Gutfred listened, he reached out and picked up the document again.

"I know they brought a lawyer."

"Then we'd better determine a unified approach first."

The legal advisor glanced at the list in his hand and continued:

"While some legal opinions can indeed be requested to be reviewed separately, not all working drafts can be excluded on this basis."

"If they further request confirmation of version history, the data coordination department also needs to know how to respond."

This time, Gutfred did not respond.

He placed the list on the table, his gaze falling on the items corresponding to the meeting in June. His thumb slowly pressed along the edge of the page, smoothing out a slightly curled corner.

The legal advisor sat across from him, waiting for his decision.

The office was quiet for a while.

He certainly remembered his trip to Washington in June.

I also remember what opinions the legal department raised at the time.

In fact, he had thought about that incident countless times over the past few months.

What if we had reported it in time?

What if he had requested a thorough investigation earlier?

What if Moser had been completely kicked out of the government bond business after the first incident?

Would things have turned out differently?

These questions have no answers.

What really annoyed him was that he knew how Warren Buffett would view all of this.

Buffett would never accept explanations such as "the situation was complicated at the time" or "the company needed to verify further."

That person will question every person in the know, investigate every internal discussion, and then demand that the board decide who should take responsibility.

Now, Saionji may be his last chance to salvage the situation.

Gutfred looked down at the list.

"Official minutes, materials submitted to the Ministry of Finance, and our official correspondence with regulatory agencies are all provided in accordance with the agreement."

"clear."

"The internal drafts are kept in the legal department, especially the early versions before the meeting in June."

The legal advisor hesitated for a moment.

"Saionji requested all important materials related to the regulatory matters."

"I saw it."

Gutfred's tone was calm, but he put the list back on the table with slightly more force.

"You should first review which items involve internal legal opinions and which are unverified working drafts. Those that need to be handled separately according to confidentiality arrangements should be handled separately first."

He raised his head.

"I agree to let them assess the true situation of Solomon, but that doesn't mean we should hand over every single internal discussion of the past few months that has yet to reach a conclusion to a foreign company that hasn't even decided to invest."

This statement makes sense, at least on the surface.

Solomon is facing investigations from multiple government agencies simultaneously, and any internal legal document could involve extremely sensitive issues.

The right of potential investors to know does not equate to the right of regulatory authorities to investigate.

They can use the pretext of regulatory authorities to refuse to provide certain information, and the reason given can be "involving state secrets".

The legal counsel was aware of this as well.

But he was also aware that Gutfred's specific mention of the earlier versions from June was not merely because the documents involved internal legal advice.

"What if they keep pressing?"

"Leave it to me."

Gutfred put his glasses back on, closed the list of documents, and pushed it back in front of the legal counsel.

"Take care of today's matters first. If Saionji makes any further requests, especially those related to the meeting in June, report them directly to me."

The legal advisor nodded, put away the documents, and left.

After closing the office door again, Gutfred lost all interest in looking at the afternoon's schedule.

He picked up the press release again and turned to the second page.

"The current management team will continue to advance the company's recovery plan."

The sentence I just added is still there.

Gutfred stared at it for a while, then suddenly realized that he might have been too happy too soon that morning.

Saionji brought dozens of people, which is certainly a good thing.

The more people come, the more serious Satsuki is about the investment, and the greater Solomon's hope of being rescued.

But these people are here for due diligence.

They can check accounts, review documents, and talk to people in various departments.

Moreover, since Satsuki has already demanded a full understanding of the regulatory risks, he is unlikely to be satisfied with just the few documents he is willing to provide.

How long can those working drafts from June remain hidden?

one day?

Two days?

Or will someone discover this afternoon that several versions of the official meeting materials are missing?

Gutfred took off his glasses and rubbed his temples.

He suddenly regretted why he had been discussing with Williams when the statement should be released.

It should have been taken to Saionji a long time ago!

Time was already against him.

With each document those lawyers and accountants flipped through, Satsuki was likely one step closer to the thing he least wanted her to know.

Once she realizes that it won't be so easy for her to win back the support of the current management, things will likely become much more difficult.

Gutfred put his glasses back on, picked up the phone, and dialed his secretary's internal line.

"Mary, has Ms. Saionji's schedule for this afternoon been confirmed?"

He glanced at the press release on the table.

"Tell Williams that the joint statement doesn't need to wait any longer. I'm going to speak with her personally today."

He must get Satsuki to make a clear statement as soon as possible.

At least before those people send her things that shouldn't be in front of her.