America 1919-Chapter 796 - : 273. Sell Sinclair Oil Corporation’s stock
Chapter 796: 273. Sell Sinclair Oil Corporation’s stock
Clearly, Dick still didn’t understand Donnie.
When Donnie decided to acquire Breton Bank and negotiated, then cooperated, with Morgan and Mellon, this signified Donnie’s resolve to take control of Breton Bank at all costs.
So, unless Dick was willing to relinquish all his shares in Breton Bank and cleanly break away from it, there was no way Donnie would give up on the acquisition.
Thereby, Dick’s attempt to negotiate with Donnie this time was clearly fruitless.
Donnie did propose to buy out Dick’s shares in Breton Bank, but it was improbable that Dick would let go of the bank, leading to their negotiations inevitably breaking down.
Left with no other choice, Dick left Atlantic City and informed Laze Madison and Archibald Roosevelt of the outcome, “A big fight is now inevitable!”
The two could only express their helplessness at this outcome, but they had their moves to make, which was to quickly buy up shares of Sinclair Oil Corporation on the market.
They weren’t optimistic about Dick’s chances of winning this showdown, despite appearances of him having the upper hand.
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In order to prevent the battle for Breton Bank from affecting their acquisition of Sinclair Oil’s shares, there was no other choice but to proceed.
Their actions soon caught the attention of the market.
The “Wall Street Journal” was the first to notice this development and published a report on it!
Once the news was out, it quickly garnered nationwide attention; the American public was already keen on the Baku Oil Field matter, and now the President and Vice President of Sinclair Oil were aggressively buying Sinclair Oil stock.
This seemed to indicate an underlying issue.
Under intense scrutiny, the “Wall Street Journal” published another piece of news—that Sinclair Oil was on the verge of signing a contract with the Soviet Union to secure the extraction rights of the Baku Oil Field!
The day this news broke, the stock price of Sinclair Oil soared instantaneously.
The directors of Sinclair Oil, while elated, were also worried that their chosen spokesmen, Laze Madison and Archibald Roosevelt, seemed no longer content with just being their public faces; they had been madly buying up Sinclair Oil stock prior to this.
At this juncture, the stake of the two men in Sinclair Oil was substantial enough to put them on equal footing with the directors, and coupled with their managerial rights, their influence in the company surged significantly!
In light of this, Sinclair Oil convened a board meeting to inquire into the actions of Laze Madison and Archibald Roosevelt.
But clearly, the two had thought this through before acting; their breach of regulations didn’t mean the directors would use it as leverage against them!
With Sinclair Oil’s share price soaring, every director was profiting from the situation; pursuing the duo over this matter would undoubtedly cause market instability, potentially leading to loss of share value and impacting their own interests.
Moreover, with Archibald Roosevelt’s involvement and considering the Roosevelt family’s influence in American politics, using this incident against Archibald was bound to fail.
Despite this, the board meeting still had to proceed, and their purpose was straightforward—to have the two give up some shares. It’s better to share the profits amongst everyone, not just the two of them!
However, what puzzled everyone was the presence of Donnie Block at this board meeting, who normally shied away from such affairs.
Wasn’t Donnie supposed to be in Atlantic City working on the acquisition of Breton Bank?
What was he doing in New York?
Could Donnie have his own agenda?
Subsequently, Donnie’s conduct at the Sinclair Oil board meeting confused everybody once more.
Just when Laze Madison and Archibald Roosevelt were struggling to fend off the board’s assaults, Donnie astonishingly voiced his support for the two.
This turn of events left Laze Madison and Archibald Roosevelt dumbfounded as to why Donnie would do such a thing, yet they were exceedingly grateful at that moment.
The power balance, initially even, now tilted as Donnie chose to side with them, increasing their influence greatly.
Indeed, it was Donnie’s unexpected support that allowed Laze Madison and Archibald Roosevelt to retain their shares in Sinclair Oil at the meeting.
“Donnie, why would you take their side?”
A shareholder of Sinclair Oil, unable to comprehend Donnie’s behavior, directly questioned him after the meeting.
“When you initially decided to have Sinclair Oil compete for the Baku Oil Field, you didn’t even inform me!”
