The phone rang and Richard leaned over to answer it, not letting go of Florentyna.
“Hello?”
“Richard, it’s Mother. I’ve been trying to get away from the house. Have you heard the news?”
“Yes, I’ve just read it in The Wall Street Journal. What in heaven’s name made Father resign?”
“I’m not certain of all the details myself, but as far as I can gather, Mr. Rosnovski has held six percent of the bank’s shares for the past ten years, and for some reason he only needed eight percent to be able to remove your father from the chair.”
“To invoke Article Seven,” said Richard.
“Yes, that’s right. But I’m still not sure what that means.”
“Well, Father had the clause put into the bank’s bylaws to protect himself from ever being taken over. He considered the clause was foolproof because only someone in possession of eight percent or more could challenge his authority. He never imagined anyone other than the family could ever get their hands on such a large stake in the company. Father would never have given up his fifty-one percent of Kane and Cabot to become chairman of Lester’s if he had felt an outsider could remove him.”
“But that still doesn’t explain why he had to resign.”
“I suppose Florentyna’s father somehow got hold of another two percent. That would have given him the same powers as Father and made life at the bank impossible for him as chairman.”
“But how could he make life impossible?” It was now obvious to Richard that his father had not even confided in Kate concerning what was happening at the bank.
“Among the safeguards that Article Seven stipulates, if I remember correctly,” Richard continued, “is that anyone in possession of eight percent of the shares can hold up any transaction the bank is involved in for ninety days. I know from the bank’s audit that Mr. Rosnovski held six percent. I suppose he obtained the other two percent from Peter Parfitt.”
“No, he didn’t get the shares from Parfitt,” said Kate. “I know your father managed to secure those shares by getting an old friend to purchase them for considerably more than they are worth, which is why he felt so relaxed lately and confident about the future.”
“Then the real mystery is how Mr. Rosnovski got hold of the other two percent. I know no one on the board who would have parted with their own shares unless…”
“Your three minutes are up, ma’am.”
“Where are you, Mother?”
“I’m in a pay phone. Your father has forbidden any of us to contact you ever again and he never wants to set eyes on Florentyna.”
“But this has nothing to do with her, she’s—”
“I’m sorry, ma’am, but your three minutes are up.”
“I’ll pay for the call, operator.”
“I’m sorry, sir, but the call has been disconnected.”
Richard replaced the phone reluctantly.
Florentyna looked up. “Can you forgive me, darling, for having a father who was involved in such a terrible thing? I know I will never forgive him.”
“Never prejudge anyone, Jessie,” said Richard as he stroked her hair. “I suspect that if we ever discover the truth we shall find that the blame is fairly evenly distributed on both sides. Now, young lady, you have two children and six stores to worry about and I, no doubt, have irate customers waiting for me at the bank. Put this whole incident behind you because I am convinced that the worst is now over.”
Florentyna continued to cling to her husband, thankful for the strength of his words, even if she did not believe them.
Abel read the announcement of William Kane’s resignation in The Wall Street Journal the same day. He picked up the phone, dialed Lester’s Bank and asked to speak to the new chairman. A few seconds later Jake Thomas came on the line. “Good morning, Mr. Rosnovski.”
“Good morning, Mr. Thomas. I’m just phoning to confirm that I shall release this morning my eight percent holding in Lester’s to you personally for two million dollars.”
“Thank you, Mr. Rosnovski, that’s most generous of you.”
“No need to thank me, Mr. Chairman; it’s no more than we agreed on when you sold me your two percent.”
Florentyna realized that it would take a considerable time to recover from the blow inflicted by her father. She wondered how it was still possible to love him and to hate him at the same time. She tried to concentrate on her fast-growing empire and to put the thought of never seeing her father again out of her mind.
Another blow, not as personal, but every bit as tragic for Florentyna, was delivered on November 22, 1963. Richard called her from the bank, something he had never done before, to tell her that President Kennedy had been shot in Dallas.
Chapter
Twenty
Florentyna’s newly acquired Italian designer, Gianni di Ferranti, had come up with the idea of putting a small entwined double F on the collar or hem of all his garments. It looked most impressive and only enhanced the company’s reputation. Although Gianni was the first to admit that it was nothing more than a copy of an idea that Yves Saint-Laurent had used, nevertheless it worked.
Florentyna found time to fly to Los Angeles to look over a property that was up for sale on Rodeo Drive in Beverly Hills. Once she had seen it, she told Richard she had plans for a seventh Florentyna’s. He said he would need to study the figures carefully before he could advise her if she should take up the lease that was offered, but he was under such pressure at the bank that it might have to wait a few days.
Not for the first time Florentyna felt the need of a partner or at least a financial director, now that Richard was so overworked. She would have liked to ask him to join her, but she felt diffident about suggesting it.
“You’ll have to put an advertisement in the Chronicle and see how many replies you get,” said Richard. “I’ll help you screen them and we can interview the short list together.”
Florentyna followed Richard’s instructions and within days the letters flooded in from bankers, lawyers and accountants, all of whom showed considerable interest in the appointment. Richard helped Florentyna sift through the replies. Halfway through the evening he paused over a particular letter and said: “I’m crazy.”
“I know, my darling, that’s why I married you.”
“We’ve wasted four hundred dollars.”
“Why? You felt sure the advertisement would turn out to be an investment.”
Richard handed her the letter he had been reading.
“Seems well qualified,” said Florentyna, after she had read it through. “And since he’s at the Bank of America, you must have your own opinion as to whether he’s suitable to be my financial director.”
“Undoubtedly. But who do you imagine will fill his position if he leaves the bank to join you?”
“I’ve no idea.”
“Well, since he’s my immediate superior, it might be me,” said Richard.
Florentyna burst out laughing. “And to think I didn’t have the courage to ask you. Still, I consider it four hundred dollars well spent—partner.”
Richard Kane left the Bank of America four weeks later and joined his wife as a 50 percent partner and the financial director of Florentyna Inc. of San Francisco, Los Angeles and San Diego.
Another election went by. Florentyna didn’t become involved because she was so overworked with her expanding empire. She admitted to Richard that she couldn’t trust Johnson and despised Goldwater. Richard put a bumper sticker on their car, and Florentyna immediately tore it off:
Au + H2O = 1964
They agreed not to discuss the subject again, although Florentyna did gloat over the Democratic landslide that followed in November.
During the next year, only their two children grew more quickly than the company, and on their son’s fifth birthday they opened two more Florentyna’s: in Chicago and Boston. Richard remained cautious about the speed at which the shops were springing up, but Florentyna’s pace never faltered. With so
many new customers wanting to wear Gianni di Ferranti’s clothes, she spent most of her spare time combing cities for prime sites.
By 1966 there was only one important city that did not boast a Florentyna’s. She realized it might be years before a site fell vacant on the only avenue fit for the Florentyna’s of New York.
Chapter