“Maybe, but it’s hardly what you could call gilt-edged. I don’t get it,” Isher said.

“You don’t have to,” Villiers said.

Isher cleared his throat to speak again, but Hackman frowned at him with a warning shake of his head. Isher dropped the subject, displaying his pique with a brief catarrhal bark, and reached into his briefcase. “About the Nuart Galleries business, Mace, were you apprised of the fact that Mrs. Hastings would save a good chunk of money if you were to buy into Nuart with stock instead of cash? If it’s a share-for-share trade, you avoid personal tax, both for Mrs. Hastings and yourself.”

“I’m aware of that.”

“I just want to make sure I understand the deal. You’re going to back Nuart with your own capital when she goes public?”

“Naturally.”

“Will Mrs. Hastings realize that?”

“She’ll realize however much is necessary for her to realize,” Villiers said. “Leave Mrs. Hastings to me.”

“Gladly. But inasmuch as you’re dealing with Elliot Judd’s daughter, it’s my opinion your scheme has the smell of insanity.”

Villiers said quietly, “Thank you for your candor, Sidney.”

Isher shrugged. “You’re made out of poured concrete, aren’t you? All right, be it on your head. Back to the matter at hand-”

“No,” Villiers said. “I’ll make one thing clear. We’re going into this to get control of Melbard, not Nuart Galleries. I have no intention of taking over Mrs. Hastings’ business-only taking over her controlling interest in Melbard when she obtains it. You follow me? She’s only the middleman in this. The Melbard stock goes through her hands into mine, that’s all. That’s the way you’ll set up the legal documentation with her, once I’ve sold her on the program. I don’t want to leave any openings for her to get suspicious that I’m trying to get my hands on her God damned art business. What the hell would I do with an art business?”

George Hackman said, “Okay, let’s get down to the nitty-gritty. Where do you get the capital? Money’s tight.”

“We issue stock and exchange it for the Melbard stock, through Mrs. Hastings.”

“What stock do we issue?”

Villiers said, “I’ve got a Maryland insurance company that’ll do the trick. We’ll issue the stock as part of the terms of an exchange-merger-on paper it will be a merger with Nuart Galleries, but you’ll arrange that the actual exchange is for Melbard shares. Since the stock’s to be issued by the insurance company as part of the terms of a merger, it won’t have to be registered as a public offering.”

“Memorize that,” Isher said to Hackman, “and then throw your head away.” He had a sharp, irritating laugh, like a small dog’s yapping.

“Piece of cake,” Hackman remarked. “It’s beautiful. Melbard’s unlisted. Insiders and control stockholders don’t have to reveal their trading in the stock, which you’d have to do if it was listed.”

Villiers said dryly to Isher, “Give that man a raise.”

Hackman guffawed. “Aw, shit, you don’t-”

“I mean it,” Villiers said. “We’ll put you down for a bonus commission on this job.”

“Well-Christ, thanks, Mace, I mean-”

“Don’t thank me. The more you stand to make, the more you’ve got to lose if you louse it up.”

“Yeah. But thanks anyway. God knows I can use it.”

Villiers glanced at Isher. “That’s all for you for today. I’ll call you day after tomorrow, after I’ve seen Diane Hastings. We’ll want the articles of incorporation drawn up for Nuart by then.”

“Forty-eight hours? You’re moving too fast.”

“Maybe by your clock. Not by mine. Keep your staff after hours if you need to.”

“Is next week a holiday, or what? Christ, we’ve got to go through the Corporation Commission, X and Y and Z and divers others. You can’t just-”

“Don’t bitch, Sidney. Just do it.”

“Will you listen to me, Mace?”

Hackman said, “What’s to listen? You heard the man.”

“I want no lip from you, George.”

Hackman grinned at Villiers. “Mace, don’t give it another thought. He just likes to go on record with a few complaints. He’s a smart Jew-he’ll get it done.” Then, seeing the sudden shift of Isher’s expression, he said hastily, “What I meant to say, Sidney-”

Isher snapped, “You don’t need an interpreter. You made yourself clear the first time.”

“For God’s sake, I was only-”

“All right, shut up, both of you,” Villiers said, without raising his voice.

Isher was on his feet. “I’ll need the information on that insurance company.”

“Tod Sanders has it down in the car.”

“All right. You’ll call me and let me know how it went with Mrs. Hastings.” Without further talk, Isher left the office.

When the door closed, George Hackman chuckled. “Time you’re through, you’ll be able to drive your Cadillac right through Melbard’s board of directors. Christ, I don’t know how you do it. You’ve got a thousand-volt charge keeps you running, I swear-you’re a thirty-six-hour-a-day man. Nobody keeps up with you, do they? Watch out galloping senility don’t catch up with you by the time you’re forty.”

Villiers watched while Hackman went to the door, opened it, and looked out, then closed it and went back to his desk, saying, “He’s a sensitive son of a bitch, ain’t he? What the hell did I say that got him up on his high horse?”

“It wasn’t what you said. It was the way you said it.”

“Christ, you’d think I was anti-Semitic or something. Thin-skinned bastard.”

“George,” Villiers muttered, “I couldn’t possibly care less. Don’t parade your wounds in front of me, it’s a matter of no interest. Let’s get down to cases-you were supposed to have some private detectives’ reports for me.”

Hackman tilted the cigar in his teeth. “That’s all set. Hell, it’s open and shut-the cat’s in the bag, and the bag’s already on its way to the river.”

“Quit bragging and spell it out.”

Hackman halved his smile. “All right. Your boy’s a kid named Steve Wyatt, one of the portfolio managers over at Bierce, Claiborne amp; Myers. You wanted a man with a respectable name who could be controlled. He’s it. Young and fast, and he plays pretty loose. He’s what you might call a high-society black sheep-if your name’s Wyatt it means you can hobnob with Phippses and Cabots, it’s a wealth-symbol name, but Wyatt’s father was a klutz who spent the whole damned family fortune, or otherwise separated himself from it. Mostly in the twenty-nine crash, of course, but it had help from him. The Wyatt kid’s got the name but not the substance-he’s out to regain the family’s lost wealth any way he can, so he can resume his proper place in the scheme of things and mingle with the kind of people he thinks he deserves to mingle with. He’s got most of the credentials for it-fancy prep school and a Yale degree, you’ll find it all in the file.”

Hackman opened a desk drawer, withdrew a folder, and pushed it across the desk. Villiers reached for it. “I’ve got no use for Yale men.”

“What’s wrong with them?”

“They’ve got no sand. Will you go on?”

“Okay. I went into this in considerable detail after I heard from you last month. I think Wyatt’s the one we want. We looked over quite a few, believe me.”

Villiers leafed through the file, not making any pretext of reading it. “How reliable is this information?”

“Impeccable. Ironclad. I had eight private dicks on it for a month. You’ll get the bill.”

“How did a man with his record get a job with Howard Claiborne?”

“It’s all in there. Family connections. Wyatt’s mother’s related to Claiborne, cousin or something.”

With more vehemence than he usually displayed, Villiers said, “I don’t trust anybody whose family put him where he is.”

“What’d I do, step on a sore bunion? Listen, if you wanted somebody trustworthy, you wouldn’t be able to use him. Wasn’t the idea for me to find somebody who’d be willing to sell out? What are you worried about? You can buy him, and he’ll stay bought-you’ve got enough in that file to make him jump through hoops.”