“How does that affect LifeDeals?” asked Jerry, who glanced between Edmund and Russell even though it was Russell who was speaking. All the joviality had left his voice. The two waiters brought over the soup and left it quietly, detecting the tension at the table.

“It may not mean anything,” Russell added. “As I said, we want to get ahead of any potential bad publicity.”

Jerry Trotter picked up his spoon and tasted a mouthful of soup. It was delicious, of course, but when he sensed he was about to hear something unpleasant, his appetite faltered. “Russell, you’re going to have to tell me a little more clearly what’s going on.”

“Okay, Jerry, sure. There are a couple of researchers at Columbia who think they can grow artificial organs using human stem cells that they make from a patient’s own cells. Obviously I don’t know the details, but the process is called organogenesis. It’s supposed to start what will be called regenerative medicine. If they can grow new pancreases, for example, they can help people with diabetes live longer. But at this point, it’s a huge ‘if.’”

“I read something about that idea in some research we did on our due diligence for LifeDeals, but it sounded like science fiction,” Jerry said.

“Apparently not anymore. The future is now, as they say. Or it might be,” Russell said.

“How many people know about this?” Max Higgins asked.

“Not many,” Russell said. “Outside Columbia and the stem cell field, very few is my guess.”

“How did you hear about it?”

There was a pause. This was where it was going to get a lot trickier.

“Gloria Croft told us,” Edmund said.

Max Higgins quickly figured out the implications and, way ahead of Trotter, asked Russell the main question.

“Is she taking any action?”

“Yes.”

“And knowing Gloria, she’s shorting LifeDeals, am I right?”

“Yes.”

“Hold on, hold on, wait a second,” Jerry said. “LifeDeals is being shorted because of some work being done in a lab at Columbia?”

“I’m afraid so, Jerry.”

Higgins went on, “Am I to assume that some numbers have been run looking at cash projections based on a potential breakthrough in diabetes treatment? And that the projections don’t look so good?”

“Is he right?” Trotter asked. Higgins had got right to the heart of the matter in seconds.

“Broadly, but look—”

“So he is?” Trotter questioned.

“As I said, it’s early in the—”

“Would you mind telling me how this . . . this fucking disaster is what you would describe as a public relations issue?” Jerry was hissing, using his soup spoon to point first at Edmund, then at Russell. The table was silent until Max Higgins spoke up again.