"Nothing is ever simple, Greg," Philip replied. "Kendric's management of the exchange was part of my original arrangement with my backing consortium. I needed a hell of a lot of cash to fund Listoel, and I didn't have the necessary contacts with the broker cartels back in those days, not for something that dodgy. Kendric did. His family finance house is old and respectable, well established in the money market. And he offered me the lowest rates, a point below the usual interest charges in fact. We got on quite well back then, despite his faults he is an excellent money man. The trouble is, he's been getting a mite uppity of late, thinks he should have a say in running Event Horizon. Involve the consortium with the managerial decision process. Bollocks. I'm not having a hundred vice-presidents sticking their bloody oars in."

"So why are you still tied in with him? You're legitimate now."

"Scotland," Julia said bitterly.

"'Fraid so," Philip confirmed. "The PSP is still in power north of the border so my arrangement with Kendric is still operating up there. Our respective spivs are virtually one group now, they've worked together for so long. It'd be very difficult to disentangle the two, not worth the effort and expense, especially as the Scottish card carriers aren't going to last another twenty months."

"And of course the di Girolamo house has an eight per cent stake in Event Horizon's backing consortium. And guess who their representative on the board is."

"I still don't get it," Greg complained. "Why should a legitimate banker offer an illegal operation like yours a low rate in the first place? At the very least he should've asked for the standard commercial rate. And there are enough solid ventures in the Pacific Rim Market without having to go out on a limb here."

"It's the way he is, boy," Philip said quietly. "He doesn't actually need to get involved in anything at all. The family trust provides him with more money than he could ever possibly spend. But he's sharp. He sees what happens to others of his kind—they party; they ski, power-glide, race cars and boats, take nine-month yachting holidays; they get loaded or stoned every night; and at age thirty-five the police are pulling them out of the marina. Half of the time it's suicide, the rest it's burnout. So instead of pursuing cheap thrills, Kendric gets his buzz by going right out on the edge. He plays the master-class game, backing smugglers like me, leveraged buyouts, corrupting politicians, software piracy, design piracy—I bought the Sony flatscreen templates Event Horizon uses from him. It's money versus money. His ingenuity and determination are taxed to the extreme, but he can't actually get hurt. I might not like him personally, but I admit he's been mighty useful. And he's exploited that position to grab his family house a big interest in Event Horizon. Clever. I like to think I'd have done the same."