‘A paper about the impact of Clare’s pension tax reform on Media Corp. It says cash going into the fund would be reduced by around thirty million pounds every year, which on a discounted cash-flow basis increases the liability by about another half a billion.’ That would be serious in itself – but it’s not the biggest problem for Breitner. ‘There’s confirmation the tax reform would be a trigger for shareholders to demand an up-to-date pension valuation, to assess the impact of the reform on the solvency of the fund.’ Jess gives me a meaningful look. A formal valuation of the Media Corp fund would be a catastrophe for Breitner.

‘The massive Albion-size loss would be exposed,’ I say. ‘Questions would be asked about why pensioners are taking the loss, and not the holding company, or Breitner himself. That is not a debate Breitner would want to have in public.’

‘Now listen to this.’ Jess reads: ‘Neither Media Corp or the Breitner family trust have the funds to make good a deficit of circa £1.9 billion. The triennial valuation of Scheme 1 is due to be published in September 1998. At that juncture it would not be possible to withhold knowledge of the deficit from pensioners and creditors, and there would be a risk of insolvency. We therefore have a limited window to find a solution.’

I look at the last file. It is headed ‘Operation Lazarus’, and though all the names are in code, the disguise is gossamer thin. It describes the business case for a takeover of a company called ‘Bow Bells’ by another called ‘Top Dog’. ‘Bow Bells’ has the one thing that ‘Top Dog’ needs: cash, hundreds of millions of pounds of it, spewing in every year from advertisers. If Bow Bells’ shareholders can be persuaded to exchange their shares for Top Dog’s shares, before Top Dog’s creditors cotton on to what’s gone wrong, Jimmy Breitner will rise from the dead. Exactly as Rep told me.

The Capital acquisition is the difference between life and death for Breitner. And Clare came within a whisker of ruining it all for him. But how did Breitner know?

My eyes hurt from reading in the dim light. There are far too many thoughts in my head; I’m desperate to nick the contents of Elliott’s silver foil package.

‘We should put it all back,’ says Jess. ‘Before Elliott realises.’

‘No.’ I put my hand protectively on the files. ‘We need the evidence. For a while Elliott will think someone took the bag by accident and that it’ll be returned. In the meantime we’ll write the story.’

‘For the FC?’ She snorts. ‘You’re joking. Lorimer’s share options will be toast if this comes out.’

I’d forgotten about Lorimer and his conflict of interest.