'What does that mean?' Quill asked in a nonconfrontational way.
Birdie's eye sharpened. 'Yes, Linda. Tell us now, if you please. When we convene every month, we look at cash flow, receivables, and that sort of thing. But come to think if it, we haven't seen a balance sheet all year - have we, Bea?'
'No, we haven't, Birdie. Tell us, dear - just what is the outstanding debt?'
Linda told them. There was a glum silence.
'It was pledged against the equity in the building, of course,' said Linda.
Ernst gave a snort.
'But the Institute doesn't own the building, does it?' asked Quill. 'I'm a little confused here.'
'The building was mortgaged through Florida First,' said Linda.
'Verger's bank,' said Bea, in an aside to Quill. 'And Florida First pledged the loans the Institute it- self took out against the equity in the building.'
'Pledged?' Quill frowned. 'You mean that the loan to your institute was secured against the equity in the building?'
'No. I'm afraid not. There was an assumption that if we needed money, there'd be enough equity to cover our debt, so it was really just a handshake deal.' She turned to the stunned onlookers. 'The man at the bank said it would be fine. And not to worry about it.'
'But is that legal?' Quill asked. She looked at Ernst. His face was an impassive mask. After a moment he said, 'Yes. It's legal.'
'How can undisclosed debt be legal?' Quill demanded.
Ernst smiled. 'Oh, I think you'll find it's disclosed, all right. Nobody's tried to hide anything. When we bought the building, there were no legal liabilities attached - other than the balance of the mortgage, which Taylor Inc. paid off, of course.'
'So we're all out of a job?' Linda asked steadily. 'Is that what this means?'
'Verger would like you all to stay on until the end of the week.'
'Not me,' Linda said bitterly. 'He fired me right now.' To everyone's intense discomfort, Linda burst into tears.
'Everyone else,' Ernst continued, 'is to stay on. We have two famous guests with us-Chef Quilliam and her sister, who's a well-known artist-and we wouldn't want any bad publicity to interfere with events going on this week. Isn't that right, Miss Quilliam?'
'She,' Chef Jean Paul blurted, red-faced, 'she is interested only in the saving of Chef Meg. For the star, you understand. I say pah! and pah! again to this.' He spat impressively on the floor.
'This means you'll stay the week?' Ernst said.
'For what? For what do I stay this week? I walk out on this week.'
'For a decent severance package. I can talk Verger into that much.'
Chef Jean Paul spat on the floor once more, then said, 'I demand a month, me. And for my friends, two weeks.'
'Hey!' Chef Brian leaped to his feet. 'How come you get a month's worth of pay and we get two weeks?'
'Because I am the master, you scum!' Ernst spread his hands in a gesture of conciliation. 'Tell you what, guys. Come up here and we'll talk it over.'
The six chefs clustered around Ernst like cabbage flies on new peas.
Quill was shaken. 'I wish,' she murmured to Bea, 'I'd never heard of Tiffany Taylor, that'd I'd never accepted this project, that I'd never heard of Palm Beach, and that Florida didn't exist.'
Bea patted her hand in a sympathetic way and said briskly, 'Well dear, you did, and it does. What are you going to do now?'
'Find Meg, I suppose, and carry on.'
'Good girl.' She raised her voice. 'Ernst!'
'Yes, Bea.'
'You can tell Verger from me that this move may be a profitable one, but it is heartless, heartless. These are my friends - Chef Jean Paul, Chef Brian, Linda, and the rest. Taylor has summarily put them out of a job and like many such tactics in the business world, I disapprove. I highly disapprove.'
Impulsively Quill applauded.
Linda Longstreet looked at Bea with damp eyes. 'Does this mean that you and Mrs. Goldwyn and Mrs. McIntyre will help us find a new building?'
'I doubt it, Ms. Longstreet. We'd do far better to take that investment and buy a few more shares of Taylor Incorporated. Ernst? Will you see to that? Quill? You look...' She paused and regarded Quill quizzically. 'A little dismayed. This is how you keep wealth, my dear. By hanging tough. Sentiment should never enter into it, or so my dearest Charles always told me. Birdie!'
'Yes, Bea.'
She nodded majestically. 'We are going in search of Chef Meg. I have always wanted to learn how to jug a hare.'
-7-
