Crossroads of Money & Power & Wicked Things

By Lou Myrn

Money and power can make good people do very wicked things. There are certainly things in my past I regret doing. My fond hope is the three of you dont fall into this trap and that by working together will have long and happy lives together. All of my love to each of you.
Edward Solomon Bainesworth

These were the final sage words of advice from the founder of Bainesworth Private Capital to his heirs. His admonition was prophetic as the lust for power and money touches each of their lives. Secrets held and discovered by the trio and those around them shape the firms success and ultimately the dispossession of Bainesworth Private Capital. A story of love, lust, money, manipulation, power, and betrayal.

• Language: English
• Publisher: iUniverse
• Release date: Jun 17, 2010
• ISBN: 9781450234344

Book preview

PROLOGUE: The Night Before

Sitting by the fireplace in his study with the warm glow of a dying fire on a crisp fall evening, Brad Collins contemplated the past year and the crossroads he now faced. Staring at the glass, which was half full of the now rare 1975 Banff single malt scotch that had been given to him by his father on his 21st birthday, he was looking for inspiration as to which direction to take his life. Brad’s father had died when he was 31 and Brad only drank the Banff scotch when he felt the need to be close to his father whose counsel had always been invaluable. The last time Brad had opened the bottle was this past New Year’s Day after a small dinner party that was held at Bainesworth House.

Bainesworth House was now the home of Brad and Sarah Collins. Brad had married Sarah and she had inherited the estate from her father, Edward Solomon Bainesworth, upon his death one year ago. The Bainesworth House was built in 1961 by Edward on a 5 acre site which overlooked the Potomac River and had a spectacular view of Washington, D.C. The evening view was particularly impressive as the lights from the monuments and nearby Georgetown outlined the city that is the focal point of the free world. The house, built in the style of a colonial plantation, had 26 rooms including eight bedrooms. Each bedroom was meticulously decorated with period antiques and reproductions. The center hall led from the front door to a rear patio that overlooked the estate’s extensive gardens, pool, and a tennis court.

Edward had been a major political player in the 1950s and speculation was that not all of his wealth had come from, well, purely above board sources. After Edward completed building Bainesworth House in 1961, he decided he next wanted to build a new business. Using his extensive wealth, in 1962 Edward founded the investment firm that still bears his name, Bainesworth Private Capital.

For the past five years, Brad Collins has served as the President of Bainesworth Private Capital. After years of growth and prosperity, the firm had almost gone bankrupt in 1987. Edward’s interest in being a senior political statesman had consumed his attention and those managing the business from day to day had over extended the company. This forced Edward to sell off much of the company’s portfolio at a huge loss. At that time, Brad was working for Riggs National Bank as one of its senior investment officers. Edward had always respected Brad and he asked Brad to come to work for him to help watch over what was left of his fortune. Whether through luck or brilliance, Brad had a strong interest in investing in computers, telecommunication, and the emerging internet and repositioned Bainesworth’s remaining capital in those businesses. As a result of those investments, Bainesworth today had a net worth of over 3 billion dollars.

As the last embers of the fire faded to black ash, Brad was consumed by thoughts of the will reading that had taken place one year ago, the dinner party held last New Year’s Eve, and the resulting events of this past year. Brad took a generous sip of the scotch and held its smoky burning flavor on his tongue, closed his eyes and reflected. As he swallowed, he had a clear vision of what he must do tomorrow at the meeting that would at last complete the terms of Edward’s will.

CHAPTER 1: The Will

Edward lost his struggle against cancer in October at the age of 75. Edward had accepted the end with great dignity and was thankful that in knowing its coming he had time to craft the events which would follow his death.

At the office of Edward’s close friend and personal attorney, Jack Raymond, the three beneficiaries of Edward’s will gathered to learn the final wishes of Edward Solomon Bainesworth. It was a rainy day in the nation’s capitol and Brad and Sarah Collins were the first to arrive and be seated in the elegantly decorated waiting room. Sarah’s sister, Catherine Bainesworth, arrived a few minutes later dressed in a stylishly modest black dress. The sisters embraced and shed a few tears while Brad tried to comfort the two on the loss of their father. Although it had been two weeks since his death, the reading of the will was a final chapter to the sisters in saying goodbye to a father they both had worshiped.

Jack Raymond had been a college roommate of Edward’s and was his closest friend. Presiding over the will was to be the completion of that great and long friendship. Jack warmly greeted each of the beneficiaries and asked them to come with him into his private office. As they entered his office they noted a large monitor had been placed behind Jack’s desk. Three matching armchairs were arranged in front of the desk facing the monitor. Jack asked Brad to sit in the center chair with Sarah to his left and Catherine to his right. Once they were seated, Jack moved to stand behind the three and explained. It was Edward’s wish that we cover the legalities at a later time. He made this video recording which I am to show to you today. Edward sat behind that desk to make the video and had these chairs positioned in this manner so he could address each of you directly. He wanted you to hear directly from his own lips why he has chosen such an unorthodox manner to settle his estate and decide the future of Bainesworth Private Capital.

Jack dimmed the lights and pushed a button on the remote which turned on the monitor. Pressing play, the image of Edward Solomon Bainesworth appeared on the screen. The way in which the video was shot and the positioning of the monitor and the chairs gave the illusion that Edward had suddenly appeared and was sitting behind the desk looking at the three most important people in his life. Edward was dressed in his favorite dark gray pin striped Brooks Brothers suit with a pastel blue shirt and a red paisley tie. His face was a bit drawn but his eyes were lively and bright. Even on video, Edward commanded attention and great respect. After a moment, Edward began to speak.

My dear Catherine, Sarah, and Brad Edward spoke looking directly where each was seated as he said their names. I have had a very full and rich life thanks to the love and inspiration that each of you brought to me. I am ready to leave the pain and worry of this life and embark upon the great adventure of the afterlife. I hope you will brush back the tears and replace them with the memory of one who loved you so much and who is now free of pain and has gone on to a better place. I will always be with you in your heart and live on through you. Edward took a sip of water from a small crystal glass and then continued.

I have instructed Jack to go through the legal details of my will with each of you individually at a later time. I am making this video because I want you to hear directly from me what I have directed and why. As you know, I transferred all my assets, except Bainesworth House and my Chateau in France, to Bainesworth Private Capital. Sarah, I am leaving Bainesworth House to you as you and Brad have lived there with me for the past several years and it has become very much your home. Catherine, I know how you relish our visits and stays in France so the Chateau and its vast wine cellars are to be yours. Looking at the glass of water with a smile, Edward quipped, Perhaps this should be that wonderful Roederer ‘Cristal’ Rose Champagne we bought last time we were there.

Edward cleared his throat and continued. The decision of what to do with Bainesworth Private Capital has been a difficult one. Accordingly, I want the three of you to ultimately decide the future of the company. For the next twelve months, the ownership of Bainesworth Private Capital will be held in trust. The trust will be jointly controlled by the three of you with you each having equal votes. The current corporate governance will continue with the trust effectively taking on the role of Chairman of the company. As each of you know, the Chairman has full authority to direct any and all actions of the company. This trust shall run Bainesworth for twelve months. At the end of this period, the three of you will each cast a vote to select a permanent Chairman for Bainesworth. Prior to the vote, you are not to discuss with anyone how you intend to vote. The Chairman will gain full voting power and the ownership and distribution of income will be split among you depending upon who is selected as Chairman. I am hopeful that the three of you will work together to build upon my legacy and therefore have structured the will to give you incentive to do so.

Edward sips from the glass and continued. If you all cast your vote for the same person to become Chairman, then the ownership and income of Bainesworth will be split evenly between you. I sincerely hope this is the outcome as working together I believe the future is boundless for Bainesworth. Edward paused to look at each of them to give them time to reflect upon his desire.

If the vote is not unanimous but two of you vote for one person as Chairman, then that person will serve as Chairman and the ownership will be split as follows depending upon how the votes were cast. If Brad does not receive the required two votes, then Catherine and Sarah will each receive 40% of the company and Brad will receive 20% ownership. It will then be up to the new Chairman whether or not to retain Brad as President and on what terms. If Brad receives the required two votes, then the two who voted together will each receive 35% of the company with the dissenting vote receiving 30% of the company. Edward pauses again a somber and determined expression on his face.

If no one receives two votes, I direct that the company be disbanded and sold to the highest bidder with 25% of the proceeds to form a charitable trust, $15 million dollars paid to Brad, and the remainder split evenly between Catherine and Sarah. I sincerely hope this is not the outcome. However, if after twelve months at least two of you are unable to agree upon the leadership of the company then we have all failed and I no longer want a company bearing my name to exist.

Let me explain why I have chosen this structure. Edward continued now looking directly at Brad. Brad, you have been like a son to me and you were indeed the salvation of Bainesworth in its time of crisis. I have entrusted you to be President of the company for the past five years and in many respects think you have earned the right to be Chairman. My daughters however are my greatest treasure and for me to rest in peace, I need for them to be comfortable that you are indeed the right person to lead Bainesworth. Should you receive at least 2 of the three votes for Chairman, I believe that will be the case.

Edward shifts his focus toward Catherine and smiles. Catherine, I know you had hoped that I would name you Chairman upon my passing. I was greatly tempted to do so but felt in fairness to Sarah and Brad that if you are to become Chairman that it should be their decision. You certainly have all the capability and drive to fill the role of Chairman. In any case, you will never be wanting and I hope that the next twelve months will draw you, Sarah, and Brad together.

A smile now for Sarah from Edward. Sarah, you have never shown much interest in the business of Bainesworth instead preferring to spend your efforts on the arts and charitable causes. In the next twelve months you will need to learn much more about Bainesworth so you will understand what it requires to be Chairman. While Brad and Catherine will continue in their current positions and run Bainesworth, it will be up to you to decide how involved you wish to become in the day to day operations of the business.

Looking back and forth between the three chairs, Edward concluded. Money and power can make good people do very wicked things. There are certainly things in my past I regret doing. My fond hope is the three of you don’t fall into this trap and that by working together will have long and happy lives together. All of my love to each of you.

The video ends and Jack turns off the monitor.

Handing each of them a copy of the video with a transcript and a copy of the full will, Jack explains We will meet here in one year to complete the terms of Edward’s will. He was a wise man and a great friend and I am certain you will exceed his high hopes. If any of you has any questions or concerns, please call me. As they said their farewells, on the surface, all was tranquil and there was talk of how important it would be to live up to Edward’s wishes and admonishment. The reality was that each of them was trying to fully understand how this unusual bequest would affect them.

CHAPTER 2: Catherine

Catherine Bainesworth is best described by the word impeccable. No matter where she is, she is always dressed in impeccable fashion, she is always charming and her movements are as graceful as a swan gliding across the water. At 45 years old, Catherine is a striking woman. Tall and thin with short dark hair which caresses her face and contrasts dramatically with her sparkling deep blue eyes.

Catherine never married and in reality is much different than the person she projects to the rest of the world. Much of this can be traced to her days in MBA School where she had been a classmate of Brad’s.

Catherine craved being the best and brightest in MBA School and in this regard she was only surpassed by Brad. Most women found Brad’s 6 foot tall fit frame and rugged good looks attractive, but Catherine’s attraction to Brad went deeper as he was the one man that she had found to be her intellectual equal. Over time, Catherine developed A deep-seated need to possess Brad and she planned a campaign to do so as carefully as any corporate acquisition she had studied in school. Knowing that Brad had come from a modest background, the first step in her planned acquisition of Brad was to take him to Bainesworth House to meet her very wealthy and powerful father. Catherine believed that would be irresistible to Brad. It was here that Catherine’s plan was flawed. She had assumed that his status as the top student in the class came from sheer ambition and drive whereas in truth it was that Brad had extraordinary intellectual gifts. What Brad really wanted was a simple life with resources sufficient to provide a comfortable life and time to enjoy life, art, and literature.

Catherine invited Brad to come to Bainesworth estate the weekend before their graduation in May. Brad was anxious to get away from school and enjoyed Catherine’s company so he gladly accepted. The drive from Philadelphia to Bainesworth House took almost four hours due to the very heavy traffic on I-95. Brad was driving Catherine’s new blue Mercedes convertible and once off of the interstate they lowered the top to enjoy the sun and fresh air. Upon their arrival, Catherine introduced Brad to her father, showed him to one of the guest rooms and asked him to join her at the pool.

Brad changed into a surfer look swimsuit and headed for the pool where he found Catherine already in the water taking a swim in the heated pool. Brad put a towel on a lounge chair and stretched out to enjoy the warmth of the sun and the beautiful view afforded him of Washington. Catherine emerged from the pool wearing a sexy deep blue bikini that matched her eyes. Catherine took pleasure in Brad’s expression as he looked up and down her all but nude form. She took the lounge chair next to Brad’s and the two of them talked about school and what they sought to do after graduation. To Catherine’s surprise, Brad had not yet looked for or interviewed for a job. He told her he wanted to travel before he even thought of having to go to work. Catherine, of course, had things well planned and she was going to take a position in her father’s firm the week after graduation.

Later that evening, Catherine and Brad had just sat down to dinner in the small formal dining room with her father when her younger sister Sarah arrived. Sarah was about to graduate from Georgetown University and although she lived near the school came home often and unannounced. As Sarah entered the room, clad in jeans and a form fitting t-shirt, Brad looked up and found himself breathless. Sarah had a look and spirit about her that immediately captivated him. Introductions were made and another place set as Sarah joined them for dinner. The conversation was lively and they all enjoyed the evening together as well as the carefully selected wines and first class meal prepared by Edward’s chef. Having moved to the adjoining living room, the conversations about business, politics, art, and the dinner raged on until about midnight when they each retired to their respective bedrooms for the night.

The hour hand had slipped by 1

AM

and Brad found he could not sleep. He got up and decided to go sit by the pool and enjoy the view of Washington by night. As he sat in the chair he could see several of the well lit monuments as well as Georgetown University. About 10 minutes later he heard a soft voice behind him, Enjoying the view? it was Sarah. Brad invited Sarah to sit with him and they began to talk. They found in each other a mutual love of art, literature, and music. Minutes became hours and before either of them realized it they noticed the sun was beginning to rise. Brad explained that he would be leaving after lunch and asked Sarah if he could call her. Sarah asked if Brad was dating her sister. Brad laughed and said they were just friends and that Catherine had been kind enough to invite him up for a quick break from school. With that, Sarah gladly gave Brad her number at Georgetown and they both went to freshen up before breakfast.

Catherine was to find out about this chance meeting the day of her graduation from MBA School. Edward and Sarah had come to the graduation and after receiving her diploma Catherine went to a party held for all the graduates. Much to her surprise, she saw Brad enter the party with Sarah clutching tightly at his arm. Catherine showed no outward reaction but inside she went dead cold. It was then that Brad and Sarah related their chance meeting and how much they had in common to Catherine. Brad and Sarah had talked on the phone for hours each day since the day they met. Brad even thanked Catherine for being the conduit to meet the most amazing woman he had ever met, her sister. At that moment, Catherine began what had become a lifetime of loathing for Brad Collins.

As Catherine left the reading of her father’s will, her mind was whirling. Not only had her father deprived her of the Chairmanship but Brad had been all but selected to fill that role by her father. Perhaps it had been a mistake to hide her hurt and deep hatred of Brad from everyone all these years. Had her father known of it, he would never have thrust her into this position. It was her pride that prevented her from telling anyone of the failure of her planned acquisition and Brad’s falling for her younger sister. Catherine could not abide the thought that Brad could one day control the company that bared her and her father’s name. Though she loved her sister dearly, above all she loved the things her father had warned against, money and power. Catherine resolved to win the Chairmanship and this time her plan would be perfect.

CHAPTER 3: Sarah Bainesworth Collins

Sarah, at 43, had retained the great beauty of her youth and still turned heads as she walked by. Sarah had silky blonde hair which she generally pulled into a french twist braid which accentuated her long, graceful neck. Sarah’s eyes were blue like her sister’s but exuded life and warmth instead of Catherine’s steely determination. Sarah generally led a very charmed life. Besides her beauty, she was smart, witty and people always enjoyed her company. In her youth, Sarah had been anxious to explore and experience everything. As she matured, she became more concerned about the lack of appreciation for art and for the plight of the poor in the world. Sarah was always Daddy’s little girl. There seemed to be a special bond between them, which was perhaps caused by the fact that Catherine and Sarah’s mother had died from complications after giving birth to Sarah. Edward had often told Sarah that her mother’s final words were that since God needed her in heaven now that he had sent Sarah to Edward to help fill the void. Apparently that was enough as Edward never remarried and had devoted himself to his two daughters, Bainesworth Private Capital and his love of politics.

There was, however, one large void in her life. Sarah had desperately wanted to experience the joy of childbirth and raising her children. Sarah and Brad had tried for years to conceive but to no avail until she was 37. That pregnancy lasted for 6 months before she had miscarried. The pain from that experience overwhelmed her and she decided she could not face the prospect of that pain again especially since the doctors told her that another miscarriage was a distinct possibility should she become pregnant again.

Sarah was the person most devastated by her father’s death. She had loved him dearly and missed their daily talks. She could accept that he was now at peace and out of pain but selfishly wished he was still here with her. As she left the reading of the will, she began to think of the consequences of Edward’s last wishes. Sarah knew that both her husband and her sister wanted to be Chairman of the company. She also knew that her father knew that and therefore had put her in the position of having to choose between her sister and her husband. Why her father had put her in such an impossible position she could not understand. She knew the coming year would be difficult and perhaps the only way to realize her father’s dying wish was for her to become involved in the business and from there fairly judge whether Brad or Catherine should be ultimately named Chairman. She could no longer bear to think of the will today, so, she turned her thoughts to one of the happy times where she and her father had strolled along the Potomac talking of all the good they could do in the world with the family’s vast wealth.

CHAPTER 4: Brad Collins

Brad Collins had traveled around the world in the year after his graduation from MBA School. Sarah had traveled to be with him quite often during this year and with each meeting they grew closer. Brad treasured this year and developed a particular fondness for the Canary Islands in Spain. It was here that, after six months of travels, he and Sarah had first made love.

The memory of this day was as clear to Brad as if it was yesterday. Sarah had flown to Madrid and then transferred on to a flight to the island that arrived in the heat of the afternoon. Brad was at the airport to meet her carrying a bouquet of the local wild flowers he had gathered. Although Sarah had traveled through the night, the beauty of the island invigorated her and she wanted to explore instead of rest. Brad took her bags to the small house he had rented for the