Outside, the forty-fourth floor is running like a command center. Every conference room is occupied. Legal has taken over two of them. Investor relations is working from the executive boardroom because its video system can support the volume of international calls coming in simultaneously. Daniel has converted the smaller strategy room into a running schedule of regulatory requests, counsel meetings, press briefings, and board sessions.
On the street below, satellite trucks have been parked outside the building since yesterday afternoon. Every time one of our executives enters or leaves, cameras follow.
Blackwell Technologies lost eleven percent of its value before the market closed yesterday. By 10:30 this morning, it is down another seven. Billions in market capitalization have disappeared in less than two trading sessions.
I stand at the head of the conference table with Adrian beside me while Vivian Cross speaks through the wall-mounted screen from Legal's offices three floors below.
“We now have formal document-preservation notices from the U.S. regulators and the European Commission,” Vivian says.
“The United Kingdom inquiry is still preliminary, but outside counsel believes they'll coordinate rather than operate independently.”
Adrian leans forward, both hands braced against the table.
“What exactly are they coordinating around?”
“Market concentration, acquisitions, and allegations of exclusionary contracting,” Vivian replies.
“They're looking at whether Blackwell used infrastructure agreements to disadvantage competitors in multiple markets.”
“Allegations based on what?” I ask.
Vivian looks directly into the camera.
“We don't know yet.”
“That isn't good enough.”
“It isn't intended to be,” Vivian says.
“It's what I can substantiate at this moment.”
No one in the room reacts to the edge in either of our voices.
Everyone is too tired.
Three members of outside counsel sit farther down the table with laptops open. Daniel is near the door, answering messages while maintaining the schedule on his tablet. Adrian's communications director has two phones in front of her, one of them lighting up every few seconds.
I turn toward Vivian's image on the screen.
“What have they requested?”
“Acquisition records going back six years, internal pricing models, infrastructure contracts, executive communications related to fourteen named competitors, and board materials involving three acquisitions.”
One of the outside attorneys, Martin Ellis, looks up from his laptop.
“They've also included a preservation demand broad enough to cover executive email, messaging applications, corporate devices, and relevant personal communications,” Martin says.
Adrian exhales through his nose.
“Relevant according to whom?”
“The regulators,” Martin replies.
I look toward Daniel.
“Have preservation notices gone out internally?”
“Twenty minutes ago,” Daniel says.