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taught me that."

Steiner's eyes were cold and assessing. They scanned her - the tailored suit, the unflinching posture, the calm demeanor. "Shirley understood leverage," he acknowledged. "She knew when to trade." He gestured toward the bottles of wine. "Red or white?"

"Red."

Steiner put the bottle of white wine away and poured them both a glass of red. He gestured toward a chair in front of Hannah. "Sit down."

Hannah remained standing. "Luxembourg isn't just a patent transfer. It's a trapdoor beneath Eridios. Vermeil holds exclusive Asian rights - rights that Thornberry isn't in a position to exploit now anyway, but should be able to at some point in the future." She paused for effect. "But although Vermeil has ownership, it doesn't really need or want ownership. It wants profit." She opened her briefcase, withdrawing a single sheet. "Here's your exit. Sell the rights back to Eridios - not for cash, but for five percent equity. You sit back and take the dividends."

"This is the same offer we've already declined," said Steiner dismissively. "You're just repeating yourself." He pulled out the chair in front of him. "I'm sitting down, even if you aren't."

Hannah took a seat too, tapping the paper she'd placed on the table. "If the company grows, unfettered by not holding the Asian rights, a five percent stake is likely to prove more valuable in the long term than any price you could possibly muster for those rights. Vermeil gets liquidity without lifting a finger. Eridios reclaims its future. And you..." She met his eyes. "...secure proof that your Luxembourg maneuver was genius, not greed."

"I don't see it that way," Steiner replied. "Vermeil has a tangible asset here - partial patent rights. A conversion into equity would reduce that to a promise."

"Profit from selling the rights is also a promise," said Hannah. "At the moment, there's no value creation, only speculation. The rights aren't worth a great deal at this point in time."

"You might be surprised," he said. "Vermeil can potentially sell to Tanaka, a company where I have great influence, as you know."

"I don't doubt that you could sell to Tanaka, bearing in mind that you're a director of Tanaka. But my point is that there's no quick profit to be had. It will take time for the Asian rights to become valuable. Five percent equity is a better bet. And if you don't want to stick around to take the longer term benefits, you can always offload that stake if you want to. Offloading that stake is likely to have many more potential buyers than the Asian patent rights alone."

"That's the first thing you've said that I agree with," said Steiner. "Offloading equity would be much easier than finding a buyer for the Asian rights. But I would still want ten percent equity. That's what I regard as a good deal. After all, if I heard correctly, certain people just acquired a twenty percent stake in Eridios for a paltry million euros."

"That's not true," said Hannah firmly. "The million euros is just the first tranche of investment. Other tranches follow when specific milestones are reached."

"Milestones?"

"Performance targets."

Steiner got up and circled the desk, his polished oxfords silent on the plush carpet. "You bargain like a Medici banker, but due to the high regard in which I hold you, I'm prepared to compromise," he said smoothly. "Let's split the difference and call it an equity of seven point five."

"Five," Hannah countered, holding her ground. "Five is more than generous." She picked up the proposal from the table and held it out. "Fair exchange is no robbery."

Steiner stopped his circling, halting inches away. His gaze traced Hannah's face - the resolute look, the unhurried demeanor, the defiant lift of her chin. "Shirley," he mused softly, "knew the price of such fair exchanges." His hand brushed hers as he took the document, his touch deliberate. Hannah didn't flinch. Instead, she unbuttoned her blazer, letting it fall open. A silent echo of Shirley's lexicon - transactions sealed in flesh, not ink.

Steiner scanned the proposal, his expression unreadable. "Five percent equity..." He trailed off, eyes flicking to her exposed collarbone. "It's not an acceptable offer. It's not something I could even consider." He stepped closer, the heat of his body palpable. "Unless," he murmured, "I get an option agreement too." His finger traced the line of her jaw. "On any new share issues."

Hannah tilted her head, exposing her neck. "What agreement exactly?" Her voice remained steady as his hand slid to her waist. "You mean the right to buy five percent of any future Eridios share issue?" His hand remained on her waist and now toyed with the zipper of her skirt. She stood, pushing her chair back, and unzipped it for him, the skirt pooling at her feet. "Shirley understood - real leverage requires sacrifice."

Steiner's gaze intensified as she stepped out of the fabric. "Sacrifice?" He slipped her open blazer off her shoulders, letting it fall to the floor. Hannah didn't blink, her breath shallow but controlled. "Or strategy?" Despite the darkness, the lake shimmered in the window behind him.

"You tell me," she replied. "Shirley traded compliance for contracts. I trade transformation." Without her suit now, his eyes ranged over her and his palms slid up her body, meeting the outline of her breasts. "If we're agreed on five percent, I can get you the option agreement."

"It's not just the right to buy five percent of any new share issues." His hands still traced the outline of her breasts. "It's the right to buy at no more than the price of the initial shares. The price of the shares when I agree to take the initial five percent equity. Are we clear on that?"

"Yes I understand," said Hannah, his hands on her breasts not clouding her thinking at all. "The price of the shares when you take the five percent stake is the strike price. In the event of any further share issue, you have the option to take five percent of the additional issue, and you pay the price at which those shares are issued or the strike price, whichever is lower."

"Perfect," he said. "I'm impressed. You know a great deal for someone who's only been an investment consultant for six months."

"Perhaps Shirley taught me more than you realize," Hannah replied evenly. She noted the predatory curve of Steiner's smile as his hands moved from her breasts to the buttons of her blouse. She remained motionless as he undid them. She knew the drill - no hesitancy, no flinching. Steiner's expression as he worked his way down was appraising rather than desiring. This was a power audit, not passion.

"We have a deal then," she said, as he slipped the blouse from her shoulders.

Steiner didn't answer immediately, his fingers finding the clasp of her bra and unhooking it. "Yes, we have a deal," he replied. "But subject to you paying the price for such a deal."

Hannah stood perfectly still as he slid the bra away from her body and stepped back. She knew what came next. This was Shirley's currency - compliance measured in stillness, in endurance. He took another step back, eyes on her bare breasts. "Kneel," he ordered.

She lowered herself slowly onto the carpet, her knees pressed together. Steiner watched her silently, the only sound in the room the hum of the air conditioning. Hannah fixed her gaze on the window, where Lake Zurich was now a dark expanse punctuated by distant lights.

He began to circle her, very slowly. She remained unmoved, knowing this was an audit of submission, testing resilience, measuring control. He began a second circle, this time stopping behind her. He leaned down, his breath hot against her ear. "The option agreement must be irrevocable. Time unlimited. Non-negotiable." His fingers traced the ridge of her spine. "Do you consent?"

Her voice didn't waver. "I do."

Steiner straightened. "Good." He resumed circling her. After completing a third circle, he came to a halt in front of her. "Stand up," he commanded. Hannah rose and his next command was immediate. "Get naked." She promptly peeled her tights down her legs and her panties soon followed.

Steiner remained motionless as she kicked the garments aside. Hannah stood before him, naked and still. Steiner circled her again, this time touching her, his fingers feather-light against her skin, tracing her collarbone, brushing her nipple, skimming her hip. Hannah remained impassive, her breathing shallow. His touch was clinical, assessing, an inspection.

He stopped in front of her. "Kneel," he ordered. She obeyed, lowering herself to the carpet again. Steiner circled her slowly, his oxfords silent. "The option agreement," he said flatly. "It must apply to all share issues, of whatever kind, for full anti-dilution protection. Standard clauses. Full ratchet. I'll have the agreement drafted tomorrow, to ensure that it's word perfect."

Hannah remained motionless. "Agreed," she said softly. "I'm glad we've got everything settled, down to the last detail." The air felt thick, charged with the scent of the wool carpet and Steiner's cedar cologne. Her knees pressed against the dense pile, its texture rough against her skin.

"Yes," said Steiner. "Everything's settled now - except the exact price you're going to pay for this deal. I still haven't decided what I'm going to do with you. What I require from you." He paused. "I know one thing for sure though. You have to give me more than Shirley ever did."

"Haven't I always given you more than Shirley?"

Steiner paused mid-circle, his shadow looming over her. "Yes, I'll give you that," he replied thoughtfully. "Shirley was cooperative, but she had her limits. You, on the other hand, have a fire burning within you that can't be extinguished. It makes your performances flawless."

Hannah held her gaze steady on the distant lights shimmering across Lake Zurich. Steiner stopped behind her again, his shadow falling over her bare shoulders. The silence stretched, thick with anticipation, broken only by the hum of the climate control. Finally he spoke again. "Shirley knew her place, that was her great strength. She knew her lexicon, her strategies. You're different to her. Your strength is your resolve, your backbone." He leant down and his fingers traced the upper part of her spine. "Stand," he ordered.

Hannah rose smoothly, quite happy to leave her kneeling position. He hand found the ridge of her spine again and traced its full length, down and then up. Then his hands reached around her body, finding the swell of her breasts, cupping them, playing with the nipples. He then turned his attention to the cheeks of her backside, appreciating their curves and their softness.

"Shirley," he mused, his hands back on Hannah's breasts again, "was... efficient. Predictable. She knew her role." His hands left her breasts and slid lower, returning to the firmness of her buttocks. "But you... you possess something far more potent. Ambition. Ruthlessness." He paused, his hands stilling. "And that makes you dangerous... and irresistible." He turned her around to face him, his gaze locking onto hers. "Bend over the table," he commanded.

Hannah obeyed without hesitation, the polished mahogany cool against her bare skin as she leaned forward. She felt the weight of Steiner's stare - not lustful, but calculating - as he circled the table. He came to a halt behind her and his fingertips trailed up her spine once more, then down her thigh. "The deal is sealed," he said softly, "but trust requires... reinforcement."

A drawer slid open. Then there was a sound of something hitting something else. Hannah tensed but didn't turn. Then something brushed against her posterior. Then a heavier contact, something dragged slowly across. "Shirley used tears when cornered. You?" Something now rested against her, right across her buttocks. "You hold your breath." The object was pressed against her harder, and was being moved up and down. "How far will you go for Eridios?"

"Far enough," she said, keeping her voice even.

Steiner chuckled, moving the object away, so that it was no longer in contact with her. "Good. I was hoping you'd say something like that. But the proof of the pudding is in the eating. Let's see if you're as good as your word."

Hannah remained bent over the table, resting on the mahogany, her gaze fixed on the dark expanse of Lake Zurich beyond the window. She heard a slight swishing sound behind her.

"In my hand there's a riding crop," said Steiner, "and I intend to put it to good use. But before I begin, I need to know that you're willing participant. That you're ready for this."

Hannah remained perfectly still, her palms flat against the cool wood. "I consented to the deal," she replied evenly. "I consent to this."

She didn't have long to wait. The first strike landed with a crack, a line of fire blooming across her skin. Hannah gasped, pushing herself further against the table for more support. Steiner didn't pause for long. Another swish followed, lower this time, but just as biting. She clenched her jaw, closing her eyes. Each impact was precise, measured - not discipline, not punishment, but a ledger entry. Pain as collateral.

The third was lower still, but the fourth stroke fell higher, almost at the top of her buttocks. Hannah dug her nails into the wood surface, inhaling sharply through her nose. She focused on the rhythm - the pause, the whistle of air, the impact, the sting radiating outwards. Her muscles trembled. She counted silently. Five... Six...

She realized that the strikes weren't random. They were deliberately aimed at hitting a different spot each time, perhaps to cover her backside completely, perhaps to avoid making endurance too difficult. She continued to count. Seven... Eight... Nine... Ten... She felt perspiration trickle down both her temples. The air conditioning still hummed, but seemed ineffective against the heat building on her skin.

Steiner paused for longer than usual this time. "We're halfway through," he said. "Assuming you're in this to the end?"

"Of course," Hannah managed to say, her voice tight. She kept her gaze locked on the distant city lights reflected on the dark water. The lake was a mirror of the transaction she was engaged in - calm on the surface, precarious even treacherous depths.

"Good." The crop tapped her thigh lightly. "This isn't punishment. It's... calibration." The eleventh strike landed exactly where her thighs met her buttocks. Hannah hissed, arching her back involuntarily before forcing herself flat again. Her mind raced past the pain, as she focused on the fact that she was getting what she came for. Each strike brought her one step closer to that goal. Her resolve solidified.

The twelfth strike landed, a high blow this time. She managed not to show any reaction, her lips sealed, her body tight against the mahogany, but she felt the heat from the blow radiate across her skin. The thirteenth followed. "You understand," Steiner murmured, not a question but a statement. "Power isn't seized. It's paid for." She nodded silently, sweat beading along her hairline.

The fourteenth landed. Then the fifteenth. Despite her nakedness, Hannah was feeling increasingly warm and the cool mahogany beneath her body had come to feel strangely soothing. "You're quiet," observed Steiner, again a statement rather than a question. The sixteenth landed. She absorbed the blow and continued to be quiet, holding her position with perfect stillness.

Steiner's precision had been exceptional, every strike hitting a different spot. But now he'd either run out of different spots to aim for or had simply changed his style, as seventeen landed diagonally across existing welts, igniting more fire than previous blows. A tremor ran through her, but she knew she was close to the finishing line now, close to the prize she came to claim.

Eighteen was a low blow, catching the top of her thighs. Hannah jerked forward, a strangled gasp escaping her. The pain was a live wire, but beneath it hummed calculation. Zurich was a long way to come, but she would leave with what she wanted. Recovering from the low blow, she steadied herself again. "We're almost done," she heard Steiner murmur. "Two strokes remaining.".

Nineteen was another diagonal blow, landing across existing welts and more painful as a result. Her body trembled a little under the impact, but she held on, feeling that she'd come too far to lose control now. Then twenty cracked horizontally across the crest of her buttocks, the culminating blow, and delivered more forcefully than the previous strikes. Hannah's back arched involuntarily and she muffled a cry into the mahogany.

The room fell silent. Steiner placed the crop on the table. "Good," he said. "Very good." Hannah remained bent over the table, her skin smarting where the strikes had landed, each red welt a testament to her commitment and her resolve. The idea of using her hands to soothe the inflamed area crossed her mind, or at least asking for his approval to do it, but she dismissed it as a sign of weakness.

Steiner looked at her intently as she continued to bend over the table. The silence stretched as he took in the moment, nodding to himself in approval. Such an attractive young woman, completely naked before him, continuing to hold herself in a submissive position, the redness of her backside a potent symbol of that submission. His power over her and the control she had given him were a heady feeling.

Despite her stinging cheeks, Hannah had started to relax a little, knowing that her treatment with the crop was over. Now she heard the rustling of fabric behind her together with the rasp of a zipper, and she realized that Steiner was undressing. She stayed perfectly still, focusing again on the lights twinkling across Lake Zurich, the polished wood feeling cool against her flushed skin.

She felt Steiner's hands on her hips as he positioned himself behind her. Hannah braced herself, focusing on the rhythm of her own breathing - in through the nose, out through the mouth. She felt his erection as he maneuvered it between her legs and against her entrance. The first thrust was shallow, but the second was deep and he quickly settled into a relentless rhythm of deep thrusts.

As he thrust, his body moved against the red welts on her own body and the contact acted like a caress and lessened the stinging she still felt. She pushed back against him a little, increasing the force of the contact between them and increasing the degree to which his motion soothed her posterior. In possessing her he was helping to draw the sting left by his previous actions.

Steiner maintained his rhythm, still sure and steady, but gradually his breathing became labored and his hands tightened on her hips. Each thrust jolted her body against the polished wood, but Hannah knew his climax was starting to build and wasn't far away now. She took a last look at Lake Zurich, a picture of cold beauty that contrasted with the heat of the transaction taking place in the room.

The moment came suddenly. Steiner stiffened, a low groan escaping him, and withdrew abruptly. "Get up." he said urgently. Hannah pushed herself away from the table and turned to face him, knowing what was coming next. "Kneel," he said, and she lowered herself to the floor in front of him. He positioned himself closely and Hannah felt the warmth of his release as it spurted across her face.

She remained still, unflinching as it trickled down her cheeks and lips. Steiner's breath steadied, his gaze fixed on her face - now a canvas of his dominance. He didn't speak, merely nodded to himself in approval of her submission and her humiliation. But Hannah didn't feel either of those things. To her it was business. It was strategy. This was the price she needed to pay and she'd paid it.

Slowly, she rose, Steiner's eyes tracing her movements as she stood naked before him. She didn't wipe her face. Not yet. That would have been an admission of discomfort. Instead, she met his gaze evenly. "The Eridios option agreement," she stated calmly. "I'll expect the draft by noon tomorrow. Zurich time." Her tone was cool, professional, cutting through the intimacy like a blade. Steiner's expression flickered - surprise, then grudging admiration. He hadn't expected her to pivot so swiftly to business.

He turned away, pulling on his shirt. "It will be done." The words were clipped. Hannah watched him for a moment, and as he finished buttoning his shirt she finally wiped her face. Then with both hands she calmly worked her fingers over her tender backside. Collecting her clothes together, she dressed unhurriedly. Outside, she walked to the tram stop, pleased that her trip to Zurich had been a fruitful one.

When she was back home, she sent Thornberry an email, confirming that the deal to return the Asian rights to Eredios had been accepted. In return, Vermeil would get five percent equity plus the option agreement, which she attached.

Thornberry replied within an hour. "Well done. The board will be pleased. However, Steiner demanded the option include anti-dilution protection? This complicates our future funding rounds. Why did you agree?"

Hannah immediately typed a concise defense. "It was a necessary concession to secure immediate rights reversion. Without it, Steiner walked. The anti-dilution clause is standard for high-risk investors. You retain control of trigger thresholds."

Satisfied with her wording, she hit send. She was confident they could swallow the option agreement, especially with her clarification. It was still a good deal. Zurich had extracted its price from her, but Eridios was back on track.

She decided to email Rossi too and let him know what had happened. It had been his idea to ask Vermeil to convert the Asian rights into equity, and now that the plan had been carried out successfully she owed him some thanks.

His reply came the following day. "Five percent's a win, even with the option agreement. I'm glad it worked out. With your work in Bolivia and now your work with Eridios, you're becoming quite a lithium expert. But let me know if you're ready for something different."

Hannah stared at the screen. Something different? She needed to reply, of course, if only to find out more. "I'm always open to strategic opportunities," she typed. "What did you have in mind?"

Rossi's reply came quickly. "There are two companies local to you in talks about a merger. One deals in undersea infrastructure, the other sonar and navigation systems. On paper it makes sense - two mid-tier firms creating a global marine tech leader. A ripe opportunity for investment you might think. But this merger's moving fast - unusually fast. It's as though someone wants it done before anyone asks questions. It leaves investors wondering."

Hannah leaned back in her chair. The cool detachment she'd maintained in Zurich contrasted sharply with the sudden thrill Rossi's words ignited. Marine tech? It was unexplored territory, far removed from lithium or biotech. She typed: "Unusually fast? Meaning?"

Again, she didn't have to wait long for a reply. "Most mid-tier tech mergers typically take 6-12 months to complete. In this case they seem to be aiming for 2-3 months, with no explanation given for the accelerated timeline. Feels less like a merger, more like a hostage extraction."

Hannah frowned. That didn't make sense. Unless one company was bleeding cash or concealing liability. Or both. She decided she needed to think about this thoroughly and formulate more questions, but before she got very far another email from Rossi arrived.

"The undersea infrastructure company is Maritech Engineering, known as a supplier of telecommunication cables and energy pipelines. The sonar company is AquaSonix, a smaller company but very sound and solid and a defense contractor. Market rumors say that Maritech instigated the talks and is the one pressing hard for a quick resolution, but that's far from certain."

"It's possible that the process isn't as rushed as it appears and that the groundwork for the proposed merger was prepared in secret, long before public disclosure, but that only raises another question about why the secrecy. Either way, something out of the ordinary seems to be taking place - and both potential investors and existing investors would like to know what."

Hannah stared at Rossi's words. Marine tech was uncharted waters, but the scent of hidden agendas felt familiar. She typed: "What's your interest in this? Due diligence for investors?"

His reply came quickly again. "Yes. Potential investors see an opportunity here, unless of course there's more to this merger than meets the eye. Plus existing AquaSonix shareholders have concerns about how good this deal is going to be for them. They suspect that Maritech is rushing the merger through because the arguments in favor of it aren't really that strong."

Hannah considered those words. Investors needed an independent assessment of whether this merger was sound, or whether there were risks they weren't being told about. Rossi was asking her to look into it. She was intrigued by the matter and she began typing again. "What exactly would you want me to do?"

Rossi replied almost immediately. "Assess the merger's viability and expose any hidden motivations. Due diligence reports are superficial - filed by firms paid to rubber-stamp. We need someone who'll dig deeper."

Hannah glanced at her reflection in the darkened laptop screen, her expression unreadable, but her pulse quickening. She typed a very short reply. "Why me?"

Again, his reply came quickly. "The companies are on your doorstep. You're in the same city as Maritech. And AquaSonix isn't far away either. It's in Baltimore. Plus I know you won't be afraid to ask hard questions, and most importantly, I know you act quickly. I say most importantly, because with the pace the merger's proceeding at we haven't got much time."

Hannah considered this, realizing that Rossi was telling her that speed was of the essence. She needed time to think about the timeline and consider what her fee would be. "I'll look into it and let you know. I know it's late where you are, so we'll discuss it further tomorrow."

After sending that reply, she sat back and stared at her laptop screen, going through Rossi's emails again, reminding herself of every detail he'd shared with her. The merger between Maritech Engineering and AquaSonix was proceeding unusually fast. Rossi had hinted that someone was pushing hard to finish it quickly and that this haste was causing alarm bells to ring. Existing AquaSonix shareholders were worried that they weren't getting a good deal. Potential investors were hesitating because they suspected something was being hidden.

She decided she was in and would start work immediately. She drafted an email outlining her terms, a modest fee for investigative work, but a bonus if her findings uncovered any major undisclosed risk or if they halted or materially altered the merger terms. She told him to send every piece of relevant documentation he had and she'd report back as soon as she could.

While waiting for Rossi's reply, she searched for Maritech Engineering online. Their website was slick - photos of deep sea pipelines and fiber optic cables snaking across ocean floors. Hannah clicked through investor relations - steady growth, solid contracts. Nothing alarming. Then AquaSonix. Specialized sonar systems for naval defense, smaller market share but high margins. She scanned recent news. The merger announcement was three weeks old, citing "synergistic benefits" and "enhanced global reach." Standard corporate speak.

Rossi's documents arrived the following day - marked confidential, for her eyes only. There was a lot to go through, but she stuck to the task. She didn't notice anything unusual, but managed to learn a lot about both companies. One thing that struck her above all else was that their areas of expertise were quite different. Both maritime technology, but different maritime technology. That being the case she couldn't see any obvious benefit from the two companies merging, let alone needing to push the merger through with unusual haste.

Hannah got up and crossed her apartment to the window. Outside, the city looked dull under February's heavily overcast sky, but it was as busy as ever. Hannah's mind was also busy, trying to make sense of the documents she'd read so patiently. The more she thought about it, the more certain it became that Rossi was right. The deal just didn't add up.

The documents he'd sent were informative, but didn't reveal anything that explained or suggested why the two companies wanted to merge. That meant there was something beneath the surface, something concealed. But what? That was the mystery. It was a mystery that Hannah was determined to solve.

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