CHAPTER 3: HOLDINGS COMPANY

**Kuro**

With the conditions for taking back Hemelin set in motion, I thought it was time for us to set our sights on the other problem of the land of the dwarves.

“…”

A few days after I gave Albrecht the task of ‘infiltrating’ the criminal world of the dwarven capital city, he returned to me, along with Ashren, and bringing along another companion with them.

“And he is?” I asked the moment a mysterious, hooded figure appeared in our secret rendezvous somewhere in the narrow alleys of Temun.

“Milord, I think you’ll be happy to know who this is,” the excited Ashren was the one to speak first and introduce the newcomer. “This is one of the chief executives in one of the biggest guilds in the southern regions of Equality, the Rodirrim Mining Guild.”

The hooded figure raised its hand, asking for Ashren to stop. Then, once the mercenary did as he was told, the newcomer removed his cloak, revealing a blond, blue-eyed dwarf underneath the covers. His face was clean shaven, a usual sign for ‘young’ dwarves, giving the impression that he was younger than he actually was. Although, if he was a ‘chief executive,’ then he must be an experienced guild leader.

“My name is Gabriel Rodirrim, the Chief Executive Officer in-charge of the iron ore extraction operations of my guild,” the dwarf began. “I believe that you are the human they call ‘the Black God’?”

“Yes, it is what they refer to me as,” I confirmed, looking at Albrecht, who was silent since we met. “My name is Kuro. A pleasure to meet you.” I extended my hand for a shake, to which the dwarf obliged.

“Your right-hand dwarf, Albrecht, suggested that I meet you,” Gabriel explained when he noticed I stared at the petty criminal. “As you know, there was a great tragedy in Hemelin weeks ago. And it brought to halt everything that our guild depended upon; food, consumer goods, basic services. With the trade economy in tatters, my guild and our allies are looking for new clients to sell our products, mainly iron ores, as well as buy our needs.”

“Lord Gabriel tried searching for customers in Hemelin, only to be nearly robbed by the gangs there. Good thing Ashren and I were going around that day, and we saved his caravan,” Albrecht added.

“You yourself has said that Hemelin suffered a ‘great tragedy,’ yet you still went there to peddle your goods,” I pointed out some inconsistencies I noticed in the guild leader’s alibi. “I mean, as a chief executive officer of your guild, aren’t you fed with the right information? I can understand if you went north, or west, but in Hemelin to search for clients? My apologies, Lord Gabriel, but something’s not adding up to your story.”

The dwarf lord from Rodirrim fell silent as I raised the contradictions in his claims. However, it did not last long, for soon, I saw a smirk form on his lips. Then, he removed the awkward tension that hung around us by slowly clapping.

“Hmm…it is what you say, Lord Kuro. As a chief executive officer of my guild, we have our own intelligence team to give us the most accurate information to help us decide to the best of our interests. Business, as the Golden Hammer said, is war for money and resources, after all. And let me tell you now, you passed my standard with flying colors.”

“What do you mean?”

“Like many of my fellow executive officers, I am a shrewd dwarf. And we wanted to partner with someone capable of securing and increasing our investments. For that to happen, our candidate should have a good eye on details, see?”

“So you’re saying that your story about getting robbed in Hemelin is a ruse?” I asked.

“Well, the ‘getting robbed’ part is true,” Gabriel admitted. “And if not for your henchmen, I might’ve returned to Rodirrim empty handed. But the original plan is to contact you through your dwarves sent to Hemelin. You have to forgive us for this underhanded attempt; we simply do not trust the Cole Miners Guild…at least, for now. Their queen is a timid girl, and we simply cannot risk it. Nevertheless, the rest are a calculated ‘test’ to know the person behind the ‘Black God’ moniker.”

There was a mixed feeling of relief and confusion within me, though my curiosity of the dwarf lord’s ‘test’ bested my self-control.

Seeing that I wanted some explanation, Gabriel continued. “Look, I have no faith in things ‘supernatural,’ so I offer my apologies to you, Black God, for my professed ‘unbelief.’ However, claiming to be a god is already a big step of confidence on your part, Lord Kuro. And I admit, siding with a deity seems best for our guild.”

“But, as you are business people, you have to make sure that your investments are worth it, huh?”

“Yes,” the dwarf chuckled. “I’m glad you understand my thoughts, Your Holiness. I may have doubts about your divinity, yet I do not doubt your eye for detail. Personally, after meeting you, I think we can work together.”

I exchanged stares with Ashren and Albrecht. Then, taking a pause to collect my thoughts, I told him, “What a nice coincidence, milord. We are looking for cities willing to accept our authority, and spread our influence from there.”

“The guild of Rodirrim can help you, especially now. Conflict is never good for business, and as you may have known, the southern cities of Equality are squabbling against each other after trade with Hemelin stopped.”

“What do you want us to do?”

“Unite us once again,” Gabriel proposed. “Equality was once a big industry, led by the Church of the Golden Hammer, see? The western cities provided the fuel needed to power the big machines of the factories in Hemelin and the eastern regions. The northern guilds gave the food and other necessities we need to continue production, while we at the south are the source for the ores they process into exquisite products fit for the Golden Hammer himself.”

Well, it certainly was a good system that held up for a long time. And the introduction of the Black God’s religion destroyed it, causing for many dwarven guilds to blame me for their misfortune. However, beyond the material prosperity of this world, the threat of the Seductress was greater, and so I had to galvanize support for myself.

“I get that you wanted to end the petty wars your fellow guilds are waging against each other as quickly as possible,” I told him. “However, before we go into specifics, I’d like to ask for your expectations, should we decide to go along with your request.”

“Meaning…?”

“A good business person never does anything for free.”

I could tell Gabriel was even more impressed by what I just said. Still, his experience with negotiations were top-notch; he rarely showed emotions that could be used against him. “A wise statement, milord. And yes, I don’t plan on throwing my guild’s support behind you for free. You’re good in pointing that out.”

“So, what will it be, Lord Gabriel?”

“My dwarves tell me that you exert considerable influence over the Cole Miners’ Guild, especially on their chief executive officer, Queen Paula Cole.”

“What about her?”

“Their coking coal.”

“Coking coal, huh?”

“Lord Kuro, if you still are not aware, the Rodirrim Mining Guild is not the only guild in all of Equality to specialize in mining iron,” the dwarf lord revealed. “Even the Cole Miners’ Guild can also extract iron from their mines, should they choose to compete with us…which they occasionally do. However, the Cole Miners’ Guild also have another product they export: the coking coal, which we need in the production of steel. Before, the coking coal we have is sourced from Hemelin. Now that the capital was gone, we’re losing our production quotas, and our rivals are catching up to us.”

“So, you want their coking coal.”

“Yes, 60% of their production. We will buy it, only we ask for preferential treatment in trade with them.”

“I’ll see what I can do,” was my reply. Honestly, I think Queen Paula would immediately agree to me, should I ask her about the Lord Gabriel’s request. However, I was not one to force the dwarves to do my bidding, so I won’t give assurances.

“Thank you for listening to me, milord,” the guild leader bowed. Then, he added, “I will sweeten the deal between you and me, to celebrate our newfound relationship. See, Rodirrim’s intelligence team is not only working inside Montserrant, but in other cities as well, especially in the north.”

“What can you tell me?”

“If you’re looking to bring the northern guilds under your influence, you have to do it as soon as you can,” Gabriel suggested. “The worshippers of the Golden Hammer are slowly gathering strength, their leaders capitalizing on the tragedy that befell Hemelin. If you don’t move against them now, your fledgling church will be destroyed…along with your supporters.”

----------

The words of the leader of the Rodirrim Mining Guild remained in my mind until I reached Montserrant. Our presence in this place brought forth a series of events that eventually spiraled out of control, and now, I was hard-pressed to do something to alleviate our situation.

Well, I don’t want to put the blame on Seirna. I mean, she only did what she thought is best…though it proved to be disastrous.

“…”

Nevertheless, it was useless to cry over spilled milk. We were already reaping the consequences of our actions, and the only way out was forward. Montserrant had already threw its support behind me, and I couldn’t just leave this city—unprepared as they were—alone to face the wrath of the Golden Hammer’s supporters.

“I’m sorry, milord,” the miner queen admitted. “My guild simply can’t take any other requests anymore. Our miners are already stretched thin, after suffering casualties in the previous battles, and we still have to send people to train the citizens of Hemelin in the operation of the machines in the abandoned factories.”

“I understand,” I reassured her. “I can tell you’ve been trying your best to fulfill your obligations to me, while providing for your dwarves. Though, I’d like to ask, is there any other way of increasing your workers so we can accomplish Rodirrim Guild’s condition?”

“I can’t think of anything, milord,” Queen Paula bowed. “Creating coking coal will involve 100% of our furnace capacity, and of course, will need additional workers. At best, we can operate around 50%, just enough to keep the supply up. With less money from trade, we had to scale down our operations. Not to mention, the prospect of conflict with the northern guilds is eating a big chunk of our resources, with some money going to the upkeep of our armies and equipment.”

As the miner queen explained to me the circumstances of her guild, I couldn’t help but be impressed with her. I mean, though many were saying that Paula Cole was a ‘timid’ guild leader, her strengths lie in managing operations, carefully balancing the welfare of her dwarves and their productivity.

“We can increase the work load, but that would bring our employees into full-time shifts.” She finished her explanation with that statement.

Honestly, I also find the idea of forcing employees to go overtime repugnant. I was also an employee once; a public school teacher, and in my country, they treated teaching as if we were desperate for money. Yes, everyone would pay us ‘lip service,’ but treatment-wise, we were no better than slaves.

Of course, as a ‘central figure’ in the Church of the Black God, it is not favorable to our image if we force people to work, even when the situation calls for it.

“Your Majesty.”

“Yes, milord?”

“From your data, do you think additional money can help your guild?”

“Well, we can certainly hire additional workers,” she nodded. “But, where will we get those? Trade is down, and productivity is halved.”

“No worries,” I gave back the papers. “I have an idea on how to acquire additional investments…”

----------

“A holdings company?” Lily asked when I explained to her and the Lady Helgath my ideas.

“Yes,” I brought out a paper to illustrate my point. “Look, here’s the thing; the Cole Miners’ Guild, no matter how we look at it, is mismanaged. Their chief executive officer, Queen Paula Cole, is a well-meaning guild leader. However, good intentions don’t always keep up business, especially in hard times like this. Her timidity is bringing in distrust from other guild leaders, as evidenced by the Rodirrim Mining Guild’s attempt to gain control of their coking coal production through me.”

There was a deafening silence inside the room where the Head Maid, the Dwarf Saint and I gathered for the meeting. Without them saying a word, I could already tell they were shocked by my assessments over the Cole Miners’ Guild’s situation. In any case, just to make sure no one would be eavesdropping on us, I cast an ‘air bubble’ spell that kept our voices within the room…

Heh, science and magic can really be a handy combination.

“A-Are you…” the horrified expression on the Lady Helgath’s face was clear. “…are you trying to remove Queen Paula from her family’s guild and legacy?”

“No, it’s not like that,” I countered. “If you’ll read my mind, it’s not what I intended when I proposed this idea.”

The Dwarf Saint fell silent. Taking it as my cue to continue, I explained to them, “A holdings company is a business entity that exists to ‘own a company,’ or in our case, a guild. A lot of business entities in my world use this model for its benefits, like lower tax rates, flexible business growth and development opportunities, and less risk of bankruptcy. Though, really, in this place, I doubt the benefits on tax rates will be applicable.”

“Okay?” I could tell from the Head Maid’s reaction that she was bracing herself for another ‘lecture’ from me, though I plan to be as simple as possible.

“Basically, the holdings company will consist of individuals pooling their money to buy and own companies, or guilds. Then, these same people will invest in the guild operations, and in assets like their machinery, their people and their structures, but the members of the holdings company will not necessarily be going to manage the entire system. That part is left to the chief executive officer and the other high officials of the guild, which is the miner queen, and her ministers. As Queen Paula is not that savvy in matters concerning the strategic advantages of her guild, she can benefit from a holding company thru minimizing the risks of bankruptcy of her mining operations. I mean, there’s always the money pool from her investors, after all.”

“But the investors don’t always have the funds to prop up a failing guild, right?” the Lady Helgath pointed out.

“Well, true. If that’s the case, a holdings company can always dissolve the failing guild, but get to keep its assets: the people, the machineries, and the structures as a whole. They can always start another enterprise under a different name, and another system, along with a new set of officials to run the new company. So, somehow, thru a holdings company, we create a ‘safety net’ for these assets, and also giving the investors flexibility in the growth of their investments.”

“Hmm…” Lily was massaging her temples. “I appreciate you trying to make the explanation simple, Kuro, but all that I can understand is, we can also use this ‘holdings company’ idea as an opportunity to peacefully take-over the northern guilds. Like, we buy those guilds fighting against us, dissolve it, and install new management.”

“I have the same opinion, too!” the Lady Helgath said. “After all, no one will fight the other if they source their money from the same people.”

“Well, we can certainly do that,” I concurred. “Back in my world, this system is being used to eliminate business competitors. Holdings companies would become the ‘parent’ of several business entities through strategic sales of assets, via legal or illegal means. The bought companies would then be known as ‘subsidiaries,’ and they are always be subject to the whims of the higher ups in the holdings company who owned them. Heck, before I got summoned here, it was even ‘weaponized’ to advance certain political agendas without the knowledge of the subsidiaries’ management, and even the customers of the subsidiaries.”

“So…let’s say, for example, I’m one of the members of the holdings company, and I want sexy ladies for my employees, can I enforce that to the Cole Miners’ Guild?”

Lily and I threw a bewildered stare at the Lady Helgath, who raised that suggestion. She did have a proper idea of how a holdings company worked, so I gave her a small nod.

“Sweet!”

“Ahem, Your Holiness,” the Head Maid, reverting back to her prim and proper self, countered, “This isn’t the time to think about the brothels you operate in Stadtsberg.”

“I’m just joking!” the holy lady replied, with a silly smile on her lips. “You’re always serious, Princess!”

Well, it is as what the Dwarf Saint said. While from the view of business people, a holdings company could give benefits, a warped political system and society could also corrupt this concept. I remembered that certain holdings company from my world where they would always buy assets from all countries, and use their political leanings to influence the government, as well as educational institutions. The result? Wars, misinformation and disinformation, stupid censorship from the supposedly ‘democratic’ countries, and the worst of all…the degradation of the Western society.

It was now the Lady Helgath’s turn to look at me. She probably read what was in my mind; though, I guess, what happened to my world was also the result of us lowering our guards to the supposedly ‘good’ ideas that came back to bite us. In any case, I believe a proper educational system based on common sense, critical thinking and mutual respect could always counter those philosophies in the future.

For now, we had to focus on the current issue. “However, the next question is,” I took a pause to make sure the other two were listening. “Now that we know what we should do, who will be our investors? I plan to invest in Cole Miners’ Guild. What about you guys?”

“You don’t need to ask me, Kuro,” Lily was quick to answer. “The House of von Leese will always support your endeavors; from my father, down to our extended relatives. I’m sure Maddie will have the same opinion.”

“I’ll talk to the Prince Uhrian,” the Dwarf Saint added. “He can’t refuse me; after all, this is his idea to have you come here.”

I only laughed at the Lady Helgath’s proposal. Honestly, I think the halfling prince was indebted to me, after creating a ruse that nearly harmed Eris and the guards of my household. I plan to have a talk with him, along with Maddie and the others, about this issue when I returned to Chersea.

Well, speaking of Eris, I also plan to pitch the idea to the House of Braunhauer.

Confident of my plans, we ended our meeting on a high note. “Alright then, let’s get this thing rolling!”

I can only hope that Queen Paula will agree to my suggestions…it’s the only way to save her guild, and Montserrant.

----------

***The path between the city of Montserrant, and the borders of the northern cities of Cherhom…***

As a precaution to the rumors of an approaching armada of airships from the northern dwarf cities, Queen Paula sent a small squadron of fighter planes and one dirigible (requisitioned from the abandoned arsenals of the Church of the Golden Hammer in Hemelin) to the borders of the western region, ostensibly to provide a ‘warning’ to her forces in Montserrant. However, although there was endless talk of an impending war, the scouting force found the area to be silent. The only fleets they saw from afar were the mercantile fleets of the northern cities flying to the ports to unload goods.

Still, the commander of the Montserrant flotilla remained suspicious. For him, if there was a persistent gossip of enemy movement, then something was truly stirring. He just had to be vigilant; it could be a small maneuver designed to distract them, or a stealthy approach meant to bypass their patrol.

“…”

And so, the reconnaissance flotilla remained in place for a few days, with no success. By then, the dirigible was the only one left to keep an eye on the borders, as the fighter planes had limited fuel and had to return to Montserrant. Each hour, however, a plane would come to check on them, before circling and heading back.

Of course, the peace bored the crew of the dirigible. Their sights never went away from the northern borders; they diligently watched the trading airships shuttle goods and people from one port to another. The routine was so regular that soon, the dwarf patrol knew what airship would arrive in a particular time of the day.

And then, it happened…

“Sir…I think you have to see this…” came the voice from the speaking tube.

At once, the commander of the patrol rushed to the dirigible’s crow’s nest. His dwarves pointed towards the northern borders, and he took out his spyglass to observe.

“What’s going on?” he asked, trying to find the movement his lookouts spotted.

“Sir, look on the ground below,” said one of the observers, directing their commander’s spyglass to the right place.

“By the hammer…” was all the commander could say. From their spot, he saw a fleet of ships landing a vast force of dwarves and vehicles. Their armors, battleaxes and war hammers told them that these northerners were marching for war, supported by a force of mobile artillery and fighter squadrons…a few of which were heading directly towards them.

“Enemy attack! All hands on deck!” came the order. At once, the dwarves of Montserrant came to their battle stations, as the air raid sirens were sounded, hoping that the friendly fighter plane coming to check on them would hear the warning.

Of course, the northerners wished to stopped the patrol from transmitting their report. The squadrons sent to destroy them began peppering them with bullets, to which the dirigible returned fire.

“Sir, enemy airships to the west!”

Much to the patrol commander’s dismay, the northerners’ fleet of dirigibles made its entrance to their west, all guns bearing down on them. He could only watch in horror as their enemy ‘crossed the T’ and poured devastating fire on their airship. Their own guns were rendered useless, for they couldn’t turn it to face the northerners. As the Montserrant patrol airship burst in flames and made its rapid descent on the ground, the commander gave the final salute to his dwarves, and bravely accepted their doom.

----------

***The beaches of Northern Cherhom…***

The crusading armies of the northern cities landed unopposed on the sands of northern Cherhom, which bordered the western region. With the cloud cover gone, their sea-going vessels could now navigate the sea, and deliver their forces—as well as its equipment—to the land of the heathens. To ensure the success of their holy war, the leaders of the crusade gathered a formidable fleet of airships and fighter plane squadrons, along with a big host of dwarf warriors, and armored vehicles armed with machine guns and artillery; after all, combined arms warfare required cooperation between these aspects of the armed forces.

And of course, at the head of this mighty army was the one familiar with the tactics of combined arms battles…

“Miss Koh, the third wave has now landed. The fourth wave will follow them soon.”

Watching the entire amphibious operation from the nearest observation point was the former captain of the Golden Hammer’s security, as well as the former commander of the armies of the church, Farah Koh. By now, she emerged as the leader of the northern crusaders, having used her connections and position within the faithful supporters of their old religion to achieve it. Dwarves were always lovers of good battles, and her wounded body was like her ‘badge of honor’ to convince everyone that she was as capable as she was brave.

But, even when bandages almost covered her entire body, Farah’s wounds never healed…

“…”

And she is determined to bring punishment to the Black God, and his followers.

“Make sure you leave no one alive in that airship,” she ordered once the Montserrant dirigible was confirmed to have been shot down. “We will teach these heathens a lesson on the consequences of defying us, and our god, the Almighty Golden Hammer!”

As her subordinates saluted her, the war drums started beating, a signal for the dwarf armies gathered at the beaches to begin marching inland.

“Glory!” came the battle cries of the crusaders as they unfurled a big banner of their god.