That was a serious mistake and it very nearly cost us everything.

He knew it was a mistake about thirty-six hours later, when the law firm he had retained told him so, and the way they told him has been described to me by a person who was in the room as the worst four minutes of Arthur Vance’s professional life.

Here is the problem.

Arthur Vance was a fifty per cent owner and an officer of a company.

He owed that company fiduciary duties.