Author's note: This is a dark and lengthy AU fic. It contains copious amounts of business jargon that is seldom explained. Those of you looking for a short 'n' sweet experience are more likely to find it in another story I wrote, Not a Creature Was Stirring, You Say?

Disclaimer: Sonic the Hedgehog, related characters and locales are copyright SEGA.

Give up while you're ahead.

SHADOW CORP

Chapter 1: BS

Blaze the Cat, reporter of the prime business insight periodical in Station Square, Bullion State. To: BS editor-in-chief, Big the Cat. Subject: RE: Shadow Corp.

In relation to my pending assignment with Shadow Corporation, down-to-earth approaches failed to produce the desired outcome. Our source has become increasingly reluctant to discuss the conglomerate's internal affairs. This is not the purpose of my correspondence, however.

There is good news. Our new cordial approach has been definitive at directing the flow in the right direction, following the fiasco with administrative expenses. I am pleased to inform You, dear editor, that I have successfully processed the video material from an executive meeting with an influential member of the company's investor consortium. As agreed upon, You will find my documented remarks enclosed in a password-protected archive.

Greetings and guff, bla-bla, insert signature. Send.

Should have proofread that. Whatever. I bet the editor will ask me to translate it into reader language even though he's the only intended reader. That spawn of nepotism…

Hmm. There's a demonstration outside the hotel. Doesn't look like I'm getting out today, so a cooler will do swimmingly. Oh, the doc's done printing! Should have increased the font. I'll never make out some of this text. Let's see…the descriptions are very basic, which is fine, considering the deadline I got from Big. Narrating grainy videos at weekends isn't high on my list of skills, anyway. The things I do for a scoop of the century...

Found the intro page. Here we go!

CEO Shadow T. Hedgehog enters the auditorium. SVPs escort him to his seat. Other executives are already present. They are nonplussed by the CEO's tardiness. Shadow's expression is neutral; he ushers the SVP of Marketing and Communications, Dr Charmy Bee to address the audience while the presentation is being set up. The bee floats above the table, estimating those gathered in the oval room. His positivity outlasts the disinterested stare of the head of the Supervisory Board of the and even the investor consortium rep's mumbling. Charmy closes his eyes and smiles an unearthly smile.

"Jovial greetings, gentlemen and ladies alike. The Chairman is about to begin and I would like to use the beautiful opportunity to thank you all for coming to attend a mundane Saturday evening stakeholder meeting. This includes the executives here in our Station Square corporate HQ and our Futuretech partners in Mazuri, participating remotely. You, too, Mr Robotnik. What an-"

Robotnik interrupts him with a harrumph. "Dr Charmy, as the sole representative of the investor consortium, I would prefer you yielding the floor to the chairman. I consider your eloquence entertaining and I would be most jovial if a qualified executive entertained the banks with an impartial assessment of your latest acquisition, Chaos Incorporated."

"Thank you for the input, Mr Robotnik. I am forever in your deb-" Charmy turns around his axis in the air. The bee must have said something worth withdrawing, but didn't want to abandon the sentence. He glances back at Shadow while fixing his cuffs and gets an OK to end the small talk. He continues: "disarming influence. The CEO will speak now."

Shadow spins a laser pointer around a perfectly manicured finger as he watches Charmy descend and take a seat. The hedgehog skips through several slides in his presentation until he finds the right one.

"I will carry on from where Dr Bee left off. The current state of the acquisition in question, Mr Robotnik, is in line with our expectations as discussed in the endorsed merger road map. The first stage has been completed and documented in the second quarter with marginal offsets absorbed by our plant in Mazuri. The second stage, which entails the buyback and renegotiation of licensing agreements for the acquisition's international product range is within acceptable fulfilment range."

The listener removes his glasses and sighs. "If I may interrupt, Mr Shadow."

"…You may."

Robotnik purses his lips. "How does it translate into the acquisitor's balance sheet? The Consortium reached a consensus to express concern about the collateral's quality post-merger. With the current line-up experiencing a clash with Chaos Inc.'s product range, cannibalisation will occur, and you will be forced to retire collateralised assets."

Still composed, Shadow moves to the next slide and highlights a key figure. "On the contrary, Mr Robotnik. The combined capability of our product lines will produce a synergy effect that will take the rest of the market by surprise." The CEO's stance changes from neutral to exceptionally confident. "It is our minor competitors that will have to consolidate their assets."

"Mmm-yes, on paper, there is no question to the lucrative nature of the deal we financed. That's why you were allowed to leverage intangible potential along with issuing privileged shares."

"The liquidity of which is guaranteed by our NASDAO market maker," Shadow interjects.

"Intangible as it may be, have you considered moral hazard?"

"Pardon me for the segue, Mr Robotnik. I intended to elaborate on that point once the basics are done with."

Robotnik grins. His left eyelid quivers slightly. "Your intention is commendable and most timely. All the points must be discussed rigorously before informed questions can arise. Isn't that right?"

The audience nods. Shadow makes an agreeable sound.

"In that case, it should also be a given to conclude that we have received verifiable data about the situation, which makes covering it again redundant." Lacking a reaction from the audience, Robotnik asks: "Isn't that right?"

Everyone else nods. Shadow puts the laser marker down and claps slowly.

He proceeds to skip towards the end of the slideshow, sounding neutral. "Excellent. We are going straight to the point, then. I believe our financial projections are everything you will need to form an in-depth understanding of the red herring that is moral hazard."

The slide features a chart containing an exponential curve. Time is on the horizontal axis. There are three ticks labelled as stages at separate points of time, every next point being twice as far as the previous. EBITDA is on the vertical axis. It features a horizontal line that meets the exponential curve by the end of the second stage.

Robotnik taps his fingers on the desk. He does not put the glasses back on. "Mr Shadow. May I be frank?"

The CEO nods. This elicits a half-grin limited to Robotnik's upper lip. Shadow does not react.

"God created financial analysts to make weather forecasts look reliable," Robotnik says quietly. The room is completely silent, so everyone can hear him. "I am an Honorary Member of The United Federation's Statistics Department's Advisory Board and I have personally supervised the quality assurance of aggregated business sector studies." In a gesture noting disrespect, Robotnik opens his wallet and throws a unit of currency at the far end of the table, next to Shadow's laptop. "Are you willing, with your hand on the gold ring, to suggest these numbers are, in fact, based on a binding guarantee and are not just the result of an intern's late night textbook skimming session?"

Shadow does not respond. His eyes are fixated on an annoyed blue hedgehog. That's the head of Shadow Corp's Supervisory Board that the CEO answers to.

"Can anyone else stipulate so?" Robotnik asks. The question resounds in the boardroom. The consortium's representative tracks Shadow's gaze to the blue hedgehog and turns to face him. "What does the supervisory board have to say?"

The supervisory board member stares at the desk for a moment before lifting his head to respond. "No comment. We were not acquainted with these projections prior to the meeting."

Robotnik produces a sour expression directed at the CEO and picks up his glasses. "Mr Shadow, you know what my next question is, so you can save the balderdash for the NASDAO opening session on Monday."

He rummages in his briefcase before pulling out a thin folder. Robotnik taps a number of figures not visible to his audience. "The group's leverage ratio went above 70% last week. If your company underperforms this quarter, our tactical asset allocation team will reshuffle the clients' discretionary portfolios, a move I consider too bold for your executives to even consider, Mr Shadow. You will not refinance at the margins you are operating." He puts the folder on the desk and lays both large hands on it. "I've discussed this matter with other major lenders. You will not refinance. The hurdles we had to overcome for The Competition Authority to allow further concentration in this industry - because it was our money, not yours - and the current probe into our credit lines is a guarantee."

His last words are followed by whispers among the executives. They had no previous knowledge about the lending banks being held at fault by the market regulator for financing a large merger.

"The financiers are incurring unaccounted costs due to corporate promiscuity and abuse of your dominant position whilst dealing with competitors. Now, the government wants to go back on its word."

Whispers become scornful. Robotnik chuckles lightly at the feedback caused by mentioning the government.

"The best part? You're not even a part of the discussion." Robotnik raises a finger and points at the CEO several times. "They don't trust a word you say, Mr Shadow. You've traded everything from weapons to diapers throughout your career. I applaud your industrious nature as a fellow entrepreneur, but not as a member of the consortium or human being. The Federation's Secretary of State is intent on pressing charges for collusion among financiers, unless we put our word where our money is and lend to your competitors. That, Mr Shadow, we cannot do. It takes one recession to alter the state of the economy at large and The Third Basle Accord requires institutions to diversify their assets. That, Mr Shadow, will not do."

He stares at the CEO, who looks back at him with a neutral expression. Dissatisfied with the feedback, Robotnik continues: "A colleague of mine - you may have heard of him - Dr Nega suggested liquidating a major stake in your business to induce a positive development of your short-term credit rating and, consequentially, our net returns in the sector. From a creditor's point of view, you cannot deny the tremendous opportunity vested in such an undertaking."

Robotnik clasps his hands together, satisfied with the listeners' morale dropping, and looks at Shadow one more time. "Unless, of course, you have constructive input on the matter."

Shadow turns away from the consortium's representative and the executives. He stares at the window with a neutral expression. "The meeting is adjourned. Thank you for your time."

"Pity," Robotnik whispers. He puts the folder back inside the briefcase and turns to leave.

The video conference ends.

I realise the meeting's contents will be published as soon as Big gets the faintest idea of the text's implications. Shadow T. Hedgehog, the soulless money bag that's been spreading ruin in every sector his life-sucking fingers touched gets a taste of his own medicine. The government, a prime source of his corrupt power, is turning away from his influence. The fat cats refuse to finance further growth of his empire because it's getting too risky even for their greedy shareholders.

Thankfully, Mr Robotnik was there to deal the final blow. My part in this ordeal isn't even worth shrugging off for someone as powerful as that hedgehog. If he wanted to, he could kill me and my source on the spot now that one of his subsidiaries administers the city's CCTV network. Overall, the dissolution of his company will be a good thing. When the rat's out of the bag, I might ask Mr Robotnik for an interview.

Pity, he said. Hah! Hm? What is that sound?

"Room service!"

Strange, I didn't order anything. Naturally careful, I stand up tippy-toed to check what's behind the door.

Flowers…as far as the eye can see. Was Big that happy about my exposé? I open the door, my hands quivering, and gasp for air.

"Yargh!"

Charmy buzzes over loudly to Mr Robotnik as he fidgets up from his seat. "I suggest holding out for the next part," he murmurs.

"Harrumph?"

"Just watch, sir."

The two feign analysing the handouts while other executives leave. Soon, there are only three of them: Shadow, Charmy and Robotnik.

Charmy flies away and returns carrying a silver tray with three luxurious cola-filled glasses. He adjusts his voice back to normal now that they have privacy. "The CEO wishes to apologise for the abrasive finish, Mr Robotnik. Please."

The man takes a glass, prompting Charmy to bring one to Shadow. The bee hangs in the corner, so Robotnik can concentrate on the CEO, who refuses to face him for a while longer.

"Mr Robotnik, there is a reason why our creditors-turned-investors have sent you of all people to represent their best interest during the meeting. One by one, they walked out unimpressed with the interim results of a framework we have collectively designed. The stock ticker took a dive into the red every morning after, too, indicating leaks. But they were not intending to do anything about it. Like you said, the banks are entrenched and letting go would be detrimental to both parties involved. I would have to give up on my stock options and you can imagine how the yields would flower when the market opens."

Shadow turns around. He is smiling. Robotnik stares at the cola sourly.

"Adding insult to another insult does not fix the injury."

The CEO walks to the long meeting table and sits down on the edge. "Let me get to the point, then. This Monday at 10 AM Central Federation Time, trading will stop and we will publish a press release." Shadow leaves his glass on the table and motions with his arms, spreading them wider with every word. "Shadow and Chaos joined forces to develop a product that will take the market by storm."

Charmy buzzes in between the two, sipping from his glass. His legs are crossed as he flies, pretending to be sitting on a cloud. "Arch rivals shook hands to bring a sweet delight so nutritiously balanced and carbon-neutral, everything with taste buds will clamour for it."

Shadow looks at Charmy for him to move away from Robotnik's view and welcomes a less negative expression from the investor. "Competition builds innovation, Mr Robotnik. And you should know I cannot live without a challenge. Buying our only real competitor would not count as fair play in relation to the less fortunate alternatives. We could trample the SMEs with economies of scale alone and grind retail prices below their fixed costs. Retailers would give us exclusive rebates a year into the price war and we would recoup our investment the moment our competitors start haemorrhaging life out of every section on the profit and loss statement. The government would have no choice but to allow us to expand further for fear that bankruptcies would lead to many production towns disappearing from the map."

It is clear that Robotnik likes what he hears, but remains puzzled as to how he should react. He does not say a word, allowing Shadow to unearth more details.

"That was the plan before we contacted you to gear up for an acquisition. A small-scale campaign run by middle management to encourage Chaos Inc.'s technologists to defect to our state-of-the-art R&D arm, MeteorTech, caught my attention by pure accident. These new employees spoke of something truly magnificent that they had been working on. I wasn't ready to believe them, but the samples they developed were as lucrative as nothing we have ever produced."

Robotnik urges Shadow to keep talking by taking a sip of the drink. The man clicks his tongue and has another taste. Shadow knows it's time to move in.

"How sweet is your cola, Mr Robotnik?"

The man huffs and folds his arms. "Very. I hope you didn't increase the amount of sugar added. It is unwise to increase production costs at this time."

Charmy giggles in the background. Shadow is pleased.

"It contains exactly one table spoon of sugar. No artificial sweeteners," the CEO explains.

Robotnik sniffs the cola glass, looks at it from different angles. One spoon? At 500 ml? Robotnik isn't a drink guru, but dissolving just one spoon in that amount of acidic water should result in bland taste. If Shadow has his hands on what he claims he has, the implications are…

"Outstanding."

Still giggling, Charmy takes a seat next to Robotnik. He urges the man to take a bigger gulp. At the same time, Shadow walks up with the rest of the story: "Chaos Inc. have made a discovery, a new ingredient that improves the taste tenfold while simultaneously reducing our production costs. We dubbed it E621."

"It has no certifiable negative effects. We can now market a soda as an eco-friendly, slimming dietary supplement and jack the price up. Jackity-jack-jack!" Charmy exclaims.

Robotnik holds onto his temples. It would be a bad time for his vitals to have a fit. "Inflexible demand…"

"Chaos Inc.'s scientists had years to go until they had the know-how to develop a sample stable enough for the consumer market. The merger allowed us unmitigated access to their data banks, and we have taken extreme measures to make sure the ingredient is as secret as it is ready," Shadow cooed, comfortably sat on the desk, playing with the laser pointer.

The man stands up. "Is it ready?"

Charmy diverts the man's gaze with a follow-up. "We've tested the product as a generic brand replacement in remote rural areas. The stock didn't last a weekend. The first reviews will appear when the embargo is over, an hour after the press release, as soon as trading resumes."

Robotnik reaches for his smartphone, his hand shaking so much he can't make the proper selection. While he wrestles with the stress, he attempts keeping the conversation partners on their toes. "This is very appealing and strategically placed, but you will have to endure further scrutiny from the government once your shares rally on Monday."

Copying Charmy, Shadow swings his feet. Robotnik thought he had him by the balls, and now the old man is salivating at the remotest image of the figures his bank will squeeze out of the whole deal. "Once we get production rolling, Chaos Inc. will receive a non-exclusive distribution licence in the United Federation with the possibility of repurchasing their plants at current market prices, minus the intellectual property, which we will have extensively patented under our name by then. Chaos Inc. will be restructured into a private company with no formal ties to our shareholders," says the CEO.

"Just a shadow of its former self…" Robotnik whispers. He puts the phone on the table. The man won't get any sleep tonight. Billions! Come Monday, an organised group of industry experts will earn billions!

Looking at the man's obvious distress, Charmy pokes the phone. "May I help you?"

Robotnik grabs the gadget and puts it in his pocket. The call can wait. "I-uh! It's Saturday! I can't reach my broker today!"

As the investor consortium's representative retreats, Shadow offers a closing statement. "You have an eventful day ahead of you, Mr Robotnik. I hope your asset allocation team is ready for Monday's 9 AM opening bell."

They are alone now. Shadow stares out the window for several minutes, making sure Robotnik's car leaves the VIP parking lot. He clenches his fist, making a small "Yes!" motion, interrupted by Charmy.

"Want a sip?"

"The original is always best, Charmy," he refuses, albeit with a smile. "Shadow eXtreme… What BS you come up with…"

"Is that code for Best Salesbee?"

"You'll find out when we reach my limo. Have you sent the flowers as instructed?"

Charmy makes a noise; it is a mouthful. "That's code for Mission Accomplished; Promotion Me. Please?"

Shadow laughs it off. He always laughs in the end.

Author's note: Your reviews are highly appreciated. They make the craft worthwhile.