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At twelve minutes past eleven, Kravis and Roberts walked into the boardroom, accompanied by Raether and Beattie.

The four had arrived at Skadden that morning at 9:45, expecting to sign a merger agreement and buy RJR Nabisco. Instead, they had been shown to seats in a reception area. By and by the team s investment bankers began arriving. Wasserstein was there. Gleacher came in, angry that he hadn t been invited the night before. Jeff Beck, back from his exile, was also there. After a while, Casey Cogut went in search of an empty office where Roberts, Kravis, and Raether could consult out of earshot of their talkative bankers.

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