The Ravens of Wall Street, published on 11-11-2020, revised on 20-10-2026

Read the opening pages here.

Please note: the original features an attractive layout with images          

Way not?  

Antwerp, a December evening in 1985.

Joost Lebois had just wrapped up an exhausting workday. Still, he decided to stop by 'Taverne Richelieu' on the Teniersplaats' in the center of Antwerp for a quick nightcap. His friend and colleague, Peter Huysmans, was already sitting inside with a beer.
“What can I get you, Joost?” Peter asked as he saw him walk in. “Looks like you need one. Exhausting day, huh?”
“You can say that again, Peter. Trouble with the code for a robotics project. Got it sorted out in the end, but order me a cold Duvel, will you?”
Joost worked as an engineer for a company developing software for industrial robotic applications, including automotive assembly lines. Peter ran a similar firm, focused on automating household appliances and related technology. As the business owner, Peter handled mostly the commercial side of things.
“Excuse me, Joost,” Peter said with a grin, “but I'll ask you for the hundredth time: come work for me as chief engineer. Why not?”
“Listen, Peter,” Joost replied, “and I’ll tell you for the hundredth time: no. And you know full well why.”

Joost didn't want to work as a subordinate under a close friend; that was a guaranteed recipe for trouble. Besides, he preferred focusing on industrial robotics rather than coffee makers, to put it simply.

At his current employer, Antwerp Robot Creation (ARC), Joost was chief engineer with a comfortable salary. He was practically the unwritten co-CEO. Before that, he had spent years at MSD, Bull, Barco, and Wang, building up a wealth of experience. Currently, he was fully consumed by the development of synthetic speech technology. That was the dream he wanted to realize in his own company—preferably together with his friend Peter.
After a couple of rounds, Joost looked his friend straight in the eye.

“Peter, if you're so keen on working together, let's start our own business from scratch. You're great at sales and finances, and you can program. I'll handle technical development; you take charge of the commercial side and production. What do you say?”
“Whoa, hold on, my friend,” Peter chuckled cautiously. “I’ve got my own company, and it’s doing pretty well. Why would I just drop all that?”
“This is the future,” Joost urged. “Everything will be automated. Human labor is being replaced by machines, and soon we'll be giving voice commands to robots. I'm telling you, it's a goldmine.”
“The theory is solid, but plans like that take a fortune. Do you have that kind of capital? I don't—mine is all tied up in my business.”
“So, in principle, you're in, Peter—assuming we find a financial solution?”
“Yes and no… that needs a lot of careful thought.”
“You're an accountant,” Joost said. “Draft a financial plan. No obligations.”

Peter paused to think. “Alright. Just a properly calculated investment plan, nothing more. Will you call me? How about next Wednesday evening around six, after work, right here at Taverne Richelieu? But don't get your hopes up too high—your enthusiasm will cool off fast once you see the price tag.”

“We'll see about that. So it's a deal then—see you Wednesday evening. I can't wait,” Joost said.

They knocked back a few more Duvels—the strong, heavy Belgian ale with an 8.5% kick—exchanging ideas and debating their plans late into the evening. Joost was in a state of pure euphoria, while Peter remained quietly cautious.

Later, on the bus ride home, Joost gave his proposal deep thought. It's a risky gamble, no two ways about it. We’ll see next week when we break down Peter’s numbers to determine whether it’s feasible or not. And if it isn't… well, then it was just wishful thinking.

The following Tuesday at work, Joost received a phone call from Peter Huysmans.
“Joost, I'm calling to give you a heads-up that we’ll have to push things back a week,” Peter said. “I’ve been swamped—simply haven't had a spare moment to wrap up the calculations. Definitely next Wednesday, though! I’ll make time for it this weekend. Why don't you put together a set of numbers on your end too, so we can cross-reference them?”
“Sure, Peter, pushing it back a week is no trouble at all,” Joost replied. “I’ll run my figures for what I have in mind. By the way, I actually stumbled upon an interesting property in the Terbekehof industrial zone in Wilrijk, right next to a vacant expansion plot. You never know. I’m heading over there later today—probably with Niels—since I already set up an appointment with the real estate agent.”
“Plus, a bit of excellent news: Niels Willems, our CEO, might be willing to jump in as a co-investor if we can present a bulletproof financial and commercial business plan.”
“Joost, don't count your chickens before they hatch,” Peter cautioned him, reining in his enthusiasm. “Let's figure out the financing first! But alright, to give you a bit of encouragement: I’m actually starting to see potential in this myself.”

Peter’s shift in attitude toward his dream project gave Joost a fresh surge of energy.
After lunch, Joost asked Niels to accompany him to look at the commercial building in Wilrijk. Niels agreed, and together they drove out to the industrial park, where the real estate broker was already waiting for them.

After a thorough tour of the premises, Joost thought to himself: This is precisely what I’m looking for. The property featured large, spacious, and modern office spaces. Still, he couldn't afford to play his hand—showing too much excitement would only drive the asking price up. Fortunately, Niels knew how to play the game as well and began raising sharp, critical questions and observations without overdoing it.
Finally came the decisive question: “What's the asking price?”
“Fourteen million Belgian francs,” the broker answered. (Roughly equivalent to around € 350,000 / $ 350,000).
Both Joost and Niels considered that a bit steep.
“Listen, Mr.… What was your name again?” Joost asked.
“Verheyen. Pol Verheyen from Sinjoor Real Estate in Merksem.”
“Well, Mr. Verheyen, what's your bottom dollar? We might be interested in a non-binding thirty-day option. We’re definitely intrigued by the building, but there's still a substantial amount of infrastructure work required.”
“I’m not authorized to make a call on a price reduction on my own,” Verheyen replied. “I’ll need to consult the property owner first. We’ll get back to you as soon as possible.”
“Good idea, but don't drag your feet too long,” Niels added slyly. “We’re also eyeing a location over in Boom!” (A detail Niels completely pulled out of thin air).
“After I speak with the owner, we’ll fax you our proposal tomorrow around three in the afternoon,” Verheyen said. “May I have your details, please?”
Niels Willems handed over their office fax number, explicitly requesting that the proposal be marked to the attention of Mr. Joost Lebois.

On the drive back to the office, Niels agreed that it was a great facility, ideally located right by the A12 highway to Brussels. However, the price definitely had to come down. Joost strongly agreed: eleven million francs was the absolute maximum he was willing to pay.

Now it was just a matter of waiting for Peter's financial plan. Niels Willems reiterated his offer once more: he was willing to invest and might eventually sell his own company. Not just yet, but he certainly wasn't saying no either!
Promptly at 2:00 PM, a fax from Sinjoor Real Estate arrived at Niels Willems' office for Joost Lebois, bearing the following message:

Dear Mr. Lebois,
Regarding our walkthrough yesterday of the property at Terbekehofdreef 111 B in the Wilrijk industrial park: we have negotiated with the owner. Thanks to our intervention, he has agreed to a lower price: 10.5 million francs. This is the seller's absolute bottom price, excluding closing costs and legal fees.
Upon agreement, we will reserve the property exclusively for you for thirty days. Before the deadline expires, please visit our office on Bredabaan in Merksem to sign the preliminary sales agreement.
Thank you for your trust,

Sincerely,

For Sinjoor Real Estate, Pol Verheyen

Now Joost had to decide within thirty days.

Niels, who had also read the fax, said to Joost, “Don't hesitate—that price for a facility like this is an absolute steal! I did a little digging: it's been on the market for over two years. They were asking for 16 million at first; now it's down to 10.5 million. Go for it!”
“Yeah, that's true, but I haven't informed Peter Huysmans yet. I'd really like to call him first.”

Joost called Peter, but he was unreachable. He was in Brussels, his secretary explained. (Note: Cell phones did not exist back then. There were only pagers, but Peter refused to carry one—far too stressful).
So Joost had to decide on his own. At the bottom of the fax from Sinjoor Real Estate, he wrote: #Agreed to non-binding 30-day option.
The first step had been taken. Of course, no final decision had been made yet; first they had to figure out if they could make the finances work. But at least now they could put together a far more accurate cost estimate, knowing the actual purchase price of the building.

After work, Joost headed to Taverne Richelieu, hoping to run into Peter there. Peter wasn't around. Damn it, he's in Brussels. How could I forget that? Joost thought to himself. He drank a few Duvels and headed home. Once home, he phoned Peter's house; Peter's wife answered the phone…

“No, he's not here. He's staying in Brussels overnight; he has a few more meetings there tomorrow morning. Peter will definitely be back tomorrow evening. I'll tell him you called.”
“Alright, I'll be sure to call him tomorrow evening.”
The following evening, Joost finally got Peter on the line and filled him in on what had happened.
"You've been busy, haven't you? And all without consulting me?” Peter replied, sounding partially annoyed.
“I'm sorry, Peter. I tried calling you to confirm, but you were unreachable. Besides, it's just a non-binding thirty-day option. It's a fantastic facility. We'll go look at it together. Can you clear some time tomorrow to come pick me up? I'll notify the broker. You need to see this—10.5 million is a steal for a property that size!”
“Putting it that way, I understand your move. You can't let a fish like that slip away. Alright, call the agent from Sinjoor Real Estate right now for an appointment tomorrow at two in the afternoon. By the way, I know that firm; they're reputable agents. We actually bought our house through them.”

Joost felt a wave of relief that Peter was taking it so well. Pol Verheyen from Sinjoor Real Estate was set to meet them at around 3:00 PM at the facility in the Wilrijk industrial park.
That worked out great for Joost, as it gave both prospective buyers time to talk things over quietly beforehand. Around 2:00 PM, Peter arrived at Niels Willems' office; the two men were already acquainted. Niels suggested bringing a camera along to take a few photos.
The broker from Sinjoor Real Estate arrived promptly at 3:00 PM. Together, they took another full tour of the building.
Niels Willems snapped at least twenty photos and proposed discussing the financial plan back at his office rather than at a café—which was certainly preferable to a noisy, smoky pub.
(Side note: back then, smoking was still permitted in bars and restaurants).

Maggie, the secretary, would arrange for sandwiches and coffee—and that is accurately what happened after the walkthrough.

“This is great. Thanks, Niels, for letting us use your office,” Peter said. “We could have met at my place, but that wouldn't have been wise. We have a few nosy union reps around—you never know.”

Late that Wednesday afternoon, profound discussions took place in Niels' office regarding the financial feasibility of launching a new tech company. Joost Lebois had estimated startup costs at around seven and a half million francs—well below Peter Huysmans' projection of twelve million.

“Your math is sound, Joost, but it's incomplete,” Peter explained. “You haven't accounted for startup capital, reserve funds, or the 'unknown' factor. I set aside an extra two million for that. The building costs 10.5 million francs plus notary fees; we'll take out a mortgage on that. Where do we get the rest? We have no choice but to liquidate our real estate assets: your house and my current business. I estimate the proceeds at eight million. The remaining capital we'll scrape together through friends, acquaintances, and family. Niels, if you invest two million in exchange for equity, we're almost there. The economic climate is in our favor; this has to work. I'm saying yes, and I know you will too. Let's go for it—it's a risk, but nothing ventured, nothing gained!”

Naturally, Joost agreed. He had complete confidence in Peter, who was a top-tier accountant.
After their meeting, they called Niels into the room to outline the core points of the financial plan. Niels stood by his word, promising to wire the two million to the new KBC Bank account as soon as the incorporation deed was executed by the notary and published in the Belgian Official Gazette. This was to be done, as agreed, in exchange for shares in the new venture.