Chapter 10 BLack GOLD AND YELLOW CAKE 201 Dean Witter. He located Investors Diversified Services (IDS), headquartered in Minneapolis. Inasmuch as Utah had already proven the reserves of the Lucky Mc deposit, an IDS representative analyzed the company’s feasibility study in San Francisco and indicated interest. Soon afterward, Littlefield and Witter flew to Minneapolis to discuss the terms of the loan: in exchange for 10 percent of the equity, IDS would lend $10 million to Lucky Mc Uranium Corporation, to be repaid over five years. When Littlefield and Witter arrived at the corporate offices of IDS, they expected a brief meeting with the company’s president, Joseph M. Fitzsimmons, after which they would sign the papers. To their surprise, the IDS leader instead began to question the feasibility of the transaction. Littlefield could tell Fitzsimmons was saying, “No.” Thinking Fitzsimmons did not have all of the project information, Witter immediately tried to sell the venture to him. Witter was so stubborn and determined to triumph that Littlefield later commented, “Witter has the hide of a black rhinoceros.” Fitzsimmons said flatly that IDS could make a great deal more money on other opportunities. Irritated, Littlefield reminded Fitzsimmons, “We were invited here to discuss the final details of the deal proposed by your representative in San Francisco, and as far as I’m concerned, the promise was made that IDS would consummate this loan.” At that point, the president backed down and assured the Utah official that “they could work something out.” Annoyed at such a vacillating answer, Littlefield called off the transaction and walked out, dragging Witter with him. “Ed,” Witter argued, “don’t be discouraged. We’ve got them lined up. They’ll take $8 million, and New York Life will take $2 million.” He then reminded Littlefield that they had already “been around the country and there are not very many people interested. We’ve been turned down even by Chase Manhattan.” Littlefield would not change his mind, so Witter offered to withdraw from further participation. Littlefield replied, “That’s fine with me ... I’ll be responsible.” He flew back to San Francisco and phoned another friend, Ransom Cook, a senior vice president of American Trust Company, which had merged with Wells Fargo Bank. Littlefield candidly described the IDS fiasco, then said, “If I’m going to be