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The prosperity surrounding Greyfen had become an increasingly unpleasant subject of conversation among certain influential figures in the Royal Capital.

Every passing day brought another report of merchants establishing businesses near the dungeon, independent Warriors purchasing Dungeon Passes, and mercenary companies returning with materials that would previously have passed through the hands of noble administrators or established trading organizations.

For most people, these developments represented opportunity.

For Gideon Marholt, they represented a growing threat to everything he had spent twenty years building.

The mercenary commander stood beside the window of a private chamber overlooking one of the Capital’s wealthier commercial districts.

His company, the Iron Fang Mercenaries, possessed hundreds of experienced Warriors and maintained lucrative contracts with several noble families. Those relationships had made Gideon wealthy, influential, and accustomed to having his opinions respected.

Recently, however, the situation had begun changing.

"Another three companies terminated their agreements this morning," Gideon remarked, turning away from the window. "They’ve decided to register with the Adventurer Guild and pursue opportunities around Greyfen instead."

Seated across the chamber was Roderick Halbrecht, a powerful mercenary leader whose reputation had been built upon ruthless efficiency and an almost complete disregard for diplomacy.

Unlike Gideon, who preferred maintaining influence through contracts and carefully cultivated relationships, Roderick believed that most problems could be resolved by applying sufficient pressure.

Roderick snorted. "Then those companies were fools. Let them waste their money inside that dungeon. Once half their members are dead, perhaps the survivors will remember why established mercenary organizations exist."

Gideon regarded him coldly. "You’re missing the problem. They’re not abandoning mercenary work because they’ve suddenly become brave. They’re abandoning our contracts because Sage Alistair is offering them something we cannot easily compete against."

Roderick frowned. "And what would that be?"

"Freedom," Gideon answered bitterly. "The freedom to accept missions without surrendering most of their earnings to an intermediary. The freedom to explore a valuable dungeon without signing away ninety percent of whatever they recover. And the freedom to build their reputations without depending on organizations like ours."

Roderick’s expression darkened.

Across the room, Edmund Krail quietly poured himself a glass of wine.

The merchant was considerably less imposing than either mercenary commander. His carefully trimmed beard, expensive clothing, and polished manners gave him the appearance of a respectable businessman, but Edmund’s commercial influence extended through numerous warehouses, trading houses, and merchant associations.

He had spent years profiting from arrangements that favored established organizations over independent traders.

And the Adventurer Guild was beginning to interfere with those arrangements.

"Gideon is correct," Edmund observed, placing the wine bottle aside. "The problem isn’t merely Greyfen. It’s the example Sage Alistair is setting."

---

Edmund crossed toward a table covered with commercial reports and correspondence.

"Consider the existing dungeon arrangements," he continued. "A noble family controls access to a dungeon. Mercenary companies receive contracts to provide security and exploration services. Merchants like myself purchase the recovered materials through established agreements. Everyone understands their position, and the profits remain within a relatively small circle."

Gideon nodded.

Edmund tapped one of the reports. "Now Sage Alistair appears, claims an S-Rank Dungeon, and announces that anyone purchasing a Dungeon Pass can retain everything they recover. Naturally, the Warriors are delighted. They believe they’ve discovered an extraordinary opportunity."

Roderick folded his arms. "Because they have."

"Precisely," Edmund replied, his expression souring. "And that is what makes the situation dangerous."

He retrieved another document. "Several independent merchants have already begun purchasing Greyfen materials directly from Adventurers. Some are establishing warehouses near the dungeon. Others are negotiating supply contracts without involving the established trading associations."

Gideon’s eyes narrowed. "You’re losing control of the market."

"I’m losing the advantages that come from controlling access to it," Edmund corrected. "There’s a difference. Competition is tolerable when everyone follows familiar arrangements. But Sage is encouraging people to operate outside those arrangements entirely."

Roderick leaned forward. "Then we make them regret it."

Edmund looked at him. "That attitude is precisely why I insisted we discuss this privately."

Roderick’s expression hardened. "You invited me here because you need someone willing to do what the two of you are too frightened to attempt."

Gideon turned toward him sharply. "Careful, Roderick. There’s a difference between courage and stupidity."

For several seconds, the two mercenary commanders regarded each other with open hostility.

Edmund sighed. "Gentlemen, if we’re going to spend the afternoon measuring our courage, I suggest we postpone this meeting until you’ve both exhausted yourselves."

Neither man appreciated the remark.

Nevertheless, the argument ended.

---

Gideon returned to the table and unfolded a list of mercenary contracts.

"The Guild’s expansion is already affecting recruitment," he explained. "Experienced Warriors who previously sought employment through established companies are registering as Adventurers instead. Even those who remain mercenaries are beginning to question the percentages demanded by their employers."

Edmund examined the list. "And if Greyfen continues generating wealth, the problem will worsen."

"Exactly," Gideon replied. "Today, they’re questioning our contracts. Tomorrow, they’ll refuse them altogether."

Roderick scoffed. "Then offer better terms."

Gideon gave him an irritated look. "And surrender the profits that allow us to maintain our companies? We’re not discussing a temporary shortage of recruits. Sage is changing what Warriors believe they’re entitled to receive."

That observation silenced Roderick.

The Adventurer Guild wasn’t merely competing for customers.

It was changing expectations.

A Warrior who had experienced retaining every valuable material recovered from a dangerous expedition would be considerably less enthusiastic about surrendering most of those materials to someone who hadn’t entered the dungeon.

And once that expectation spread, restoring the old arrangements would become increasingly difficult.

Edmund slowly lowered his glass.

"Which brings us to the question we’ve been avoiding," he said. "What exactly do we intend to do about Sage Alistair?"

---

Roderick answered first. "We destroy his reputation. Make people afraid to associate with the Guild. If that doesn’t work, we destroy something more tangible."

Gideon shook his head immediately. "Attacking the Guild openly would be foolish. Sage has already established connections with influential figures, and his organization is attracting considerable public support."

"Public support disappears when people become frightened," Roderick argued.

"Not necessarily," Gideon replied. "Sometimes it makes them sympathetic to the victim. Particularly when the victim is an organization offering opportunities that powerful families have denied them for generations."

Edmund nodded approvingly.

"Then we begin with the public’s confidence," he suggested. "The Guild claims to protect Adventurers, yet people have already died inside Greyfen. Its Dungeon Passes cost one hundred gold coins, but purchasing one doesn’t guarantee survival. Those facts can be presented in ways that make Sage appear greedy and irresponsible."

Gideon considered the proposal. "Rumors?"

"Rumors, complaints, unfavorable accounts, and questions raised by respectable individuals," Edmund explained. "There’s no need to fabricate everything. We merely emphasize the information most damaging to the Guild."

Roderick grinned. "And while everyone argues about whether Sage is a fraud, we make life difficult for his supporters."

Edmund regarded him cautiously. "What exactly do you mean?"

"Merchants can experience unfortunate difficulties transporting goods," Roderick replied. "Workers can reconsider their employment. Adventurers can discover that certain contracts are no longer available to anyone associated with the Guild."

Gideon frowned thoughtfully. "Some of those methods would attract unwanted attention."

"Only if handled carelessly," Roderick countered.

Edmund raised a hand. "Then we establish boundaries. At least initially, our efforts should remain indirect. The objective is to weaken the Guild’s position without providing Sage with an obvious enemy to confront."

---

The discussion continued for nearly two hours.

Gradually, their individual grievances developed into something resembling a coordinated strategy.

Gideon would use his relationships with mercenary captains, contract brokers, and noble employers to discourage cooperation with the Adventurer Guild.

He would also approach companies that had suffered losses at Greyfen, encouraging their leaders to question Sage’s management of the dungeon.

Roderick would mobilize his own network of mercenaries and hired intermediaries.

His role would involve applying pressure where commercial arguments proved insufficient, although Gideon insisted that any action capable of provoking an immediate confrontation required prior discussion.

Edmund would provide funding, commercial connections, and individuals capable of spreading unfavorable information without openly linking their activities to the three men.

Their approaches differed considerably.

But their objective was identical.

The Adventurer Guild had to stop expanding.

And Sage Alistair had to learn that challenging established interests carried consequences.

"There’s one difficulty," Gideon remarked as they finalized their arrangements. "Even if we damage the Guild’s reputation, Sage still controls Greyfen. As long as he possesses that dungeon, Warriors will continue paying for access."

Edmund nodded. "Which means our efforts cannot end with a few unpleasant rumors."

Roderick smiled coldly. "Then perhaps we should eventually remind him that owning something doesn’t mean he can protect it."

Gideon looked toward the window, considering the enormous organization Sage had constructed within the Royal Capital.

The Guild was no longer a small association of ambitious Warriors.

It possessed substantial facilities, trained employees, growing financial resources, and an increasingly loyal membership.

Destroying it would not be simple.

But Gideon had no intention of allowing everything he’d built to become obsolete.

"Enough is enough," he declared. "We’ve tolerated Sage Alistair’s expansion for too long."

---

The meeting concluded shortly before sunset.

Roderick departed first, accompanied by two heavily armed retainers who had waited outside the chamber.

Gideon remained long enough to exchange several final instructions with Edmund before leaving through a separate entrance.

Once both mercenary commanders had departed, Edmund returned to his desk.

He opened a locked drawer and removed a sealed letter.

The envelope bore no family crest or identifying mark.

Nevertheless, Edmund handled it with considerable care.

He broke the seal and unfolded the parchment.

The message was brief.

Its author expressed satisfaction that the three men had finally reached an understanding. Financial assistance would be available through established intermediaries, and certain influential individuals would ensure that inconvenient complaints received appropriate attention.

However, the final instruction was unmistakable.

The benefactor’s involvement was to remain concealed.

Edmund read the message twice before holding it over a candle.

The parchment curled, blackened, and gradually collapsed into ash.

A faint smile appeared upon his face.

Gideon believed his influence among mercenary companies would be sufficient to challenge the Guild.

Roderick believed intimidation could accomplish what negotiation could not.

Both men understood that Edmund possessed substantial commercial resources.

But neither fully appreciated the influence of the individual quietly supporting their cooperation.

Edmund watched the final fragments of parchment burn.

"Sage Alistair," he murmured, setting the candle aside, "you’ve made an extraordinary amount of money by convincing people that the old rules no longer apply."

He closed the drawer and turned toward the darkening window. "Unfortunately for you, some of the people who benefited from those rules have no intention of allowing them to disappear."

Outside, the Royal Capital continued its evening activities, entirely unaware that three powerful men had begun coordinating their efforts against its newest and fastest-growing organization.

And somewhere behind them, an even more influential figure was preparing to see how far their ambition could be used.

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