The conference hall remained silent.
Not because nobody had questions.
Quite the opposite.
There were too many questions.
Too many possibilities.
Too many calculations.
Too many implications.
Outside the massive windows of the Administrative Building, Frostbound Coast continued moving.
Merchants crossed glowing roads.
Carriages rolled across snow-covered pathways.
Construction workers continued expanding districts.
Travelers arrived from distant territories.
The territory was alive.
Inside the conference hall.
The future was being discussed.
At the head of the enormous table sat Kel Rosenfeld.
His silver eyes calmly observed the dozens of experts gathered before him.
Master Alchemists.
Master Craftsmen.
Architects.
Economists.
Researchers.
Scholars.
Logistics Specialists.
People whose professions shaped civilizations.
The meeting had already lasted several hours.
Yet nobody appeared tired.
Because every topic Kel introduced seemed bigger than the last.
The Count slowly turned another page of his notes.
Then spoke.
"There is another matter."
Immediately.
The room became attentive.
Everyone knew that sentence.
Every time Kel said those words...
Another absurd project appeared.
And sure enough.
It happened.
Kel looked around the room.
"For all future projects."
A pause.
"The external investment limit will be forty percent."
Silence.
Absolute silence.
Several economists froze.
Some merchants blinked.
The treasury officers raised their heads.
Everyone understood the significance immediately.
Forty percent.
No more.
No less.
A hand rose instantly.
Master Economist Harrick.
"My Lord."
Kel nodded.
"Speak."
The elderly economist adjusted his glasses.
"Do you mean external investors cannot exceed forty percent ownership even if they provide greater funding?"
Kel answered immediately.
"Correct."
The room erupted.
Dozens of voices appeared simultaneously.
"What?"
"Only forty percent?"
"That will limit available capital."
"Many organizations will dislike this."
"Several banking groups may refuse participation."
The discussion grew louder.
Kel simply waited.
Patiently.
Eventually.
The noise settled.
The Count folded his hands.
Then calmly continued.
"Anyone may invest."
The room listened.
"Individuals."
Another.
"Merchant Groups."
Another.
"Nobles."
Another.
"Organizations."
Another.
"Guilds."
Another.
"Even foreign investors."
Several people nodded.
Reasonable.
Then Kel delivered the important part.
"But once the total external investment reaches forty percent..."
Another.
"The funding gate closes."
Silence returned.
The statement was absolute.
No exceptions.
No negotiations.
No loopholes.
Master Architect Seraphina slowly raised her hand.
"My Lord."
"Yes?"
"Why exactly forty percent?"
The question instantly captured everyone's attention.
Because everyone wanted the answer.
Kel looked toward the giant map hanging on the wall.
His eyes slowly moved across roads.
Districts.
Future settlements.
Future ports.
Future cities.
Then he spoke.
"Control."
The single word echoed through the room.
Many frowned.
Others nodded.
The Count continued.
"If investors control majority ownership..."
Another.
"They control decisions."
Another.
"They control designs."
Another.
"They control direction."
The room became thoughtful.
Kel pointed toward several proposed city districts.
"What happens if someone with majority ownership demands changes?"
No answer came.
The Count answered himself.
"The project changes."
Another.
"Regardless of whether the changes improve Frostbound Coast."
Several people immediately understood.
The old craftsman from earlier slowly nodded.
Yes.
He understood perfectly.
Kel continued.
"I am not building projects."
Another.
"I am building Frostbound Coast."
His voice remained calm.
Yet every word carried unusual weight.
"If majority ownership belongs elsewhere..."
Another.
"Then Frostbound Coast no longer controls its own future."
Silence.
Heavy silence.
The room slowly understood.
This wasn't about money.
This was about sovereignty.
The Count continued.
"Forty percent is enough to attract investors."
Another.
"Sixty percent is enough to maintain control."
The simplicity of the explanation shocked everyone.
Several economists quickly began recalculating.
The logic was difficult to argue against.
Then another hand rose.
Treasury Officer Melvin.
"My Lord."
Kel nodded.
"If Frostbound Coast intends to fund sixty percent..."
The man hesitated.
Then finally asked.
"Can we afford it?"
The room became silent again.
That was the true question.
The real question.
Money.
Everything eventually returned to money.
Even dreams required funding.
Many eyes turned toward Kel.
Waiting.
The Count smiled faintly.
A smile that instantly made several experts nervous.
Because that smile meant he already had an answer.
And usually...
His answers changed entire industries.
Kel slowly stood.
Then walked toward another map.
This one showed the northern coast.
The endless ocean.
Unknown waters.
Unexplored islands.
Uncharted territories.
The room watched carefully.
Then Kel spoke.
"Funding."
Another.
"Will come from exploration."
Confusion appeared instantly.
Several people exchanged looks.
Exploration?
The Count pointed toward the ocean.
"As of today."
Another.
"The oceans are open."
The room blinked.
"What?"
Kel continued.
"The unknown regions are open."
Another.
"The unexplored territories are open."
Another.
"The sea belongs to everyone willing to challenge it."
The conference hall became increasingly confused.
Then Kel explained.
"We provide boats."
The room listened.
"We provide equipment."
Another.
"We provide supplies."
Another.
"We provide support."
Several merchants leaned forward.
Interesting.
Very interesting.
Then came the condition.
"In return."
The Count smiled.
"Every treasure discovered must be reported."
The room froze.
Now they understood.
At least partially.
Kel continued.
"If explorers find treasure."
Another.
"They receive fifty percent of its value."
Several adventurer representatives nodded.
Very generous.
Then.
"We keep fifty percent."
The room became thoughtful.
Master Economist Harrick immediately began calculating.
Thousands of explorers.
Thousands.
Not dozens.
Not hundreds.
Thousands.
Treasure hunters.
Adventurers.
Explorers.
Mercenaries.
Merchants.
All moving into Frostbound Coast.
All paying commissions.
All bringing wealth.
All increasing economic activity.
His eyes widened.
The scale was absurd.
Kel wasn't creating a revenue stream.
He was creating an industry.
An entire industry.
Meanwhile.
The Count continued explaining.
"We provide everything."
Another.
"Transportation."
Another.
"Support."
Another.
"Maps."
Another.
"Equipment."
Another.
"Emergency rescue."
Then he looked around the room.
"Therefore."
"Fifty percent commission is justified."
Nobody argued.
Because honestly.
It was.
Several people would have demanded more.
Not less.
Then Kel delivered the final part.
"My prediction."
The room listened carefully.
"We will generate significantly more revenue than we require."
Several experts frowned.
A bold statement.
Very bold.
Yet.
None of them could immediately find flaws.
Because Frostbound Coast had something unique.
Safety.
Roads.
Infrastructure.
Support.
Most adventurers failed because nobody supported them.
Kel intended to create an entire ecosystem dedicated to exploration.
The implications were enormous.
One young researcher slowly whispered.
"We're turning exploration into an industry."
The person beside him froze.
Then slowly nodded.
That was exactly what was happening.
At the head of the room.
Kel observed everyone.
He could practically see calculations occurring behind their eyes.
Questions.
Doubts.
Possibilities.
Then another hand rose.
A merchant representative.
"My Lord."
"Yes?"
"What if someone discovers something beyond value?"
Kel raised an eyebrow.
"Explain."
The merchant swallowed.
"A lost civilization."
Another.
"Ancient ruins."
Another.
"Artifacts."
Another.
"Knowledge."
The room became silent.
A good question.
A very good question.
Kel thought briefly.
Then answered.
"Then we negotiate."
The merchant blinked.
"That's it?"
Kel nodded.
"Everything has value."
Another.
"The only difficulty is determining the correct price."
Several economists immediately wrote that down.
The statement itself felt valuable.
Meanwhile.
Deep beneath Scarder Lake.
Seiren listened quietly.
Then laughed softly.
"You truly intend to turn the entire northern ocean into a business venture."
Kel replied mentally.
"People seek opportunities."
Another.
"I merely provide them."
The Guardian chuckled.
"And take fifty percent."
Kel remained silent.
Which somehow confirmed the accusation.
Back in the conference hall.
The atmosphere had changed completely.
Earlier.
People listened to plans.
Now.
People listened to inevitabilities.
Because the longer they heard Kel speak...
The more they understood.
Most rulers thought about taxes.
Kel thought about systems.
Most rulers thought about immediate profits.
Kel thought about ecosystems.
Most rulers sought wealth.
Kel sought control over the processes that generated wealth.
And that difference terrified many experts.
Not because it was dangerous.
Because it was effective.
At the end of the table.
The elderly craftsman from earlier smiled quietly.
Then whispered.
"He's not building a territory."
The architect beside him looked over.
"What?"
The old man watched Kel speaking.
Watched the maps.
The diagrams.
The plans.
The future.
Then softly replied.
"He's building a civilization."
And for the first time since the meeting began.
Nobody disagreed.