Merchant of Venice

What bad news did Antonio's letter contain?

From "The Merchant of Venice" by William Shakespeare

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Did you mean in Act 3 scene 2? Jessica, Lorenzo and Salerio arrive at Belmont. Bassanio is happy to see all of them, but Salerio then hands him a letter from Antonio. Bassanio turns pale at the news that Antonio has lost his fortune and his ships, and he asks Salerio if it is true that all of Antonio's ventures have failed. Salerio tells him it is true, and that Shylock is so excited about getting his pound of flesh that even if Antonio could repay him he would likely refuse it.