There was a thread awhile back about this, and no one seems to know for sure.
But the consensus was that it was not him being notified of AIDS, as no one would notify someone over the phone. They'd have them show up in person.
Jessie says something like "What did they say?". I think he was waiting to hear about some kind of 'decision', like a home loan/mortgage.
Or he could have been talking with someone about an ill family member, or even his pet.
It annoyed me a lot that this was made as such a big scene in the film, yet they never reveal to us what it was about! Why even bother to do a scene like that then?
"I'd say this cloud is Cumulo Nimbus."
"Didn't he discover America?"
"Penfold, shush."
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