Chapter 4 - Saturday at Nine
I arrived at Linda’s house at 8:57 Saturday morning.
Exactly three minutes early.
Rachel walked beside me.
Behind us came Aaron Patel, Harrington’s outside corporate counsel.
Daniel had not invited Aaron.
I had.
The front door opened before I knocked.
Linda stood there wearing pearl earrings and a pale blue dress.
Her smile disappeared when she saw Rachel.
“Claire.”
“Good morning.”
“This is supposed to be a family discussion.”
“No.”
I stepped inside.
“According to the notice Marcus sent, this is an emergency board meeting.”
Linda’s jaw tightened.
Daniel appeared in the hallway.
He looked exhausted.
“Claire, why is Rachel here?”
“Why is Vanessa?”
His face changed.
That was enough.
We entered the dining room.
The decorations from the previous night were gone.
The same table remained.
Marcus sat with two men from Westbridge.
Vanessa sat beside Daniel’s empty chair.
Again.
This time there was a chair for me.
At the far end.
Rachel noticed.
She almost smiled.
Marcus stood.
“Let’s keep this professional.”
“That would be a refreshing change.”
His mouth tightened.
Daniel sat beside Vanessa.
He did not ask her to move.
I sat beside Rachel.
Aaron remained near the window.
Marcus began.
“Harrington Development faces serious liquidity pressure.”
“How serious?”
Daniel answered.
“We have approximately ninety days.”
That was the first time he had told me.
“Ninety days until what?”
“Potential covenant default.”
I stared at him.
“You told me we had nine months.”
“Things changed.”
“When?”
Marcus interrupted.
“This is exactly why we need restructuring.”
He passed folders around.
Westbridge proposed acquiring Harrington’s primary development portfolio through Vanessa’s VNC Holdings.
Westbridge would finance VNC.
Vanessa would become chief strategy officer of the restructured business.
Daniel would remain CEO.
Marcus would remain president.
I would become a minority passive shareholder.
Convenient.
I turned to Vanessa.
“You are buying assets with Westbridge’s money?”
She smiled.
“I’m leading the transaction.”
“For thirty-eight million.”
“Yes.”
“The portfolio was appraised at sixty-four million last year.”
Marcus answered.
“Market conditions changed.”
“By forty percent?”
“Claire.”
Daniel finally looked at me.
“We need liquidity.”
“You needed liquidity eighteen months ago.”
“I provided it.”
Vanessa’s smile faded slightly.
I continued.
“Eleven million dollars.”
One Westbridge representative looked at Daniel.
Marcus went still.
Linda blinked.
Vanessa stared at me.
Daniel whispered.
“Claire.”
“What?”
“You said you wanted to remain private.”
“I did.”
“But apparently my privacy has become part of the valuation.”
The room changed.
I turned toward Westbridge.
“Were you informed that Bennett Capital extended $7.5 million in secured bridge financing to Harrington?”
The first representative looked at Marcus.
“No.”
“Were you informed that I personally guaranteed two credit facilities totaling fourteen million?”
“No.”
“Were you informed that the proposed asset transfer breaches the negative covenant in my bridge note unless I consent?”
Silence.
Marcus’s face became pale.
Vanessa looked at Daniel.
“You said the bridge note was unsecured.”
Daniel stared at the table.
There it was.
Another lie.
Marcus recovered first.
“We are not here to relitigate historical financing.”
“No.”
I opened my folder.
“We are here to discuss your agenda item removing me for an alleged conflict of interest.”
Linda folded her arms.
“You own this house through a shell company.”
I looked at her.
“So you do know.”
She froze.
Daniel closed his eyes.
Marcus jumped in.
“Your undisclosed ownership of the meeting property creates a conflict.”
Aaron finally spoke.
“That is legally incoherent.”
Everyone turned.
Marcus frowned.
“And you are?”
“Harrington’s outside corporate counsel.”
Daniel looked shocked.
“Aaron?”
Aaron nodded.
“I received Claire’s request last night.”
Marcus’s expression darkened.
Aaron continued.
“Ownership of a private residence unrelated to the transaction does not create a disqualifying financial interest.”
“And even if it did, the relevant interest is fully disclosed now.”
I looked at Linda.
“You wanted my ownership discussed.”
“Fine.”
I placed one document on the table.
“This house belongs to Bennett Ridge Investments.”
Linda swallowed.
I placed another beside it.
“You occupy it under a one-dollar annual lease.”
Vanessa slowly lowered her pen.
Then I placed the lease termination notice beside the first document.
“And because you used the property to facilitate an unauthorized commercial transaction intended to impair my ownership rights…”
I looked directly at Linda.
“…your lease is now under formal review for termination.”
The color left her face.
“What?”
Daniel stood.
“Claire, stop.”
May you like
I looked at him.
“I just started.”
