Chapter 7 - THE COMPANY PATRICIA SAVED
The board hired outside counsel and a valuation firm.
Ryan was not placed on the review committee.
Patricia was removed from voting on North Bridge matters.
Malcolm lost procurement authority pending review.
The first finding angered everyone equally.
Patricia’s rescue financing had been necessary.
Without it, Carter Freight likely would have breached debt covenants and cut several hundred jobs.
The second finding was worse for her.
Once the company recovered, Patricia approved two amendments increasing North Bridge’s economic upside without independent revaluation.
The yard options could generate tens of millions in profit.
Patricia defended herself.
“North Bridge took real risk.”
The valuation adviser agreed.
Then added:
“Not that much.”
The conflict was not invented.
It was overpriced.
Then the review examined Jonathan’s emergency proxy.
He had drafted it seven years earlier.
Why Patricia?
Jonathan’s trust memo described Ryan as:
Intelligent, loyal, impulsive under perceived betrayal.
Ryan hated reading it.
Another sentence:
Patricia is disciplined under pressure and understands enterprise continuity.
Jonathan had chosen her for exactly the qualities she later used.
Rachel looked at Ryan.
“This is bigger than her.”
“What does that mean?”
“The governance design itself is bad.”
One person could control founder votes during an undefined absence.
No automatic expiration.
No independent review.
No special conflict restriction.
Jonathan created the weapon.
Patricia used it.
Then the board found an old email.
Patricia had once suggested independent revaluation.
Malcolm discouraged it.
Repricing options now defeats the economics that got us through crisis. Jonathan is not here to second-guess rescue terms.
Patricia replied:
Agreed for now.
For now.
Another temporary decision that became permanent.
Then federal agents contacted the board.
The supplier investigation was approaching indictments.
Malcolm retained criminal counsel.
That evening Elias called.
His voice shook.
“Ryan, come alone.”
“Why?”
“Because I got a message.”
“From who?”
May you like
A pause.
“Your father.”
