Chapter 3 - THE SEVEN PERCENT
Emily did not run Carter Meridian.
She had never wanted to.
But she owned seven percent.
Years earlier, David created a protected family trust for Emily and her younger cousins. Emily’s portion consisted mainly of nonvoting Carter Meridian shares.
Normally the shares gave Emily economic rights and little else.
But material dilution, designated residential-asset transfers, and certain related-party obligations required notice to the trust administrator.
North Vale triggered two of those provisions.
The company planned to issue stock as part of the purchase price.
And the condo was scheduled to be removed from executive inventory after closing.
“Removed how?” Emily asked.
Maya answered:
“Sold.”
“To whom?”
Michael spoke.
“A private buyer.”
Maya slid the draft purchase agreement across the table.
Buyer:
J Vale Holdings LLC.
Emily stared.
Jessica.
Draft purchase price:
$2.1 million.
Independent estimate:
$3.4 million.
Michael said:
“The unit needs renovation and has occupancy restrictions.”
David laughed without humor.
“It has a lake view and a private elevator.”
Michael ignored him.
Emily looked at the divorce release again.
“If I sign this, do I approve the condo sale?”
“No,” Maya said carefully. “Not directly.”
Michael seized that.
“Exactly.”
Maya continued:
“But you would be acknowledging no personal or spousal claim connected to the housing arrangement. That makes one challenge disappear before the trust receives final notice.”
Emily turned to Michael.
“You needed me out.”
“I wanted the marriage over.”
“Before closing.”
“Yes.”
“Before Jessica bought the condo.”
He looked away.
There.
Then Michael pushed back.
“You are acting like you own the company because your father gave you shares.”
“I’m not.”
“He is.”
David stepped forward.
Emily raised one hand.
“No.”
Both men looked at her.
She turned to Maya.
“What exactly does the board know?”
“Enough to start an investigation. Not enough to reach conclusions.”
Good.
Emily needed that.
She did not want David’s anger becoming corporate evidence.
Then Maya added:
“There is one more issue.”
North Vale’s cap table contained an investor named Harbor Ridge Trust.
Fourteen percent.
Beneficial owner undisclosed.
The board’s diligence team had asked three times.
North Vale’s counsel claimed privacy protections.
Then a whistleblower sent Maya a document.
Harbor Ridge’s beneficiary:
Jessica Vale.
If North Vale sold for $120 million, Jessica’s indirect proceeds could exceed fourteen million dollars.
Michael stared at the page.
For the first time all night, his shock looked real.
“That’s impossible.”
Maya watched him carefully.
“You’re saying you didn’t know?”
“I didn’t.”
May you like
Emily believed he might be telling the truth.
Which made Jessica more dangerous than anyone had expected.
