Chapter 8 - THE TRIGGER
The standstill contained a management-change provision.
Not automatic default.
Not automatic foreclosure.
It required lender review if:
the CEO changed,
the operating manager changed,
or control over daily financial operations materially shifted.
Dante’s title was COO and executive chef.
Victor remained chairman.
Julian had no formal operating authority.
If Victor removed Dante and installed Julian, the bank could:
review forecasts,
request updated financials,
change reserve requirements,
or refuse to extend the standstill.
No guaranteed disaster.
A dangerous uncertainty.
Dante warned Victor twice.
Victor believed Dante was bluffing to protect his job.
Julian believed the restaurant’s popularity would make the bank flexible.
Both men confused:
a full dining room
May you like
with:
a healthy balance sheet.
