Chapter 10 - THE DEAL EMMA HATED
Emma finally read the Hawthorne agreement.
All of it.
It took two days.
She discovered something humiliating.
Margaret was right about part of the hotel division.
It was bleeding cash.
Keeping every property would force borrowing at terrible rates.
Emma’s attachment to it was emotional.
Her father had spent his career in those hotels.
She had mistaken history for strategy.
Then she found Margaret’s hidden side letter.
Hawthorne would receive two board seats if certain conversion triggers occurred.
Not observers.
Seats.
Margaret had never told the full board.
Emma called her.
“You were right about the hotels.”
Silence.
Margaret was not used to hearing that.
Emma continued.
“And you lied about Hawthorne.”
Margaret sighed.
“I delayed disclosure.”
“Margaret.”
“Yes.”
“Use adult words.”
A long pause.
“I withheld it.”
“Why?”
“Because the board would panic before understanding the capital structure.”
Emma almost laughed.
Same disease.
Control information until people are ready to agree.
Emma said:
“I’ll support selling one hotel.”
Margaret went quiet.
“And?”
“No guaranteed board seats.”
“Hawthorne may walk.”
“Then let them negotiate.”
Margaret stared at her for a long moment. “You are willing to sell the Lake Street hotel?”
Emma hated the question. Her father had supervised its renovation when she was a child. He used to take her through the lobby before opening and let her choose flowers for the front desk.
“Yes,” she said finally. “If the numbers justify it.”
Margaret’s face softened almost imperceptibly. It was the first time she seemed to understand that Emma’s refusal had never been about defeating her.
May you like
For the first time, Emma and Margaret were arguing about the company without using pregnancy as leverage.
It almost felt civilized.
