Chapter 2 - The Bridge Loan Changes The Meeting
The CFO’s name was Martin Cole.
He lowered his phone slowly.
“Garrett, Harbor Crest just issued a reservation-of-rights notice.”
Garrett frowned.
“What?”
“The bridge facility.”
Rosalie remained seated near the back.
Bianca finally stood from the chairman’s chair.
Nobody told her to.
Garrett ignored Rosalie and looked at Martin.
“Call Christopher Albright.”
“I did.”
“And?”
“He said all questions go through Harbor Crest’s controlling
noteholder.”
Garrett turned toward Rosalie.
She checked her watch.
“Your two minutes are almost up.”
“What did you do?”
“Nothing today.”
That answer frightened him more.
Seven years earlier, Rosalie had created Bradford Capital Partners with
money inherited from her grandmother and investments from family trusts.
She never told Garrett the full size of it.
When West Enterprises could not obtain conventional financing, Bradford
Capital purchased portions of its debt through independent vehicles.
Later, when banks became willing to lend, Rosalie’s entities provided
guarantees.
She deliberately kept herself away from day-to-day management.
Garrett wanted independence.
Rosalie wanted him to have it.
But the bridge loan signed last month was different.
West Enterprises needed $240 million within forty-eight hours to
preserve the Blue Horizon acquisition.
Harbor Crest provided it.
Rosalie’s investment company funded most of Harbor Crest’s
participation.
The loan documents contained standard restrictions on major ownership
changes before closing.
Garrett’s proposed dilution of Rosalie’s stake could qualify as a
material ownership restructuring requiring lender consent.
Martin whispered:
“If the lender refuses consent, Blue Horizon can’t close.”
The room went silent.
Rosalie looked at Garrett.
“I told you to remove the papers.”
Garrett’s face reddened.
“You’re blackmailing the board.”
“No. I’m asking the company to follow financing agreements it already
signed.”
That distinction mattered.
Then Christopher Albright called Martin again.
This time he had another problem.
The $900 million profit projection Bianca had presented was not the
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model Christopher had approved.
Someone had changed the numbers.
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