Chapter 9 - The Board Freezes Garrett’s Voting Plan
Independent directors formed a special committee.
Garrett remained a major shareholder and chief executive.
But the committee paused the preferred-share issuance and ordered an
independent valuation.
Blue Horizon was delayed pending revised financing.
Garrett called it a coup.
It was not.
He had not been removed.
The board was exercising oversight.
Rosalie supported the process but did not demand his firing.
Evidence would decide that.
The independent valuation showed North Vale’s proposed investment terms
favored Garrett’s ally.
The preferred shares were priced too cheaply relative to their voting
rights.
Emails showed Garrett pushing to close before Rosalie’s lawyers could
respond to the divorce papers.
That strengthened concerns about purpose.
Daniel Westcott withdrew North Vale’s proposal.
He claimed he had not known about the marital dispute.
Investigators found he knew some of it, but not the full plan.
Again, messy truth.
Then a director asked the question nobody had asked for seven years.
“How much has Rosalie’s network actually contributed to West’s
survival?”
Marcus’s equivalent at West—treasurer Elaine Foster—prepared the
history.
Guarantees.
Introductions.
Emergency facilities.
Debt purchases.
Supplier arrangements.
Not all came directly from Rosalie’s money.
Her influence brought counterparties to the table.
The total capital facilitated exceeded $1.2 billion over seven years.
Garrett stared at the figure.
Rosalie corrected the room.
“That doesn’t mean I gave West $1.2 billion.”
Some facilities were repaid.
Some investors earned substantial returns.
Some introductions became independent relationships.
She refused to inflate her contribution just because Garrett had
minimized it.
Accuracy mattered more than revenge.
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Still, one fact remained undeniable.
West Enterprises had not been built by one man.
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