Chapter 9 - The Company VoteBennett Distribution board called emergency meeting.
Richard remained CEO even though suspended as trustee.
Separate roles.
Independent directors debated leave.
Richard argued family dispute unrelated to operations.
Then First Commonwealth found Bennett River North loans guaranteed indirectly by company warehouse leases.
Related-party transactions not fully disclosed to board.
Now corporate governance implicated.
Board placed Richard on administrative leave.
He blamed me publicly inside company.
Memo:
Recent family litigation has created temporary distraction.
Naomi advised not respond emotionally.
Auditors did.
By numbers.
Three warehouses.
Two loans.
One shell consulting network.
$7.8 million potential exposure.
Employees feared jobs.
Richard used that fear.
He told senior managers:
“If Claire wins, banks take company.”
False.
Independent CFO analyzed.
Core operations profitable.
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River North was problem, not company.
Truth narrowed threat.
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