The history.
Especially the history.
NorthStar’s marketing team had already drafted language:
Founded in 1989 by visionary restaurateur Thomas Vale, Vesper & Vale redefined modern New York dining.
That sentence had caused the problem.
Not emotionally.
Legally, the problem was elsewhere.
The line merely made Lenora unwilling to ignore it.
Martin turned toward her.
“The last unresolved issue is the Brooks interest.”
Meredith shifted.
Lenora noticed.
Peter opened a folder.
“We believe the revised figure is fair.”
Lenora looked at the number.
$4.8 million.
Six months earlier, the first offer had been $900,000.
Progress.
Still wrong.
“No.”
Peter exhaled.
“Lenora.”
“The answer hasn't changed.”
NorthStar’s general counsel, Sofia Alvarez, leaned forward.
“Perhaps we can separate valuation from governance.”
Lenora looked toward her.
“They're already separate.”
Sofia nodded.
“Then let's take valuation first.”
Lenora opened her own binder.
“My father’s units were never legally redeemed.”
Meredith spoke.
“They were.”
Everyone looked toward her.
Lenora’s face remained neutral.
Martin adjusted his glasses.
“Meredith.”
“No.”
She looked at Lenora.
“Thomas bought Isaiah out.”
Lenora waited.
“When?”
“1998.”
Peter looked toward his mother.
“Mom.”
“What?”
“The documents don't show that.”
Meredith turned.
“Your father told me.”
Peter’s jaw tightened.
“Yes.”
“That is what you believed.”
She stared.
“What does that mean?”
Martin intervened.
“In 1998, Thomas and Isaiah signed a redemption agreement.”
Meredith looked relieved.
“Exactly.”
Martin continued.
“Payment was to occur in eight quarterly installments.”
“Thomas made two.”
The relief vanished.
“What?”
“Two payments totaling three hundred twenty thousand dollars.”
Meredith stared.
Lenora spoke for the first time.
“The remaining balance was never paid.”
“That cannot be right.”
“It is.”
“My husband would never—”
She stopped.
Lenora did not fill the silence.
Martin continued.
“The redemption agreement states transfer of Isaiah’s units becomes effective upon final payment.”
“The final payment never occurred.”
“Instead, in 1999, accounting entries reclassified the remaining units as treasury units.”
“We have no signed authorization from Isaiah for that reclassification.”
Meredith looked toward Peter.
He nodded slowly.
“We found the same thing.”
“Why wasn't this discovered before?”
Peter laughed without humor.
“Because Dad controlled the cap table.”
“He was the cap table.”
Catherine crossed her arms.
“And nobody questioned him.”
Meredith looked toward Martin.
“You were counsel.”
“Not in 1999.”
“Who was?”
“Howard Pike.”
“Dead.”
“Yes.”
Meredith closed her eyes.
Of course.