So were records showing how the waiver had been described in the transaction materials.
Elliot argued that he had relied on subordinates and outside advisers.
He insisted he'd never instructed anyone to forge a signature.
The directors didn't assume guilt merely because he supervised the team.
But they also examined the communications showing repeated efforts to treat the authenticity concern as resolved before the supporting evidence existed.
Several messages raised questions about whether Elliot had been more interested in completing the deal than establishing the truth.
He was placed on administrative leave pending further review.
Victor reacted angrily.
"Elliot has spent fifteen years building this company."
One director looked toward him.
"And the evidence requires an independent examination."
Victor stared.
The director continued.
"His tenure doesn't answer the questions."
For several seconds, the room was silent.
Then Victor turned toward Margaret.
"Are you recommending that we stop the acquisition?"
She answered carefully.
"I'm recommending that we suspend the proposed closing structure until the consent and other material issues are addressed."
Victor looked toward the windows.
He seemed to be searching for an argument he hadn't already made.
Finally, he said, "And what about the money we've spent?"
Margaret remained composed.
"That is a cost we need to manage. It isn't a reason to rely on a document we've found to be invalid."
The independent directors also examined Victor's handling of the warnings.
He hadn't personally assembled the questionable waiver.
The investigation didn't initially establish that he directed someone to fabricate the signature.
But the record showed that he'd received serious concerns and repeatedly pressed executives to maintain the closing timetable.
He had discouraged Margaret from slowing the transaction.
He had dismissed Nia's challenge based partly on her youth and perceived lack of influence.
And he'd approved public and private descriptions of the deal that treated certain asset transfers as more certain than they were.
Those decisions mattered.
They weren't identical to forgery.
But corporate leadership carried responsibilities beyond avoiding direct participation in misconduct.
Victor had encouraged a culture in which difficult information was treated as an obstacle to his preferred outcome.
The independent directors began evaluating whether he could continue directing the transaction review.
Several asked whether his personal interest in completing the acquisition compromised his judgment.
Victor was furious.
He believed he'd built the company through decades of difficult decisions that cautious executives lacked the courage to make.
But the board was no longer willing to accept his confidence as a substitute for verified information.
And the acquisition that was supposed to become his greatest achievement was now threatening his position.