One analyst had even prepared a note warning that the secured-capacity figure could be misunderstood.
The note had been returned with a request to make the language more positive.
Antoine recognized the request.
He had made it himself.
Not in those exact words.
But close enough.
For the first time, he began seeing his own role in the problem.
He had rewarded confidence.
Disliked uncertainty.
And allowed subordinates to believe that delivering good news mattered more than presenting inconvenient facts.
Luc had made choices.
But the culture Antoine created helped those choices survive.
He could blame his finance director for everything.
Many executives in his position would have tried.
But the records made that explanation incomplete.
And Antoine had spent enough years in business to know what an incomplete explanation looked like.
Several weeks after the restaurant dinner, he made a decision that surprised his advisers.
He suspended the proposed financing timetable until the independent review could be completed.
Then he authorized a corrected presentation separating binding agreements, conditional commercial arrangements, and projected demand.
The revised numbers were less impressive.
The financing became more difficult.
Some investors reduced their proposed commitments.
But the project could at least be evaluated on a more credible basis.
Antoine also agreed that the governance review should examine his own responsibility for the presentation process.
He wasn't pleased.
He didn't enjoy losing authority.
But for the first time in years, he understood that keeping control of a decision wasn't the same as keeping the decision honest.
Then Marianne Vasseur called him with news about Elena.
“The payment can be arranged without requiring any confidentiality agreement concerning the dinner,” she explained.
Antoine nodded.
“Good.”
“There is, however, a question about whether Miss Marković wishes to accept the money directly.”
He frowned.
“What do you mean?”
“She's requested an opportunity to discuss the form of payment and any tax or administrative implications with her own advisers.”
Antoine stared.
For a moment, he almost laughed.
Even now, the young woman was asking questions before accepting a large sum of money.
Then he remembered her answer at dinner.
Who assumes the risk?
He leaned back.
“Tell her there's no hurry.”
Marianne paused.
“And your apology?”
Antoine looked toward the window.
For several seconds, he remained silent.
Then he answered.
“I should deliver that myself.”
Antoine Delcourt came to the university on a rainy Thursday afternoon.