It did not automatically strip Graham of his shares.
He remained a major investor.
He also retained legal rights, including the ability to challenge decisions he believed improper.
But he no longer controlled the company's executive response to the consent investigation.
Daniel Mercer was placed on administrative leave while the firm and independent authorities examined his conduct.
Outside counsel took over the relevant work.
The board notified the appropriate regulators and other parties as advised by its independent professionals, and Northstar began reviewing whether prior public statements required correction or additional disclosure.
The market reacted badly.
Investors hated uncertainty.
The company faced questions about leadership, financing, and the possibility of legal claims.
Northstar's value declined.
Employees became frightened.
And several business commentators suggested that the entire crisis might have been avoided if the board had simply completed the restructuring before the documentation controversy erupted.
Naomi read those comments with disbelief.
The criticism seemed to ignore the underlying issue.
A transaction wasn't sound merely because it had been completed quickly.
And an impossible signature did not become valid because investors preferred certainty.
Still, she understood the pressure.
Thousands of people worked for Northstar.
Their jobs mattered.
Their retirement accounts mattered.
And the company needed legitimate access to capital to continue developing its products.
She didn't want to destroy the business her father built.
She wanted it to survive without abandoning the obligations he'd considered essential.
Arthur seemed to understand.
He requested a private meeting with Naomi and Miriam.
They met in an independent law office rather than the Northstar boardroom.
Arthur arrived without an entourage.
He carried Samuel's old photograph.
When Naomi entered, the chairman stood.
For a moment, he stared at her.
Then his eyes filled.
“Naomi.”
She nodded.
“Mr. Bellamy.”
He smiled sadly.
“Arthur, please.”
They sat.
For several minutes, the old man struggled to find the words.
Then he placed the photograph on the table.
It showed Samuel sitting beside a little girl in a yellow dress.
Naomi recognized herself immediately.
She was perhaps six years old.
Her father had one arm around her.
Both were smiling.
She stared.
For a moment, her eyes filled.
“Where did you get this?”
Arthur took a breath.
“Samuel kept it in his office.”
Naomi looked up.
The chairman continued.
“He kept several photographs of you. When he changed offices, I helped him pack them.”
For several seconds, she couldn't speak.