Then Margaret spoke.
“I heard about Gavin.”
Noelle nodded.
“Then you've heard the beginning.”
The board chair studied her face.
“What happened?”
Noelle placed her laptop on the table.
She opened the unauthorized booking records.
The forged executive approval.
And the restructuring presentation.
Margaret read silently.
Her expression changed.
For several minutes, she said nothing.
Then she looked up.
“Where did you get this?”
“From the preserved records associated with the Flight 907 override.”
Margaret stared.
“This presentation was supposed to be preliminary.”
Noelle felt cold.
“You've seen it before?”
The older woman hesitated.
Then nodded.
“An earlier version.”
For a moment, Noelle couldn't speak.
Margaret continued.
“Royce Capital presented several possible ways to stabilize the company if the lenders refused to extend the current facility.”
Noelle looked toward the ownership diagram.
“This version assumes I'm transferring control.”
Margaret's expression tightened.
“Yes.”
“Did anyone discuss that with me?”
The older woman looked away.
For several seconds, the room was silent.
Then Margaret answered.
“Not formally.”
Noelle leaned back.
“Margaret.”
The board chair closed her eyes.
“I should have told you there were discussions about a possible founder-led recapitalization becoming a broader change-of-control transaction.”
Noelle stared.
“Why didn't you?”
Margaret's voice became weary.
“Because the financing position was deteriorating, and some directors believed you would reject any proposal involving Royce before considering it.”
Noelle felt anger rise.
“Because of the passenger restriction?”
Margaret hesitated.
“That was part of it.”
For several seconds, Noelle remained silent.
Then she asked.
“Did anyone think that was a legitimate reason to exclude me from discussions about my own voting shares?”
Margaret shook her head.
“No.”
“Then why?”
The older woman looked directly at her.
“Because we were frightened.”
The answer surprised Noelle.
Margaret continued.
“The company's numbers are weaker than expected. Our maintenance costs are rising. The lenders have been asking difficult questions. And the directors are worried about the consequences if we can't refinance.”
Noelle looked toward the documents.
“I know we're under pressure.”
Margaret nodded.
“But you may not know how much.”
She opened another folder.
Inside was a financial summary prepared by the company's chief financial officer.
It showed a projected liquidity deficit significantly larger than the one Noelle had reviewed the previous week.
She stared.
“Where did these maintenance expenses come from?”
Margaret looked toward the page.
“They're described as accelerated component replacement and fleet-readiness work.”
Noelle frowned.
“Authorized by whom?”
“Commercial and operational management.”
She stared.
“Adrian?”
Margaret hesitated.