One proposed financing presentation described an opportunity to obtain significant influence over the company through distressed debt and a negotiated recapitalization.
Another identified Noelle's majority voting position as the principal obstacle.
A third suggested that pressure from aircraft availability problems could encourage the board to consider a transaction she would otherwise reject.
The investigators were careful not to claim that every maintenance problem had been deliberately created.
They found genuine issues.
Supplier failures.
Incomplete work.
And poor internal controls.
But they also found evidence that certain transactions had been arranged or described in ways that inflated the company's projected financial distress.
The relationship between Keystone and entities connected with Royce Capital raised additional conflict-of-interest concerns.
Then the legal team located a draft document purporting to record Noelle's preliminary consent to a change-of-control framework.
The document contained an image of her signature.
Just like the passenger override.
Noelle had not signed it.
The forensic review indicated that the signature image had been incorporated from an older executive document.
The draft had not become a valid transfer of her shares.
Nor had it legally stripped her of voting rights.
But someone had been preparing papers that represented her approval without obtaining it.
Diane Shaw showed her the file.
Noelle stared.
For several seconds, she couldn't speak.
Then whispered.
“They were planning to tell people I'd agreed.”
Diane nodded.
“That appears to be one of the issues requiring investigation.”
Noelle looked toward the signature.
It was hers.
Or rather, a reproduction of something she'd signed for a completely different purpose.
She felt anger rise.
The same executive approval image had been used to place Gavin aboard Flight 907.
Now it appeared in a proposed financing arrangement that could change the company's control.
For a moment, the connection seemed almost surreal.
A forged approval opened a cabin door.
Another attempted to open the company's ownership structure.
And both relied upon the assumption that nobody would examine where the authority actually came from.
Noelle took a breath.
“Preserve everything.”
Diane nodded.
“Already underway.”
Then the attorney continued.
“There's another issue.”
Noelle looked up.
“Gavin's firm apparently expected to acquire certain debt positions and use them as leverage in negotiations. But our review hasn't found a completed transaction giving Royce the right to seize your controlling shares.”
For a moment, Noelle felt her shoulders loosen.
Diane continued.