He walked into the boardroom where six directors had gathered.
The same room.
The same table.
The Black investor’s scattered pages were gone.
Someone had cleaned the carpet.
The wall screen now showed no acquisition model.
Only the company logo.
The chief executive hated that.
It made the room look normal.
“Why wasn’t I told this meeting was happening?”
The independent chair answered:
“You’re here.”
“That isn’t what I asked.”
“Sit.”
The chief executive stared.
No one had told him to sit in decades.
He remained standing.
The outside lawyer opened a folder.
“We have received information suggesting material obligations may not have been fully disclosed to financing parties.”
The chief executive’s jaw tightened.
“From whom?”
“We’re not discussing sources.”
“Then this is garbage.”
The lawyer continued.
“Were there customer pricing guarantees excluded from the diligence schedules?”
The chief executive smiled.
“Commercial understandings.”
“In writing?”
“Letters.”
“Signed?”
“Some.”
“Enforceable?”
“Debatable.”
“Value?”
“Speculative.”
The independent director asked:
“Why weren’t we shown them?”
“You were aware of customer retention issues.”
“That is not the question.”
The chief executive’s temper rose.
“We are in the middle of a transaction.”
“Every major company uses commercial judgment.”
“You’re letting one woman’s tantrum turn normal business judgment into a criminal conspiracy.”
The room became silent.
The board chair said:
“Do not refer to the investor that way again.”
The chief executive stared.
“Yesterday none of you cared.”
“That doesn’t make it right today.”
The chief executive laughed.
“So now everyone is enlightened?”
No answer.
He continued:
“You laughed too.”
The board chair nodded.
“Yes.”
The chief executive had not expected that.
The chair continued:
“And I intend to explain that.”
Something about admitting it robbed the accusation of power.
The chief executive looked toward the attorney.
“What exactly are you alleging?”
“Nothing yet.”
“Then stop treating me like a defendant.”
“We are asking questions.”
“I’m chief executive.”
The lawyer looked at him.
“That does not answer any question.”
The chief executive stood there for several seconds.
Then sat.
For the first time, he began answering.
Poorly.
4
By the next afternoon, the forensic team confirmed the first side letter.