Worse, it appeared to assume the chairwoman's removal from the negotiation process.
She looked toward the attorney.
"Who authorized this?"
"That's what we're determining."
"Did the board request it?"
"No."
She nodded slowly.
"Then somebody is trying to establish a path around the required approvals."
The attorney hesitated.
"That appears to be a concern."
She closed the document.
For a long time, she remained silent.
Then she said, "Call the independent directors."
The attorney looked up.
"Tonight?"
"Tonight."
Her voice was calm.
"But I want every communication preserved before anyone tries to explain it away."
The emergency meeting began at eight thirty.
The chairwoman sat at the head of the conference table.
Several directors appeared on video.
The general counsel summarized the new proposal.
One director looked shocked.
Another became visibly angry.
A third asked whether the commercial director understood the implications.
The chairwoman answered carefully.
"We don't know yet."
The director frowned.
"But he circulated it."
"Yes."
She looked around the room.
"We'll establish the facts. Then we'll decide what actions are warranted."
One director leaned forward.
"Are you considering resigning?"
The chairwoman stared at him.
"From the transaction committee?"
"Yes."
She considered.
"No."
The director nodded.
She continued.
"However, I am willing to have independent directors supervise the investigation and any future negotiation to address potential conflicts."
The room became quiet.
She looked toward the faces on the screen.
"My responsibility is not to protect my position at any cost."
She paused.
"It's to protect lawful governance and the long-term interests of the company."
An older director smiled faintly.
"Your mother would have agreed."
The chairwoman felt a sudden ache.
She nodded.
"I hope so."
The board authorized an immediate suspension of further contact with the hotel group regarding transaction restructuring except through designated counsel.
It also placed the commercial director on administrative leave pending review of his communications.
The company began preparing for the possibility that the partnership would collapse entirely.
The chairwoman understood what that meant.
Expansion would slow.
Some investors would complain.
The company might need to renegotiate certain preliminary commitments.
Its value could fluctuate.
And powerful people might publicly accuse her of allowing pride to interfere with business.
But she also understood something the hotel chairman had forgotten.
Owning a company did not mean she was required to accept every deal offered by someone wealthier.
She could say no.
And she intended to make that decision based on evidence, not fear.
The next morning, she returned to the flagship restaurant.
It was six thirty.
The streets outside were quiet.
Delivery trucks lined the curb.
The kitchen staff were beginning preparations for lunch.
She entered through the employee entrance.
Several workers greeted her.
Some looked surprised.