Chapter 10 - STEPHEN’S SECOND PLANThe forged guarantee was bad.
The deeper plan was worse.
Stephen hoped to refinance Calloway Advanced Materials through a private lender.
To do that, he needed stronger collateral.
He planned to use the old Calloway manufacturing campus.
But lenders already had claims.
So he transferred three parcels into a shell company controlled by a college friend.
Then planned to lease them back.
Paper ownership would shift.
Operationally, nothing looked different.
Temporary.
Again.
Once the new financing closed, he intended to “clean up” title.
But the market deteriorated.
The financing stalled.
Then Westbridge bought the debt.
Due diligence found the transfers.
Stephen’s maze collapsed.
If Dad had not purchased the portfolio, someone else eventually would have found it.
Maybe later.
Maybe after more damage.
The idea that our family connection caused the crisis was false.
May you like
It only accelerated discovery.
That mattered.
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