Chapter 7 - THE COMPANY MY FATHER REFUSED TO STEALMargaret assumed Dad would destroy Calloway Industries.
That would have made a satisfying revenge story.
It would also have hurt nearly eight hundred employees who had nothing to do with Stephen’s fraud.
Dad refused.
Westbridge Capital’s restructuring team proposed:
Independent financial oversight.
Stephen removed from management.
Disputed property transfers reversed.
A new board with outside directors.
Limits on family related-party transactions.
Sale of one non-core warehouse.
Extension of senior debt.
Conversion of part of mezzanine debt into preferred equity.
Daniel remained chief operating officer if the investigation continued to clear him.
Margaret lost her informal board privileges.
No more walking into finance meetings because she was the founder’s widow.
She hated that.
Dad told her:
“A family company is still a company.”
Then:
“Employees should not pay for your sons’ private rescue plans.”
Good.
She expected a war between families.
May you like
Dad gave her governance.
Much worse for someone who relied on informal control.
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