Chapter 6 - The Project That Was Never Supposed to Be Built)
Westbridge Commons had been advertised as Richard Hayes’s legacy.
Caroline began to suspect it had been designed as something else.
Two weeks after Rebecca’s visit, Evan’s investigators uncovered the ownership history of the fourteen adjoining acres previously held by HGD Land Seven.
The land had been transferred into South Crown Heritage Trust.
The trust beneficiaries were confidential.
But the trustee was not.
Elaine Porter.
Richard’s executive assistant.
Caroline stared at the report.
Elaine appeared everywhere.
On Diane’s notarized documents.
On subsidiary filings.
Now on a land trust.
“Get me every public record involving Elaine Porter and Richard,” Caroline said.
Evan nodded during their video call.
“We already started.”
“What about Cardinal?”
“Rebecca formed it five years ago.”
“Before Westbridge?”
“Two years before Richard purchased the primary site.”
“Interesting.”
“More interesting is one of Cardinal’s subcontractors.”
“Who?”
“Piedmont Civic Strategies.”
“Never heard of it.”
“Nobody has. It has no employees.”
Caroline frowned.
“Owner?”
“Marcus Vale.”
The name meant nothing.
“Who is he?”
“Former county planning consultant.”
“Former?”
“Left after an ethics investigation.”
“For?”
“Undisclosed gifts from developers.”
Caroline leaned back.
“Was Richard involved?”
“Nothing public connects him.”
“Publicly.”
“Correct.”
Evan shared another document.
“Piedmont received $3.8 million from Cardinal.”
“For what?”
“Community outreach.”
“Did they outreach to the moon?”
“Apparently premium rates.”
Caroline rubbed her temple.
The pattern was becoming clear.
Hayes Development paid Cardinal.
Cardinal paid Piedmont.
A portion of money from Cardinal also moved into RHC Holdings, the hidden account Diane had discovered.
Caroline did not yet know whether the transfers represented embezzlement, kickbacks, secret profit-sharing or something else.
But Richard’s company was bleeding while insiders extracted millions.
Then Madison called.
“Dad wants a family dinner.”
Caroline almost laughed.
“Why?”
“He says Grandma’s anniversary.”
Their grandmother had been dead for nine years.
“What anniversary?”
“Exactly.”
“When?”
“Next Thursday.”
“Who’s invited?”
“Basically everybody.”
“Rebecca?”
“Yes.”
Caroline became thoughtful.
Madison lowered her voice.
“He’s been asking about you.”
“What exactly?”
“Whether you have investors. Whether you’re seeing anyone in private equity. Whether your job gives you access to lenders.”
“He’s still looking for replacement money.”
“I think so.”
“Has he mentioned Meridian?”
“Constantly. He says they’re vultures.”
Caroline smiled.
“Anything else?”
“He says whoever owns Meridian doesn’t understand who they’re dealing with.”
“That sounds like Dad.”
“Are you coming?”
“Yes.”
Madison hesitated.
“You sure?”
“Absolutely.”
After the call Caroline contacted her attorney, Naomi Price.
Naomi was forty-six, precise, patient and nearly impossible to intimidate.
Caroline sent her Meridian’s loan documents and the financial investigation.
Naomi called fifteen minutes later.
“Your family gives Thanksgiving a lot of potential.”
“That bad?”
“Worse.”
“What did I miss?”
“Section twelve.”
“Change-of-control remedies?”
“No. Personal conduct representation.”
Caroline opened the agreement.
Naomi guided her to an amendment Richard had signed while requesting the previous extension.
The borrower represented that no executive or controlling shareholder had knowingly diverted project funds for undisclosed related-party benefit.
Caroline’s pulse quickened.
“If Cardinal is related-party diversion…”
“Then the representation may be false.”
“What happens?”
“Depending on evidence, that could constitute an event of default.”
“Immediate?”
“Yes.”
Caroline stared at the screen.
“Which means Meridian gets expanded enforcement rights.”
“Among other lenders.”
“And Richard doesn’t know I know.”
“I assume not.”
“No.”
Naomi became serious.
“Caroline, listen carefully. Owning debt gives you leverage. It does not give you immunity. If you act from personal revenge rather than commercial interest, Richard will use that.”
“I know.”
“Document everything.”
“I will.”
“And don’t threaten him.”
Caroline remembered Richard’s late-night calls.
“He’s going to make that difficult.”
“That sounds like a him problem.”
Caroline smiled.
Then Naomi added, “There’s something else.”
“What?”
“The trust holding the fourteen acres.”
“South Crown Heritage.”
“Yes.”
“I know Elaine is trustee.”
“Did you know the trust recently applied for permission to sell?”
Caroline sat forward.
“To whom?”
“That part is sealed inside a private transaction.”
“When?”
“Closing scheduled in three weeks.”
Caroline’s smile disappeared.
If land connected to Westbridge was being quietly sold while the company remained distressed, somebody might be trying to move assets before creditors acted.
“Can Meridian block it?”
“If the land qualifies as covered collateral.”
“Does it?”
“We need the original title documents.”
“Get them.”
Naomi paused.
“I already requested them.”
“When will we know?”
“Soon.”
Caroline looked at the date.
The family dinner was next Thursday.
The land transaction was scheduled eight days later.
Suddenly Richard’s invitation seemed less sentimental.
May you like
Maybe he did not want a family dinner.
Maybe he wanted something signed.
