Chapter 34 - the debt auction
Gideon moved before the markets opened.
Through three controlled lenders, he declared Vale Meridian in technical default. Unless the company paid one billion dollars within forty-eight hours, the lenders could seize major assets and force a sale.
The board gathered before dawn.
Several directors blamed Nora’s investigation for destabilizing the company.
Gideon joined by video, speaking with the calm sorrow of a man pretending to rescue people from a fire he had started.
“I warned the family that public conflict would frighten our financial partners,” he said.
“You instructed those partners to declare default,” Nora replied.
“That is a serious accusation.”
“It will become a criminal one.”
Gideon smiled slightly.
“You have two days. Moral confidence does not repay debt.”
After he disconnected, Malcolm revealed that Gideon planned to purchase the debt at auction through Meridian Renewal Partners. Once Gideon controlled the loans, he could demand the company’s most valuable patents as collateral.
Nora reviewed the original agreements.
The lenders could sell the debt, but Northstar retained the right to match any offer because Katherine’s patents formed part of the collateral.
The clause had been hidden in the contract from Bell Street.
“How much money does Northstar control?” Maya asked.
“Not enough,” Grace answered.
The foundation held shares worth billions but little available cash.
Selling the shares would give Gideon control of the company.
Nora contacted pension funds, employee trusts and long-term investors. She did not hide the investigation. She explained the fraud, the risks and the reforms she would impose.
By the following evening, they had secured seven hundred million dollars.
They still needed three hundred million.
Elias offered to provide it through accounts he controlled overseas.
“What do you want in return?” Nora asked.
“Half of Northstar.”
“No.”
“It belongs to both of us.”
“The stolen royalties belong to both of us. Northstar was created to protect the company.”
“Father expected us to control it together.”
“Then why did you remain hidden while I fought alone?”
Elias’s expression hardened.
“You lived in mansions while I lived under false names.”
“And Malcolm caused that, not me.”
Elias withdrew his offer.
Two hours before the auction, Maya entered Nora’s office carrying the silver compass.
May you like
“Grandfather gave me more than a key,” she said.
“He made me Northstar’s final beneficiary.”
