Chapter 19 - WESTMORE AGREES TO THE DEALAfter three months, refinancing agreement was reached.
Bennett Trust invested $38 million in preferred equity.
Not guarantee.
Westmore family ownership diluted modestly.
Conditions:
no layoffs tied solely to refinancing for twelve months except performance or operational necessity,
independent director,
related-party review,
debt reduction targets,
executive compensation limits until leverage improved.
Richard hated compensation clause most.
Claire found funny.
“Of course that’s hill.”
Richard eventually signed.
Imperial Astor remained Westmore-owned.
Nine hundred jobs were protected through restructuring period.
No dramatic rescue.
No charity.
A business deal.
At closing, Richard looked at Ava.
“Your father would be proud.”
Ava smiled.
“He would have charged higher preferred return.”
Richard laughed.
“Definitely.”
Then serious:
“I treated you like extension of him.”
“You did.”
“I’m sorry.”
“Thank you.”
Richard looked older.
“Claire says I protect until people can’t breathe.”
Ava said:
“She’s not wrong.”
He nodded.
“Apparently therapy has made everyone unbearable.”
Ava laughed.
Family adjusted.
Claire joined board governance committee.
James kept business separate.
Evelyn returned to being Evelyn.
May you like
The hotel survived.
And wedding that once looked like pure wealth became the event that accidentally exposed weaknesses no one wanted to discuss.
Related Stories
