Chapter 9 - THE WESTMORE DEBTThree weeks after the wedding, Richard Westmore asked Ava to lunch.
Not socially.
At Bennett Capital’s Manhattan office.
That alone told her everything.
Richard arrived with his CFO and attorney.
Ava was joined by family-trust counsel and investment director.
After greetings, Richard slid a folder across table.
Westmore Hospitality had a problem.
A serious one.
During pandemic-era disruption, the company had taken on expensive debt to preserve properties and payroll.
Recovery came.
But interest rates rose.
Several refinancing windows tightened.
A major loan tied to three luxury hotels was coming due within nine months.
Total exposure:
$186 million.
Westmore could refinance most.
But lenders wanted an additional guarantee.
Richard looked at Ava.
“Bennett Trust still owns nineteen percent.”
“I know.”
“Your father’s original agreement includes preferred participation rights.”
“I know.”
“We want Bennett to guarantee forty million of refinancing.”
Ava stared.
“Why me?”
“You’re voting representative.”
“Not alone.”
“You influence board.”
Richard’s language mattered.
Influence.
Not control.
Ava opened financial statements.
Occupancy strong.
Margins recovering.
But leverage high.
Then she found something.
A consulting line.
$7.8 million over three years paid to Calloway Advisory Partners.
James Calloway’s family company.
Ava looked up.
“What is this?”
Richard’s jaw tightened slightly.
“Strategic advisory.”
“Related-party disclosure?”
“In appendix.”
Ava found.
Technically disclosed.
But fees unusually high.
“What services?”
“Capital restructuring.”
“Who approved?”
“Board committee.”
“Was Claire involved?”
“No.”
“Does she know?”
Richard hesitated.
Ava’s expression changed.
“This is her husband’s family.”
“It predates engagement.”
“Still relevant.”
Richard leaned forward.
“Ava, do not make personal issue.”
“I’m doing opposite.”
She closed folder.
“If Bennett guarantees debt, we need independent review.”
Richard looked irritated.
“We don’t have time for forensic theater.”
“Then don’t ask for Bennett balance sheet.”
The room cooled.
Ava’s father had saved Westmore once.
Richard seemed to believe family loyalty should repeat automatically.
Ava did not.
“What do you want?” he asked.
“Independent fee review.”
“Employee protections if restructuring occurs.”
“No dividend extraction until leverage target.”
“Full related-party committee review.”
Richard stared.
“That’s aggressive.”
“That’s responsible.”
“You sound like Arthur.”
Ava smiled sadly.
“No.”
“He was more aggressive.”
Richard almost laughed.
Then he became serious.
“If lenders walk, we may sell two properties.”
“How many employees?”
“About nine hundred.”
There it was.
Real stakes.
Not chandeliers.
Jobs.
Health insurance.
Families.
Ava looked back at documents.
The glamorous wedding had hidden debt underneath.
Like people.
Like invitations.
May you like
Like Sophie.
Like everyone.
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