Richard leaned back.
"Can we argue that the acquisition does not transfer effective control because the existing board remains in place?"
"Only if the board retains genuine independence. Your proposed governance structure gives Halston Capital the right to appoint a majority of the executive committee."
Richard said nothing.
James continued.
"The trust's position is difficult to ignore."
Richard tapped his fingers on the desk.
"Can we buy the trust's shares?"
"That would require Eleanor's agreement."
"Everything requires her agreement."
"At the moment, yes."
Richard stared at the screen.
"Then we need to speak to her."
"I believe she has already made her position clear."
"People change their minds."
"Sometimes."
Richard stood.
"Arrange a meeting."
James hesitated.
"With Mrs. Grant?"
"Yes."
"Should Leonard attend?"
"No."
"Should Martin?"
"No."
James closed the folder.
"What do you intend to offer her?"
Richard looked toward the window.
"Something she can't reasonably refuse."
At eleven, Eleanor received the invitation.
It came through Sofia.
"Mr. Halston wants to meet you at his office this afternoon."
Eleanor was reviewing the audit committee's latest findings.
"What time?"
"Three o'clock."
"Where?"
"Halston Capital headquarters."
Eleanor looked at the message.
"Did he say what he wants to discuss?"
"Only that he wishes to make a proposal."
Eleanor closed the folder.
"Tell him I'll come."
Sofia looked surprised.
"Are you sure?"
"Yes."
"Would you like Leonard to accompany you?"
"No."
"An attorney?"
"Not yet."
Sofia hesitated.
"Mrs. Grant, I don't like the idea of you meeting him alone."
Eleanor smiled.
"Neither do I."
"Then why go?"
"Because I want to hear what he thinks he can buy."
At 2:55, Eleanor arrived at Halston Capital.
The building was a tower of glass and polished stone. A sculpture stood in the lobby, and a reception desk stretched across the far wall.
The receptionist looked up.
"Good afternoon. May I help you?"
"Eleanor Grant. I'm here to see Richard Halston."
The receptionist checked her screen.
"Of course. Mr. Halston is expecting you."
She pressed a button.
A security officer approached.
"Mrs. Grant?"
"Yes."
"Please come with me."
Eleanor followed him to a private elevator.
As they ascended, she looked at the city through the glass wall.
The view was impressive.
She wondered how many people had entered this building believing that they were about to receive an opportunity they could not afford to refuse.
The elevator opened.
Richard's assistant greeted her.
"Mrs. Grant. Welcome."
"Thank you."
"Mr. Halston is ready for you."
The assistant led her into a large office.
Richard stood beside a table near the windows.
He was wearing a dark suit and no tie.
"Eleanor."
"Richard."
He gestured toward a chair.
"Please."
She sat.
He remained standing for a moment, then took the seat opposite her.
"I appreciate you coming."
"You're welcome."
"Would you like coffee?"
"Tea, if you have it."
Richard pressed a button.
"Tea for Mrs. Grant."
He turned back.
"I'll be direct."
"I would appreciate that."
"I believe we can resolve this situation."
Eleanor waited.
Richard opened a folder.
"Halston Capital is prepared to make an additional payment to the founding trust in exchange for its approval of the acquisition."
Eleanor looked at the document.
"How much?"
Richard named the figure.
It was a substantial amount.
More than enough to support several charitable foundations.
Enough to create a comfortable future for generations of a family.
Eleanor did not react.
Richard watched her.
"The offer recognizes the historical importance of the trust's position while allowing the company to move forward."
"Does it?"
"Yes."
"How?"
"By providing liquidity. The trust would receive a premium, and the group would gain the capital necessary to modernize."
Eleanor looked at the papers.
"What happens to the employees?"
"The restructuring would proceed in a responsible manner."
"That isn't specific."
"We would offer severance packages."
"To everyone?"
"Where appropriate."
"And the people transferred to contractors?"
"That would depend on operational needs."
Eleanor closed the folder.
"Then you are asking me to approve the removal of one hundred and forty-six positions without knowing what happens to the people holding them."
Richard leaned forward.
"I'm asking you to recognize that the company needs change."
"Change is not the problem."
"Then what is?"
"The lack of transparency."
Richard sighed.
"You're focusing on the wrong issue."
Eleanor looked at him.
"Which issue should I focus on?"
"The survival of the group."
"That is exactly what I'm focusing on."
He shook his head.
"Mrs. Grant, the Grand Aurelia is not the small restaurant you and your husband opened thirty-eight years ago. It is a hospitality group with significant debt, complicated operations, and properties that need investment. Sentiment will not keep it alive."
Eleanor's voice remained calm.
"Neither will a transaction built on hidden costs."
Richard's expression hardened.
"You keep using that word."
"Because the costs are hidden."
"They are being reviewed."
"By the same people who created the structure?"
"By professionals."
"Then let the independent auditors complete their work."