Chapter 10 - Cape Arden Was Worth More Than Westbridge Offered
Independent appraisal returned three months later.
Westbridge’s $84 million offer was not insulting.
It was simply low.
The marina and adjoining commercial land were worth between $96 million and $108 million depending on redevelopment assumptions.
Why had Victor accepted the lower number?
Speed.
Westbridge could close quickly.
Minimal financing contingencies.
They agreed to take responsibility for expensive environmental upgrades.
That convenience had value.
Still, the board concluded Victor’s personal liquidity pressure had distorted his judgment.
He wanted certainty more than maximum value.
Then came another surprise.
James’s emotional insistence on keeping Cape Arden also lacked financial support.
Modernizing the marina would require approximately $24 million over five years.
Current returns did not justify that investment unless the company dramatically changed operations.
So:
Victor’s preferred sale was too fast.
James’s preferred hold was too sentimental.
Neither was ideal.
The board hired an investment adviser and ran a competitive process.
Westbridge bid again.
So did two others.
Final transaction:
$101 million.
Stronger public-access requirements.
Long-term lease protections for smaller commercial operators.
Closing eight months later.
James voted yes.
Victor, removed from the transaction because of his conflict, did not vote.
When James told Sarah, she asked:
“You okay?”
He looked out toward Cape Arden.
“No.”
Then:
“But yes.”
Selling something can be correct and still hurt.
May you like
That was adulthood without melodrama.
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