Chapter 10 - Northstar Was Renegotiated Without Either of Them
Claire assumed the deal would die.
It didn’t.
The independent committee removed both Claire and Jason from active negotiations temporarily.
Claire protested.
Then stopped.
Fair.
She had become too entangled.
A newly appointed independent director led negotiations.
Northstar’s sellers initially refused to change price.
Bennett Lakeshore walked away.
Three weeks later, Northstar returned.
Price reduced by $54 million.
Seller agreed to retain responsibility for part of a marina remediation cost.
Renovation reserve increased.
Debt structure became more conservative.
The committee recommended:
approval.
Claire read the final package.
Then laughed.
“What?”
Robert asked.
“It’s a good deal.”
He smiled.
“You’re allowed to say that.”
“I hate you.”
The full board voted.
Claire disclosed the history and participated only where counsel determined appropriate.
Jason had no role.
Deal approved.
That mattered because it prevented the story from becoming:
Claire was right, therefore Jason was evil.
Jason had been right that Northstar could be valuable.
Claire had been right that the original economics were too aggressive.
Jason’s desire to complete it did not invalidate the transaction.
His conduct invalidated confidence in:
him.
Different.
Then Peter Caldwell’s job suggestion.
The acquiring company retained him only through transition.
Jason never received the combined-platform role because he no longer worked for Bennett.
No secret millions vanished.
No one stole:
anything.
The business moved on.
May you like
The marriage did not.
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