Chapter 6 - The Buyout
Phase two was the total, absolute liquidation of Waverly Enterprises.
For thirty years, the Waverly family had operated on an illusion of immense wealth. In reality, their core holding company, Waverly Logistics, was built on massive debt packages, inflated real estate valuations, and high-interest private loans.
The following Monday morning, the annual Waverly Shareholder Emergency Meeting was convened at the Grand Manhattan Trade Center.
Helena Waverly sat at the center of the executive long table, wearing her last remaining Chanel suit. Her face was covered in thick foundation to hide her exhaustion, but her hands shook as she shuffled through legal documents.
Only six board members remained in the room; the rest had resigned over the weekend to protect their personal reputations.
"We still have options!" Helena shouted at the board members, slamming her fist on the table. "Our primary asset—the Waverly Historic Manor—is valued at eighty million dollars! If we leverage the estate, we can secure a bridge loan to pay off First National Bank!"
"The estate is no longer available as collateral, Mrs. Waverly," the board chairman said grimly.
"What do you mean?!" Helena demanded.
The heavy double doors of the boardroom swung open.
I walked in, wearing an impeccably tailored charcoal suit, accompanied by Alexander Hayes and Eleanor Vance. Eleanor carried a thick gold-embossed ledger.
Helena jumped up from her chair, her face contorting with rage. "You! How dare you step into this boardroom! This is a private corporate meeting!"
"Not anymore, Helena," Alexander said calmly, pulling out a chair for me to sit down at the foot of the conference table. "At 9:00 AM today, Hayes Global and Sterling Capital executed a joint foreclosure buyout of Waverly Logistics' default bonds from First National Bank."
He tossed a thick legal contract onto the polished wood table.
"We now hold eighty-five percent of your total corporate debt," Alexander continued smoothly. "And because your holding company defaulted on its interest payments at midnight, we have exercised our legal right to convert that debt into 100 percent of voting equity."
Helena stared at the contract, her breath catching in her throat. "No... no, that’s impossible! First National promised me a grace period!"
"First National sold your debt to us for sixty cents on the dollar, Helena," I said, looking her straight in the eyes. "They knew you were bankrupt. Everyone knew."
"You can't take my manor!" Helena shrieked, her voice cracking into a high-pitched scream. "That house has been in the Waverly name for four generations!"
"The Waverly Manor was placed as collateral for Tristan’s gambling debt line three months ago," Eleanor Vance declared, pulling out a deed. "A debt line that Victoria Sterling just purchased in full. Effective immediately, Helena Waverly, you have forty-eight hours to pack your personal effects and vacate the Waverly Estate."
Helena fell backward into her leather chair, her mouth opening and closing in pure, helpless horror.
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The remaining board members stood up one by one, picking up their leather briefcases, bowing their heads respectfully to me and Alexander, and walking out of the room without offering Helena a single glance.
She was completely alone.
