What My Attorney Showed Me In Those Folders, And The Long Winter It Took Before Anyone Said The Right Thing

I owned nineteen percent of Thornbury. Marguerite had bought the first block in 1994, back when it was a two-truck freight outfit and Sterling was borrowing against his house, and we had simply never sold. The shares sat in a holding company with her maiden name on it. Sterling had spent eleven years at family dinners explaining logistics to a man who was quietly his second-largest shareholder.

The problem in the folder was a covenant breach. Thornbury had leveraged itself into a warehouse expansion, the lender was calling, and the board needed a capital vote by December fourth. My nineteen percent, combined with two other holders, decided it. That was what the sixty-two calls were about. Somebody’s counsel had run the cap table on Thanksgiving night and found the name Marguerite Hollis Ashgrove, and Sterling had learned who I was from a spreadsheet.

I voted yes. I want to be clear about that, because everyone assumes otherwise. I voted to save the company, because four hundred and six people worked there and none of them had been at that table. But I attached one condition to the proxy, and it was not about money. Sterling resigned as chairman in January.

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