inquest

Chapter 7 - The Den of Vultures

By 1:00 PM, the news of Evan Whitmore’s ouster had shattered Wall Street.

Hawthorne Industries (NASDAQ: HTHN) was down 44% in midday trading. Trading curbs had been triggered twice. CNBC had a live split-screen running: on the left, an old clip of Evan smirking at the Nasdaq bell; on the right, a live shot of Beaumont Capital’s austere limestone headquarters at 30 Wall Street.

Inside Beaumont’s private boardroom, Claire sat at the head of a twenty-seat conference table surrounded by investment bankers, restructuring specialists, and debt syndicate heads.

"Claire, we have three private equity groups offering seventy cents on the dollar for Hawthorne's warehousing assets," Marcus Reed said, sliding a term sheet across to her. "If we liquidate now, Beaumont recovers 100% of its senior debt. We cut our losses and walk away clean."

The men around the table nodded in agreement. To them, it was simple arithmetic: Hawthorne was dead, Evan was disgraced, and Beaumont had the power to chop up the corpse and sell the meat to the highest bidder.

Claire looked down at the paper.

She remembered her grandfather, Julian Beaumont, taking her through Hawthorne’s first automated fulfillment center twenty years ago. Julian had believed in logistics before Amazon was a verb. He had believed in the thousands of truck drivers, dispatchers, and warehouse operators whose livelihoods depended on the network.

"No," Claire said quietly.

Marcus frowned. "Claire, the stock is in freefall. If we don't liquidate, we carry the operational burn through Q3."

"We don't liquidate," Claire repeated, looking up, her eyes hard and clear. "We execute a debt-for-equity swap. Beaumont forgives five hundred million in senior secured debt in exchange for a fifty-one percent controlling interest in new voting equity. We take Hawthorne private."

"And the common shareholders?" one of the lenders asked cautiously.

"We buy them out at a fifteen percent premium over yesterday's closing price. The retail investors won't suffer because Evan Whitmore lost his mind."

"And Evan’s personal equity?" Marcus asked with a razor-thin smile.

Claire’s expression didn't change. "Evan pledged his entire three percent equity stake as collateral for his personal liquidity margin loan from Beaumont three years ago. The loan default triggers immediate forfeiture. His shares are canceled."

Evan Whitmore was not just fired. He was mathematically penniless.

"Get the documents drafted," Claire instructed. "I want the tender offer published before the 4:00 PM closing bell."

As the bankers scrambled out of the room to execute the orders, Marcus lingered behind.

"Claire," he said gently. "Evan has been sitting in your private lobby downstairs for two hours. He refused to leave. He told security he would cut his own wrists on the marble if they touched him."

Claire closed her leather portfolio.

"Call the police to escort him to the sidewalk," she said.

"He asked for five minutes," Marcus added. "He said he has something you need to see. Something about your father."

Claire’s hands paused on the latch of her briefcase.

Her father, Julian Jr., had died four years ago in an offshore helicopter accident near the Bahamas—an accident that had suddenly accelerated Claire’s elevation to the head of Beaumont Capital.

May you like

She looked at Marcus. "Bring him up. Search him first."

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