Chapter 18 - WHAT THE RESTRUCTURING REALLY DIDThe special committee found the transaction was not outright theft.
That mattered.
The separate entity would acquire service contracts at a valuation supported by one adviser.
But assumptions heavily favored management.
My father and two executives would gain disproportionate upside if the new facility succeeded.
Existing shareholders—including me—would bear more downside.
Dad believed he deserved that upside because he had personally guaranteed part of the construction debt.
He had risked his own wealth.
True.
He had not disclosed the full structure clearly.
Also true.
The company needed refinancing.
Also true.
The proposed answer shifted value toward insiders.
That was the central financial truth.
Not a secret empire.
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Not millions hidden offshore.
A frightened CEO trying to save the company while arranging the rescue so he remained in control.
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