Chapter 16 - Dad’s business interest
The business court ruled on the operating agreement before the money.
Could Mercer Restoration redeem Dad’s ten-percent interest after terminating his consulting role?
Yes.
But not at a punishment price.
The agreement required:
Independent valuation.
Good-faith calculation.
Offsets for finally determined debts only.
Company could not simply say:
Audit says $300,000, therefore your shares are zero.
Good.
Dad’s appraiser:
$410,000.
Company appraiser:
$274,000.
Court-appointed valuation expert:
$318,000.
After hearing, parties stipulated to:
$320,000 redemption value for settlement purposes if liability could be resolved.
Dad’s ownership would end at closing.
Was that “losing everything”?
No.
He would receive value.
But company could set off amounts Dad legally owed once determined.
Then Dad argued termination itself invalid.
Court found:
Administrative access suspension was valid.
Permanent termination required independent board review, which occurred.
Board had sufficient cause based on:
Unauthorized access attempt after Owen’s death.
Refusal to comply with financial controls.
Confirmed unsupported billing practices.
No finding of criminal fraud required.
Termination upheld.
Dad no longer worked for Mercer Restoration.
No salary.
No vehicle.
No procurement role.
His ten-percent interest headed toward buyout.
Then he filed appeal notice? We can hold.
First, mediation.
Company offered:
Fix redemption at $320,000.
Dad pays/credits $245,000 to settle audit and loan.
Net cash to Dad:
$75,000.
Mutual business releases.
No fraud admission.
Dad wanted:
$190,000 net.
Gap:
$115,000.
Mediation failed.
Then probate claim.
Dad’s bonus evidence improved.
A spreadsheet showed Owen accrued $27,500 bonus to Glenn.
Add $25,000 remaining old loan.
Estate claim:
$52,500 plus limited interest.
Estate agreed.
Dad won that issue.
Important.
The estate would owe him approximately $55,000 after administration.
Separate from company case.
I did not object.
Debt is debt.
Then Dad’s lawyer suggested:
Use estate payment toward company settlement.
Could be negotiated, but entities separate.
Dad could personally use money after receiving it.
Fine.
Then I saw a headline on a local gossip page:
Pregnant widow battles father over dead husband’s millions
Millions.
Owen’s estate was not “millions” in cash.
Company trust value, yes.
House equity.
Insurance.
But headline made me sound like an heiress fighting Dad for treasure.
I wanted to post everything.
Margaret said:
“No.”
“Why?”
“Because people who do not read court filings will not become more accurate because you give them twenty screenshots.”
I did not post.
My silence annoyed Dad.
He wanted a public fight.
May you like
I stopped giving him one.
Then trial began.
