Chapter 6 - DANIEL’S COMPANY
Daniel’s company tax returns reached Grace that afternoon through our accountant.
Bennett Advisory Partners had once been profitable.
Three years earlier:
$720,000 net income.
Two years:
$310,000.
Previous year:
Loss of $460,000.
Current year estimated:
Worse.
He had injected personal money.
Then borrowed.
Then borrowed again.
Business line of credit:
$900,000.
Personal loan:
$420,000.
Credit-card debt:
$186,000.
I sat in Grace’s office.
“He’s broke.”
“Not exactly.”
“Grace.”
“He has business assets and receivables. But liquidity is bad.”
“Why didn’t he tell me?”
“Ask him.”
“He asked me for nothing.”
Grace looked at the $684,000 family-support report.
“He may have asked you indirectly.”
I stared.
His household expenses.
His mother.
His relatives.
Clubs.
Travel.
If I paid the entire extended-family lifestyle, Daniel could use company cash to keep his business alive.
I had not merely supported Evelyn.
I had subsidized Daniel’s financial image.
Then Grace opened another document.
Commercial loan application.
Borrower:
Bennett Advisory Partners.
Personal net worth statement:
Daniel Bennett — $8.6 million.
I laughed.
“Daniel isn’t worth eight million.”
Grace pointed.
Primary residence beneficial interest:
$3.2 million.
Trust and spouse-held family assets attributable to marital estate:
$4.1 million.
My body went cold.
“He counted my assets.”
“Yes.”
“Is that illegal?”
“Depends what he represented, what the lender asked, and what he believed he could claim.”
The loan application had no signature from me.
But it used the mansion as part of his personal wealth narrative.
That explained the panic.
May you like
If property administrators called lenders after his access was suspended—
His financial statements could unravel.
