Chapter 5 - The Master Strategy
By Friday evening, the fallout from my departure had reached the highest levels of the pharmaceutical industry.
Bennett Biotherapeutics was faced with three catastrophic realities: they had no flagship product, their investors were suing them for securities fraud, and their primary creditor—First National Bank—had issued a formal notice of default regarding their multi-million-dollar commercial loan.
I sat in a private dining room at an exclusive restaurant in downtown Boston, having dinner with Dr. Arthur Vance from DARPA and Eleanor Vance, his elder sister, who happened to be the senior managing partner at Sterling-Vance Capital, the largest distressed-asset acquisition firm on the East Coast.
"Your father's company is financially insolvent, Emily," Eleanor said, setting down her wine glass with an elegant click. She was a formidable woman in her late fifties, with sharp gray eyes and a silver bob. "Without the Bio-Matrix patent, their valuation has crashed from two hundred million dollars to less than twelve million overnight."
"What about their physical assets?" I asked, cutting into my steak.
"Their manufacturing plant in Indianapolis is top-tier," Eleanor noted. "They spent eight million dollars upgrading the sterile cleanrooms last year—ironically, using money they borrowed against your father's personal real estate portfolio."
"I know," I replied. "I designed those cleanrooms myself."
"My firm is preparing to purchase First National Bank's defaulted debt package on Monday morning," Eleanor revealed, a sharp, calculating smile gracing her lips. "Once we hold the debt, we will execute a swift foreclosure on Bennett Biotherapeutics' assets, including the Indianapolis plant."
I looked at Eleanor, my interest piqued. "And what do you plan to do with the company once you foreclose?"
"I plan to restructure it, strip away the incompetent executive management—namely your father, your brother, and Mr. Caldwell—and hand fifty-one percent controlling interest of the new entity over to you," Eleanor said smoothly.
I paused, setting my fork down. "In exchange for what?"
"In exchange for an exclusive ten-year commercial distribution agreement for Project Aegis," Eleanor replied. "DARPA gets the military application rights, you get full operational control of a fully equipped manufacturing facility, and my firm takes a twenty-percent equity stake in the commercial sales."
It was a brilliant, ruthless masterstroke. It would give me absolute ownership of the manufacturing infrastructure I needed to bring my life-saving wound film to market, while completely erasing my father and Ethan from the corporate landscape.
"What happens to my father's personal estate?" I asked quietly.
Eleanor gave me a sharp, knowing look. "Your father signed a personal guarantee on the commercial equipment loan, Emily. When we foreclose, the bank—and subsequently my firm—will take possession of his Highland Park residence, his vehicles, and his liquid investment accounts to satisfy the deficiency judgment."
"They'll lose everything," I said.
"They brought this upon themselves the moment they attempted to defraud their investors using your stolen intellectual property," Dr. Vance added firmly from across the table. "You owe them no protection, Emily. They viewed you as a utility, not a daughter."
I looked out the window at the city lights reflecting off the Charles River.
May you like
I thought about the twenty years I had spent shrinking myself so that Lily could shine. I thought about the cold December nights I spent in the lab while my family celebrated holidays without me. I thought about Ethan’s smug face as he held out my engagement ring to my sister.
"Do it," I told Eleanor. "Buy the debt."
