Chapter 14 - NORTHSTAR
Northstar closed eighteen months later.
Not at $210 million.
Final recapitalization:
$228 million.
Why higher?
Company performance improved.
Investor competition.
Clean governance.
Terms included:
Employee equity expansion.
Independent audit chair.
No family-office control over minor-beneficiary communication.
Related-party transactions requiring outside appraisal.
Limits on family compensation.
Direct fiduciary reporting.
Caldwell Residential remained profitable.
No collapse.
No revenge bankruptcy.
Hundreds of employees did not deserve punishment for Clarice’s behavior.
Clarice’s personal distribution was reduced after civil offsets and restitution.
Stetson received lawful economic proceeds associated with shares he actually owned.
No one forced him into poverty.
Cormac received no giant check.
His trust held economic interests according to the governing structure.
His daily life changed exactly zero.
May you like
He still wanted cereal for dinner.
Good.
