Chapter 14 - THE FIVE-YEAR REVIEW
The trust review covered $15.8 million in transactions involving Delphine’s temporary stewardship or related-party interests.
Not $15.8 million stolen.
Important.
Most transactions were real and commercially useful.
The audit divided:
Properly authorized.
Commercially reasonable but conflict-defective.
Related-party transactions lacking disclosure.
Excessive compensation.
Unsupported family expenses.
Potential fraud.
Delphine’s $4.8 million Haven fee never paid.
So it was not stolen.
The issue was conflict and size.
Independent advisers estimated fair transition services:
$1.4 to $2.1 million.
But Delphine was now barred from the process entirely.
No fee.
The lease:
Sutton Senior Living paid rent to Sutton Land Partners, partly owned by Delphine.
Independent appraisal found rent approximately eighteen percent above adjusted market.
Civil repayment negotiated.
A $1.2 million property-management agreement included legitimate services but inflated administrative premiums.
Adjustment.
The $2.7 million stewardship compensation across five years:
About $1.9 million clearly authorized.
Remainder subject to disclosure and performance questions.
Not all improper.
Then one troubling property sale.
A parcel sold from Sutton Hospitality to Delphine’s LLC for $6.8 million.
Retrospective fair value:
$7.9 to $8.4 million.
Related-party undervaluation.
Who approved?
Delphine participated.
Potential fiduciary misconduct.
That became the core financial case.
Again:
Not a $15.8 million theft.
One specific self-dealing transaction plus false governance records.
Project Haven’s independent review continued separately.
Marston raised offer:
$181 million.
Better employee protections.
Better memory-care staffing commitments.
Delphine’s fee removed.
The transaction looked stronger after sunlight.
May you like
Control had not made her efficient.
It made her impatient.
