Chapter 16 - THE SALE PROCESS
Three bidders entered.
Blackmere.
North Coast Infrastructure.
Haven Ridge Partners.
The board hired independent advisers.
No Robert.
No family side deals.
Management presentations recorded.
Employee representatives consulted.
Valuations ranged:
$438 million to $472 million.
Highest price was not automatically best.
North Coast offered $472 million.
But planned to sell two terminals.
Haven Ridge offered $455 million with stronger employee-equity preservation.
Blackmere:
$463 million.
Retain current management subject to board.
Employee ownership maintained for five years.
No forced terminal closure for three years.
Investment commitments.
The employee ownership plan supported Blackmere.
I did too.
Interesting.
The deal I opposed before became a deal I could support after terms changed.
Not because Robert was gone.
Because review changed substance.
Final price:
$466 million after working-capital adjustments.
Did I become enormously wealthy?
Yes.
I already was wealthy.
Pretending otherwise would be silly.
My shares produced life-changing proceeds.
So did Robert’s.
His lawful economic rights did not disappear because he committed crimes.
Restitution and legal obligations came first where applicable.
Rebecca’s shares remained hers subject to debt and legal costs.
Linda’s lawful assets remained.
No morality-based confiscation.
Blackmere closed eighteen months after the party.
I agreed to remain CEO for two years through transition.
Then step down.
Not forced.
My choice.
Marcus would become CEO after.
Employee plan stayed.
Two terminals expanded instead of closed.
May you like
Robert had risked his granddaughter’s safety to accelerate a transaction that ultimately closed later at a better price with stronger protections.
Control had made him stupid.
