Chapter 6 - Alden’s File
Alden Price had been Silas’s lawyer for twenty-six years.
That made me suspicious.
Anyone that embedded in family becomes part of system.
I told him.
He nodded.
“Reasonable.”
No offense.
Then:
“Were you Eugenia’s lawyer too?”
“In certain company matters, yes.”
“Are you now?”
“No. Conflict waivers ended when the trust dispute began.”
“Do you represent Niles?”
“I represent the trust committee on governance. Niles has separate guardian ad litem counsel for litigation if needed.”
Good.
Not one lawyer controlling everything.
Then the trust.
I finally read it.
Niles did not “own the company.”
His trust beneficially held 36%.
Distributions:
Education.
Health.
Reasonable support.
At twenty-five:
Limited discretionary distributions.
At thirty-five:
Possible transfer of economic interests, subject to governance protections.
Voting until then:
Independent fiduciary committee.
Coralie and Roderick could not direct it.
Excellent.
That meant I could not weaponize my son’s shares against Eugenia because I was angry.
I hated that.
Also loved it.
Then board rights.
The 36% block made the trust the largest single shareholder.
Combined with Roderick’s 22%, they could often control ordinary shareholder votes if aligned.
But trust committee had to act independently.
No automatic alliance.
My threat at party:
“By sunset you won’t have a seat.”
Legally foolish.
Alden reminded me.
“You were angry.”
“Yes.”
“Do not repeat it in writing.”
“Excellent advice after I said it in front of forty people.”
He almost smiled.
Then corporate events.
Eugenia’s board term expired in three months.
Removal earlier required shareholder vote under bylaws.
Could trust vote against re-election?
Yes.
Would it?
Not because she humiliated Niles.
Trustees consider company interest, governance, legal risk.
Her conduct could be relevant reputational/governance risk.
Not revenge.
Then Roderick said:
“I want her removed as chair now.”
Board could remove chair by majority directors even while she remained director.
Alden said:
“Do not use Niles’s trust as your personal weapon either.”
Good.
Everyone needed boundaries.
Then one document.
Silas’s letter of wishes.
Not legally binding.
He wrote:
The trust is designed so no surviving spouse, parent, or child can indefinitely control company by claiming to speak for a descendant.
I read twice.
Then:
Niles is not infrastructure.
Not exact wording. Better founder language:
“No beneficiary should become a pretext through which another family member consolidates authority.”
May you like
There.
Silas had predicted the shape, if not the garbage.
