Chapter 15 - Stonebridge’s problem
Stonebridge Capital owned 14% of Cole Meridian.
Its operating partner Jonathan Price had been speaking with Vivian about leadership months before the party.
That did not make Stonebridge part of her scheme.
Their emails showed:
Vivian believed I should become executive chair and let an operating CEO run day-to-day.
Stonebridge was open to discussion.
Why?
Founder concentration.
Marwick integration complexity.
My workload.
Reasonable business debate.
Then Vivian sent them:
The discounted repurchase model.
Jonathan replied:
We are not participating in any transaction tied to manufactured cause. If Everett voluntarily wants liquidity, separate conversation.
There.
Stonebridge refused the unethical part.
Then after party Vivian texted:
The conduct issue happened. Need you aligned tomorrow.
Jonathan:
What happened?
Vivian:
Everett exploded at Isla’s party.
He had not seen video.
He forwarded the message to counsel after board investigation began.
Stonebridge cooperated.
No conspiracy.
Then my resentment.
I had assumed outside investors were circling.
They were not.
They wanted returns.
Predictable governance.
A functioning acquisition.
Not family warfare.
Jonathan met me.
“Do you think Vivian should ever return?”
“I’m not deciding.”
“Good.”
Then:
“For what it’s worth, she was right that you needed stronger independent governance.”
I smiled without humor.
“Everyone enjoys that sentence.”
He continued:
“She was wrong that the way to get it was blowing up your daughter’s birthday.”
That part mattered too.
Then Marwick.
Seller asked for assurance Vivian would not lead integration if under investigation.
Board appointed interim integration leader.
Transaction could still close.
The company was adapting around both of us.
That was healthy.
May you like
Painful.
Healthy.
