Maria presented the financial exposure next. Thornfield's annual revenue was approximately two point eight billion dollars, and its existing operations contained several solid, profitable divisions. The company also faced an expensive modernization cycle, employment-related liabilities, and uncertain access to capital. The Henderson transaction could add substantial long-term value, but only if debt costs, integration demands, and cultural obligations were honestly included in the model.
"The outgoing board was treating three prospective revenue streams as if they were already restored," Maria said. "I'm not going to let us use that language. Henderson has not closed. Pacific has not signed. Meridian remains conditional. Anyone who promises six hundred fifteen million dollars by dinner is selling a fantasy."
Angela smiled faintly. "I told you she would challenge us."
Patricia looked around the table. "Good. Let's hear the downside."
For the next hour Maria walked them through financing covenants, customer concentration, litigation exposure, and a range of scenarios under which the acquisition might be delayed. Henderson's leadership joined by secure video near the end. Its chief executive, Jack Henderson, greeted Angela with the careful respect of a man who knew her reputation but had no reason yet to trust the new board more than the old one.
"We've been waiting for Thornfield to address governance concerns," Jack said. "A change of directors is encouraging, but I need to know who will run integration and how employees will be protected. Our organization has invested years in building teams we don't intend to hand over to chaos."
"Then don't accept vague assurances," Angela answered. "We'll provide a written plan, an independent integration committee, and measurable employee safeguards. We want the transaction because the businesses fit, not because I need a headline today."
Jack asked about closing dates, debt financing, and whether Thornfield intended to change the terms agreed under Hawthorne. Sarah Mitchell challenged one operating assumption in the proposed integration plan. Maria corrected the financing sensitivity. The discussion became the kind of work Angela had come to do, with people disagreeing over evidence rather than attire.
When Jack ended the call, the new board voted unanimously to continue the Henderson acquisition process, subject to revised diligence, financing confirmation, and final approvals. The vote did not transfer two point three billion dollars of assets by magic. It established the authority to negotiate responsibly and showed Henderson that Thornfield was capable of discussing risks it had previously dismissed. For Angela, that was enough progress for an afternoon.
Pacific Corporation's representatives arrived next. Their legal director placed an unsigned agreement on the table and explained that the company had withdrawn because Thornfield's employee complaints repeatedly became public crises. It had nothing to do with disliking diversity training or wanting to interfere in another company's personnel decisions. Pacific simply could not rely on a vendor whose senior management turned predictable governance issues into costly emergencies.
Patricia asked what would convince Pacific to return. The answer came without hesitation: independent reporting, enforceable remediation, regular disclosures, and a method of raising concerns before an employee felt compelled to contact the press. Daniel Cho took notes. He had spent years inspecting companies that announced ethics programs only after scandals, and he knew the difference between a new slogan and a control that could actually be tested.