Chapter 8 - Wesley’s company was worse than he told me
Kane Urban Development was not bankrupt.
But it was in serious distress.
Project one:
Harbor Row
Construction budget:
$22 million.
Projected overrun:
$4.1 million.
Project two:
Linden Exchange
Anchor tenant withdrew.
Debt-service reserve:
Nearly depleted.
Wesley had personally guaranteed part of a mezzanine facility.
Potential exposure:
$2.7 million.
He had not told me.
Then private lender emails:
Additional sponsor capital required before extension.
Deadline:
Three weeks after the restaurant incident.
Amount:
$1 million.
There was my $850,000.
He needed it to satisfy lender conditions.
Then one message to his CFO:
Cambria’s next distribution covers most of it.
CFO:
Has she committed?
Wesley:
She will.
No.
I had not.
Then:
She always calms down when her father isn’t involved.
May you like
That made me colder than the violence.
He had learned how to time pressure around my family.
