Chapter 15 - Pierce’s company does not fire him
I expected Greyhaven to collapse.
It did not.
Harbor Crest paused commitment.
Requested:
Revised underwriting.
Operational-safety review.
Removal of family-brand assumptions from presentation.
That last one was humiliating.
Good.
The new model had to stand on:
Occupancy projections.
Membership demand.
Capital costs.
Program economics.
Not whether a seven-year-old smiled on a paddleboard.
Pierce voluntarily recused himself from certain investor presentations for several weeks.
Fenwick Coastal’s board reviewed his conduct.
Finding:
Poor judgment.
Inaccurate activity disclosure.
Improper blending of family participation with project presentation.
But no investor fraud.
No false financial statements.
No corporate money misuse.
Discipline:
Formal written reprimand.
Loss of part of discretionary annual bonus unrelated to Greyhaven success bonus.
Mandatory compliance coaching.
May you like
He remained president.
Consequences without fantasy.
