Chapter 11 - The board removes her authority
Vellari Holdings had seven directors.
I controlled forty-eight percent of voting shares.
Aurelia owned sixteen percent.
Our mother owned ten.
The rest belonged to:
Two cousins.
A management investment vehicle.
A charitable foundation with noncontrolling shares.
I could not simply erase Aurelia’s ownership.
I could not confiscate her stock because she endangered my children.
The board could remove her from management.
Independent directors formed a special committee.
I recused myself from certain votes because:
Sibling conflict.
Pending criminal cases.
Direct financial interest.
The committee reviewed:
Redline payments.
Fleet records.
Contracts.
Driver testimony.
Maintenance scheduling.
Within four weeks:
Aurelia was terminated as Senior Director of Guest Relations for cause.
She retained her sixteen-percent ownership stake.
She retained voting rights subject to ordinary bylaws.
She stopped receiving salary.
Her health benefits continued through applicable continuation rules.
No dramatic financial annihilation.
Then her consulting company.
Separate.
Still hers.
Redline suspended business with her immediately.
Marcus Wynn hired counsel.
He claimed:
“I believed Vellari knew.”
May you like
Maybe.
The investigation would test that.
