Chapter 7 - The Emergency Session
The Northstar Vertex boardroom was filled with tense silence when Ethan walked in at 9:00 AM on Thursday.
His board members—men and women who had spent years laughing at his jokes and applauding his speeches— sat around the long conference table, refusing to make eye contact with him.
At the head of the table sat a woman Ethan hadn't expected to see: Evelyn Reed, the senior representative for the primary venture capital group behind Northstar.
“Ethan,” Evelyn said flatly, gesturing for him to take a seat. “Thank you for joining us.”
“This meeting was called without my approval as CEO,” Ethan stated, trying to assert authority as he remained standing. “We need to focus on securing replacement capital before the market opens tomorrow.”
“There is no replacement capital, Ethan,” Evelyn interrupted smoothly. “Every firm we contacted in Silicon Valley and Wall Street gave us the exact same answer. As long as your name is attached to Northstar, no one will invest a single dollar.”
“That’s absurd!” Ethan shouted, slamming his hand on the table. “I created Helix! The technology belongs to me!”
“The technology belongs to the shareholders,” Marcus Vance corrected from the side of the room. “And as CFO, I have to inform the board that without immediate credit backing, the company will default on its debt obligations by 5:00 PM tomorrow.”
Evelyn slid a document across the table toward Ethan. “This is your formal resignation as CEO and Chairman of the Board. If you sign it today, we will allow you to keep five percent of your non-voting equity.”
“And if I refuse?” Ethan spat out.
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“If you refuse,” Evelyn said, her eyes cold, “the board will vote to terminate you for cause, citing gross misconduct and misuse of corporate funds regarding your payments to Sienna Vale. The press release will go out in twenty minutes.”
Ethan looked around the room, searching for a single ally among the faces of his colleagues. Every single one of them looked away.
