The problem wasn't merely a questionable projection.
Someone had concealed a financial obligation that could cost the investors hundreds of millions of dollars.
Elena placed the papers on the table.
“Mr. Sterling,” she said quietly, “before I accept your money, I think you should explain why your company has listed the same property twice in its collateral schedule.”
Richard's smile disappeared.
Chapter 2: The Question That Changed the Room
Richard stared at Elena.
“What did you just say?”
She pointed to two pages.
“Here, the company lists the Harbor Point development as collateral for the original loan. On the next page, the same asset appears as security for a separate financing agreement.”
“So?”
“The documents don't establish whether the second lender has a legally enforceable claim against the property. If both agreements are valid as written, your company may be promising the same asset to two different creditors.”
Richard laughed, but the sound was forced.
“You read two pages and suddenly think you're an investment banker?”
“No, sir. I read two pages and found a question your legal team should have answered.”
Mr. Chen reached for the documents.
“May I see those?”
Richard tried to pull them away.
“It's an internal draft. There is no reason to—”
“Then it should be easy to explain,” Mr. Chen interrupted.
His English was precise, his tone calm.
The other executives leaned forward.
Elena moved aside to give them room.
Mr. Chen studied the pages, then spoke to his colleagues in Mandarin. They exchanged several short sentences.
One of them opened a laptop.
Another called an assistant outside the room.
Richard watched them with growing irritation.
“What is this? I thought we were having dinner.”
“We are reviewing a material concern,” Mr. Chen replied.
“It's a misunderstanding.”
“Then you can resolve it.”
Richard turned to Elena.
“You're a waitress. How did you even know what to look for?”
“My previous job involved financial analysis.”
“And you expect me to believe that?”
“You don't have to believe me. You can verify the numbers.”
He pushed the check toward her.
“Fine. You've identified a possible clerical error. That doesn't mean you've won anything.”
Elena didn't touch the money.
“Your offer was to identify the biggest financial risk in the deal. You didn't say I had to hold a particular job title.”
One executive almost smiled.
Richard noticed.
His face tightened.
“Do you know who I am?”
“Yes.”
“Then you should understand that people don't challenge me in my own meetings.”
Elena met his eyes.
“Perhaps that's why nobody mentioned the problem before tonight.”
For several seconds, the room remained silent.
Mr. Chen closed the folder.
“Mr. Sterling, we need a complete explanation of these agreements before we proceed.”
Richard immediately adopted a more professional tone.
“Of course. My team will clarify everything tomorrow.”
“Tomorrow is too late for a transaction of this size.”
“Then we'll arrange a call in the morning.”
Mr. Chen looked toward Elena.
“May I ask you something?”
“Certainly.”
“If you were reviewing this investment independently, what would you request before recommending approval?”
Elena answered without hesitation.
“An independent title review, confirmation of every secured creditor, a reconciliation of the debt schedule, and a fresh valuation that doesn't rely on the projected completion date. I'd also want to understand why the financing assumptions changed between the two versions of the proposal.”