"Several entries were changed after the original maintenance events. The audit trail shows that the changes were made using administrative credentials assigned to Sterling's executive operations office."
Naomi stared at the report.
"Whose credentials?"
"Richard Voss."
She said nothing.
Daniel continued.
"We're not saying he personally changed the records. But the credentials were assigned to his office."
Naomi looked toward Elizabeth.
"Do we have enough to refer this to the appropriate authorities?"
Elizabeth considered the question.
"We have enough to preserve the evidence and seek formal investigation. I would not make a public accusation until the review is complete."
"Agreed."
Daniel placed another document on the table.
"There's something else."
Naomi sighed.
"Go ahead."
"The company's largest creditor is a private investment group called Blackridge Financial."
"How much do they hold?"
"Approximately $240 million in secured obligations."
"Who controls Blackridge?"
Daniel looked at her.
"That's interesting."
He turned his laptop around.
A corporate ownership chart appeared.
At the top was a familiar name.
Northstar Capital Partners.
Naomi leaned closer.
"Explain."
"Blackridge acquired a portion of Sterling's debt portfolio eleven months ago. Northstar Capital Partners subsequently acquired Blackridge through one of our investment subsidiaries."
Naomi stared at the screen.
"You're telling me we already own part of Sterling's debt?"
"Yes."
"How much?"
"Two hundred and forty million dollars."
Naomi sat back.
For a moment, the room was silent.
Then she laughed softly.
Not because anything was funny.
Because the situation had become almost unbelievable.
She had entered Sterling's hangar as a potential buyer.
Now she was discovering that her company already held a substantial financial interest in the business.
And Richard Voss had treated her as though she did not belong there.
Daniel shook his head.
"Did you know about this?"
"I knew we had acquired Blackridge. I didn't know Sterling was one of the borrowers."
Elizabeth looked at the chart.
"That changes the financial picture."
"How?"
"Northstar has significant rights under the existing debt agreement. If Sterling is found to have materially misrepresented its collateral or breached the loan covenants, we may have additional remedies."
Naomi looked toward the window.
"Don't exercise anything yet."
Daniel nodded.
"We'll wait for the audit."
She turned back toward the report.
"One more thing."
"What?"
"Find out who knew about the maintenance records before the transaction."
Daniel closed his laptop.
"We're working on it."
Meanwhile, at Sterling Aerospace, Richard Voss was losing control.
The suspended transaction had become the subject of intense discussion among senior management.
The finance department had discovered that the escrow payment would not arrive on Friday.
The bank had begun asking questions.
Several suppliers had demanded updated payment schedules.
And the board had requested an emergency meeting.
Richard sat in his office, staring at the email from Northstar.
He had read it twelve times.
The language was precise.
The transaction was suspended pending the completion of an independent technical and financial review.
No payment would be released.
No asset would be transferred.
No amendment would be accepted.
Richard slammed his hand against the desk.
Martin stood near the door.
"Sir?"
"What?"
"Peter wants to know whether we're proceeding with the board meeting."
"Tell him to wait."
"He's already on the call."
Richard looked up.
"Then tell him to stay there."
Martin hesitated.
"There's another problem."
Richard closed his eyes.
"What now?"
"Robert Lang has submitted a formal report to the compliance department."
Richard stood.
"What?"
"He included copies of the original work orders."
"Where did he get those?"
"He kept them."
Richard stared at Martin.
"Why didn't you tell me?"
"I didn't know he had all of them."
Richard walked toward the window.
"Get legal on the phone."
Martin nodded.
"And Martin?"
"Yes, sir?"
"Don't speak to anyone about this."
Martin hesitated.
"Understood."
But he was already beginning to understand that silence might not protect him.
At 2:15 p.m., Naomi received an unexpected call.
The caller identified himself as Jonathan Pierce, chairman of Sterling Aerospace Group's board of directors.
Naomi accepted the call.
"Ms. Brooks, thank you for speaking with me."
"Of course."
"I understand you've suspended the transaction."
"Correct."
"I'd like to apologize for the situation at our hangar."
Naomi paused.
"Which situation?"
"All of it."
"That's a broad apology."
"I know."
Jonathan sounded tired.
He was sixty-eight years old, a former commercial aviation executive who had joined Sterling's board after retiring from an international airline group.
Unlike Richard, he had spent much of his career working with engineers and safety specialists.
He continued.
"I have reviewed the preliminary incident report. I also watched the footage."
Naomi leaned back.
"Then you know what happened."
"Yes."
"Do you know why it happened?"
Jonathan hesitated.
"I know what Mr. Voss has told me."
"And do you believe him?"
There was a pause.
"No."
Naomi appreciated the honesty.
"What do you want from me, Mr. Pierce?"
"I want to understand what would be required for Northstar to reconsider the transaction."
Naomi looked at the audit report.
"Independent verification of every aircraft. Full access to original maintenance records. A complete review of the spare-parts inventory. An independent assessment of Sterling's financial position. And an explanation of the attempted escrow amendment."