Koala Novels

Chapter 4

No Discount

Luca left.

But it wasn't over.

Three p.m.: Reyes Industrial AI filed an 8-K. Pending equity-restructuring matters; the company is suspending all material business activity until legal proceedings conclude.

The stock dropped eleven percent on the day.

Whitlock called. "Luca's counsel reached out. They're requesting a negotiation. They want to bring the ninety percent down to thirty."

"What does the agreement say."

"Ninety."

"Then ninety."

Whitlock laughed once. "Ms. Hartwell. You're harder than your father was."

"I'm not hard. I just don't discount."

Around dinner, Iris called.

I let it ring twice and picked up.

"Naomi —" Her voice was wrecked, like she'd been crying all afternoon. "Why are you doing this. We're friends —"

"Iris. When you forged my correspondence and put yourself on it as the funder, were we friends then."

"I didn't — I just — Luke kept asking who the investor was. I was afraid he'd feel pressure if he knew it was you. I was protecting both of you —"

"You were protecting him from feeling indebted to me. So you took on the indebtedness yourself, and then collected on it. The advisor title. The car service. The Centurion. And him."

She didn't answer.

"Iris. Did the summons reach you."

"Naomi. Please." Her voice was shaking now. "Pull it. Whatever you want, I'll give you. Just pull it."

"With what money?"

The phone went quiet.

"Right." I said. "You never had any."

I hung up.

At eight that night, Luca's mother called.

Linda Reyes. A woman who had spent half her life on a janitorial night shift and the rest of it as a payroll clerk. Five years of marriage and she had never given me a kind sentence. I couldn't cook. I wouldn't have children. I made less than her son.

"Naomi, sweetie." Her voice had gone soft, sticky-soft. "Mom knows you've had it rough these years. Honey, can we talk about this — ninety percent is too much — Luca's company is his whole life —"

"Linda." I cut her off. "You used to tell people he was carrying me."

She stalled.

"That four and a half million was my mother's. Your son's company was built with it."

The silence on the other end ran a long time.

I said, "From here on, anything about the company, have Luca call my lawyer."

I hung up.

On the third day, Iris went into the white-collar bureau.

Whitlock told me she sat in the interview room for six hours.

She started by denying everything. She had only relayed an introduction, she said. She had never claimed to be the funder. The handwritten line at the bottom of the cover letter — Luke had asked her to add it.

The DA pulled Luca's statement. Luca said he had never known the line was there until well after the framing, and that the letter had come into his hands by way of Iris.

She changed her story. The handwriting was hers, yes, but it had only been a way of letting Luke know the document had passed through her — not a claim of authorship.

The DA showed her the forensic report and the original outbound email log and asked her what "Drafted with — I." meant.

She was quiet for a long time.

Then she told them the truth.

The whole thing was tighter and earlier than I'd guessed.

The spring of our junior year at Columbia. She'd walked into our suite while I was in the bathroom. My laptop was open on my desk. The trust documents were on the screen — the funded amount, the named beneficiary, the template language for the anonymous outbound letter.

She photographed every page on her phone.

For the next eighteen months she leveraged her high-school connection with Luca to get herself written into his founding-team narrative. Errands. Introductions. Small acts of indispensability. And then — when she knew the trust company also sent a paper FedEx of the funding documents to the office address — she went to the office an hour early on the day the letter was scheduled to land. Slit the envelope. Wrote one line at the bottom in blue ink. Resealed it. Handed it to Luca herself, with a smile.

When Luca asked who the angel was, she gave him deniable language. She had never said I wrote the check. She had said I made the introduction. The grammar was clean.

But the human brain fills in gaps. Luca, grateful, did the filling himself. She never corrected him.

When the company got bigger, journalists started asking. Who's the angel who changed your life? He would look at her. She would look down, smile, say nothing.

That smile was worth a thousand words.

The whole world believed she was the woman.

The woman was at home doing the dishes.

The criminal case opened formally a few days later.

Fraud by impersonation. The aggregate value of what Iris had taken — three years of senior-advisor compensation, bonuses, Centurion charges, car-service billings — came to north of four hundred thousand dollars.

That was enough.

The day the indictment dropped, the press flipped.

The Substacks that had spent a year writing "the believer who waited ten years" rewrote their headlines overnight. "REVEALED: Reyes Industrial AI's Real Anchor Check — and the Best-Friend Heist That Nearly Erased the Wife."

The comment threads turned over.

So the actual money came from the wife? She was the one getting screwed?

Four and a half million! From her dead mother's trust! And he gave the credit to the impostor and married her?

Iris is brutal. Stole her best friend's capital, then her best friend's husband.

Luke's an idiot. Five years of marriage and he never asked his wife where the money came from.

I didn't read the comments.

Hannah read them for me.

"Naomi. You are the most sympathetic protagonist on the internet right now." She put her phone in front of me. "Two big accounts have you on the right side."

"I don't need to be on anyone's right side."

"What you need is lunch. Let's go. My treat."

We walked over to the Vietnamese place under our building. I ordered the plain pho, she ordered the spicy beef brisket. Halfway through, my phone rang. Unknown number.

I picked up.

"Ms. Hartwell. This is Marcus Sands. I'm an independent director at Reyes Industrial AI."

Marcus Sands. I knew the name. Founding GP of Sandstone Ventures, lead on the Series A, the company's second-largest shareholder.

"Mr. Sands."

"I apologize for the cold call. There's a question I'd like to put to you directly." His voice was even, with the particular cadence of a man who was always doing math while he talked. "If the NSH reversion clause executes, ninety percent of the company comes to you. What do you intend to do with it."

"My counsel will be in touch with your legal team."

"Ms. Hartwell. I'd rather speak with you directly."

I set my chopsticks down. "Mr. Sands. What are you saying."

"With ninety percent in your hands, you have three options. One — hold, become the controlling shareholder. Two — divest, take the cash. Three — negotiate something in the middle with us."

"Which one are you advocating for."

He laughed once. "I'd rather work with someone who thinks rationally. Luca is a perfectly fine founder. Your father was a better investor. You're his daughter."

I glanced across the table. Hannah had her chopsticks suspended in midair, listening.

"Mr. Sands. Once the legal proceedings conclude, we'll talk."

"Of course. I look forward to it."

I hung up.

Hannah poked the back of my hand with a chopstick.

"Naomi."

"Mm."

"Are you about to be running a public company?"

I drank the rest of the broth. "Let me finish lunch first."

Two weeks of legal back-and-forth.

Luca's team came back three times — with thirty percent, then forty-five, then fifty-five. Whitlock turned each one back.

"The trust language is rigid. There is no discount."

On day ten, Luca came in himself. Not to me. To Whitlock. They met in the firm's conference room. I wasn't in the room, but Whitlock taped it.

"Mr. Whitlock. Ninety percent collapses the company."

"Mr. Reyes. When the trust was drafted, Mr. Hartwell's exact language was: investing is a bet on judgment. The downside protection is for when human nature changes."

"I'll give Naomi everything I personally own. House, car, accounts, all of it. Just don't touch the company equity. Four hundred and twelve people work there."

Whitlock said three words: "I'll ask my client."

That night Luca found my apartment.

I don't know how he got the address. I opened the door and he was in the corridor, holding a small wax-paper bag.

I looked at it. A black-and-white cookie. Glaser's.

Glaser's had closed in 2018. He'd taken me there once in college, because I'd liked them. The bag was from a successor bakery that did a passable copy.

"What are you here for."

"Naomi. Can I come in."

I let him in.

The four hundred square feet looked smaller with him standing in the middle of it. He looked oversized in the room, like a man who had just been ejected from his own life.

"Sit."

He sat.

He set the cookie down on the coffee table. Neither of us touched it.

"Naomi." His voice wasn't the same. The version that used to call me by name had been polite. This one was heavy. "The four-and-a-half-million thing. I've verified it. All of it stands."

"Mm."

"And Iris." He closed his eyes once. "Yeah. I was a fool."

I didn't answer.

"But the company can't go down. Four hundred and twelve people —"

"Luca." I cut him off. "Are you here for those four hundred and twelve people, or are you here for yourself."

He stopped breathing for a second.

"At the engagement party you said you'd spend the rest of your life paying Iris back. Two weeks ago you thought she was the woman who'd changed your life."

"I was wrong."

"You were wrong." I repeated it. "You weren't wrong about who. You were wrong because in five years of marriage you never once actually looked at me."

His hands were on his knees. His knuckles had gone white.

"I cooked, you said it was bland. She cooked, you put the photo on Instagram. I worked until midnight, you didn't ask. She had a cold, you took the day off and drove her to urgent care. Our anniversary you forgot three times. Her birthday you were prepping a present a week out."

My voice came out level.

"Luca. None of that has anything to do with four and a half million. All of that was a choice you made."

He didn't argue.

A long quiet.

"Then what do you want to do," he said.

"Ninety percent."

"Naomi —"

"I told you. No discount."

He looked at me.

I stood up and pushed the wax-paper bag back across the table.

"Take it. I don't eat those anymore."

He blinked.

"You used to love —"

"Used to."

He picked up the bag and walked to the door. At the door he turned around once. I had my back to him already, picking up the LaCroix can off the coffee table.

The door clicked shut, very quietly.

But I knew.

It would not be opening for him again.

The equity transfer recorded on day twenty.

Whitlock filed the cap-table amendment with the company's transfer agent and walked the certified copies through the secretary of state's office. The whole thing took less than two hours. He sent me a screenshot of the new ownership table.

Naomi Shen Hartwell — 90.0% Luca Reyes — 6.0% Other shareholders — 4.0%

I saved the screenshot. I didn't post it.

That afternoon Reyes Industrial AI convened an emergency board call.

Marcus Sands called me. "Ms. Hartwell. As the new controlling shareholder you have the right to attend and to vote your shares. Will you be there."

"No. I'm proxying my vote to you. With one condition."

"Yes."

"Luca stays on as CEO. The company runs as usual. No layoffs."

The line went quiet for a beat or two.

"You're not stepping in."

"I don't run companies. I write checks."

Marcus Sands laughed. "Your father trained you well."

The board approved the framework that same day. Luca stayed. He would deliver quarterly reports to the new controlling shareholder — me. Operations went on.

The market reaction came in next.

The slide stopped that day. The next morning it climbed three percent.

The phone tree across midtown lit up. Nobody had cared who Luca's ex-wife was a month ago. By the end of the week everybody was running the Hartwell name.

Hartwell — like Hartwell Capital? Bob Hartwell's daughter?

I thought he had a kid. Didn't know she was running anything.

That trust language is too tight. That's a Hartwell drafting hand. Old fox.

I didn't enjoy being looked up. But I couldn't control it.

What I could pay attention to was something else.

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