“The bondholders will be concerned,” Benjamin Goldsmith said.  “They may want to litigate.”

“Tell them the truth,” Victor responded.  “There is a construction timeline, and the resulting income streams.  We know what they will be for years into the future.  Everything is happening on automatic, so I am almost a figurehead.”

“We need to start,” Lawrence said, “with an extended talk with Elaine Bell, so that we have a clear understanding of what the repair sequence is and how soon we will get a larger cash flow.  However, we need to discuss this, while accepting your offer to take a walk.  Please send in Miss Bell.”

Victor dutifully went on his way. Elaine Bell held the door for him, marched into the room, and waited to take her seat until Morningstar pointed at the vacant chair.

“Good morning, Miss Bell,” Morningstar said.  “Thank you for joining us.”

“You summoned, sir” she answered.  “I came.”

“Victor tells us we only have three freighters, have lost income due to the cartel, and you have the solution?” Morningstar asked.

“Yes, sir,” Bell answered.  “In some order, three of our freighters are what they claim to be.  The fourth is a cheap knock-off.  The joints between structural girders were only welded, and not very well, either.  We has to open several sections, and found fractures, points where the  strakes and ship’s frame were separating. On further examination, the ship was about to fall apart.”

“Repairable?” Goldsmith asked.

“Cheaper to dismantle,” Bell answered., “ use the good parts in our other ships, and build a completely new frame.   Many of the ribs are also cracked.  Simply to inspect we need to take her completely apart.”

“How charming,” Margaret Evans remarked.   “We knew there might be unseen hazards.  But Victor said you had a plan.”