Mr. Ortiz was simply p.ushing his cleaning cart down the hallway when he happened to look through a classroom window. 1396
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Chapter 10 / 12
Chapter 10 - The Fair Value
A second independent appraisal valued the campus at $4.08 million. Close to the original $3.95 million. Not $5.4 million. The board now had strong grounds. Kendrick Family Holdings could sell elsewhere. Briarwood could stay under lease. Or purchase at fair market under existing contractual rights.
The problem: Kendrick’s lender could foreclose if debt was not resolved. That created risk for the school. Briarwood might eventually face a new landlord. The board negotiated carefully. No panic purchase. No rescue price. That was the institutional lesson. Urgency belonged to Kendrick. Not automatically to the school.
