Evelyn had been working in her New York office for several days.
Her team had pulled all of Constellation Energy's financial reports, bond prospectuses, nuclear power plant asset appraisal reports, and public regulatory documents from the past five years. They categorized and filed them, spreading the massive stack across three large tables pushed together.
The Saint Claude Family's Chief Actuary was Robert Montgomery. With twenty-three years in the industry, he had seen every kind of asset structure imaginable.
Yet, after reviewing Constellation Energy's complete set of financial documents, his first words to Evelyn were, "This company looks stable on paper, but it's a very fragile stability."
Evelyn asked him to be specific.
Montgomery drew three circles on a whiteboard, each representing a vulnerability.
The first circle.
