Informal CEO-adjacent counsel vs. the formal governance firewall 1 · informal advisory reported · anonymous source no title · no review CEO private counsel no disclosed role ungoverned channel no disclosure · no review 2 · formal governance firewall Delaware PBC LTBT Class T trust elects / removes board phasing toward majority, 4 yrs guards equity power, not counsel relationship exposed 3 · structural blind spot: firewall guards the board, not the CEO's counsel 4 · confidential S-1 + investor roadshow leadership & related-party structure forced into public view 5 · disclose & bound relationship formally bounded story normalizes as noise 6 · unaddressed / denied denied under contradictory evidence credibility erodes · IPO timing risk pattern echoes returns to scrutiny 7 · WeWork 2019 · precedent feedback loop spouse-in-company influence surfaced near IPO investors curbed founder voting · wife left succession