If you squint, you can start to see how the role of the New York financial firm Kennedy Lewis Investment Management may take shape around West Virginia’s historic Greenbrier Hotel.

A week ago, the longtime owners of The Greenbrier, Senator Jim Justice and his family, announced the closure of a half-billion dollar deal with Kennedy Lewis. That closed out a court battle with the owners of the Omni Hotel group, which had claimed millions of dollars in first-lien debt on the resort.

“Our new partners bring tremendous experience and fresh ideas,” Justice said after the deal closed.

Kennedy Lewis, a private credit and alternative asset firm, focuses on companies facing cyclical, secular or regulatory disruptions. Kennedy Lewis regularly enters into joint ventures, strategic partnerships and co-investment initiatives.

West Virginia Lottery, which has been reviewing the financial deal’s potential effect on the casino at the hotel, has indicated “the Kennedy Lewis Partnership will acquire 51 percent control of the Greenbrier, a significant change in ownership and control.”

Gov. Patrick Morrisey, a Republican political rival to Justice, highlighted on social media the change of control at the historic West Virginia resort.

“West Virginia’s iconic Greenbrier Hotel is now under the majority ownership and controlling interest of Kennedy Lewis, a New York-based private credit and opportunistic asset firm. With Kennedy Lewis now officially controlling the resort, I welcome them to West Virginia.”

The governor continued, “I’m hopeful that Kennedy Lewis and the entire Greenbrier team will help restore the beauty of the resort to its former glory.”

So far, Kennedy Lewis hasn’t had a lot to say about what it plans for The Greenbrier, the National Historic Landmark open since 1778 and known for its grand style, golf courses, and a secret underground Cold War bunker built for Congress.

“We are thrilled to be part of The Greenbrier family and are excited to build on the nearly 250-year tradition of America’s Resort,” Kennedy Lewis said in a statement provided to MetroNews and attributed to a spokesperson.

“Our vision is to embrace this uniquely beloved place and help carry it forward into a new era. We look forward to sharing more about our plans for The Greenbrier as we are able.”

For now, trying to figure out the shape of the deal has been a matter of tracking breadcrumbs.

This week, the multinational law firm Akin Gump distributed a news release noting that it had advised Kennedy Lewis on both a loan to The Greenbrier and a joint venture between Kennedy Lewis and the Justice Family Group.

That phrasing is more precise than the earlier public descriptions of, generally, a “$500 million joint venture” or refinancing.

The deal appears to be a hybrid transaction: debt financing plus a majority-control joint venture. That distinction matters for understanding how Kennedy Lewis gets paid, what collateral or repayment obligations may remain at the Greenbrier level and how much economic exposure the Justice family retains.

In broad terms, that is reflected in the 53-page credit line deed of trust filed this week in Greenbrier County.

The deed lists the transaction amount as $515,781,250, allowing the borrower to repeatedly draw, repay, and re-borrow funds, like with a Home Equity Line of Credit, against the property as fluctuating collateral. Much of the deed is boilerplate, but it does spell out what would happen if there’s a default.

A heavily redacted term sheet  sheet entered into public record earlier this year outlines that the loan is to be secured on a first-lien basis by a pledge of 100% equity in the borrower and all Greenbrier assets. Collateral also includes development projects, land and timber farms.

It also includes personal guarantees by some of the parties, although specific names are redacted in the exhibit. Jim Justice and several of his family members have signed personal guarantees in past financial arrangements.

Meanwhile, this week, a new filing with the U.S. Securities and Exchange Commission reflects an entity called KL Greenbrier Co-Invest LP, a newly formed Delaware limited partnership based at Kennedy Lewis’s New York address, 225 Liberty Street. The filing is a Form D, which is used for private securities offerings.

The filing identifies Kennedy Lewis GP IV LLC as the general partner of the new Greenbrier investment vehicle.

This appears to be Kennedy Lewis creating a dedicated investment vehicle specifically called “KL Greenbrier Co-Invest.” That strongly suggests outside or co-investor capital is being organized around the Greenbrier transaction rather than Kennedy Lewis merely writing one check from a single fund. That is an inference from the filing structure, not something the SEC filing itself expressly states.

Meanwhile, more information has come from West Virginia Lottery, which is reviewing how the transaction could affect The Greenbrier’s casino license. Lottery responded to a Freedom of Information Act request from MetroNews, asking for recent correspondence about the licensure.

Lottery provided 91 pages of documentation, although some was redacted, including a release and payoff agreement between The Greenbrier and White Sulphur Springs Holdings, LLC, the Omni affiliate.

One of the takeaways is who from Kennedy Lewis will be in line for oversight of The Greenbrier.

To finalize the refinancing and acquisition transaction, several higher ups with Kennedy Lewis filed Key Person Officer Packets with the West Virginia Lottery Commission for licensing and regulatory approval.

They include Darren Lewis Richman, a co-founder and principal of Kennedy Lewis; David Kennedy Chene, co-founder and principal of Kennedy Lewis;  Douglas Tate Logigian, principal;  Anthony Frank Pasqua, director; and  Douglas Jeffrey Gerowski, director.

Detailed personal affidavits, fingerprints, and financial documents were submitted for each to the West Virginia Lottery Commission and its designated accounting firm, Suttle & Stalnaker PLLC.

In addition, Kennedy Lewis is establishing governance through the five-member board of the operating company for The Greenbrier. Names that emerged in the Lottery documents include Brian Dubin, a director at Kennedy Lewis, and Lloyd Charles Nathan, who is designated as the chairman.

Prior correspondence between Lottery and The Greenbrier has indicated that James C. Justice III, the senator’s son known as Jay, is being named to the board and a second Justice seat would be left vacant. In all, Kennedy Lewis has been described as controlling three of the five board positions.

Lloyd Nathan, who has a long work history in the hospitality and gaming industries, including nearly a decade with MGM Resorts International, has been attributed to statements about The Greenbrier.

“The Greenbrier is one of the truly irreplaceable destination resorts in the United States,” Nathan said in the initial press release about the deal.

“Very few properties can match its history, natural beauty, scale, amenities and emotional connection with generations of guests. Our intent is not to change what makes The Greenbrier special but to invest in its future, enhance what makes it exceptional and ensure America’s Resort continues to thrive for generations to come.”

Senator Justice, in remarks this week after a public appearance in the Kanawha Valley, gave positive marks to the Kennedy Lewis partnership.

“They’re really, really good people, and and we’ve just bingoed on one another just as good as you could have it. I mean I can’t say enough about them. I mean it is unbelievable,” Justice said, singling out Kennedy Lewis co-founder and principal David Chene.

“He was the head guy,” Justice said, “and he when he came, you know, he could see the vision, he said, in three hours — and my vision, his vision, and everything of what could be done here and all that kind of stuff.”

One prominent executive who will not be along for future developments is Elmer Coppoolse, who had been chief operating officer of The Greenbrier since 2016.

Asked this week by email from MetroNews, “Are you still at The Greenbrier?” Coppoolse responded to say, “I can confirm that I am not.”