Succession S01E03 — Lifeboats

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Succession S01E03 — Lifeboats

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Kendall faces his biggest test as acting CEO when Waystar's stock price falls toward a critical threshold that would trigger immediate repayment of $3.25 billion in hidden debt. His "Thousand Lifeboats" strategy backfires spectacularly, causing the stock to breach the covenant and forcing him to accept a $4 billion private equity deal from his friend Stewy that reduces the Roy family's voting control to just 36%. Meanwhile, Shiv grows suspicious of Marcia's control over Logan's medical care and commissions a background check that reveals her stepmother has no traceable history before age 31. This episode establishes the central tension between survival and control that will define the series. Kendall believes he's proven his leadership by saving the company from collapse, but Logan's first words upon regaining consciousness—calling his son a "fucking idiot"—reveal that preserving absolute family control matters more than financial stability. The episode also introduces Stewy as a major player and deepens the mystery around Marcia's true identity and motives.

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