Client, a commercial pilot academy, hands every applicant an enrollment agreement and a guaranteed-placement letter that Attorney drafted three years ago. The academy lost its training approval last spring, and its graduates now leave with a certificate nine airlines have stopped recognizing. Attorney found the lapse in the academy's own file, which also holds a lease renewal for the hangar, a trademark application for the academy's crest, and a payroll audit covering two years of instructor overtime. The hangar lease was renegotiated in 2022 after a storm took the roof off, and the flying club that opposes the trademark shares the field on alternate weekends. The academy's two simulators came second-hand from a regional carrier. The lease runs to 2034; the payroll audit found $12,000 owing to two instructors. Nine applicants signed after the approval lapsed, paid tuition of $46,000 each that the agreement makes non-returnable, and have lost it. Client is booking new applicants this month on the same two documents. Asked about the letters, Client's principal told Attorney, "They stay in use whatever anyone thinks." Everything the insurer and the regulator know about the academy has come from the academy's own filings. Which of the following states the most Attorney may reveal?