Edward became so anxious to shut down Ned's singing career that he bought Ned's record company, L&B, right out from under the noses of Ned's wife, Lois, and her business partner, Brenda Barrett. Lois got her company back with the help of Jasper "Jax" Jacks, and Jax got a spot on the ELQ board, which did not make Edward happy, especially when Jax teamed up with Tracy to take over ELQ. When this plan came to light, Edward banished his daughter a third time. When Edward found out Jason fathered a child, Michael, Edward became obsessed with bringing Michael home. He even tried to kidnap the child. This plan drove Justus away from the family and into the mob with Jason. Growing frustrated, Edward promised A.J. the CEO position at ELQ if he could bring Michael home to the Quartermaines, pitting him against Ned. A.J. couldn't believe his luck when it was revealed that Jason wasn't Michael's father – A.J. was. Edward was thrilled as well, but he was forced to eat his words when A.J. was able to bring Michael into the Quartermaine fold by marrying Michael's mother, Carly. A.J. threatened to leave with his new family if Edward didn't fork over the CEO position. So A.J. was appointed as CEO, and Ned left, telling Edward that he would not come in and save the family again.