some sort of life-changing evidence that Stefano had on Hope; otherwise, why in the world would Alice find it necessary to protect it from coming out, thus she had something so terrible on Stefano that the only way to counter his blackmail was to have her own dirt on him. So, although I didn’t know for sure, I’ve always thought that Stefano’s envelope would contain proof of some sort of scandal directly relating to Hope, as Alice’s envelope would contain the same relating to Stefano, and that it would be something that Stefano would never want revealed, i.e., E.J.’s birthright. JMO