here we go , page-161

Marchant is part of the current management/board team that went on a frenzied buying spree over recent years.
Although he may be upset at losing so much money, he is actually directly responsible for the mess to some extent. It's innocent shareholders who put their faith in management to deliver results that are the real losers.
Buying shares at a discount isn’t really correct as we are having massive dilution of EPS and book value per share. The higher level of shares on issue (their nearly doubling) means that the issue price is the new normal not the price two weeks ago. So the discount is not so hot.

Also, consider the fact that wouldn’t it be better to grow such an awesome brand business through cash-flow and organic growth instead of the steroid driven debt binge that BBG management have instead gone for.