I'll say it again, and you're tellingly silent on this 612, but where this is headed is Clee and clients commencing action against IOU for return of the entire $50 million. They'll be trying to salvage whatever they can get.
They won't get it all, but whatever is clawed back will be returned to the trust from which it should never have been removed. No shareholders other than Clee and clients will benefit from the claw back.
I can understand that in that circumstance the new BOD would of course resign as there would be a clear conflict of interest. Their resignations will actually be foreshadowing the commencement of the legal action.
Ann: Results of Meeting - EGM, page-369
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