Ann: Effective Date of Share Consolidation, page-7

Agree with most of your post except "Being MILKED by mismanagement.".
Sure more cash in the bank, they could continue to draw more wages / director fees, IF they do a SPP with the consolidation (but this is not normally done with a consolidation / split)
I suspect lenders want greater volume in the market, and a lot of the market stay away from the penny stocks. I'm guessing it is the lenders who are saying the need to do a consolidation as a condition for funding (which they will need if they want to develop any of their tenements.
IMHO
I sold out one of my positions when there was noise of a consolidation, for the reasons you stated above. Hate consolidations!