Loki01
You forgot about the scenario that Nick needed funds to convert all his options. I think we all would have been much worse off if Nick would have been forced to dump any large amount of heads to the market to retain his share. I totally agree with Mal that funds were needed then also.
Regarding new directors from the new partners/ large holders, we have no idea who they are going to appoint, but I'm sure that they will not be useless people. I'm certain Nick will have a huge say in who they are, and he will not let ditherers onto the board. MCO and its partners are cashed up so they can afford very good new board menbers help run the company.
Ari
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