The two main directors picked up about $1.75 mill of shares at...

The two main directors picked up about $1.75 mill of shares at 58 cents. But HALF that money was lent to them BY Zenith at something like 1% over LIBOR (which is between 1 and 2%). So Zenith lent the directors about $1 mill at around 3% to buy shares at 58 cents. This is when they borrowed money (the FIIG bonds) at 7.55%. So they borrowed money at 7.55% then lent it to themselves at 3%. Yuk.

All these things are 'little' things, but they add up.

It is a good questions as to 'profit went down but you 100%'ed your STI and LTI'. That may be a question to the auditors, who are the overseers of that.