None of what you describe could have happened without the support of a chorus line of non-executive directors (most recently Martin Pretty and Brandon Gien) and their repeat failures to provide effective controls and oversight,
And you can add the auditor Ian McDonald and even certain company officers to the list of enablers / facilitators.
IMO they have each played a role and been a party to value-destroying conflicts, judgements, decisions and practices, breaching their fiduciary obligations to the company and shareholders while doing so.
The result - an unreasonable expropriation of shareholder funds by the Fortunatow, excessive exposure to risk for shareholders not named Fortunatow, and a destruction of shareholder value despite the considerable market opportunity presented to the public.
I see a path forward but it relies on lender and major shareholder support, a complete 180 turnaround on governance, strategy, culture and execution, further substantial cost reduction and a bumper Christmas.
Good thing is we won't need to wait very long to see which path is taken.
