BUD was always established to enrich DM at the expense of...

BUD was always established to enrich DM at the expense of shareholders. If he was genuine (and competent) about running a successful company he wouldn't have done the dodgy backdoor listing in the first place.

One of my key learnings from this in relation to start-ups and backdoor listings is to assess:

1. Whether the founders are receiving reasonable commercial consideration through initial listing/cap raise, and
2. Whether the founders are manipulating themselves into an excessively large equity position to effectively silence shareholders

Buddy had negative equity at the time of the reverse takeover (much like today), yet consideration of $50,000,000 was paid (plus performance rights).