The problem is they seem to be overly focused on creating wealth...

The problem is they seem to be overly focused on creating wealth for directors. They already have incentives and skin in the game, the question is where does it end. Which of course we won't all agree on, but you don't go asking for handouts after a dismal performance (it doesn't matter whose fault it is). If the IPO goes well, and goes on to produce great results, obviously holders will be happy to reward directors. Do it then, it will go down much better.

You talk about authorizing the warrants as the best chance of success. On the contrary I think it hurts the chance of success, granted only in a minor way. Let me explain. That $2m has to come out of someones pocket, which is prospective investors. Do you think they don't notice this? That they're stupid? No, they're going to be acutely aware of it, and it will factor into their decision. If they don't feel the $2m is value-adding, perhaps they'll decide not to invest, as there's too much money being whisked away in administration fees. It's a huge grey area, but seems prudent not to tempt fate.